+1 History will not look kindly upon Manchin for killing the bill so he could buy the second yacht. I think perhaps the fossil fuel industry's climate science denial dodges will eventually end with a major acquisition of a company like First Solar. Much like the tobacco industry went from hating nicotine delivery system replacement products to manufacturing them: https://vice.com/en/article/8xxx83/the-shady-link-between-big-tobacco-and-nicotine-gum Big oil will want to transition at some point to Big Solar and say see we're solving the problem to stay relevant in a post-fossil fuel world. Right now they're only gesturing in that direction symbolically while the profits are still good from their original planet-killing products.

It will probably be closer to their nature to go after bio-fuels and hydrogen/fuel cell technology. I know a couple of the Bay Area refineries are converting to bio-fuel. And I think there are some conversions under discussion in Puget Sound.

Never even heard of this company. Not a single fund has turned up in all the screens I've run theses last 15-20 years.

+1 History will not look kindly upon Manchin for killing the bill so he could buy the second yacht. I think perhaps the fossil fuel industry's climate science denial dodges will eventually end with a major acquisition of a company like First Solar. Much like the tobacco industry went from hating nicotine delivery system replacement products to manufacturing them: https://vice.com/en/article/8xxx83/the-shady-link-between-big-tobacco-and-nicotine-gum Big oil will want to transition at some point to Big Solar and say see we're solving the problem to stay relevant in a post-fossil fuel world. Right now they're only gesturing in that direction symbolically while the profits are still good from their original planet-killing products.

Notes After Powell’s Press Conference
Fed funds raised by +75 bps (again) to 2.25-2.5%; more hikes, small or large, would be data dependent. Fed average inflation target remains +2%. Reserve balance rate 2.4%. Primary credit rate 2.5%. Balance sheet QT (-QE) continues at previously announced pace.
US is not in recession now & the Fed is trying to avoid recession; economic data are mixed. Initial Q2 GDP growth (due 7/28/22) will be subject to revisions (there are speculations whether it would be + or -). There is policy effect lag, but the economy is slowing down in some areas.
Fed’s preferred inflation measure is PCE (due 7/29/22) although public watches CPI.
UM Sentiment (due 7/29/22) was not mentioned at all.
https://ybbpersonalfinance.proboards.com/thread/158/fomc-statements-6-7-weeks?page=1&scrollTo=715

Agreed, the chip bill passing was a mild positive when announced but...
Today is far more about the market reaction to MSFT's unexpectedly strong guidance after their earnings miss yesterday and GOOGL's powerful, after hours move yesterday (and further advances today) after SNAP's debacle. Not all advertising revenue is created equal.
And of course, the Fed came through as expected and that uncertainty is now resolved. As well, Powell's comments are being received very positively.
https://www.marketwatch.com/story/surprise-how-the-stock-market-has-reacted-on-each-fed-decision-day-since-march-11658933993?mod=home-page
NOTE: Above link was posted before chart was updated for today's action, which action is similar to prior meetings. Link is fee and may be updated for the above sometime later.
Disclaimer: I am LONG GOOGL, MSFT, AAPL and AMZN, as well as FSELX and FBGRX.

The current strength in tech, despite the Fed actions, may be due to the Senate actually passing a $280 B bill to promote science and chip production in the US, mostly as a response to China's increasingly hostile agenda. While (if typical) a fair amount of that will be siphoned off into the pockets of the top 1%, I still believe that it's necessary insurance so that the US will have a reasonable chip production capability given the probability that China will, sooner or later, invade Taiwan.
It's no secret, but perhaps not common knowledge, that there is only one company in the world presently capable of supplying the most advanced chip-manufacturing equipment. For years that company, located in the Netherlands, has been subjected to enormous political pressure to restrain them from supplying that equipment to China.
Because of that, China cannot produce the most advanced types of chips, which are highly prized for military and high-end scientific and industrial applications. However TSMC, a major chip-making company, does have a fair amount of this equipment on Taiwan, which I believe increases the odds of China attempting to obtain this equipment by military force.

https://www.nytimes.com/2022/07/27/opinion/environment/energy-crisis-oil-gas-fracking.html
'From 2006 to 2014, fracking companies lost $80 billion; in 2014, with oil at $100 a barrel, a level that seemed to promise a great cashout, they lost $20 billion. These losses were mammoth and consistent, adding up to a total that “dwarfs anything in tech/VC in that time frame,” as Bloomberg writer Joe Weisenthal pointed out recently.'

@Crash

you guys are correct, but it seems to me that you're simply beating up on a simple maxim: given our system, and given a young-enough starting point, investors will do well, over long periods of time. Don't the "sadistics" bear this out?

All of that depends on whether we are at an inflection point or not. This is why I think it is a serious mistake to compare the social sciences like economics and its uglier cousin finance with the hard sciences like physics. Tomorrow I can be almost certain that the law of gravity will apply if, say, Vladimir Putin stepped out of a window. I can by no means be certain that the belief that "in the long run U.S. stocks will go up" will remain true.
I also think such a fundamentalist faith in markets is an ideology rooted in mistaken ideas about humanity and history, and is, therefore dangerous. If one believes that stocks always go up eventually during one's lifetime, you could support the notion that Social Security should be privatized and linked to stocks. I think that's a terrible idea as stocks may not always go up and it makes regulating the private sector by the government virtually impossible. Imagine trying to break up a monopoly at one of the largest companies in people's Social Security accounts that would send the accounts downward.
But even as an investor I think the ideology is dangerous. Relative to human history, U.S. stock market history is short, a blip. Why should we believe it repeats when if you look at all of human history every great civilization or world super power has ended either via violent implosion/explosion or a gradual slide into decay? Otherwise, we'd all be Egyptians, Sumerians or Romans today.
The long-term U.S. stocks go up philosophy depends on some basic premises which if we're at an inflection point may not be true:
1. The U.S. remains the world global superpower. There is China.
2. Labor in the U.S. remains powerless, and capital remains triumphant. This depends on globalization, technology and government social programs--to placate labor--and government/corporate oppression--laws preventing labor activism--to remain true. There is evidence that we've reached peak globalization so the labor/wage arbitrage game corporations have played since the 1970s may be coming to an end. In other words, there is much talk about "de-globalization" and "on-shoring" today. Whether that's true or not is a vital question to investors because labor will have power again here if jobs can't just be shipped to low wage nations as easily anymore. That is the wage arbitrage of which I speak.
3. Climate change does not pose a material threat to business. It does. It is, no matter what the deniers think, and capital markets by themselves cannot solve it. It could and will beneift and hurt some sectors of the market, but long-term the growth-at-all costs model may have to change, and that may require a steady state growth or even a declining growth model imposed by government.
4. The Fed maintains control over inflation and the dollar remains the world reserve currency. This is kind of linked to the superpower question.
5. There is no violent social unrest internally or war externally that could lead to the destruction of our nation. January 6th, the BLM unrest and Trump's attempt to overthrow a democratically determined election could be viewed as preludes.
6. Technological increases in labor productivity continue. If they don't continue, then it is harder for the private sector to ignore labor's demands for greater wages.
If any of these premises shift and we are at an inflection point, then the buy and hold philosophy may not be true in the future. In other words, the idea that in the long-run stocks go up isn't science. It's history--In the past stocks went up. And it's libertarian ideology and ideology is a polite term for what the belief system is. Markets can solve all problems including labor's problems with retirement is the belief.

Hopefully the link works.
https://www.wsj.com/articles/some-questions-for-jerome-powell-federal-reserve-rates-commercial-banks-expenses-interest-income-purchases-debt-obligations-11658846962
Have a good day, Derf

https://www.sec.gov/Archives/edgar/data/1141819/000089418922005090/rockefellerliquidationstic.htm
Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund
497 1 rockefellerliquidationstic.htm ROCKEFELLER 497E
Filed pursuant to Rule 497(e)
Registration Nos. 333-62298; 811-10401
Rockefeller Equity Allocation Fund
Rockefeller Core Taxable Bond Fund
Rockefeller Intermediate Tax Exempt National Bond Fund
Rockefeller Intermediate Tax Exempt New York Bond Fund
Each, a series of Trust for Professional Managers (the “Trust”)
Supplement dated July 27, 2022
to the Summary Prospectuses, Prospectus and Statement of Additional Information
dated March 30, 2022
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Rockefeller & Co. LLC (the “Adviser”), the investment adviser to the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund (each, a “Fund,” and collectively, the “Funds”), has determined to close and liquidate the Funds. The Board concluded that it would be in the best interests of the Funds and their shareholders that the Funds be closed to new purchases, except for purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on July 27, 2022 (the “Closing Date”) and liquidated as series of the Trust effective as of the close of business on August 26, 2022 (the “Liquidation Date”).
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Funds will be liquidated. Pursuant to the Plan and in anticipation of the Funds’ liquidation, the Funds will be closed to new purchases, except for purchases made through an automatic investment program or a purchase exception that is approved by Trust officers, effective as of the close of business on the Closing Date, after which each Fund’s assets may be entirely invested in money market instruments or held in cash. Accordingly, the Funds will no longer be pursuing their investment objectives. However, any distributions declared to shareholders of the Funds after the Closing Date and until the close of trading on the New York Stock Exchange on the Liquidation Date will be automatically reinvested in additional shares of the respective Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Funds will be closed to new purchases as of the Closing Date, you may continue to redeem your shares of the Funds until the Liquidation Date, as described in “How to Redeem Shares” in the Funds’ Prospectus.
Pursuant to the Plan, if the Funds have not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed and you will receive proceeds representing your proportionate interest in the net assets of the respective Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of Fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Adviser will bear all of the expenses incurred in carrying out the Plan.
Shareholder inquiries should be directed to the Funds at 1-855-369-6209.
Please retain this Supplement with your Summary Prospectus, Prospectus
and Statement of Additional Information for reference.

glad to hear from you both. good information.
https://corporate.exxonmobil.com/News/Newsroom/News-releases/2019/0228_ExxonMobil-makes-natural-gas-discovery-offshore-Cyprus#:~:text=The well, located in Block,(2%2C063%20meters)%20of%20water.
https://en.wikipedia.org/wiki/Natural_gas_in_Israel#:~:text=Israel began producing natural gas,of natural gas a year.

Recently purchased numerous short term investment grade bonds. Duration 1.88 years with a yield of 3.8%.

Thank you @LewisBraham! What can one say? Most impressive.
Here’s the quote from @Bobpa’s post for which I expressed platitudes and which I think many others took away as his fuller intent and meaning:
"Instead of focusing on finding the next Tesla — not an easy task — the approach that, in my opinion, works best for most people, most of the time, is to construct a sensible, diversified portfolio, and then to give it time to compound."
I view that quote in totality as wise advice. I’d put the emphasis here on the “construct a sensible, diversified portfolio …” part. What I see is a lot of individual investors today buying things after they have already outperformed on the upside for an extended period (months, years); than becoming disappointed / disillusioned when that asset (predictably) trends downward; than eventually selling at a loss - only to move on to another hot fund or stock. That’s not using the advantage time allows. I don’t know how money can compound if investments are bought “high” and later sold “low”. Can’t cite any particular source, but believe it’s been shown through historical data that most fund investors fail to achieve the average returns of the funds they own over time due to frequent switching in and out.
To me the cardinal sin of my lifetime came in watching many corporate pensions disappear. Workers, some clueless about money and investing, were told they’d be better off “owning” said pension through a 401K or other defined contribution account. Put in that position time becomes much less of a friend due to the uncertainty of one’s lifetime as Larry noted. The best time frame is an “infinite” one. A well run defined benefit plan comes much closer to that definition. Managers have time on their side to a much greater degree than does a sole individual.

Thermal energy units for natural gas are MMBTU (million BTUs) or MWh.
1 MWh = 3.412 MMBTU
Natural gas futures trade in 10,000 MMBTU units, https://www.cmegroup.com/markets/energy/natural-gas/natural-gas.contractSpecs.html
Mini futures trade in 2,500 MMBTU units, https://www.cmegroup.com/markets/energy/natural-gas/emini-natural-gas.contractSpecs.html
Conversion table https://thermal-engineering.org/wp-content/uploads/2019/05/conversion-joule-calorie-kilowatthour-energy-units.png

@WABC +1
On second thought, Zweig is the better writer of the two. Barry’s all over the place here. As for that “awful” bond market, it’s been predicted for the last decade. Yet, betting against it by selling / shorting longer dated bonds would likely have cost you money over that period.
I’m not anti-Rithholtz. Just don’t find him brilliant.

Don't like to jump around, but losing my confidence in Int'l fund managers. Hold VWILX and MGGPX. Thinking of reducing positions and adding to VTSAX, a smoother ride. These guys did weather 2020 pretty well, but are getting beat up now. Stay the course? Thoughts needed!! Thanks!

I've owned VWILX for several years.
The fund has experienced significant losses YTD (-31.11%) and over the trailing 12 months (-34.31%).
I don't have any plans to sell VWILX in the short-term.
Guess I'm a glutton for punishment!

Thanks for everyone's input! I haven't made any changes yet to my portfolio yet. Kind of wait and see for now.

I'm of the mind, the day after I sell, will be the upswing!

ya, story of my life. Or, after I buy, the thing falls hard. I'm sticking with my bets, anyhow. This is an INTERNATIONAL thread.... I'm still holding TRAMX. And giving QAT a look-see, recently. And there's a garment maker with facilities in Jordan and New Jersey: Jerash. JRSH. A penny stock, making clothing for other companies, who then attach their OWN brand names to the items.
https://www.barrons.com/market-data/stocks/jrsh?mod=searchresults_companyquotes&mod=searchbar
I've been to Jerash. Very cool, historical. (2004.)
https://en.wikipedia.org/wiki/Jerash
"the region of the Gerasenes" (Mark 5:1; Luke 8:26).
https://jerashholdings.com/

Why, despite a lack of uncertainty last year, did you fail to anticipate the worst bond market in centuries? How did you not see the worst opening 6-months in the stock market in 40 years? The worst inflation since 1981?

I don't know. On the other hand, I was very happy with the returns I had experienced with a short-term investment in bond funds that I bought because everyone said they are nearly as good for you as flossing.
Not being a fan of bonds generally, and disappointed with the yields, I sold. I'm no Bernard Baruch, but sometimes there is something to be said for selling "too soon."
As for inflation, if you were raised with the idea that it is the result of too much money chasing too few goods, it wasn't rocket science to wonder where we might be headed with massive tax cuts, supply chain issues, and air drop money.
And, well, a lot of people had been commenting on the stratospheric valuations of the stock market. When hasn't that ended in tears?
So what's the point of Barry abusing his capital letters and wearing out the italic fonts?
If you're crossing the street against the light, and you hear horns honking, you might want to look around.

Don't like to jump around, but losing my confidence in Int'l fund managers. Hold VWILX and MGGPX. Thinking of reducing positions and adding to VTSAX, a smoother ride. These guys did weather 2020 pretty well, but are getting beat up now. Stay the course? Thoughts needed!! Thanks!

I've owned VWILX for several years.
The fund has experienced significant losses YTD (-31.11%) and over the trailing 12 months (-34.31%).
I don't have any plans to sell VWILX in the short-term.
Guess I'm a glutton for punishment!

Thanks for everyone's input! I haven't made any changes yet to my portfolio yet. Kind of wait and see for now. I'm of the mind, the day after I sell, will be the upswing!

@Gary1952, in SR, the dividends have to be reinvested manually. SR does have dividend and income info and uses it in its charts, returns and other analytics.
M* Portfolio had/has auto-reinvest feature/click, so update there before uploading data to SR. Once M* Portfolio has drop-dead date, I may re-upload things from M* to SR.
SR brokerage connection feature would solve this portfolio updating issue but I don't plan to use that SR feature.

@finder, you can buy shorter-term TIPS in the secondary market. Note bid-ask (you buy at ask, sell at bid) and related real-YTM that will cut into inflation-adjustment. You may also have to call the broker to enter the TIPS order and make sure that you won't be charged any fees/commissions/markups (I checked Schwab only and it says to call for TIPS but allows online orders for other Treasuries) and that you will get close to posted ask-price (not some jacked up ask from broker inventory). If you are not careful, fees/commissions/markups on small orders can negate what you want to do - none of this hassle for buying TIPS at auctions although the next 5-yr TIPS auction is on 10/20/22; note that since I started posting on this, there have been 2 auctions for 5-yr TIPS).