I read the entire excellent magazine of course. Haven’t had a brokerage account for a full year yet, So, never owned stocks before. (Fraught with peril of course). But ISTM Barron’s makes some good calls. My small entry into RIO came in September of ‘21 after a major Barron’s piece to the effect that all the big multi-asset miners were screaming buys. They had plunged in recent months. RIO (mentioned again this week) was 1 of 6 or 8 covered. I bought NGLOY & RIO after that. Eventually dropped NGLOY and added to RIO. It’s one of the more conservative companies with a great balance sheet. RIO has continued to climb this week.
One that “got away” was Y (Alleghaney) a conglomerate with a lot of insurance holdings. I didn’t bite when Barron’s highlighted it a couple months ago. It’s continued to gain ground - even on days when equities sold off big time. I’m guessing those insurers are able to invest their monies at better interest rates.

Yes, indeed. I'll miss reading David and Ed.

+1 @Crash. I’m still in denial. Reality shall hurt.

@hank -- points taken. Thanks. Not understanding your point on $100 vs. $1000; but i've always invested directly with them and they always had the $1000 minimum and $100 subsequent (I bought into DODFX as one or my first funds when I was a grad student and couldn't make Vanguard's $3000 minimum).
Always enjoyed Ed's commentary, BTW. Shame (but understandable) that he and David are stepping back. They've both helped me become a more thoughtful investor.

Rather than starting a new thread - a related personal question if I may. I have just one fund outside my IRAs, PRIHX. Having transferred that from TRP to Fido last year “in kind”, I’m curious which will provide tax information? Will a statement come from TRP? Fido? Or both? Thanks.

It's a question of general interest. If you had any divs from PRIHX prior to transferring the fund (likely since it pays monthly divs), then you'll get a 1099 from TRP for all the divs you got there. The remaining distributions (if any) for 2021 will show up on your Fidelity 1099.
If there are any tax-exempt divs from the fund, you may need to go to TRP's tax site to find out what percentage is exempt from your state's income tax. This information is often provided with a 1099 that you receive directly from the fund shop. But if you get a 1099 from a brokerage, it won't have this information.
Going forward, you should be getting 1099s only from Fidelity.

Info should be split in TRP & Fido 1099s.

I'll say it again: I find Vanguard to be the most ridiculously difficult firm to deal with of all fund shops my wife and I use.

I tend not to deal much with financial institutions in their role as fund shops. To the extent that I do, my interactions are typically limited to accessing reports/prospectuses, perhaps a little info about the holdings/management, and important to me, capital gains and dividend estimates. Also muni income breakdown by state.
Cap gains/div estimates: IMHO Vanguard has been superb here. It provided an initial set of estimates along with a release date for an update. Its final estimates included estimates for divs.
Contrast that with many other fund shops, e.g. Morgan Stanley, which at best provided a single estimate in October (based on Sept 30th figures) and no estimate of divs.
https://www.morganstanley.com/im/publication/forms/tax/2021-estimated-year-end-distributions.pdf
Finding reports/prospectuses/fund info on Vanguard's site is not as streamlined as it could be (there doesn't seem to be a page aggregating all funds). Still, from the personal investor home page one can enter the name or ticker of a fund to go directly to the fund page. That page has a link to prospectuses and reports, and pretty clear information one can tab through for full holdings, management, etc.
Contrast that with Schwab. When I type Schwab 1000 into the search box on its home page it brings me to 3,338 search results. Maybe there's a fund page in there somewhere, but I can't tell.
Instead, one can use the accounts & products drop down (-> investment products-> mutual funds) to get to a generic MF page. The drop down on that page, "Find Mutual Funds" has an "Investor Information" selection. That gets one to a page listing Schwab funds, with links to the fund pages and additional links to their reports, holdings, etc.
"https://www.schwab.com/mutual-funds/find-mutual-funds/investor-information
As a brokerage, Vanguard has recently made it harder to find third party funds. I haven't found any direct way to get to the 3rd party fund page since the website revamp. One can enter another company's fund name or ticker into the home page search box to go to that particular fund. From there one finds a link to "Other companies' funds & ETFs".
That brings you to the old 3rd party page: https://investor.vanguard.com/other-funds/
Still, that's better than brokerages like Merrill or T. Rowe Price, where there doesn't seem to be any way to find out from them what third party funds they offer without opening a brokerage account.
What I've found to be the worst part of dealing with Vanguard is its phone service. Routinely 40 minutes on hold. But no worse than T. Rowe Price in that regard. (I was recently on the phone continually with both in trying to get a simple IRA transfer between the two straightend up.)
Vanguard is not the easiest fund shop to work with. But IMHO it's also far from the worst. (I think TIAA is in a league of its own, but that's a whole 'nuther story.)

Thanks @Shostakobich -
I think the tenor of Ed’s post overall was that fee competition among large investment institutions (heightened by low-fee ETFs) makes it hard for employees to receive adequate compensation. Other cities mentioned were Chicago and Boston. So, the issue is widespread.
But Ed’s references over time to D&C’s investment approach and funds has been nothing but positive. ISTM he once conjured that were he looking for a fund house to invest in, D&C would be one he’d consider. That’s pretty strong acolade coming from a former Oakmark fund manager! So I think it’s important here to separate the challenges facing some of these big institutions from the caliber of their funds themselves.
I tossed out the reference to Ed’s comments because, putting 2+2 together, it’s possible D&C’s motives in redrawing DODBX may relate to attracting more business. Let’s not overlook that they recently launched a new EM fund. And couldn’t help noticing when putting through a recent trade that the minimum exchange amount there is now $100 - not $1,000 (as it once was), which may have dissuaded some younger investors.

What gives cryto its value? What gives it increases or decreases in value? When I buy at $1000 and sell at $2000 without visible productivity or profit other than new buyers, doesn't the money come from new buyers? Is it the world's strangest Ponzi or something similar?

I hold a constant above-average weighting in small caps in my Roth as SOP. My rationale is that in that account I have more time to ride out any volatility than in my 401k. T
In my 401k I an also overwight smid's since there is also scuttlebut in respectable corners that large caps are over-valued and that there is less risk currently in smaller and mid-sized companies. Oakmark, Tweedy, D&C and other value-conscious shops seem to have moved more into smids during 2020 and early 2021 (but have rotated out since). I counter the smid overweight by holding a bit more cash, such that the simple weighted expected return is above that of holding larger caps.
FWIW.

Tom Keen chat with Barry Ritholtz. Mr. R reminds folks at all skill levels about market timing ability. Well done, Mr. R.

Barry Rithholtz, 5 minute video, Jan. 11, Bloomberg
Remain curious,
Catch

Vanguard "simplified" (VG marketing spin) online TF mutual fund transactions fees as of January 25, 2021.
These fees apply to investors who are not Flagship ($1M - $5M*) or Flagship Select ($5M+*) investors.
The TF mutual fund fee is now a uniform $20 per transaction.
Voyager Select ($500K - $1M*) investors previously paid $8 per transaction.
Ahhh, to live the simple life...
*in qualifying Vanguard assets

And he's moved half his wealth into crypto:
https://finance.yahoo.com/news/billionaire-investor-bill-miller-now-182721089.html

Sounds like an acknowledgment by D&C that the typical 60:40 equity:bonds portfolio just isn't going to cut it anymore. They may be having PRWCX envie, maybe?

Correct.
Let’s hope their “cure” isn’t worse than the disease. I’ve been scaling out of DODBX as it’s risen the past couple years. Still hold a bit. In the event of a big market selloff, I’d probably buy into one of their equity funds.
One year performance (from Lipper): DODBX +17.85% / PRWCX +15.08%. However, at 3 & 5 years out PRWCX holds a slight edge. This is a radical move from a very conservative house. What comes next? Maybe D&C funds NTF at Fido, Schwab, etc.?
If you haven’t read Ed Studzinski’s column in the January Observer you might. He mentions “firms in the San Francisco Bay Area which face a problem of unaffordable housing costs for junior professional staff.” He mentions these employees having to commute long distances to work or reside in crime ridden areas. D&C is headquartered in SF - so I’d guess they’re one of the referenced here - but there’s a chance I’m wrong. In any event, read for yourself.

Sounds like an acknowledgment by D&C that the typical 60:40 equity:bonds portfolio just isn't going to cut it anymore. They may be having PRWCX envie, maybe?
Here is an interview with David Giroux from last July that was posted here by poster teapot. See what he has to say about the traditional 60:40 balanced fund. Listen closely around the 12 minute mark.
PRWCX
Giroux was interviewed in Barron podcast this July.
https://www.barrons.com/podcasts/barrons-live/stocks-to-watch-investing-with-t-rowe-price-david-giroux/97b452aa-8887-4cde-84fb-06aa9bb07880?page=1
teapot December 2021 in Fund Discussions

Given the quality of analysis and advocacies we have observed
within the working group, we plan to transition this team to a
dedicated Balanced Fund Investment Committee, which will
take over management of the Fund from the current Committees,
effective May 1, 2022.

I was surprised to find out that Vanguard participates in while Fidelity and Merrill do not participate in payment for order flows.
[and]
To be consistent with Fidelity and Schwab, did Vanguard stop charging commission on sale of transaction fees mutual funds?

Picking up on these questions ...
Both Vanguard and Fidelity claim they receive no PFOF. However, in Fidelity's case, that applies only to equity trades and not to options trades. With respect to Vanguard, its latest Sec 606 filings (3Q 2021) show it is currently taking no PFOF even for options.
From the NYTimes, Nov. 29, 2019: "The practice, known as “payment for order flow,” is widespread among online brokerage firms. (Fidelity and Vanguard say they do not accept such payments.)"
Vanguard's latest (3Q 2021) Sec 606 filings (no payments received):
https://nms606.karngroup.com/vgrd/606a/2021Q3/588e3c62ff
Fidelity's latest (3Q 2021) Sec 606 filings (including payments received and/or made):
https://clearingcustody.fidelity.com/app/literature/item/9904530.html
From S&P Global Market Intelligence, Oct 22, 2019: Schwab CEO: Fidelity's payment for order flow claims not 'the whole story'
https://www.spglobal.com/marketintelligence/en/news-insights/blog/a-new-dawn-for-european-bank-ma-top-5-trends
There are a number of pieces saying that Fidelity doesn't charge PFOF, while Vanguard does. For example, this Business Insider column from last March says that Vanguard receives PFOF while Fidelity does not. But when one checks the 606 reports (3Q2020) that it links to, Vanguard received payments only on option orders, and the Fidelity report likewise shows Fidelity receiving payment for options orders.
With respect to Merrill, it routes all its orders to BofA Securities. Just as problematic as PFOF. The problem with PFOF is that orders get routed on a basis other than best execution. The problem with routing to your own company is that the routing is on a basis other than best execution.
Merrill's SEC 606 filings (zip files): http://public.s3.com/rule606/mlco_gwim/
Regarding one way transaction fees: AFAIK, only Fidelity and Schwab charge one way fees. Vanguard charges lower two way fees (i.e. to both buy and sell TF funds), and does not jack up that fee on Fidelity funds (unlike Schwab) or on Schwab funds (unlike Fidelity).
Like Fidelity, Vanguard enables one to buy additional shares of a TF fund for a few bucks by using its automated investing system. Fidelity charges $5 per purchase (can cancel after one purchase); Vanguard charges $3 per "dollar-cost averaging" purchase but requires two purchases. Schwab does not offer reduced rates; it charges $49.95 or $75 for each TF purchase.
Three different pricing structures. For my investing pattern, Fidelity works best. YMMV.

M* JR evaluates critical academic research on portfolios and markets by Sharpe (Econ Nobel 1990) and Fama (Econ Nobel 2013) and grades them B+. Shiller (Econ Nobel 2013) and Seigel aren't even included. Thing to remember is that M*, JR's longtime employer, won't exist without some of this research.
https://www.morningstar.com/articles/1074443/grading-the-academic-research-on-stock-returns

Markets appear in disarray as of late . As of midnight the Dow was ahead by 1 point. Interest rates appear to have pulled back slightly, the 10 year at 1.76%. Precious metals firmed today. Of course, markets set rates farther out - not the Fed. Agree that markets are reacting to the Fed. Being of the bearish camp, I’m inclined to view any market action at the moment as superfluous. “It’s all a show kid …” as Billy Flynn intones in Chicago.
Yes, dippers please do your thing!

A few more dippers would have been nice . Down .31 % for the day, .63 % for the month.

Think there is more to unfold in next several weeks. Ten year treasury yield is moving up since the beginning of the year and the bond prices are falling. The 10 year treasury rate jumped sharply from 1.512% on 12/30/21 to 1.780% as of today.
The Fed has not even officially raising the rates yet.