https://www.sec.gov/Archives/edgar/data/1545440/000158064222002833/leftbrain_supp.htm
LEFT BRAIN COMPOUND GROWTH FUND
A Series of Ultimus Managers Trust
Supplement dated May 25, 2022 to the Prospectus, Summary Prospectus and
Statement of Additional Information, each dated April 27, 2021, as supplemented on June 22, 2021
Effective immediately, Left Brain Compound Growth Fund (the “Fund”), a series of Ultimus Managers Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective June 24, 2022. Shares of the Fund are no longer available for purchase and, at the close of business on June 24, 2022, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”).
The Board of Trustees of the Trust (the “Board”), in consultation with the Fund’s investment adviser, Left Brain Wealth Management (the “Adviser”), determined and approved by Written Consent of the Board on May 24, 2022 (the “Written Consent”) to discontinue the Fund’s operations based on, among other factors, the Adviser’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the Fund’s operations. Through the date of the Transaction, the Adviser will continue to waive investment advisory fees and reimburse expenses of the Fund, if necessary, in order to maintain the Fund at its current expense limit, as specified in the Prospectus.
Through the Written Consent, the Board directed that: (i) all of the Fund’s portfolio securities be liquidated in an orderly manner not later than June 24, 2022; and (ii) all outstanding shareholder accounts on June 24, 2022 be closed and the proceeds of each account be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Fund’s portfolio holdings will be reduced to cash or cash equivalent securities. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objectives.
Shareholders may continue to freely redeem their shares on each business day prior to the Transaction.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds in another IRA or qualified retirement account; otherwise the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Fund, please call 1-833-498-2238.
Investors Should Retain this Supplement for Future Reference

https://www.schwab.com/learn/story/looking-to-futures?cmp=em-QYD
Sp500 ~ 4100 mid June!/lots resistance (?!)
If sp500 has support moving above 21 days average may stay up there for awhile and up trends
Friends think may have bottom ~10d ago sp500 3849
Becareful
Enjoy

We once had a poster here that used ZH often to further his political talking points, even after the Russian proxy slant was brought up. I think he changed his name and doesn't post to often anymore.
U.S. Accuses Zero Hedge of Spreading Russian Propaganda
https://www.bloomberg.com/news/articles/2022-02-15/us-accuses-financial-website-of-spreading-russian-propaganda

The new 2022 ICI Factbook is now available with a slight delay. There are somethings new this year - a new layout; both the full PDF (long) & separate chapter PDFs are available simultaneously (it used to be that the former was released first & then the latter weeks later); downloadable Excel files for each chapter are also available.
https://ybbpersonalfinance.proboards.com/thread/75/ici-fact-book-funds?page=1&scrollTo=642
Fact Book Website www.icifactbook.org/

Sold out of FSMEX, which was a 2021 addition. I intend to buy this back at some point later in the year, but this tax-loss sale counterbalances a few capital gains from January.

Energy may still have legs. If oil prices remain high, energy company profits and cash flows in a few months will be great. Energy still remains a tiny part of SP500 (See chart by Bespoke on Twitter) - but it doesn't have to reach its glorious past to give huge boosts to XLE, IYE, etc. These haven't even reached their mid-2014 all-time highs.
https://twitter.com/bespokeinvest/status/1529189350575157252

Hopefully we aren't going full-on "Carter malaise" for the next few years. But can we expect an immediate rebound if only some sectors have taken a beating? The disparity is quite large.
Value has been trumped by Growth for many years, and perhaps there is some payback here. High-dividend equity has been a good place to be so far YTD (as interest rates rise).
I would like to see the pain extend across the spectrum a bit more before calling Uncle. Even defensive sectors should get their due in a Bear market.
YEAR TO DATE RELATIVE PERFORMANCE
+37.3% Energy
-1.8 Basic Materials
-2.8 Utilities
-8.1 Consumer Defensive
-12.0 Healthcare
-12.2 Financial
-16.1 Industrials
-19.8 Real Estate
-28.1 Communication Services
-29.4 Tech
-33.7 Consumer Cyclical

Perhaps we should raise the bar with a higher form of intelligence.

See also Digital monkeys with typewriters recreate Shakespeare
https://www.cnn.com/2011/09/26/tech/web/monkeys-typewriters-shakespeare/index.html

Aside from Cathie Wood in particular, you'll have to pardon my skepticism about AI potential in general. Not that work in the field doesn't lead to significant developments, but that it has a history of repeatedly overpromising and underdelivering. Perhaps she could learn from history, or is this time different?
From the initial boom cycle ("good old fashioned artificial intelligence") to the second boom cycle (expert systems, specialized applications), to the current boom cycle, the field has left a trail of Broken Promises and Empty Threats
https://www.technologystories.org/ai-evolution/

From a piece yesterday in MIT Technology Review:

Earlier this month, DeepMind [s subsidiary of Alphabet (GOOGL)] presented a new “generalist” AI model called Gato. ...
One of DeepMind’s top researchers and a coauthor of the Gato paper, Nando de Freitas, couldn’t contain his excitement. “The game is over!” he tweeted, suggesting that there is now a clear path from Gato to artificial general intelligence, or AGI, a vague concept of human- or superhuman-level AI. ...
Unsurprisingly, de Freitas’s announcement triggered breathless press coverage that DeepMind is “on the verge” of human-level artificial intelligence. This is not the first time hype has outstripped reality. ...
Some technologists, including some at DeepMind, think that one day humans will develop “broader” AI systems that will be able to function as well as or even better than humans. Though some call this artificial general intelligence, others say it is like "belief in magic.“ Many top researchers, such as Meta’s chief AI scientist Yann LeCun, question whether it is even possible at all.

https://www.technologyreview.com/2022/05/23/1052627/deepmind-gato-ai-model-hype/
A quote that helps put this hype in historical (and hysterical) perspective:

In 1970 Marvin Minsky told Life Magazine, “from three to eight years we will have a machine with the general intelligence of an average human being.”

https://sitn.hms.harvard.edu/flash/2017/history-artificial-intelligence/

M* JR musings on how low ARKK can go? https://www.morningstar.com/articles/1095462/how-low-can-ark-innovation-go

Messianism at its worst:
https://twitter.com/CathieDWood/status/1528179451070230530?ref_src=twsrc%5Etfw
https://seekingalpha.com/article/4513814-one-tweet-ark-innovation-etf-has-become-uninvestable

Cathie Wood
@CathieDWood
.@ARKInvest
must share more of our research about #artificialgeneralintelligence (AGI) and how it is likely to transform the way the world works. Within 6-12 years, breakthroughs in AGI could a accelerate growth in GDP from 3-5% per year to 30-50% per year. New DNA will win!

Munis are an interesting market.
Using VWITX as a benchmark, NAV is down 10.5% from H2 2021. Yield is 2.25% (per Marketwatch) and NAV is lower than at any time in the past decade. -- a few pennies below the covid crash.
Another benchmark, MUB is down 10.1% from its H2-2021 with a yield of 1.92%.
With an acknowledgement that the space could get a technical bounce, I find the yields woefully unattractive, given the inflation environment, and other alternatives for capital deployment. What kind of tax-free yield might get my attention? Maybe something like 4.5%.

Muni Fund Outflows have been large and swift. They are approaching 2013 levels but in less than half the time. Shown is the chart link from Citi & Lipper posted on Twitter. Of course, the implications of heavy muni industry outflows for muni CEFs are their widening discounts.
https://twitter.com/GunjanJS/status/1528782964460605443/photo/1

+1 Lewis

@Baseball_Fan
https://rand.org/content/dam/rand/pubs/research_reports/RR2200/RR2237/RAND_RR2237.pdf
https://newrepublic.com/amp/article/156788/zero-hedge-russian-trojan-horse
https://bloomberg.com/news/articles/2022-02-15/us-accuses-financial-website-of-spreading-russian-propaganda
https://newyorker.com/news/benjamin-wallace-wells/is-the-alt-right-for-real
Not that you care. It's old news, and still true today.

+1

Just noticed that a former topic at MFO, CTFAX, has added equity three times this month when the S&P 500 hit their triggers -- now up to 25%. If interested, see "asset allocation update" on the fund page.

Again, Zerohedge is a Russian asset:
https://bloomberg.com/news/articles/2022-02-15/us-accuses-financial-website-of-spreading-russian-propaganda
https://newrepublic.com/amp/article/156788/zero-hedge-russian-trojan-horse

Small buy ,MCSMX. I hope the down fall has come to an end 1

"Pharma companies focused on vaccines and therapeutics against the smallpox virus are making headlines amid an ongoing outbreak of its close relative monkeypox. Drugmakers SIGA Technologies (SIGA) and Chimerix (CMRX) added more than 68% and 41% last week, while vaccine makers Emergent Biosolutions (EBS) and Bavarian Nordic (OTCPK:BVNRY) surged over 23% and 79%"
Borrowed from SA