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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Selling or buying the dip ?!
    @Stillers: "Friday was a pretty important day in which the Dip/Diplet appears (to me and the people I read/follow) to have abated. At least for the time being that is, and stopping a potential gusher after you've rolled the dice a bit is always an upbeat time for me."
    Do you mind sharing with us where you read / follow those people, assuming those are public and free sites? Did these folks also mention why the market went down? It will be good for me to also read other forums.
    ...
    Do you mind sharing with us where you read / follow those people,
    No, I would rather NOT share their names/company's names. I'm getting bashed here a bit and the last thing I want to do is post names of my fave T/A's, market analysts, PMs, etal that I subscribe to/follow, and then have to fend off the additional bashing about them. Not worth my time.
    assuming those are public and free sites?
    No, they are not all (free) public sites. I pay for a coupla investment service newsletters.
    Did these folks also mention why the market went down?
    Hmmm...first, a LOT of investors/media get bent out of shape over DOWN moves of 5% in the overall market. That's still in the normal market breathing range for me. Yes, they all state their thoughts on the specific reasons for this LITTLE move DOWN we've had recently. They of course vary. That said, IF there's a consensus among them, it's that the recent action was highly predictable/widely expected and normal market breathing.
    It will be good for me to also read other forums.
    You can read "forums" until you're blue in the face. LOTS of threads out here frequented by LOTS of posters with varying levels of investment experience and expertise (yeah, they're different). There were a couple posters who have made me "real" money over the past 10 years, namely the old M* CEF Forum crew who daily, for years, provided a pretty much paint-by-numbers plan to profit from FI CEFs, and the poster who got me to fully understand and apply his main investment axiom, "Volatility is the price you pay for growth." They are more the exception than the rule of forums. Kindly suggest finding some worthy professionals to regularly read. I will throw out two names. Start with Katie Stockton (for T/A) and Jurrien Timmer (for market perspective). See if you like them and if not, find someone that you do. Also, disregard the widespread bashing of CNBC. They have regulars and guests on there who provide priceless, free, current analysis on the market. Three notable PMs who are regulars on there are amongst my faves for market analysis and portfolio construction.
  • Selling or buying the dip ?!
    @Stillers: "Friday was a pretty important day in which the Dip/Diplet appears (to me and the people I read/follow) to have abated. At least for the time being that is, and stopping a potential gusher after you've rolled the dice a bit is always an upbeat time for me."
    Do you mind sharing with us where you read / follow those people, assuming those are public and free sites? Did these folks also mention why the market went down? It will be good for me to also read other forums.
    P.S. to everybody: I happen to buy on Thursday Close and again on Friday - not a high conviction that we have seen the seasonal bottom but I am not good at picking the bottom. As an aside, I could not stop smiling when I read the outrage about Clarida buying multimillion $$ in equity index funds on February 27, 2020 while on February 28, 2020 Powell mentioned the Fed is watching the markets. Clarida lost 25%+ of the investment in less than a month to the March 23, 2020 bottom. If he waited for the required two day cooling period and bought at the open on March 26, he would have avoided 17% of that paper loss or would have bought 27%+ below the February 19, 2020 market top. Poor guy, he must have received an earful from his spouse for his trade! May be the dip/diplet buyers do not have any scar tissue from buying too soon and watching the market keep going down in Feb-March 2020, granted we do not currently have a similar massive unknown (but now we know from the pandemic how vulnerable we are - i.e., there is nobody at the steering wheel). I still do not understand why the market went down in September.
  • Changes at the Walthausen Funds
    Mr. Walthausen has retired. Investors received a new proxy agreement concerning investment advisory agreements:
    https://www.sec.gov/Archives/edgar/data/0001418191/000141304221000838/walthdef14a.htm
    Excerpt:
    The enclosed Proxy Statement contains information about a proposal to approve new investment advisory agreements between Walthausen Funds and Walthausen & Co., LLC on behalf of the Walthausen Small Cap Value Fund and Walthausen Focused Small Cap Value Fund. The new advisory agreements are required because John Walthausen, the founder of Walthausen & Co., LLC, has retired and along with that retirement comes a planned internal change in ownership of the firm. We are pleased that the current management team will assume the responsibilities of Mr. Walthausen and carry forward the traditions and values established by Mr. Walthausen. His dedication to the firm and its clients, his unwavering commitment to independent research, and his insistence on excellence are ingrained in the culture of the firm and will serve the firm well into the future.
    ...Presently, 56% of the voting interests of the Adviser are held by John B. Walthausen, 12% by Paul T. Nichols, 10% by DeForest R. Hinman, 8% by Stanley M. Westhoff, 7% by Mark L. Hodge, 3% by Gerard S.E. Heffernan, and 3% by Curtis J. Lasek. Mr. Walthausen intends to withdraw as a member of the Adviser, and upon withdrawal his membership interests will convert to non-voting financial interests in the Adviser (the "Transaction").
    From Walthausen's website:
    http://www.walthausenfunds.com/wp-content/uploads/2021/08/20180214_Walthausen_PM_Announcement_FINAL.pdf
  • October is in process!
    Hmmm ... 1200 square feet in the house, bid at just over $2/sq ft plus materials. Courtney and Matthew, the couple that floors together!
  • October is in process!
    There have been flooring contractors in the house for nearly 10 days, and the chaos has been substantial.
    E-gads!
    Had roofers on top the house all week. “Bang. Bang. Bang”. Just fortunate to get anything done in this crazy labor market.
    Regards
  • October is in process!
    Hi, guys.
    Just a quick heads up, lest anyone be concerned. Our October issue should post this evening. There have been flooring contractors in the house for nearly 10 days, and the chaos has been substantial. Just regained just of my computer yesterday, so I'm behind schedule but pecking away ... on the red flags over China, the three dumbest things you could do,
    Sherman's new SPAC ETF, Charles's reflections on Morningstar and, of course, more!
    Good cheer to all!
    David
  • Selling or buying the dip ?!
    Hmmm...No reasonably intelligent investor thinks the market now has no chance of losing a point over the next three months.
    That said, Friday was a pretty important day in which the Dip/Diplet appears (to me and the people I read/follow) to have abated. At least for the time being that is, and stopping a potential gusher after you've rolled the dice a bit is always an upbeat time for me.
    As I've posted previously, I've been BTD pretty successfully throughout 2020-21 with few exceptions when they opportunities arose. My experience over that period of time suggests to me I may have played this one right again.
    Either way, UP or DOWN from here, yeah, I'm pretty happy I exchanged a bond OEF holding for more stocks when they were in total DOWN ~5% from their highs, and on indv stocks, DOWN >10% from their high.
    NOTE: At least one recent study showed that investors are more than 2x more upset when they lose money in the market than they are happy when they make money. Since reading that study, I take every opportunity I can to BE HAPPY when I make worthy trades/make money.
    The football reference was simply an analogy. No intention to actually make that bet OR turn this thread into a football discussion.
  • morningstar
    Hi guys, In viewing my portfolio in M*'s Portfolio Manger this morning (Saturday 10/2) around 5:45 AM, I am finding than a good number of my mutual funds have stale pricing from Thursday's market close and M* has failed ... yet again ... to update many mutual funds in my portfolio with Friday's nav market closing values. No wonder M* gets bashed on many investment boards.
    Thank you Old_ Skeet.
  • morningstar
    Hi guys, In viewing my portfolio in M*'s Portfolio Manger this morning (Saturday 10/2) around 5:45 AM, I am finding than a good number of my mutual funds have stale pricing from Thursday's market close and M* has failed ... yet again ... to update many mutual funds in my portfolio with Friday's nav market closing values. No wonder M* gets bashed on many investment boards.
  • When Stock Markets Start Falling ...
    When Stock Markets Start Falling What’s the Best Investment Strategy?
    Covered in the article (linked below) are some of the things you can do when volatility hits Wall Street.
    1) Buy When Everyone Else is Selling
    2) Sell and Limit Your Risks
    3) Hold and Stick to Your Game Plan
    https://investorjunkie.com/investing/best-investment-strategy/
    For me, I'm invested in an all weather asset allocation of 20% cash, 40% bonds and 40% stocks that affords me the opportunity to buy during market pullbacks and to also use a seasonal investment strategy where I load equities come fall and then trim equities come spring. For me, option numer one is my plan A.
  • Selling or buying the dip ?!
    So I guess you would probably also bet straight up that BUF will beat HOU this weekend?

    We Bills fans are always at the edge of our seats waiting for the next shoe to drop @stillers :) , but I'll take the straight up bet vs Houston and in a few weeks I'll take it against KC. Then a couple weeks later against Brady. Ahhh, feels like I'm back in he '90s.
    Does this constitute trash talk :) Go Jim Kelly... oh, I mean Josh Allen!!!
    Always have had a soft spot for the Bills, all the way back to the AFL and Kemp. Then of course once you got the 'burgh's/East Brady's Jimbo in the fold, well, 'nuff said.
    Very familiar with the plight of Bills fans. We watch it play out pretty much every week and season. That said, this, or a year coming very soon, should be your year...
    But...
    Seems that other shoe dropped pretty hard on you guys in Wk 1 when you lost to the B&G, who then went onto show their likely real 2021 selves vs the Raiders and Bungles. That AFC loss may come back to haunt you guys when the dust settles at the end of the RS. Hope not though.
  • Janus Henderson B-BBB CLO ETF in registration
    You're right that JAAA tends to move a bit more in tandem with stocks (R² of about 0.5) than the other ultrashort term bond ETFs I mentioned. Though there's not much default risk in AAA tranches of CLOs (vs CDOs).
    On the upside, there's that higher yield:
    To be sure, AAA-rated CLOs and the new ETFs investing in them offer the much safer corners of the leveraged-loan market, with layers of default protection yet higher yields than investment-grade bonds. As of Sept. 30 [2020], the average yield of AAA-rated CLOs was 1.6%, more than double the 0.78% yield of AAA-rated corporate bonds.
    https://www.barrons.com/articles/collateralized-loan-obligations-clos-are-now-available-in-etfs-should-you-buy-51603184400
    (This was written just as JAAA launched; since then it has done well in part because of those higher yields and in part, as you said, because it moved up somewhat along with stocks.)
    JBBB is a different story. Lower credit rating => moves more closely with stocks, more risk of default.
  • Selling or buying the dip ?!
    Did most of my Dip/Diplet buying Wed and Thu as noted in my prior post here.
    Also added to ITOT this AM when it was fractionally DOWN.
    What happened? Take your pick...
    Powell''s comments
    BIG Merck news
    Re-rotation to Value
    Start of the market's annual UP period cycle
    Bond yield slowing/effect getting consumed by market participants
    $16 Trillion on the sidelines (Read it again s-l-o-w-l-y and try to understand it.)
    Or just the ol' tried and true axiom, "Enuff Dip/Diplet is enuff!"
    Final hour could be telling. But either way, it was just a matter of time before it ran/runs its course.
    It's a fun game this Dip/Diplet BUYing thing.
    If you haven't before, try playing along next time.
  • Wells Fargo Asset Management funds change name
    I may have missed it, but Wells Fargo Asset Management was spun off as well. Changing the fund names is just part of this larger change. WFAM is becoming Allspring Global Investments.
    https://www.prnewswire.com/news-releases/wells-fargo-asset-management-to-become-allspring-global-investments-initiates-leadership-transition-301340853.html
    IMHO, the "why" is pretty obvious, especially to investors who wouldn't touch any service or product coming from Wells Fargo.
    “Rebranding is vital as is a new broom at the top to reboot the ailing WFAM business,” said Amin Rajan, chief executive of Create Research, an asset management consultancy.
    ...
    Efforts by WFAM to attract new clients have ... been hampered by the 2016 mis-selling scandal involving the fraudulent opening of millions of customer accounts, which Wells Fargo bank has struggled to recover from.
    https://www.ft.com/content/fdf0f369-5d5f-4385-8689-158ad173f793
  • When to sell ?
    This is how I have done it since 2000(link).
  • Deflationary Forces and Other Opportunities
    Likely supply chain issue that inflates the pricing just like new cars.
    CW’s funds are not doing well lately. Like to see another 10% decline before they become attractive.
  • Schroder Long Duration Investment-Grade Bond Fund to liquidate
    update:
    https://www.sec.gov/Archives/edgar/data/908802/000139834421019444/fp0069092_497.htm
    497 1 fp0069092_497.htm
    Filed pursuant to Rule 497(e) and Rule 497(k)
    under the Securities Act of 1933, as amended
    File Registration No.: 033-65632
    SCHRODER SERIES TRUST
    (the “Trust”)
    Schroder Long Duration Investment-Grade Bond Fund
    (the “Fund”)
    Supplement dated September 30, 2021
    to the Fund’s Summary Prospectus, Prospectus and
    Statement of Additional Information (the “SAI”), each dated March 1, 2021, as supplemented
    This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
    On July 6, 2021, the Trust filed a supplement (the “Original Supplement”) disclosing that the Board of Trustees of the Trust approved the liquidation of the Fund and that the liquidation was scheduled to occur on or about September 30, 2021. The Fund’s liquidation has been delayed to occur on or about October 21, 2021. Accordingly, the Original Supplement has been reproduced below with this new liquidation date.
    The Board of Trustees of the Trust, at the recommendation of Schroder Investment Management North America Inc. (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to new investments. The Fund is expected to cease operations and liquidate on or about October 21, 2021 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
    Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Shares” section of the Prospectus. For those shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
    In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
    The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Liquidation costs will be accrued on the date of this Supplement and shareholders remaining in the Fund on the Liquidation Date will not be charged any additional fees by the Fund associated with the liquidation. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
    PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
    SCH-SK-016-0100
  • Raw land sale, long distance transaction.....precautions and considerations ???
    I've sniffed around on the "net" for some clues; but also need to ask here, to tap the vast wealth of knowledge that exists among this group.
    We've performed 3 real estate transactions (primary home) since 1976, and one raw land transaction.
    The 3 primary home transactions were all local, so a face to face was always in place for all parties involved in the buy/sell.
    The primary home transactions were buyer/seller transactions NOT using a real estate agent, being for sale by owner. All purchase agreements were reviewed by a fee only real estate attorney to clarify, verify and add/subtract any and all legal language to provide a legally sound document. The mortgage provider was the only other outside participant, which required that all involved signed the proper legal documents to close the deal.
    The raw land purchase was from a large company selling parcels in a variety of locations. This purchase could be performed directly with their local, authorized agent. A fully straight forward, legal transaction.
    So, we have exposure to the "old" DIY method of selling and NOT using a real estate agent.
    NOW.....
    We have been contacted by a (not a company) husband/wife for our consideration of selling the raw land, as they are looking at property in the area. Such a transaction would not be a face to face, as they live 1,600 miles from the property and we live a full overnight drive from the property.
    The question(s) are now these:
    --- Is there a common path of documents and processes to attempt a long distance, without face to face, property sale?
    --- Is this a fully difficult transaction to consider, knowing the circumstances (distance) involved between seller/buyer?
    NOTE 1: We have not yet responded to their query to sell our property.
    NOTE 2: We have not contacted a local real estate attorney at this time, as to how to proceed; if we decide to sell.
    NOTE 3: We know the one required document would be a Warranty Deed to ensure there are not liens on the property.
    Surely, I've missed something in this thinking process. Your input is very much appreciated.
    Thank you,
    Catch