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M* The Long View podcast with David Giroux (PRWCX, TCAF). Scroll a bit for full transcript.
https://www.morningstar.com/financial-advice/david-giroux-i-want-look-forward-not-backward
Broadly speaking, artificial intelligence (AI) is simply the application of computer software to human thinking. It has been around formally at least since 1950s. It has had its ups and down cycles (note plural). Universities have had AI Labs since …
Direct obligations of the US Government are excluded from state/local taxes.
Indirect obligations are NOT exempt. So, excludes are Treasury repos, GSEs (GNMA, Fannie Mae, Freddie Mac, etc).
US Savings Bonds are also NOT exempt.
The difference bet…
Yet, it isn't just COIN, HOOD, etc, but companies such as BLK, Fidelity, BEN, etc are betting on the launch of physical/spot-crypto ETFs OR are offering them to their retail and retirement customers.
Several countries have introduced CBDCs. The Fed…
From what I read, the new redemption/liquidity fees may be imposed after daily net redemptions of 5%+ of AUM. For humongous m-mkt funds (Fido, Vanguard, etc), that is unlikely to kick in.
But liquidity fee may be there. Of course, the entire language related to gates/fees in prime-retail m-mkt funds will have to change.
"The amendments will also require certain money market funds to implement a liquidity fee framework that will bett…
Osterweis bought the ESG-oriented firm Zeo in October 2022 just when the tide was turning against the ESG. Closing is surprising as Osterweis could easily fold small AUMs them into its existing funds; but the people brought along with the acquisitio…
6m T-bill rate isn't moving much either; 3m rate in the bottom panel.
https://stockcharts.com/h-sc/ui?s=$UST6M&p=D&yr=1&mn=0&dy=0&id=p17985575719
It is a nontraded BDC/CEF for accredited investors. 3 classes will be available - retail (min $2,500), advisor/wrap plans (min $2,500), institutions (min $1 million). Portfolio managers are Alan Schrager and Eric Muller.
https://www.sec.gov/Archives…
Barron's LINK1 has an interesting take on Japanese stocks.
INTERNATIONAL. JAPAN (EWJ +22% over 12 months) is an exporter and is not in a rush to raise rates even with current inflation at +3%. Companies have become more shareholder-friendly; the TS…
Nontraded REITs are just that - you cannot trade them on exchanges. There may be periodic redemption windows with long queues, so partial redemptions may be possible. Off-market, one may find a buyer at large haircut. Highlands REIT has 888 MILLION …
Mandatory spending (i.e. not in annual budget) are Social Security payments, Post Office, Ukraine aid (current), most military spending. These won't be affected.
Everything else will be disrupted to some degree. Some essential federal employees wi…
3 points:
1. I thought that @JD_co meant table that doesn't have its own image link.
2. If charts/graphs were meant, BOTH have their own image links that can be just pasted into the MFO Image tool (3rd from right in the above menu). See below.
3.…
After all, JHEQX has quarterly index-option rolls (options are NOT on individual stock holdings). Fund is huge at $16+ billion (AUM peak was in 2021; M* shows outflows in much of 2022 but some inflows in 2023). The current quarterly index option rol…
Bloomberg article in the OP (9/27/23) is now available at Yahoo Finance,
https://finance.yahoo.com/news/jpmorgan-options-whale-worries-resurface-163447387.html
Here is a StockChart of AAII Bull Bear Spread along with SP500 since 01/2022. One can see 10/2022, 03/2023 & other dips.
Link https://i.ibb.co/PYgJNJg/Screenshot-2023-09-28-17-27-57.png
6m CDs at 5% ($100K+) may not be attractive (when 6m T-Bills are at 5.53%), but Jamie Dimon is offering 6% for $5 million+. Enough to make noises at X/Twitter.
https://www.marketwatch.com/story/jpmorgan-chase-to-offer-6-interest-rate-for-minimum-of…
WisdomTree presentaion isn't very user-friendly. But from your link (repeated below), Fund Reports & Schedule/Tax Supplement Reports, you can Download "WisdomTree Fund Distribution 2022 - Tax Supplement". Then in the Secondary Layout tab, Col 11…
9/25/23 3m T-Bill Auction was at a discounted price of 98.652694.
So, finally some changes after the 2nd decimal place. Looks like the short end of the yield-curve is anchored/stable and the long end is pivoting about the short end.
https://www.tre…
@Sven, age-based funds within 529s operationally work like TDFs for retirement; their glide-paths are to the college age of 18 (vs retirement date of the TDFs). One can mix age-based funds with traditional allocation funds within 529s to achieve a v…
@BaluBalu, it looks like there was a name change. There are many references (2022 & older) on the web that have "Growth" in FSUTX name. May be Lipper (MFO data provider?) still has it in its database. Anyway, the name should be updated at MFO, i…
A convertible note/bond from company A has the same underlying equity of A. So, if the stock of A rallies, the convertible also rallies (and on conversion, the company A is debt free!); if A tanks, the convertible may become busted, i.e. may act jus…
@Hank, those are 2 stories online that are consolidated into one in paper version. The 2nd story forms the latter part w/o any subheadings. Typically 2-3 Up & Down Wall Street online are consolidated as such every week.
Similar for Trader but su…
@Hank, are you able to access Barron's Digital that is availably EARLY Saturday AM? It provides a true digital copy of the paper edition.
Barron's Digital https://barrons-nj.newsmemory.com/
When I start my Barron's work on Fridays, I do have to r…
Too much of a good thing is bad.
There is a saying that one cannot live on cake. This one European queen who said during a famine, what's the problem, no bread? People can just eat cake. - she was deposed not just from her queendom but this world.…
Fund industry, including its trade association ICI, opposed the Names Rule. ICI press release doesn't indicate that entirely - it claims to have softened compliance a bit
https://www.ici.org/news-release/23-news-names-rule-vote-statement
It all sta…
Those suggested allocations for VG PAS in 60s & 70s (60-40), early-80s (55-45), late-80s & beyond (50-50) are much higher than those for target-date funds (TDFs), including Vanguard TDFs. Of course, the questionnaire for PAS determined the s…
Bloomberg story via open Yahoo Finance.
Basically, Illinois is consolidating many local police pension funds into a big state level police pension fund. But this is under litigation as many locals like to "play" with their own underfunded pension …
YBB Notes
FED FUND rate held at 5.25-5.50%; bank reserves rate at 5.4%; discount rate at 5.5%. Possibly 1 more hike in 2023. Real & nominal rates may change differently. The base effect is in y-o-y, but the Fed also looks at monthly (m-o-m) and…
So, if you have SPLG /SP500 at ER of 2 bps, do you really need SPY/SP500 at ER of 9.5 bps?
Yes, would say State Street - for higher liquidity for institutions. But retail investors would be just fine with SPLG.
SPY is State Street's original cash …
M* Performance tab shows that the new TCAF (6/14/23- ) had inflows of about $70 million/mo. Its $222.4 million AUM (M*) is decent for a new ETF. A survivable ETF typically has $50+ million AUM. True, there have been hot ETFs from other hot managers …
