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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.

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  • If you're thinking of redemption gates, the SEC is eliminating that. If your concern is liquidity (redemption) fees, the SEC is imposing a mandatory liquidity fee on institutional MMFs (other than government funds) if daily redemptions exceed 5% o…
  • It doesn't make any sense to include the effect of waivers (which reduce expenses), but not the effect of the expenses themselves. Say a fund has waivers amounting to 0.3%. The effect of those waivers is to boost returns by 0.3%. IOW, but for t…
  • In a few states (NY, Conn, Calif), if at least 50% of the MMF's assets are not invested in state-exempt Treasuries each quarter, then none of the divs are state exempt. For taxpayers in those states, it's doubly important how much of a Treasury fun…
  • I think Yogi answered the question about the significance of 7 day yields. Just to reiterate, seven day yields are simple interest rates (no compounding). If you leave the divs in the MMF, then the interest compounds and you get more annual yiel…
  • The 7-Day Yield represents the annualized fund yield based on the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of all applicable waivers. Absent such waivers, the fund's …
  • Finance Professor: First, a piece of advice. Don’t believe much that you read (including what I write), especially about buybacks. The mythology on buybacks is staggering, including the claims that they are funded mostly with debt, that they come a…
  • The notion that because you or I invest in a Blackrock ETF, we give our proxy to Larry Fink is absurd. And its anti-democratic. The notion that because you or I invest in virtually any mutual fund, we give our proxy to ISS or Glass-Lewis is absurd.…
  • Parnassus Funds 2016 Annual Report (Feb 9, 2017): I’d like to give you an update on Wells Fargo and its unauthorized opening of accounts. While some of our shareholders have urged us to sell our shares, we believe that Wells Fargo is a far better ba…
  • Keep in mind I'm not a lawyer, so take this for what it is worth, i.e. you're on your own. "Fidelity decided to pass them into B's estate". That sounds like Fidelity followed the beneficiary designation of A's defined contribution plan. So long a…
  • Could you clarify the situation? It sounds like the defined contribution plans did not indicate a beneficiary, so by default the estate inherited the assets. Further it sounds like the assets are still in the DC plans, just owned by the estate of…
  • Dec 2023, matures late Sept 2024, callable (with interest) late June. The quoted price is the price I would get on the secondary market. A bond usually won't get called if it is trading below the call price. For example, a bond callable at par …
  • Einstein (among others): Everything should be made as simple as possible, but not simpler. How about callable bonds or CDs? If interest rates stay higher, longer, then they won't get called and you may be able to eek out a slightly higher yield t…
  • I dont think it is the employee's fault as I suspect they are rushed through training and put to work ASAP although I have to say there are some strange things going on at Fidelity. My wife and I moved a small (LT 10%) of her account to Schwab to …
  • Thanks. To clarify further, the trading page I use (one must be logged in) is: https://invest.firstrade.com/cgi-bin/main#/cgi-bin/mf_order As soon as I enter a ticker I see info for the particular fund (min, subsequent, and open/closed). I coul…
  • at Firstrade ... To check on other funds the only precise way is to open an account and put in a test trade which will tell you if it the fund is available and the minimums which for the majority is way under 10k. I still have a login there many y…
  • My recollection is that 5% is dead average for the 10 year note over the past century. Good news: I recall hearing it from Kai Ryssdal on a Marketplace podcast. Bad news: can't track it down TheMarketplace piece was actually written by Sabri Ben-Ac…
  • I-Bonds can only be bought and sold online through Treasury Direct. You can still get paper bonds with your 1040 refund (up to $5,000 per year). But you have to hope that they don't get lost in the mail (one of mine did). Then to cash them in yo…
  • I think it {TreasuryDirect] should also mail 1099 for transactions TreasuryDirect is not getting special treatment. Any business that issues 1099 is permitted by the IRS to deliver the forms strictly electronically (via email or web access) upon …
  • If you inherit savings bonds, make sure that you know whether the deceased has already paid taxes on savings bond interest up to the date of inheritance. That can happen in two ways. https://www.irs.gov/publications/p559#en_US_2023_publink100099…
  • From my following and researching CGBL, I have been pleased with its behavior. Its fixed income sleeve Core Plus. The only reason I have not invested in it is because of potential high distributions from its fixed income sleeve (bonds with market…
  • "My guy" At Schwab is investigating BRUFX's willingness to do "trustee to trustee" transfer. So it IS an option. Is "your guy" just investigating, or has he confirmed with the Bruce Fund that they will allow you to create a new account (via transfe…
  • The March 3rd episode of Last Week Tonight With John Oliver featured Boeing. I watched it on YouTube but it has since been taken down. Oliver broke the news to his followers in a Feb. 19 post on X (aka Twitter). “I know I usually share a link to ou…
  • To be clear, the family had existing Primecap accounts at Fidelity to which they would only be adding the transferred shares? FWIW, Vanguard refused to transfer shares I had of a closed fund (T-IRA) into another account at Vanguard (Roth IRA). Va…
  • My understanding regarding Primecap is that Vanguard will not allow you to open a new account, even at Vanguard, even by transferring shares. "The Fund is closed to new accounts for investors not enrolled in Vanguard Flagship Services® or Vanguard…
  • Yes, I see that Schwab and TRP have some sort of affiliation. Dunno how old the arrangement is. The T. Rowe deal went into effect "on or about Feb. 1" [2022]. ... [The annual fee paid by TRP, anticipated to be around $10M] far surpasses the fees th…
  • I took a brief look at this last night and have to read more about how the mechanism works, associated risks, etc. 1. One man's tax dodge is another man's smart investing. In theory, ETFs don't have an advantage over mutual funds - the statute t…
    in BOXX ETF Comment by msf February 26
  • How to search for funds p.s. I don't have a Schwab account Several brokerages, including Schwab, have made it harder (or impossible) to use their tools without an account. As @Low_Tech observed, "Schwab re-arranged their whole fund/ETF research s…
  • a number of other parameters ... ... phase of the moon, which sign you were born under, etc. Ain't AI great?
  • “I don't know what the language of the year 2000 will look like, but I know it will be called Fortran.” —Tony Hoare, winner of the 1980 Turing Award, in 1982. Scientific computing’s future: Can any coding language top a 1950s behemoth? https://arst…
  • Very nice piece. One might add HSAs to the mix. They're sort of like Roths, in that growth is tax-free so long as you have accumulated medical expenses over the years (since the HSA was started) that exceed the amount withdrawn from the HSA. Be…
  • Regarding a fund's holdings, it looks like you're referring to 17 CFR § 270.2a-4(a)(2) https://www.ecfr.gov/current/title-17/part-270/section-270.2a-4#p-270.2a-4(a)(2) Changes in holdings of portfolio securities shall be reflected no later than in t…
  • :-) How many $1 bills to make a ton ? Why bills? It could have been a sack of Sacagaweas - much more colorful. https://www.usmint.gov/coins/coin-medal-programs/circulating-coins/sacagawea-golden-dollar
  • I brought in a ton of money this year as I continue to consolidate holdings. AFAIK that boosts the odds, but no one really knows how Fidelity decides to provide TT for free. I was prepared to go to Costco while they were still selling Deluxe f…
  • I was assigned a Schwab rep. The guy is a pro with vast knowledge, has Series 7, 63, 66 Securities Licenses From Schwab: "Dedicated Financial Consultants are generally made available to clients with $500,000 or more in assets at Schwab and more com…
  • FMILX - one manager, 1.3 yrs tenure, $100-500K invested From M*: "The strategy underwent an entire portfolio management team change about a year ago". Not quite your classic LCV fund! The portfolio was LCV through 2021 and LC Blend in 2022. It's…
    in CPOAX FUND Comment by msf February 15
  • I opened an account in the early 2010s, for access to TGBAX when it was still a solid fund. It filled a small hole in my portfolio (foreign bonds). Firstrade was the only game in town where one could access the cheaper Advisor class shares with a…
    in MRFOX Comment by msf February 15
  • Great find! A little quirky though. It has two entries for Global Wellington - Admiral shares and Investor shares. That's redundant. So far that seems to be the only double listing, but I've just skimmed the page.
  • Rollover is one of those terms that everyone uses differently. Here's an IRS page entitled "Rollovers of Retirement Plan and IRA Distributions". https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-d…
  • Vanguard gives 25 free trades/year at the Flagship level. Likely you need that much ($1M) at Schwab before they'll give you a break. Otherwise, Vanguard charges $3/auto-invest, but with a min of two investments. If you're DCA'ing, that is of n…
    in MRFOX Comment by msf February 15
  • BRUFX pulls up a quote at Schwab, but it's not available for purchase. So, it exists on Schwab platform, and should be transferrable in-kind. WBALX is no-load/NTF at Schwab. "So it exists on Schwab platform" is a leap. Some brokerages provide qu…