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Here and Now broadcast a worthwhile report on Biogen and Aduhelm, the Alzheimer’s drug.
https://www.wbur.org/news/2021/12/10/biogen-aduhelm-reckoning-alzheimers-drug
It’s not surprising that the whole biotech sector is under pressure when one its…
I chose not do do an in-kind transfer on that first one that hit the “snag.” I felt there might be a big difference between the sale price (NAV) at TRP and the “buy price” when completed.
A transfer "in-kind" means that the security itself is being…
Good piece. Like others, I write very few checks a year. One for in-office copays to a medical specialist who charges extra for credit cards. I hand the other checks to service providers in my home - for heater repairs and the like. Nothing …
The account numbers look like: 0123456789-4. Except that the "-4" in this example is not considered part of the account number.
Here's the mutual fund transfer in kind form I used (see section 1 asking for account numbers). T Rowe Price adds an…
Clearly it's important to know the precise definition of terms when reading statistics. Even back when M* was using 1 year maturities as the cutoff for cash equivalents for analyzing portfolios (i.e. before 2017), it also used the 3 month definitio…
Apparently what M* considers cash depends on the context:
Questions & Answers | Methodology
Traditionally Morningstar has treated bonds with short terms to maturity, less than 1 year, as a cash equivalent, will these holdings be included in the…
While the Treasury yield-curve is weird. It has an unusual dip in the belly. It seems that an inverted yield-curve is trying to normalize (to up-sloping), but the Fed has literally fixed the short end.
https://www.ustreasuryyieldcurve.com/
This does…
TFLO invests in floating rate treasury similar to that of USFR, WisdomTree treasury floating rate ETF.
Here's a comparison of TFLO and USFR:
https://portfolioslab.com/tools/stock-comparison/TFLO/USFR
Similar with at least a couple of curious quir…
For accounts at Fidelity,
FSIXX has a minimum of $1M. FRSXX is the Institutional class of the Treasury Only MM fund and pays slightly higher than FSIXX.
To be clear, both share classes are institutional classes; one is labeled "I", while the ot…
SNOXX will likely be fully state-taxable to you, because (at least at as of Sept 30th) only 10% of its portfolio is in Treasuries. The rest consists of repurchase agreements which makes the entire fund state-taxable for a few states (and mostly st…
I can appreciate the simplicity of having all T-IRAs in one place if one is of a "certain age" :-) I'm not, but I have likewise moved my T-IRA to one house.
Though that's largely because after having done Roth conversions for 15 years (income …
It's not just the past month. My impression is that this has been going on for the better part of a year. I may have even commented on this before - it seems that people here look primarily at brokered CDs perhaps because they are already using …
The effect on duration is also different (higher coupon = shorter duration).
We can try this another way, using the Socratic method.
1. Suppose you buy a bond at $102 with a 5% coupon. Do you have enough information to calculate current yield?…
The effect on duration is also different (higher coupon = shorter duration).
We can try this another way, using the Socratic method.
1. Suppose you buy a bond at $102 with a 5% coupon. Do you have enough information to calculate current yield?…
My tax liability fluctuates significantly from year to year. Every other year I minimize ordinary income (e.g. limit Roth conversions, use tax-free MMFs) so that I can harvest cap gains at 0% tax rate. In the off years, I minimize cap gains and i…
So long as withholding (plus any estimated taxes paid) cover your 2023 taxes, there's no need to do more. The source of your income (e.g. Roth conversion) doesn't matter - just that you paid in enough to cover taxes.
FWIW, I usually make payments…
I have a hard time paying a computer even 0.3% for advice.
Computer-only service at Vanguard costs 0.15%. All these programs and options do get rather confusing. At 0.30% a real human being at Vanguard will help you with some planning issues lik…
There are periods when actively managed funds beat "the market" (aka S&P 500 in this thread). For example, in the 11 years from 1999 through 2009 S&P 500 index funds beat actively managed LC blend funds only once.
Given a period when sto…
I couldn't find reinvested SP500 TR for that period
NYU/Stern spreadsheet:
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html
https://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls
From the spreadsheet (it uses S&…
Market has good times and bad times.
Indeed. Another venerable balanced fund, PGEOX, outperformed FPURX for 8.5 years starting 12/31/64, before falling behind in the last 1.5 years of that 10 year span.
Funds are not static, they evolve and ada…
\\\FPURX from Jan '73 to summer '82, Ray Gun era, way more than doubles. Granted the end period was a time of 15% inflation
\\\ Inflation in 1974 (the era of Watergate and Whip Inflation Now) was about the same as inflation in 1980 - a shade over 1…
FPURX from Jan '73 to summer '82, Ray Gun era, way more than doubles. Granted the end period was a time of 15% inflation
Inflation in 1974 (the era of Watergate and Whip Inflation Now) was about the same as inflation in 1980 - a shade over 12%. T…
Or ... we can see now (sort of). Using the conventional 30 year horizon and the usual 4%/year (inflation adjusted) assumed spend down amount, a 20 year cash cushion would result in 80% in cash, 20% invested. Setting aside 5 years of cash would r…
But if you look at how long it has taken the SP500 to get back to a previous high permanently, it is 13 years in recent memory, and it took 25 years after September 1929.
According to Mark Hulbert,
On a dividend- and inflation-adjusted basis, the b…
It sounds like the original question concerned paid advisory services, but the responses and OP followup seem to be adding sales reps ("local FA") to the mix.
From Schwab:
When we recommend that you buy, sell, or hold securities; pursue a particula…
If one thinks like an economist, then one makes the absurdly simplifying assumption that people act rationally. Add in the assumption (belief?) that stocks are more risky than bonds, and one must conclude that over a long enough time (whatever tha…
they [TRP] do not treat it [PRWCX] as an allocation fund, notwithstanding how M* classifies it and how I view it.
Notwithstanding how Lipper similarly classifies PRWCX as a mixed asset, target allocation growth fund (like TRSGX), TRP includes PRWC…
A company with a good reputation can rally public support when dealing with regulators. That's a major reason why monopolies advertise.
Just last month, Boeing asked the FAA to waive a safety regulation through May 2026 so that it could deliver MA…
It's not the number of planes directly affected. It's Boeing's reputation that is at risk, and with that, future orders.
Boeing's goodwill and intangible assets (don't have a breakdown) have been in a steady albeit slow decline since June 2019,…
I responded to a comment about finding allocation funds that performed at least as well as JHQAX with lower volatility.
One can start with equity and attempt to reduce volatility in various ways. One can use options, as JHQAX does. One can add…
Not all investors will hold to maturity; not all notes and bonds mature at the same time within that year; and then there are the potential defaults (corporates of course). The portfolio would need to continue buying additional corporate notes/bond…
With all the releases and submodels, it's hard to keep up with this plane. Almost as bad as American Funds's share classes: A, C, F1, F2, F3, T, 529-A, 529-C, 529-F1, 529-F2, 529-F3, 529-T, ABLE-1, ABLE-2, R1, R2, R3, R3E, R4, R5, R5E, R6. And t…
So T-bills are in special category different from regular stock and fund sales.
T-bills are in a special category different from regular and muni bond sales. Bonds have their own rules dealing with appreciation. Unless bond appreciation is de m…
The tax deferral of T-bills depends not only on the fact that interest isn't paid until maturity but also that they mature in not more than 12 months.
People are generally aware that if they buy zero coupon bonds, interest is imputed and taxes owed…
I guess the question is why?
The usual reasons to buy a bond fund instead of an individual bond are: issuer diversification, individual security credit risk, maturity/duration diversification, and liquidity. With Treasury funds, you don't get …
Thanks Charles. I'd be glad to chat with you about some thoughts, though I just got down this rabbit hole responding to a comment that using raw data might not be circumventing a screener. Your post now addresses that in crystal clear terms:
We a…
MFO's MultiSearch is a great tool with an extremely extensive database underlying it, including a lot of MFO-defined metrics. In no way was I trying to disparage it.
That said, I'm more interested in the underlying data than in the tool. You l…
One can download the entire MFO dataset, or as you seem to suggest, download a view that includes only a subset of columns (AUM and a whole lot of other, but not all, fields). And one can program a spreadsheet to sort and search based on various c…
Most fund families allow an investor to open up a new account in a closed fund if they do it by moving shares rather than funding it with dollars. Here, that new account is in a Roth, but it could have been, e.g. a T-IRA funded with 401(k) rollove…
MFO's Basic Screener (aka QuickSearch) is still free!Yes it is, and it is a fine engine with several post-analysis criteria available (Great Owl, MFO risk,etc.). But just as with M*'s "new and degraded" premium investor screener,only post-analysis …
