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.
I suppose it could be - SNOXX has to turn over its portfolio faster and could have been acquiring more lower yielding paper. But with rates gyrating by the minute, it's hard to tell.
More interesting to me right now are the inflow rates of MMFs i…
I saw that too. Perhaps he drew his inspiration from here:In interviews with [Business] Insider, founders and investors acknowledge privately that they are looking to Twitter as a case study of efficiency. (All spoke on the condition of anonymity,…
When a bank goes bankrupt, depositors are at risk because they are general creditors of the bank. FDIC insurance guarantees that $250K/account type/owner will be covered even if the bank has no assets to pay with.
Brokerages are different. The …
the FDIC does not use "government money" to make depositors whole. The monetary resources of the FDIC are generated by surcharges on the FDIC covered banks.
So long as those resources don't run out (they never have, so far). After that? The FDIC…
Retail-prime SWVXX may have gates or redemption fees without much notice. That may be a problem for check writing and other essential payments. SNSXX is a government/Treasury money-market fund with much lower probability for that.
Arguably zero prob…
I bet the Sweep accounts at Fido are a lot stickier. If so, maybe this will encourage Schwab to eliminate requirement to buy MMF rather than Sweep.
That's problematic because non-sweep MMFs are prime funds. Quoting Schwab, "Per SEC guidelines, liq…
Depositors with big cash holdings are – reasonably – expected to be aware of the risks and spread their cash around several institutions. Businesses backed by venture capital, such as the customers of SVB, ought to have been advised how to manage th…
@Observant1 hit the nail on the head - moral hazard. If the Treasury implicitly backs up every bank that botches things so badly that they create "systemic risk", then not only do we have the "normal" moral hazard created by insurance (indifferenc…
For a small fee, IntraFi (old ICS/CEDARS) would auto-split your $stash into multiple FDIC insured banks, or you can do this yourself.
https://www.intrafi.com/solutions/depositors/
To a limited extent, some brokerages provide a similar service with t…
Goldman Sachs offers a high yield savings account that pays 3.75% and is FDIC insured. I am considering this option.
Marcus will give you and and existing customer who refers you an extra 1% for three months. See if someone will send you a referr…
What is "government induced erosion"? It's not bank failures. SVB failed because it made a bad call on interest rates (i.e. that they would remain relatively stable indefinitely). Not because "indefinitely" didn't last forever and the Fed raised…
Not much I can add to what Yogi wrote. From the FDIC's press release, it sounds like only the insured amounts are being transferred to the successor bank, Deposit Insurance National Bank of Santa Clara (DINB). The rest of the gazillion dollars r…
Securities held in brokerage accounts are typically held in street name, meaning that the brokerages have legal title to the securities. You are still the "real" owner, and the securities are not accessible to the brokerage firm's creditors.
The st…
I agree it would be interesting as a matter of curiosity to hear what Artisan would say. Though there are so many ways they could say that their statement was not false in a narrow sense that all I expect such an inquiry to accomplish would be to …
I suggest that @msf follow up on this with M* or @ApplebyIRA at Twitter.
I'm rather antisocial (media) - no Facebook, Twitter, etc. accounts. And M* keeps making it harder to communicate with. Instead I'll try D. Appleby's website targeted at in…
Call me skeptical, but it sounds like the rep just looked at the current literature, i.e. Artisan's page giving the backgrounds of its international value strategy managers and as you wrote, the current prospectus. Neither you nor the rep know whe…
Whether it is your statement or hers, it still leaves me confused. When segregating 72(t) balances from other balances is offered as a merely a recommendation, the inference is that with care one could combine balances without seeing retroactive 1…
With possibly one exception, we're in vehement agreement.
I don't see this as a Santos level of deception
What Artisan wrote is obviously not at that level. I thought I made that clear in writing:"Artisan is embellishing; Santos was (and is) lyi…
Being able to do a partial transfer/rollover of an account with 72(t) distribtutions is nice, but it begs the question why would one want to do that? The usual advice, especially with respect to (employer-sponsored) retirement plans is to do full …
Analysts matter greatly, and I wish fund sponsors would provide information about them as well as their management teams. My comment was intended to be narrowly focused on exactly what Samra did at Oakmark. Had he been a portfolio manager there, t…
"Previous charge" makes it sound like Samra was a fund manager (even if not the lead) on OAKIX. No question about ARTKX doing better than OAKIX, just about what Samra was actually charged with at Harris.
It's true that he worked in Harris' intern…
Since you asked :-) ...
I'm not sure this is more arcane, but it's certainly in the running:The special rules described on this page may convert some or all of your short-term loss into long-term loss — or into a nondeductible loss — when you sell …
Credit Suisse has reached an agreement with the [current] owner of the First Boston brand to use the name for its new investment bank spinoff ...
Credit Suisse took over First Boston in 1998 after forming a joint venture with the bank in 1978.
F…
"Shares of Credit Suisse have erased about 95% of their value since the summer of 2007 after years of scandals and losses."
You mean there was a towel left to throw in?
With the exception of Mass Mutual Overseas fund (rated 3* or 4* depending on s…
Obscure foreign tax credit gotcha:
Taking a credit usually is more advantageous, but to qualify you must have held your shares in a fund for at least 16 days of the 31-day period starting 15 days before the ex-dividend date of the fund. For addition…
Long ago, the IRS eliminated the requirement for filers to break down registered investment company (RIC, i.e. mutual fund) income by country. You just give "RIC" as the "country".
In 2007, the IRS even stopped requiring mutual funds to report th…
There is a real difference between taking a foreign tax credit and a foreign tax deduction. But there's no effective difference between getting a foreign tax deduction in a taxable account and having the fund in a traditional IRA or having it in a…
The StockCharts bar represents trading days, e.g. 30 days ending March 1 starts on January 18th.
https://stockcharts.com/freecharts/perf.php?RPHYX&n=30&O=011000
"The box that moves from side to side inside the slider area is called the 'thu…
The figures are old, e.g. M* reports a 1 month return (as of March 1) of 0.27%. Confirmed by RiverPark, whose page shows month return ending 2/28 as 0.27%. M* chart shows a return of 0.418% for 12/30/22 through 1/30/23.
All of this just confirms…
I prefer to look at total return. If we're looking at payout rates, the payout rate of T-bills is 0.00% (zero coupon). At this point, 6 month T-bills come out a bit better.
Annualized total return of RPHIX extrapolating from YTD (Jan &Fe…
It's not just this Hartford fund that Wellington manages.
"Hartford Funds offers a diverse line-up of mutual funds, primarily sub-advised by Wellington Management."
https://www.cbinsights.com/investor/hartford-funds
2001, WSJ: Behind the Scenes: W…
Even more complicated then. Executor, letters testamentary, death certificate, the whole nine yards. That can be a handful, whether for savings bonds or anything else. Can be even worse if there's a voluntary administrator rather than an execut…
The bonds were still in my Mom's name. We thought about changing that while she was still alive, but it would have required us all to go to bank and do the same thing and she didn't have the stamina for it at 99.
I don't remember if we could have d…
@LeWisBrAhAm - what Yogi is referring to is transposition of letters (mfs vs msf); I believe tagging is case insensitive. We'll know if you see this post as tagged.
And while I'm not a fund, I'd like to think that I'm a bit complex, too.
This is positioning by all parties - greenwashing by funds and by companies, grandstanding by politicians.
XOM is found in many ESG funds other than ones that explicitly screen out fossil fuel companies. The oil lobby is fighting a battle of i…
IMHO the problems I or sma3 experienced shouldn't be viewed as so difficult that buying the tax refund bonds isn't worth doing. After all, one's got 30 years to get things straightened out.
I could have simply mailed the $50 bond back, waited fou…
Can anyone please explain what does reorganizing a mutual fund into a mutual fund trust accomplish? Layman's terms please if you can. Also, is this move good for the shareholders? TIA
The first is an interesting question, and one that Yogi has addre…
Short answer - no problem with what you're planning to do, even now.
Long answer - there are three different types of trading fees:
1) Fidelity excessive trading fees - applies only to Fidelity funds; kicks in when you make two round trips in the …
I spoke with TD. Front line wasn't helpful, but I got transferred to a supervisor who provided a clear explanation and took my feedback to clarify the "never received" savings bond form (FS-3062).
I was told that it is TD policy to replace paper …
Invests only in Post Office properties. So, it's safe to say the P.O. (half private, half governmental entity) will not default.
Funny you should bring that up. From OJ's post about the Supreme Court case to determine whether the Consumer Financ…
