In 2022, the broader bond index lost 12% with the rising interest rate. It is likely that many investors are still in the negative territory even after a 5.7% gain in 2023. In hindsight, moving to cash ( cash equivalent) before March 2022 would be good but that would considered market timing. For now there are viable bonds suggested by @yogibb above since the yield curve is still heavily inverted.

@msf: Thanks. I see I'll need to read further in 590a, as I am consolidating.

Well, there are m-mkt funds and ultra-ST bond funds - USFR (substitute for T-Bill rolls at 15 bps), ICSH, JPST, etc). Those are paying around 5% with little risk.

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 that other firms pay to be part of Schwab's OneSource. ... A T. Rowe Price spokeswoman says ... "Our I Class is now available at no-transaction-fee for RIAs who custody with Schwab. This share class is not currently available commission-free at any other custodian."

RIABiz, April 22, 2022
More generally, Schwab has created a second, cheaper platform (12-19 basis point fee vs. 40 basis points for OneSource) called INTF that 18 families including TRP participate in.
https://advisorservices.schwab.com/institutional-no-transaction-fee
The actual fee that TRP paid in 2022 (partial year) to Schwab was $5.9M. This was in addition to the usual platform fees paid to Schwab for shelf space. What TRP gets from Schwab is promotion of "actively managed T. Rowe Price mutual funds and ETFs to Schwab's clients and the clients of Registered Investment Advisors that custody assets at Schwab, and ... additional mutual fund and ETF marketing support". Schwab acknowledges the arrangement creates a conflict of interest (it benefits from pushing TRP funds).
https://www.schwab.com/legal/financial-and-other-relationships#panel--text-44781

The fees and restrictions are different for each platform, but are expensive.

Unless a fund family is so popular that a brokerage finds value in offering the funds without charging a platform fee. Vanguard, D&C, Fidelity.

Caution: You may be limited to doing such a within-60-days rollover only once every 365 days. It depends on what form of IRA is moving to what form of IRA.
See pub 590a, p. 22. (Pub 590a for tax year 2022.)
A direct fund-to-fund transfer of proceeds from sale of shares is better.

The rule is actually pretty simple now. With the exception of Roth conversions, the one rollover a year limit is for all IRAs combined, regardless of form. Roth conversions are unlimited.

You can make only one rollover from an IRA to another (or the same) IRA in any 1-year period regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. However, trustee-to-trustee transfers between IRAs aren’t limited and rollovers from traditional IRAs to Roth IRAs (conversions) aren’t limited

Pub 590a, p. 24

In taxable accounts at least, without rebalancing your gains in successful positions can become so high that it is psychologically almost impossible to sell.
With a fund or ETF you have some automatic rebalancing (unless you own Barons Partners 50% TSLA) but with single stocks it becomes a problem.
I have owned Berkshire for decades and only sold it once. It is sorta another exception because it is so diversified. If I hadn’t “rebalanced” CSCO near the peak I would not be very happy.

Why hate anything...
The SP500 index is doing fine, since 11-01-23 it made "only" 23% while Apple made just 2.8% (https://schrts.co/iCfbrtyC)

Caution: You may be limited to doing such a within-60-days rollover only once every 365 days. It depends on what form of IRA is moving to what form of IRA.
See pub 590a, p. 22. (Pub 590a for tax year 2022.)
A direct fund-to-fund transfer of proceeds from sale of shares is better.

Schwab already holds my T-IRA. Still in TRP funds, moved over from TRP.
I have learned that Bruce refuses the simple, streamlined sort of transfer. The Bruce stuff is wife's T-IRA and we'll be moving it into a different T-IRA, under the Schwab umbrella. That will be all the movement for 2024.
Schwab is supposed to transfer over the $$$ in the TRP brokerage account too, but I don't see yet that it's been transferred. But that's a different kettle of fish, anyhow.

Caution: You may be limited to doing such a within-60-days rollover only once every 365 days. It depends on what form of IRA is moving to what form of IRA.
See pub 590a, p. 22. (Pub 590a for tax year 2022.)
A direct fund-to-fund transfer of proceeds from sale of shares is better.

@Crash,
I moved 75% of my BRUFX holdings (Bruce converted shares to cash) then Fidelity executed a “trustee to trustee transfer” to Fidelity back in 2021.
This was a HSA account at Bruce and I decided to move the majority of my HSA to Fidelity’s new HSA platform.
I would explore a “Trustee to Trustee transfer” with both Bruce and the investment firm you are transferring to.
Going to cash first at Bruce Fund is just a how transfers are done at Bruce since they are not listed on other platforms.
I left a 25% allocation at Bruce knowing full well that if I moved 100% of my position the fund would have quadrupled the day after I transferred all shares.
This fund’s long term results are stellar, but the short term - mid term performance test your patience.
I support Bruce Fund’s spirited independence from the big boys, but I see the value Fidelity’s platform.

Well, Fido recently changed ETF FMIL to FFLC. I don't know if the MFO March 2024 issue can be edited, or some related note added.
https://finance.yahoo.com/news/fidelity-creates-etf-equity-suite-225749704.html
Fido https://digital.fidelity.com/prgw/digital/research/quote/dashboard/summary?symbol=FFLC
M* https://www.morningstar.com/etfs/bats/fflc/quote
Edit/Add. When @lynnbolin2021 ran MFO Premium, FMIL was recognized, but I just checked, MFO Premium doesn't recognize FMIL anymore, but recognizes FFLC instead.

Hate Mag 7?
Try GRANOLAS instead!
https://www.marketwatch.com/story/granolas-vs-the-magnificent-seven-which-should-you-dig-into-now-79d2aaf5?mod=search_headline

You Gotta buy this book
https://www.nytimes.com/2024/02/25/books/review/burn-book-kara-swisher.html?searchResultPosition=7

It is all about money. If BRUFX is not on Schwab mutual fund platform (both no transaction fee and transaction fee), you cannot transfer-in-kind to Schwab. Mutual funds pay the brokerages a fee to be listed on their mutual fund platform. Sometimes it amounts up to 0.5% of the management fee. I checked first before I consolidated my holdings to my brokerages.
Many mutual funds refuse to pay and they attract fewer $. T. Rowe Price used to be on Transaction-fee only at Fidelity and Vanguard. Now they are on their competitor’s no-transaction fee platforms.

https://www.cnbc.com/2024/03/04/apple-hit-with-more-than-1point95-billion-eu-antitrust-fine-over-music-streaming.html
Over and over. Time and time again. They want it all. They're not happy until they get it all.

https://www.sec.gov/Archives/edgar/data/856119/000174177324001091/c497.htm
497 1 c497.htm 189 P1 03/24
189 P1 03/24
IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY
SUPPLEMENT DATED MARCH 4, 2024
TO THE PROSPECTUS DATED MARCH 1, 2024
OF
Franklin MicroCap Value Fund
(a series of Franklin Value Investors Trust)
The prospectus of the Fund is amended as follows:
I. The following is added as the first paragraph under the “Fund Summary” and “Fund Details” headings in the prospectus:
As approved by the Board of Trustees of the Trust, effective on or about May 22, 2024, the Fund will be renamed the Franklin Mutual Small-Mid Cap Value Fund and the Fund’s 80% investment policy will be changed so that the Fund will invest, under normal circumstances, at least 80% of its net assets in investments of small-capitalization and mid-capitalization companies. For purposes of this policy, small- and mid-capitalization companies would be defined as companies with market capitalizations not exceeding either: (1) the highest market capitalization in the Russell 2500 Index; or (2) the 12-month average of the highest market capitalization in the Russell 2500 Index, whichever is greater, at the time of purchase. In addition, effective on or about May 22, 2024: (i) the Fund’s tailored benchmark index will change to the Russell 2500 Value Index; (ii) the Fund’s investment management fee schedule will be reduced from an annual rate of 0.75% of the average daily net assets of the Fund to an annual rate of: 0.70% of the average daily net assets of the Fund up to and including $500 million; and 0.65% of the average daily net assets of the Fund in excess of $500 million; (iii) the Fund’s investment manager will waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, and certain non-routine expenses or costs) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.90% for each share class until February 28, 2026; and (iv) Steve Raineri, a senior portfolio manager of the Fund’s investment manager, will be added as the lead portfolio manager of the Fund.
The Fund reserves the right to change the above at any time.
Please keep this supplement with your prospectus for future reference.

In all our accounts, ie retirement and non retirement about 31% stocks, mostly US
YTD up 1.5% with almost all gains of course in Large Caps. Rotation to my Energy, International etc has stalled out

That fund’s #2 holding is DECK (3.5% or so), the other stock joining the S&P 500. Per a check on the fund’s website

Goldman Sachs says this tech stock rally is grounded in reality
https://www.marketwatch.com/story/goldman-sachs-says-this-tech-stock-rally-is-grounded-in-reality-9ee03ea6
David Kostin, in a note to clients, says companies that have an enterprise value-to-sales ratio of at least 10 account for 24% of the total U.S. stock market cap, versus 28% in 2021 and 35% in the late 90s tech bubble.
...
Kostin notes the number of stocks with those elevated valuation ratios has declined very sharply. “Unlike the broad-based ‘growth at any cost’ in 2021, investors are mostly paying high valuations for the largest growth stocks in the index. This dynamic more closely resembles the Tech Bubble than 2021. However, in contrast with the late ’90s, we believe the valuation of the Magnificent 7 is currently supported by their fundamentals

(he also says the cost of capital is lower now, which is good for stocks)
... that said, my reading is that they're essentially saying "this time is different" -- which often are the 4 most dangerous words in investing & finance. And this being a prognostication by Goldman, my continuing reaction is to 'fade' such advice if I want to preserve capital and/or make money for ME.
My own sense? There's a bullish euphoria starting to build in the markets/financialp0rn punditry -- FOMO is keeping stocks elevated these days and my sense* is that this run doesn't go on too much longer before consolidation. IMO, the only thing that will goose stocks significantly higher is if/when rates come down and the purported trillions in cash and cash-like assets move back into equities. But Valuation? WCoC? Not going to do it by itself.
* somewhat more accurate than a 'Magic Eight Ball'

@WABAC: we both hold XMHQ. I was surprised to find SMCI as its top holding. Surprised because the same stock is the top holding of two of my go-go growth funds. Haircuts ensued last Friday.

I read that SMCI is moving to the 500. I guess we'll stumble along somehow.

I hold jqua plus Fido 5% mm funds

Nice fund:
https://morningstar.com/etfs/arcx/jqua/quote