Regarding Roth conversion limits for high-earners, Congress chose to delay the limits for 10 years according to Ed Slott:
"In order to close so-called “backdoor” Roth IRA strategies, the bill eliminates Roth conversions for both IRAs and employer-sponsored plans for single taxpayers (or taxpayers married filing separately) with taxable income over $400,000, married taxpayers filing jointly with taxable income over $450,000, and heads of households with taxable income over $425,000 (all indexed for inflation).
“This is similar to the old $100,000 income limitation for Roth conversions that existed before 2010, except now the income limits are increased to the $400,000/$450,000 levels,” Slott explained. “Oddly though, this proposal would not be effective for 10 years. The effective date says this would apply in years after Dec. 31, 2031.”
This change “would end Roth conversions for high-earners, but Congress still wants its conversion tax dollars. What to do?” Slott continued. “Maybe this delayed effective date shows us that Congress still needs this Roth conversion revenue so it can fill budget gaps, at least for the next 10 years. So, this provision is a non-issue for now.”

If you are not up to date on the Vanguard Patented System to Avoid Taxes, I suggest that you read:
https://www.investopedia.com/how-vanguard-patented-a-system-to-avoid-taxes-in-mutual-funds-4686985

“Robinhood Markets Inc., the go-to trading app for young investors, wants its user base to get even younger. The digital brokerage is kicking off a nationwide marketing campaign Wednesday that is designed to turn more college students into Robinhood customers. Robinhood will give students who sign up for brokerage accounts using their school email address $15 to trade, and enter them into a $20,000 giveaway.
“Robinhood executives will tour campuses of community colleges and historically black colleges and universities this fall … Robinhood reported earlier this year that its median user was 31 years old and that more than half of its customers hadn’t previously had a brokerage account. Robinhood already has more than 3.8 million student customers.”
From: The Wall Street Journal September 16, 2021
Here’s a link, but you’ll likely need a subscription to get in

This bill is just in the trial balloon stage of consideration. It reportedly has support among mutual fund providers. Adoption (a long shot possibility?) would somewhat level the playing field between mutual funds and ETFs.
ETF tax advantage

Appropriately, on a day when four civilian astronauts were launched into space with a SpaceX Falcon rocket, Brad Ferguson, an ardent Elon Musk fan, discussed the origin and application of the Ferguson Metrics to identify consistent outperforming funds. Here is the Zoom session recording.

Here's a deeper dive into Vanguard's three new active equity funds for PAS clients.
Link

I wouldn't necessarily describe VEMBX as being unique.
However, the fund generated higher returns (5 Yr - Top 2%) with lower volatilty than its EM Bond fund peers.
Nobody knows if VEMBX will continue to outperform in the future.
I don't own this fund, but would put it on my list if I was considering EM bond funds.

For my two cents ( maybe mistaken) I think that this is a twist on the argument that with deficits so high the government is squeezing out almost all the private borrowers in the economy.
Banks park money overnight at the repo facility to ensure they have enough cash available for the next day and the treasury pays 0.05%. But many of them apparently are just flipping the money over each night, without using it for more productive loans.
the Fed's purpose in buying bonds with created money is to increase the loans banks make to productive uses. Instead much of it is sitting on the sidelines, or in the stock market

David Rubenstein often has interesting guests on his show.
Link
I watched several episodes from Season 7 (current season) the last few days.
Episode 2: McDonald's CEO Chris Kempczinski
Episode 3: Moderna Chairman Noubar Afeyan
Episode 5: Reid Hoffman, LinkedIn co-founder and partner at Greylock Partners

Brad Ferguson will be joining us tomorrow to discuss his methodology, 15 September, at 10:30 am Pacific. Please register here.

Yes, tnx, 'similarly' was not the exact adverb.
In some senses the def of labile, esp under color of your recent analyses of weightings.
>> are not all that similar. Six weeks ago, the former had 45% of its holdings in the top ten, while the latter had "only" 28%.
Right, it ranges more widely than smaller sets, perhaps (have not checked the data); why I own / favor VONG, thanks to someone on this forum, perhaps Hank.

To compare, no pun intended, apples to apples, you need to drop Tesla since it wasn't in the original list.
VRGWX and VFIAX are not all that similar. Six weeks ago, the former had 45% of its holdings in the top ten, while the latter had "only" 28%. Data from M*.
https://www.morningstar.com/funds/xnas/vrgwx/portfolio
https://www.morningstar.com/funds/xnas/vfiax/portfolio
Further, because a given stock can have, say, 60% of its cap weight allocated to the growth index and 40% of its cap weight allocated to the value index, what it means when a stock has a large (or small) weight in the growth index is not straightforward. That company could be a larger (or smaller) company, or it could simply be more (or less) growthy than other stocks in the growth index.
https://research.ftserussell.com/products/downloads/Russell-US-indexes.pdf
Given that six weeks ago the top ten holdings of VFIAX constituted 28% of the fund, it should be clear that the five named companies (six securities) could not now comprise 41% of the S&P 500.
Six weeks ago, those six holdings comprised 22% of VFIAX, and thus presumably of the S&P 500. As of yesterday (Sept 13), they accounted for 23% of the S&P 500. Per SlickCharts.
It is best not to take figures on blind faith, especially when they don't pass a laugh test.

Good interview. Don’t expect any hot investment tips. Baron’s a long-term buy and hold investor. Just a slight plug for his mutual funds at one point, (which it sounds like you can get into for as little as $500 initial plus $50 a month auto-purchase).
UPDATED LINK (full 24 minutes).
https://www.bing.com/videos/search?view=detail&mid=C3121E5A29A01428FE6EC3121E5A29A01428FE6E&q=utube

Yeah, jeez, as of 6w ago the mighty VONG is similarly >39% in:
AAPL Apple Inc 10.52
MSFT Microsoft Corp 9.87
AMZN Amazon.com Inc 6.64
FB Facebook Inc Class A 3.92
GOOGL Alphabet Inc Class A 3.19
GOOG Alphabet Inc Class C 3.05
TSLA Tesla Inc 2.45

Some of those top holdings are just the companies I love to hate. Crap. But I can't pull out now.

“… for those … who might be wondering, if you put a dollar into the S&P, 41 cents goes toward Apple, Microsoft, Google, Amazon, and Facebook, with 59 cents going into the other 495 names.”
Bill Fleckenstein - “

Market Rap” (paid subscription) 9/14/21

Exactly why I hate market-cap weightings in funds and indices!!
No fund I own holds 100% stuff I agree with, but I am more than comfortable with Giroux's team and PRWCX's investing style to rest easy while sitting on a large slug of it.

Vanguard Core-Plus Bond Fund will officially launch on October 25.
There is a subscription period which will start around October 12.
Link

Some of those top holdings are just the companies I love to hate. Crap. But I can't pull out now.

“… for those … who might be wondering, if you put a dollar into the S&P, 41 cents goes toward Apple, Microsoft, Google, Amazon, and Facebook, with 59 cents going into the other 495 names.”
Bill Fleckenstein - “Market Rap” (paid subscription) 9/14/21

Yes. The page loads if it feels like it. Sometimes it's just blank. Using Safari on a MacBook Pro OS ver 11.5.2

Could you explain your thinking a bit?
For example, someone else posted in the thread announcing First Eagle Global Real Assets Fund that it could simply be a grab for more assets. That was my initial reaction here as well.
Though after checking on the prospective manager, Bryan C. Krug, I reconsidered. He currently manages a five star HY fund for Artisan, APDFX. M* describes his style as concentrated and idiosyncratic, hence capacity limited. For this reason that fund recently closed.
This new fund could be a way for him to invest in one part of the HY market where he has not yet reached his capacity limit. Just a possibility based on a brief look. At least this is likely not going to be another "me too" fund.