Just for clarification, I fully understand the illiquidity issues of CDs, especially when bought through a brokerage like Schwab. To cope with that illiquidity, I set up a short duration ladder at Schwab for the brokerage CDs--that is why I have 1/3 of my CDs maturing now, and the remaining 2/3 of my CDs maturing at several times throughout 2025. I also moved a large percentage of my "taxable" Schwab account, in 2023, to CDs in a local Bank account--those Bank Account CDs can be sold before maturity, with a less "painful" early redemption fee. Also, with all of my Schwab brokerage accounts (taxable and IRA), I maintain MM accounts for liquidity purposes, such as RMD selling obligations each year. I am required by IRS to liquidate over $50,000 per year, which leads me to pay taxes, while putting those RMD redemptions into my taxable brokerage account and high yield local Bank accounts. When CDs mature, I have to reassess my reinvestment options, but I do maintain a "preservation of asset" approach, collecting dividends each year to offset my redemptions.

MFOP update to include price-based stats (PB-TICKER) is great, @Charles. Here are some data for 2 funds that are cousins - OEF PIMIX, CEF PDI.

Name,        SD,        MAXDD/Date,             Sharpe Ratio,    MFO Risk
PIMIX,         5.2%,     -10.8% / 09/2022,     1.07,                2
PDI,           9.7%,     -24.1% / 03/2020,     0.97,                3               (NAV based stats)
PB-PDI,       14.8%,     -31.9% / 03/2020,     0.61,                4               (Price-based stats)

Price impacts are what CEF holders experience. Fund managers worry about NAVs only.

When iShares released SMAX Large Cap Max Buffer Sep ETF on Oct 1, 2024 the max cap was only 7.4% instead of 10.6% on July 1, 2024 Max Buffer ETF MAXJ.
The VIX was in 12.5 range July 1, but had gone up to 19 range in October, so I suspect that correlation explains the lower cap on SMAX. If VIX stays under 13 on Dec 31, I expect the Jan 2025 ETF will a have cap in 9+ range. If so, that ETF IMO will be a better option than any bond fund.

Good point, Old Joe, that's why I am putting some of the proceeds of any maturing CDs into bond OEFs like CBLDX, DHEAX, ICMUX and RCTIX.
I am also putting money into two low risk market neutral funds like QQMNX (SD=7.2%) and JMNAX (SD=4.4%), and HELO, a hedged equity fund.
So far, so good. If not, I'll just pull the trigger. At my age, I prefer to err on the side of caution.
But, good luck.

HELO states that it hedges, but only has 0.25% in SPY put options. Is that much of a hedge?

Thank you for all your effort. We looking forward to the great articles. Happy holidays.
Edits: another month of outstanding articles. It is time to review our portfolio going into 2025.

@Crash and @Old_Joe
ABALX has a front load of 5.75%. For American Funds, does this indicate that this share class is for use only with an advisor?

Fidelity doesn't waive the front-end load for ABALX.
Fido does offer BALFX sans load with an expense ratio of 0.62% compared to 0.57% for ABALX.
The same situation exists at Schwab.
Class A fund shares are sometimes available load-waived at various brokerages.

@Crash and @Old_Joe
ABALX has a front load of 5.75%. For American Funds, does this indicate that this share class is for use only with an advisor?

Hello.
i really don't know the answer to that. perhaps that's why that note appeared at schwab regarding availability.

@Crash and @Old_Joe
ABALX has a front load of 5.75%. For American Funds, does this indicate that this share class is for use only with an advisor?

The December 2024 issue of the Mutual Fund Observer has been posted.
Dear friends,
Welcome to the Remembrance Day / Start of Winter / Invite a Viking to Christmas / December issue of Mutual Fund Observer https://mutualfundobserver.us2.list-manage.com/track/click?u=a779898c08f5883a95650fcbf&id=3ed3901189&e=c40301c47d.
Financial markets are, in a technical sense, structurally chaotic. Beyond that structural chaos, there’s a prospect of political chaos that plays out over the weeks and months ahead. Chaos is not good for your portfolios or your sanity. Lynn Bolin and I, separately but with knowledge of what each was doing, have offered advice on crafting “a chaos-protected portfolio” (Lynn) and “a chaos-resistant portfolio” (me). Our recs are different but, we think, complementary.
Lynn also offers up advice for investing in 2025. He identifies key challenges for investors in the coming years:
1. High stock valuations and interest rates
2. Slow economic growth
3. Risk of another secular bear market
4. Sticky inflation
5. Increasing national debt and budget deficits
His analysis is somewhat at odds with the good folks at Kiplinger’s, who start with the assumption of six or seven interest rate cuts. Lynn’s prudent recs: anticipate lower long-term returns, trust active investment management during potential secular bear markets, and maybe ease back on equities if you’re of a certain age.
John Rekenthaler retired from Morningstar in mid-November. He and the other founders of Morningstar have helped guide a nearly unimaginable evolution of the power of individual investors, from a world where fund companies did not even deign to disclose the names of the people managing their funds to one where, for better and worse, investors have nearly unlimited choice and unlimited information. I wrote a short reflection on JR’s career and contributions.
Our colleague Charles offers useful new capabilities at MFO Premium (for the inflation-resistant price of $120, virtually unchanged in its decade of operation).
The Shadow keeps it real and keeps us grounded by reviewing the industry’s news, innovations, and twists in “Briefly Noted.”
And we haven’t forgotten fans of the long-scroll version (hi, Roger!): it’s here https://mutualfundobserver.us2.list-manage.com/track/click?u=a779898c08f5883a95650fcbf&id=8dedbfe7a2&e=c40301c47d!
(This post was copied from a recently received email.)

The article is full of "mights" and "coulds". Everything is conditional in the article.
Further 1100 tons is 32,000 ounces. Extended by $2,500 (roughly the current price), that is $88 billion. -- And those 32,000 oz are not coming to market tomorrow, but over many, many years... once the mine is opened.
Govts are running multi-trillion deficits every year.
All of the "maybe ounces" altogether are about 0.5% of the cumulative gold mined in history -- most of which is still sitting in vaults around the world.
The "maybe mine" in China is a drop in the ocean of govt debt.

Thanks @Mark. I love M/W’s quote pages which ISTM are running Lipper. This year I was getting blocked out a lot and stopped using them. I thought that with my $45 subscription to Reuters (mentioned elsewhere) I’d gain access to Lipper - but apparently not.
M* is back up! (Must have jarred them awake. :) )
LCORX YTD +12.72% / 3 months +4.84% / 1 month +.84% / 1 week - .53%.
No significance to shorter term numbers. Just wondered how it was doing since I sold couple months ago.

OP:
If you are OK with illiquidity (which is typically the case with CDs), than an alternative might be MYGAs. As of 12/7, MYGA rates for my state (TX) were on offer from A-rated insurance companies, as high as:
2 year 5.2%
4 year: 5.2%
6 year 5.4%
Live quotes are available at 'stantheannuityman.com'
No FDIC insurance on these, but, the A-rating may provide some comfort. And the insurance industry is heavily regulated generally. Interest earned in non-qualified accounts is deferred from taxes until withdrawn.
I don't own any annuities (other than Soc Security). Simply pointing out one possible option. Thx

“Does Fleckenstein have a free email or do you have to subscribe?”

Subscription $130 YR
This takes you to his daily commentary one year ago (in this case 12/7/2023). “Ask Fleck” on the left links to the Q&A section. Be aware that by agreement he’s allowed to take a number of days a year off for “travel” or other reasons. (I’d guess about 15-20 days).
PS - I believe you can use the embedded date menu to scroll through an entire year’s commentaries (except for the past 12 months of course.)

… one-handed typing after hand surgery….

@Crash - Wishing you a speedy recovery. On the other hand, you’d make a fine economist.

NOTE:

My intention, at this time; is to present the data for the selected bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

FIRST: NOTHING TO ADD/ALTER regarding 'Never-Never Land'. The pre-DC world shift of January, 2025 remains 'interesting' at this time! We're in a 'Never-Never Land' (events you never imagined) of potential large impacts upon various economic functions emanating from a central government in the coming months and years. What comes next for the investing world of bonds is not yet known or fully understood, except for those have a better guessing system than I. I can only watch and listen a little bit and let the numbers try to bring forth meaningful directions.
W/E December 6 , 2024..... Bond NAV's DECENT gains
--- 'Course, all the bond sectors in the list find their reasons for price movements, and we find 'most bond sectors 'HAD DECENT GAINS ' for this week's pricing. Many bond sectors were very positive each day of the week. All durations swapped pricing placing on various days of the week. So, depending on where you're 'hanging' your bond market monies, the pricing this week, was erratic . The MINT etf, to the best of my recall, has maintained a positive price for the year, each and every week; and this remains for this week.
A few numbers for your viewing pleasure.
NEXT:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, December 2 - December 6, 2024
***** This week (Friday), FZDXX, MM yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 4.44% yield (Down .01 for the week). Fidelity's MM's continue to maintain decent yields, as is presumed with other vendors similar MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. MOST MM's found a +/- of .01% basis in yield for the week. MM's yields were basically FLAT for change, more or less, for the week.................
--- AGG = +.45% / +3.51% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.12% / +5.61% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.21% / +3.88 % (UST 1-3 yr bills)
--- IEI = +.30% / +2.95% (UST 3-7 yr notes/bonds)
--- IEF = +.39% / +2.06% (UST 7-10 yr bonds)
--- TIP = +.24% / +3.67% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.16% / +5.02% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.18% / +4.79% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = +.33% / +1.17% (UST, long duration TIPs bonds, PIMCO)
--- TLT = +.80% / -1.02% (I Shares 20+ Yr UST Bond
--- EDV = +1.20% / -3.25% (UST Vanguard extended duration bonds)
--- ZROZ = +1.56% / -5.13% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = -1.60% / +9.7% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = +2.37% / -19.35% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = +.41% / +4.05% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- USFR = +.08% / +5.08% (WisdomTree Floating Rate Treasury)
--- LQD = +.48% / +4.13% (I Shares IG, corp. bonds)
--- MBB = +.35% / +3.49% (I-Shares Mortgage Backed Bonds)
--- BKLN = +.14% / +7.94% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = +.28% / +9.11 % (I Shares High Yield bonds, proxy ETF)
--- HYD = +.15%/+6.27% (VanEck HY Muni)
--- MUB = +.27% /+2.91% (I Shares, National Muni Bond)
--- EMB = +.75%/+8.75% (I Shares, USD, Emerging Markets Bond)
--- CWB = +.08% / +15.15% (SPDR Bloomberg Convertible Securities)
--- PFF = -.71% / +10.41% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.44% yield (7 day), Fidelity Premium MM fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

Since I am not a Schwab customer, I am holding my cash in TFLO (iShares Treasury Floating Rate Bond ETF) which currently gives me a 30 Day SEC Yield of 4.56% along with no state and local taxes. But, as DT says: "for "how long" is the question".

No one can say for certain if we'll have inflation increases going forward...assumptions are being made...just the same ERC filings due to end in 2025, tuition loan forgiveness will end, energy costs likely to decrease, wasteful govt spending reduced, quite possible (hopefully) peace dividend to come under new govt etc etc...who knows, sure could go the other way?
what is wrong with staying short duration in Tbills/notes US2yr or less? still getting over 4%, no state taxes...think back a couple years ago and what dozen years before that...2% looked good, no?
Maybe stay with rolling US3M, US6M, US12MTbills out to a year with 90% of your monies and take the other 10-15% and go with GRNY, Tom Lee's new ETF...you can still be real conservative...

I have not mentioned MMs, where I have been holding a large chunk of my maturing CDs. I have chosen to use the highest yielding MMs at Schwab, which holds a broad range of investing categories, including US and foreign government and corporate sources. SNAXX and SWVXX are paying about .25% more than Bank CDs through Schwab. Those MMs are very liquid and have been dropping slowly, but at least offer a short term earnings advantage over CDs. Again you get into a guessing game about where rates are heading, and you have to be confident/comfortable with these more "diversified" MM investments. If you opt for safer US Government based MMs, you are pretty much mirroring the noncallable CD rates. In 2023, I opted to move a large chunk of my Schwab Taxable money to Capital One CDs, but as those Capital One CDs mature, I am now considering moving that CD money back to Schwab, where I can find more attractive investing returns. With my IRA money at Schwab, I hold SNAXX which offers much better rates than I can get with CDs--but for "how long" is the question.

Yield spreads between Vanguard High-Yield Corporate and Vanguard Interm-Term U.S. Treasury
(starting in 1998) are compared in the M* Fund Investor newsletter each month.
Current
(11-30-24) 1.95
Last Month
(10-31-24) 2.12
A Year Ago
(11-30-23) 2.74
High
10.71
Low
1.96
Average
3.74