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

The Week in Charts (12/06/24)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:18 FREE Wealth Path Analysis
00:47 Topics
01:06 Goldilocks Jobs Report
04:14 One More Cut Before the Pause
08:48 The Most Wonderful Month of the Year
12:30 Bitcoin $100k
16:41 The Milei Miracle
19:52 More Affordable Rents
Video
Blog

06 december, 2024.

oksana aranov. economy is chugging along. rate cuts will just set the table for more inflation. november jobs report shows a healthy labor market, and it's been this way for months, apart from the hurricane month in october, of course. the fed doesn't even know where its neutral rate is.
cleveland fed chair hammack says we're at or near the time when rate cuts need to be slowed or stopped.
gargi chaudhuri. no reason to own bonds further out in duration than 5-7 years. own the belly.
investment grade vs. junk are at historic tights.
really? my core-plus fund offers me yield of 5.17%. My junk spews at me monthly with 7.33%. more than two percent better. throw enough benjamins in there and the difference is meaningful.

I'll wait for the upcoming end-of-year handouts. after that, i believe i'll switch out of prfdx. too volatile. i got into it for the fact that it offered quarterly dividends with the growth from stocks, as well. but that was before prcfx even existed. i like monthly dividends even more. just a personal preference. and as for risk comparison---- prfdx is rated to be more aggressive by quite a bit, thus explaining the torrid (often) and contrarian ups and downs. disappointing me of late, especially. prcfx is almost 42 in stocks and 53 in bonds. that would be just fine with me at this point in the game.
bhb bar harbor bank has been quite good to me, but falling down on the job in recent days. stinky poopy. the beta on that puppy is 1.15 and it shows in the share price from day to day. we are a week away from a dividend, and it's sinking, sinking. stinky poopy.
in the other direction, there's et, energy transfer. k-1 tax form. but it's facing litigation from the williams companies. the last time that happened, et got shellacked in court. nevertheless, the share price continues to climb. a real keeper--- as is bar harbor. too high a beta, but i can't find anything else to substitute for it. what's a mother to do?
otherwise, i'm continuing to grow weitz core-plus, wcpnx. happy motoring, everyone. the one handed typist, post-surgery, wishes you a deadly fun week-end.

https://www.sec.gov/Archives/edgar/data/1020425/000119312524272363/d901120d497.htm
497 1 d901120d497.htm 497
LITMAN GREGORY FUNDS TRUST
Supplement dated December 6, 2024 to the
Prospectus and Statement of Additional Information (“SAI”)
of the Litman Gregory Funds Trust (the “Trust”) dated April 29, 2024, as supplemented
Notice to Existing and Prospective Shareholders of the iMGP High Income Fund (“High Income Fund”) and the iMGP Alternative Strategies Fund (“Alternative Strategies Fund” and, together with the High Income Fund, the “Funds”):
At a meeting of the Board of Trustees (the “Board”) of the Trust on December 4, 2024, iM Global Partner Fund Management, LLC, the investment adviser to the Trust, proposed a reorganization (the “Reorganization”) of the Alternative Strategies Fund into the High Income Fund, whereby the High Income Fund would acquire the assets and assume the liabilities of the Alternative Strategies Fund. The Board of the Trust approved the Reorganization, subject to a determination that the Reorganization will qualify as a tax-free reorganization for U.S. federal income tax purposes. The proposed Reorganization is subject to regulatory disclosure review and effectiveness of a registration statement. There can be no assurance about whether or on what terms the Reorganization would occur. Additional information about the Reorganization will be made available to shareholders of the Funds in a combined information statement/prospectus before the Reorganization date.
In connection with the Reorganization, a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the “SEC”). The registration statement may be amended or withdrawn and the information statement/prospectus it contains will not be distributed to Alternative Strategies Fund shareholders until the registration statement is effective. Investors are urged to read the materials and any other relevant documents when they become available because they will contain important information about the Reorganization. After they are filed, free copies of the materials will be available on the SEC’s web site at www.sec.gov.
This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Investors should carefully consider the investment objectives, risks, fees and expenses of the Funds.
Please keep this Supplement with your Prospectus and Statement of Additional Information.