In 2019, Chairman Tim Buckley said Vanguard was spending more than a billion dollars on technology.
Makes me wonder how this money was spent...

When someone addresses a comment to "Ben" a white numeral 1 on a rectangular red field appears beside my name (Ben) in two places near the upper left hand corner of the page. If 2 people address "Ben" the number 2 appears instead. Etc

@Ben: our parents had good taste in names. I don’t get notified by MFO if something is addressed to Ben. How do you get notified? Just curious.

Howdy folks,
Great discussion. Start with @msf and Ford raising his workers wages so they could afford to buy a Ford. Another classic was the GI Bill after WW2. It was simply a labor control device to slow the reentry of the GI's into the work force. After WW1, the GI's marched on WashDC for jobs and Uncle to call out active duty soldiers to quell the uprising. That said, what the GI Bill resulted in was an incredible investment in human capital which led the the posterity of the 50's and 60's. Both are example of Demand Side economics . . . which we need more of. Not because we're bleeding heart liberals or socialists or even nice guys. IT'S TO STIMULATE AGGREGATE DEMAND. Duh. That's what this Employment strike will result in. That's why the states that maintained the excess unemployment benefits had better economies than those that didn't. The extra bennies went to AGG Demand. And what is so brain dead, is that the republicans are so damn mean, they continually choose the wrong actions and shoot themselves in the foot.
@Ben and @oldJoe, Unions were and are a necessary evil. However, once they were founded, they became institutionalized and aren't much different today than management. Not unlike organized religion. Once established, they become more obsessed with preserving the institution than the membership.
@hank, all true about the demise of organized labor, etc. That said, a DC pension can be a good substitute for a DC pension but it has to be done right and at the beginning of employment and most often they are not. You can have decent benefits for employees and not have enormous legacy costs. My township has great benefits and no legacy costs. 403(b) with match and investment guidance and flexibility. Health care while working and health savings for retirement. It can be done, but you first have to give a shit about your employees.
We need more demand side economics. Raising the minimum wage would be perfect but it's going to have to be a grass roots movement (like a general strike) due to the inability of Washington to do anything right for the right reasons. Infrastructure? Huge. It's jobs. That's what people need and want. The reason why demand side econ is so superior to supply side is the Marginal Propensity to Consume. This is how a person saves or spends each additional dollar. Down around the bottom of the income ladder the MPC approaches 1.0. They are forced to spend (consume) every additional dollar. By consuming, they're buying stuff and then stuff has to be made. When the cost of capital is 0.0%, nothing will ever 'trickle down'.
And for every business with a Help Wanted sign in their window. PAY YOUR WORKERS MORE AND YOU WON'T HAVE THIS PROBLEM.
and so it goes,
peace and wear the damn mask,
rono

The 'story' from Bloomberg so far is really only a small window into how the traders, based in a remote suburb of London, took a huge risk to hit the jackpot in April 2020. Regulators are investigating whether they were brilliant or conspired to manipulate the market. Personally I hope they fairly outwitted Big Oil and the Street. But who knows? Apologies if this has been posted previously.
https://www.bloomberg.com/news/videos/2021-05-11/the-day-oil-went-negative-these-unlikely-traders-made-660-million-video

On BL OEFs, we've owned NFRAX and RSFLX in 2021. If we were to add another BL OEF, it would likely be either FRFAX or FFRHX. (To wit, considering opening a position in one of them right now). We do not share the same opinion of MWFLX and would have it 5th at best on our pecking order of NTF BL OEFs available via Fido.
NOTES:
BL is one of the 2021 outperforming bond categories referenced in my prior post on this thread.
We do NOT own any IC or IC+ OEFs currently or plan to own any in the near future. To them, given the state of the bond market and interest rates, we ask "What's the point?" The 10-yr at 2%-2+% would be a point we would consider them.

However, if you are a conservative investor looking for a low risk floating rate fund you may want to check out MWFRX/MWFLX. It's standard deviation is 6.2%, according to M*, and during the market crash in March 2020 it lost "only" 8.35%, whereas RSFLX lost 14%.
Here is what dtconroe said about the fund in January 2020:
"The Bank Loan/Floating rate bond oef, that I would most likely invest in, is MWFRX/MWFLX. It is from a stable of bond oefs, offered by Met West, and it has an established history of being managed very conservatively, at least "conservative" for a sector HY bond category."
Since we are talking about HY bond funds, and the OP said to "Keep it coming", may I suggest also checking out OSTIX, a short term HY fund that according to M* is "[...] a unique high-yield offering with a strong risk-adjusted return profile, particularly over the longer term." It also rates the fund's risk as "low".
While its YTD total return is a respectable 5.14%, its 3, 5, 10 and 15 year returns range consistently between 5 and 6%. The fund's average effective duration is currently 2.28, and the standard deviation 5.74%.
OSTIX's consistent performance over the past 15 years recommends it as a possible long term holding. Thought it deserves to be mentioned.
Good luck,
Fred

Opened partial positions in TCEHY and BABA a few weeks ago. Think the goal is to reshape the giants rather than kill them. A couple of articles from this morning's reading:
Alibaba expands cloud business
Xi Jinping’s vision for China

Today’s M* has an article devoted to contrarian plays, with China one of them. There’s a list of stocks and a couple of Matthews funds for the adventuresome.
https://www.morningstar.com/articles/1062165/3-investing-ideas-for-contrarians

Cathie Wood is fleeing. It it’s too hot for her I wouldn’t touch it.
https://www.afr.com/markets/equity-markets/how-jack-ma-treatment-prompted-cathie-wood-to-quit-china-20211020-p591ia

The Great Resignation Is Accelerating

In April, the number of workers who quit their job in a single month broke an all-time U.S. record. Economists called it the “Great Resignation.”

Here's a current article from The Atlantic which explores this topic. I believe that it can be read without a subscription.

Disclaimer: We don't have a Vanguard accounts.
Vanguard

i am writing today to let you know that beginning next July (July 1, 2022) I will be taking a three-year sabbatical from Grandeur Peak to serve as a mission president with my wife, Susie, for the Church of Jesus Christ of Latter-day Saints.

The letter is really engaging. I enjoyed reading it. An unusual amount of space is devoted to questions of ... I don't know, our place in the world? What really matters? Who's really touched us? In that way, it serves an essential function of letting us understand something of the character of the mind behind the money.
There's also a good discussion of the macro environment, most of which he dismisses. Two interesting not-quite-red flags: (1) "we wonder if growth stocks are due for a greater correction than the mini corrections we’ve seen on and off for a year now" and (2) "We’re sticking with our investments in China for the time being" and "Our view for now is that China is still a place we want to be." They're "less overweight" China than ever, and allow that "some of the move against capitalism may be healthy. China has had a tremendous amount of fraud ... and many companies in China are overly aggressive." Still, if GP is not edging toward the exits, they're clearly aware of where the exits are.
David

Annual Chairman's letter just received via email:
https://www.grandeurpeakglobal.com/documents/grandeurpeakglobal-is-20211019.pdf

Artisan
https://www.artisanpartners.com/investment-professionals/resources/tax-center/distributions.html
First Eagle
https://www.feim.com/sites/default/files/8.31.21_Summary_dividend_estimates.pdf
yikes @US Value
Natixis
https://www.im.natixis.com/us/year-end-distribution-estimates
Strangely Oakmark fund and Oakmark international are paying 0-1%, but the global fund is paying 8....
Seafarer
https://www.seafarerfunds.com/distributions/

https://www.sec.gov/Archives/edgar/data/915802/000139834421020090/fp0069682_497.htm
497 1 fp0069682_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
Grandeur Peak Global Contrarian Fund
Grandeur Peak Global Micro Cap Fund
Grandeur Peak Global Opportunities Fund
Grandeur Peak Global Stalwarts Fund
(the “Funds”)
SUPPLEMENT DATED OCTOBER 19, 2021 TO THE SUMMARY PROSPECTUS AND
PROSPECTUS DATED AUGUST 31, 2021, AS SUBSEQUENTLY AMENDED
On October 19, 2021, Robert T. Gardiner announced future plans to change his role at Grandeur Peak Global Advisors, LLC (the “Adviser”) in connection with an extended sabbatical commencing on approximately July 1, 2022 (the “Effective Date”).
During the sabbatical, Mr. Gardiner intends to continue to serve as Chairman and member of the Board of Managers of the Adviser but, for a period of approximately three years following the Effective Date, he will no longer serve in a guardian portfolio management role for these Funds. Therefore, all references to Mr. Gardiner in the Summary Prospectuses and Prospectus will be deleted as of that date.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Added ASML (thx Old_Joe advise) SOXL little bitcoins and shiba recently
401k tsp still 90:10 distributions mostly in 2045 and 2050Tdf vpccx vgstx VDE

https://www.bloomberg.com/news/articles/2021-10-19/bond-investors-face-year-of-peril-as-inflation-meets-unwinding
Bond Investors Face Year of Peril With Few Places to HideBy 
Finbarr Flynn
Keys:
Most global debt segments will lose money over 12 months...
Gross says U.S. 10-year yield will rise above 2% within a year...
Global bond investors face an old enemy -- inflation -- and the universe of fixed-income assets doesn’t look to offer much in the way of shelter.
U.S. Treasuries, European sovereigns, U.K. gilts and emerging-market credit are all set to lose money over the 12 months through September as dwindling coupons provide little cushion against rising yields, according to forecasts from Bloomberg Intelligence. Adding to the potentially toxic environment for bonds is the prospect of major central banks unwinding debt purchases and raising interest rates.***
Where else can you go.. cd yields crappy...
stocks /bonds corp/ junks etf/funds/ CEFs /banks CEFs/ preferred banks vehicles/ REITs???

Chinese stocks appear trending down past few wks months after housing crisis surfaced
Anyone tip-toed in yet??
DCA??
https://www.google.com/finance/quote/CHAU:NYSEARCA?window=YTD
https://www.nytimes.com/2021/10/17/business/economy/china-economy-gdp.html

https://www.kiplinger.com/investing/cryptocurrency/603600/bitcoin-etfs-cryptocurrency-funds
12 Bitcoin ETFs and Cryptocurrency Funds You Should Know
The rapidly growing world of Bitcoin ETFs will now include futures-based cryptocurrency funds. Here are 12 ways to ride the crypto wave.
Could be playing monies vegas styles