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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Pelosi bought lots chips techs last few days
    Let's apply the law for all.
    Okay. Let's apply the disclosure requirements to all, not just to "US congress rep[s]". Would you care to start by disclosing your trades (and ranges of dollar amounts) on a monthly basis?
    The violations identified in the business insider article were failures to disclose.
    Insider and several other news organizations have identified 65 members of Congress who've recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.
  • Large unplanned LT cap. gain 2022. Should a 1040-ES be filed; to pay taxes now?
    One way to "income average" is to literally sell over time. Say 10% each year. If it is income-generating land, then you could get 90% of the revenue when you retained 90% of the ownership and so on.
    That's a little messy. A way to effect something similar is to make the transaction a seller-financed sale and collect installment payments. I would have thought that such a sale would be treated as two separate transactions - a competed sale now, and a mortgage where you are the lender.
    But Congress (IRC § 453) long ago decided that for installment sales, capital gains would not be recognized until payments were made. Since the payments are made over several years, this becomes another way to spread the recognized capital gains over time.
    IRS Topic 705 - Installment Sales
    Form 6252 - Installment Sale Income
    Pub 537 - Installment Sales
  • Pelosi bought lots chips techs last few days
    Aside from the fact that Zero Hedge remains a Russian propaganda outlet, why would an investor give more credence to the trading activity of the spouse of a politician than the trading activity of executives who actually run these companies and surely know more about the health of their operations? Insider information is readily available, and even that needs to be parsed to be properly understood and can still be wrong in predicting future performance. So why invest based on what Pelosi’s husband is doing?
    You got a good point but that doesn't release our politicians to do whatever they want. Let's apply the law for all. Let me know when was the last time US congress rep served time in jail for that.
    This (https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9) shows how little was done.
  • Calling EDGAR experts at MFO
    There is a "classic" version of EDGAR? Who knew?
    Love the dig at New Coke. A staple of branding lectures for years when I started teaching in the 1980s.
    Thanks again, msf! And thanks to everyone who keeps this board going, it has already proved quite the resource.
    I think this is the result you got.
    https://www.sec.gov/edgar/browse/?CIK=0000036405
    Try switching to the "classic" version. As M* and Coke have demonstrated, "new" is not necessarily improved.

    This "SEC classic" page links to filings all the way back to 1994.
    https://www.sec.gov/cgi-bin/browse-edgar?CIK=0000036405&owner=exclude
    Until 1998 the fund was known as Vanguard Index Trust 500 Portfolio.
    https://www.wsj.com/articles/SB852585751767090500
  • Calling EDGAR experts at MFO
    I think this is the result you got.
    https://www.sec.gov/edgar/browse/?CIK=0000036405
    Try switching to the "classic" version. As M* and Coke have demonstrated, "new" is not necessarily improved.

    This "SEC classic" page links to filings all the way back to 1994.
    https://www.sec.gov/cgi-bin/browse-edgar?CIK=0000036405&owner=exclude
    Until 1998 the fund was known as Vanguard Index Trust 500 Portfolio.
    https://www.wsj.com/articles/SB852585751767090500
  • Pelosi bought lots chips techs last few days
    I'm not a stock picker. But I have been buying tech funds for our accounts the past ten days or so. These include TDV, FSCSX, CSGZX, and FTEC. In a sector as diverse as tech, I like to spread my bets around. And I don't mind a little active management.
    Prices are down quite a bit. It's not like the importance of tech to our lives will fade away. These sort of tech-specific funds are around 8-10% of our portfolios. And I still have cash on hand should rising rates lead to even better opportunities.
    I have not bought any chip-specific funds. Forty years of reading the San Francisco Chronicle business section has left me with the feeling that I'm not nimble enough for getting in and out of chips that don't come in bags from the store. If Paul Pelosi thinks he's nimble enough at his age, more power to him.
  • Calling EDGAR experts at MFO
    Suppose I want to find the year by year expense ratio for some mutual fund of interest--in this example, the Vanguard 500 Index fund, originally VFINX. Easy enough to get its performance from M* etc. back to its beginning in 1976, and easy enough to get the S&P index performance over that period from the SBBI. Subtracting the two gives an estimate of expenses, but only an estimate; strictly speaking, the subtraction gives tracking error, not expenses incurred.
    Like all funds, it files at the SEC and these filings go into the EDGAR database. Naively, since EDGAR goes back to 1994 (I am told), I hoped to get those expense ratios from EDGAR, and maybe, in my dreams, find a 10-year trailing table back to 1984 from the 1994 filing. Add seven years of Wiesenberger yearbooks and I'd be done.
    But when I enter the ticker at the EDGAR search engine, 2013 is the oldest report listed. However, that search was entered at the "front page" and I am a naïve EDGAR user.
    Some members here will not be naïve EDGAR users. Do you know how to get a pre-2013 filing on VFINX online? Or where else might you send me for that year by year data on expense ratios? (I have John Bogle's data on expense ratios for Vanguard as a whole, but that doesn't answer my question)
    Why do I care? Tracking error can be positive, due to security lending etc. Only with a separate calculation of expense can one vet how well fund management did given the expenses they were dealt. Not so important with an index fund, maybe; more so with the ordinary sort of fund.
    PS: were this data to be available in MFO Premium, please tell me!
  • Barron's Midyear Roundtable
    Barron’s looks fascinating this week.
    “Estée Lauder is in the beauty business—and its stock is starting to look like a beautiful buy … Estée Lauder stock (ticker: EL) has fallen 34%, to a recent $245, in 2022, worse than the S&P 500 index's 19% drop.”
    Hmm … “Once More Unto the Breach” ?
    Article: “Este Launder’s Not So Secret Ingredient” - by Jacob Sonenshine
    -
    Another must-read: “Levering Japanese Inflation” - by Lewis Braham
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    Yahoo is okay for some things, but when the quality of the data is important, it's better to go upstream, closer to the source. Yahoo is just a tertiary source, getting much of its data from Morningstar. Though "US equities and global index historical data and daily updates [are] provided by Commodity Systems, Inc."
    https://help.yahoo.com/kb/finance-for-web/SLN2310.html?locale=en_US
    The underlying company, Noreda, has a useful investor page, with this dividend graph:
    image
    https://www.nordea.com/en/investors/nordea-as-an-investment
    To work forward from this to the ADR distributions one would convert the divs from euros to dollars using the then current exchange rates. Also, one would take into account the money skimmed by the ADR as pass-through fees
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    Hi @Derf @Mark et al
    I've looked at previous, but don't use Yahoo Finance for performance data. Perhaps one needs to "sign in" for accurate info.
    My one quick and dirty view is via M*......no subscription needed.
    I look at about 20 items per week for performance for 1 week and YTD. The data is generally loaded by Saturday mornings.
    The below link for FBALX is an example. Scroll down for performance data. The "returns" tab is highlighted and one may select the "distributions" tab adjacent if you want to look at this area.
    Use the "search quotes" at the top left of the page to enter a new quote.
    For ADRs and stocks, once the new page has loaded, select "trailing returns" for current performance data.
    ETF's...........enter ticker........a brief overview will load for the current or last business day. Select "performance" for data to load for various time frames.
    Lastly, I checked several tickers at Yahoo and the performance data was crap, IMHO; when compared to M*.
    FBALX info HERE via M*.
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    @Derf - according to Yahoo (if you can trust the source :) )
    Data Providers
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    +1. ...And yes, I was miffed when ENIC withheld foreign Chilean tax on my already-tiny dividend. Good riddance to bad rubbish. Taxable account, it was.
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    I have held issues in a Roth account where the foreign tax is not withheld.
    While I haven't held foreign stocks directly or "semi-directly" (via ADRs or GDRs), ISTM that the withholding of foreign taxes on stocks mirrors that of foreign taxes on mutual funds. That is, the foreign taxes are withheld before you or your IRA ever sees the div. You just get the net.
    Morningstar (Christine Benz) writes:
    Things start to get really wonky when you hold a foreign stock or foreign stock fund in an IRA or other tax-sheltered account. If a foreign stock that you own--either directly or indirectly via a foreign stock fund or exchange-traded fund--pays you a dividend, your taxes due on that payout will be withheld by the foreign government, reducing your payout accordingly, as discussed [in the paragraph discussing foreign stock in a taxable account].
    https://www.morningstar.com/articles/914550/should-you-keep-foreign-stocks-out-of-your-ira
    There's a lot more detail here:
    https://www.dividend.com/portfolio-management-channel/how-does-taxation-of-adr-stocks-affect-investors/
    That page reiterates what Ms. Benz wrote:
    Typically, tax-deferred accounts are great strategies for investors who do not have to worry about the tax implications of dividends. However, ADRs still require withholding, regardless of the type of account it is held in.
    Regarding the divs from NRDBY, Crash gave a source for divs. That shows a div every year, and two in 2021 including one with an ex-div date of Oct 4, 2021. See also:
    https://www.dividend.com/stocks/financials/banking/banks/nrdby-nordea-bank-abp-adr/ (click on "view all payout history")
    If your source is showing no div for 2019 perhaps that is due to the reverse merger (and relocation from Sweden to Finland) that took place in late 2018. I don't know; I'm just pointing out a nearly coincident singularity that could have affected the source's tracking of divs through the transition.
    https://www.globenewswire.com/news-release/2018/10/01/1587511/0/en/Nordea-Bank-AB-Completion-of-Merger.html
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    My experience with distributions (dividends) from European ADR holdings is that they tend to be quite erratic in amount and timing unlike the even sum quarterly distributions US stocks deliver.
    For example here is the 5-yr history of dividends from NRDBY:
    Mar 16, 2018 0.845 Dividend
    2019 - none
    Mar 26, 2020 0.446 Dividend
    Feb 19, 2021 0.084 Dividend
    Mar 25, 2022 0.781 Dividend
    Bottom line is that dividends (if any) are what the company says they are if and when they feel like distributing one. Also, if you hold them in a taxable account they can be a nightmare come tax return filing time. You may or may not receive what you think you should because of foreign tax withholdings. I have held issues in a Roth account where the foreign tax is not withheld.
  • Pelosi bought lots chips techs last few days
    Toe be clear the chips bill has been in the works for quite some time now.
    Also for the record it was her husband Paul who is making the trades "Paul Pelosi trades tens of millions of dollars worth of stock and stock options each year, federal records indicate."
    From the Insider report:
    "Speaker of the House Nancy Pelosi's husband, Paul Pelosi, exercised millions of dollars in NVIDIA call options and sold large quantities of Apple and Visa options and shares in late June, according to a new congressional financial disclosure.
    Paul Pelosi exercised 200 call options, or 20,000 shares, of NVIDIA worth between $1 million and $5 million, according to the disclosure, which Nancy Pelosi filed Thursday with the House of Representatives.
    Paul Pelosi also sold 10,000 shares of Visa worth between $1 million and $5 million and sold 50 call options in Apple valued between $100,000 and $250,000."
    There is still no guarantee that the bill will be passed.
  • Barron's Midyear Roundtable
    Barron's Midyear Roundtable has several fund ideas. LINK
    COVER STORY, “What to Buy Right Now: 42 Picks from Barron’s (Midyear) ROUNDTABLE Pros”. A report card of prior hits/misses is also included.
    Tod AHLSTEN/Parnassus CIO & PRBLX: VRSK, MMC, ICE, AMAT. Opportunities in the downturn.
    William PRIEST/Epoch Inv Partners: TMUS, DTEGY, TSM, LSXMA, DE
    Rupal BHANSALI/Ariel CIO: DIISY, BAP, BBSEY, BIDU, ELEZY, SNMRY, PM. Likes Lat Am & Europe over US; prefers dividend payors.
    Henry ELLENBOGEN/Durable Capital: INTU, TEAM, DUOL. Likes quality-growth.
    Abby Joseph COHEN/Columbia U: LG Chem, FANUY, BKNG, JWN. No recession in 2022 or 2023.
    Scott BLACK/Delphi: CACI, CB. Shallow recession is already here (notable early projection). Avoid story stocks with low/no earnings. His SP500 earnings est $219 only.
    Sonal DESAI/Franklin Templeton FI CIO: CPREX, FHYVX, GLFOX, EAPCX, FRIAX; ETF SRLN. No recession in 2022/H1 or 2023/H1, may be in 2023/H2.
    Mario GABELLI/Gamco: CNHI, AJRD, HRI, BATRA, PARA, SBGI, DRQ, HAL. Mild recession. Despite volatility now, 2023/H1 looks promising for US, Europe, China.
    Meryl WITMER/Eagle Capital: SLVM, DFIN, EEFT
    David GIROUX/Price CIO & PRWCX: FTV, NXPI, GE, TEL. Mild recession. Overweight – IT, industrials; underweight – consumer-staples, utilities; leveraged-loans still OK.
    Part 2 will mention some Japanese funds (feature by @LewisBraham). Edit/Add LINK2
    FUNDS. After years of deflation, JAPAN is seeing some inflation due to high oil prices and supply-chain disruptions. The BOJ is continuing its easy monetary policy until the inflation target of +2% is met, and yen has collapsed. Japanese funds are attractive: GMAHX, HJPNX, MJFOX, PRJPX; ETFs EWJ, EWJV, DFJ.
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    @carew388.... Thanks for the look-see. Another different view, from WSJ:
    yield is 11.76%
    latest div. = 75 cents.
    https://www.wsj.com/market-data/quotes/nrdby
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    NRDBY. Div. Payout Ratio of 170.28?????? How can they manage that before it all implodes from within? Current div. yield is over 18%. Crazy nuts. Is this thing worth bothering with? The Nordics are stable, equitable societies, politically, socially, educationally. Nordea has Wealth Management service offices and other connected stuff present in a big bunch of countries, including NYC.
    https://www.morningstar.com/stocks/pinx/nrdby/dividends