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M* dynamic definition of "small" often doesn't match the market-cap based static definitions used by most funds. M* categories include US "Small" (bottom 10% by market-cap) value, blend, growth; foreign "Small/Mid" (bottom 30%*) and global "Small/Mi…
More ideas this week, 12/10/22.
TAXES and GIVING. The ESTATE exemption of $12.06/$24.12 million (single/joint) is for super-wealthy, but there are many others things that ordinary investors can do. ANNUAL gift EXEMPTION is $16K/yr/person ($17K in 2…
Most sites have RSI default as 14 but it can be adjusted. In daily view, it is 14 days, in weekly view 14 weeks, in monthly view 14 months. Strength or weakness in 14 periods can only tell so much.
There is also a different RSI that is company or f…
Convenience.
I have a brick-&-mortar bank a couple of blocks away where I have some (low-rate) walk-in $s + bank locker. A/C is linked to a fund company, so $s can be shifted easily (it did give me a hard time in setting that ACH link; kept say…
Schwab + TD Ameritrade deal closed in 2020. But integration of large brokerages is complex and Schwab plans to complete most of the transition for retail by early-2023 and for advisors by late-2023.
https://www.aboutschwab.com/schwab-statement-on-a…
@LewisBraham, @msf, I think that discussion was under Vanguard Cash Plus thread,
https://www.mutualfundobserver.com/discuss/discussion/60296/vanguard-cash-plus-savings-fdic-insured
I continued on with my research and finally put a multi-post info …
I think @Old_Joe's explanation for offer rates of CD is plausible.
CDs do take some time to put out. Various brokerage platforms have fees of 35-50 bps (that are paid by the banks, not the retail buyers). So, banks set some offering rate ahead and …
A while ago I checked - Fido & Schwab offer only FDIC insured CDs on their platforms (as do most major brokerages).
But it is an important caution. Many smaller brokerages offer all kinds of CDs. Some may be from foreign banks operating in the …
Biggest SPAC was from Bill Ackman and he returned a handful of billions cash. He did try some creative ideas but those were rejected by regulators.
SPCZ (Sherman's SPAC SPC is similar. I think he posts here.) mentioned by Barron's only invests in th…
House Speaker is a member of the House by tradition but he/she doesn't have to be. Speaker has a tie-breaking vote.
On the other hand, Speaker Pro Tempore must be a member.
https://www.govinfo.gov/content/pkg/GPO-HPRACTICE-108/html/GPO-HPRACTICE-1…
IWM based on R2000 is not a good SC index. Almost 1/3 rd of its companies have no earnings. Russell also has a bad annual rebalancing policy for all of its indexes - the date is preannounced and all is done on a single day, so there is lot of front-…
DAILY PRICING of illiquid securities may not be reliable. The 3rd party pricing services may use matrix pricing or guesswork for things that haven’t traded recently. This would affect interval-funds as well as normal OEFs/ETFs/CEFs. The difference m…
Banks & financials can count preferred as Tier 1 capital only when they are noncumulative; some exceptions may apply. So, there are rarely any bank/financial preferreds that are cumulative.
https://content.next.westlaw.com/practical-law/document…
@Observant1, interesting info about REFLX REIT under the newer interval-fund structure, not the older, opaque Nontraded-REIT structure.
So, DAILY valuations, DAILY purchases at NAV at market close (may include applicable sales load), minimum 5% RE…
BTW, the earliest reference to interval-funds at MFO that I could find was in 2013 by @David_Snowball who was reporting on M* Investment Conference about this new thing called IFs.
In looking over some old MFO posts, I also saw some mixed-up usage …
Green-bonds raise money for clean-energy and other ESG related purposes. It is a way to tap into the ESG wave (it has subsided some in 2022). They were launched about a dozen years ago.
https://www.climatebonds.net/market/explaining-green-bonds
htt…
Re @David_Snowball #4 in the forthcoming January 2023 issue, "Identify opportunities in small caps (especially small cap value)....."
The current Barron's has a feature story on small-caps with lots of data (but un-linkable chart and tables),
BULL…
@Sven, the next FOMC is Dec 13-14. Fluid CME FedWatch is currently showing 50-50-25-0 to 5.00-5.25% peak rate.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
Powell has been looking for short-term yield-curve inversion, in 3m-18m, 3m-3m18mForward, etc, but these data are hard to find. Today, close and easily accessible 3m-2y also inverted by 8 bps.
https://stockcharts.com/h-sc/ui?s=$UST2Y-$UST3M&…
New developments - BReit suspends redemptions.
BReit is an unlisted/nontraded interval-fund that has limited redemptions (2% per mo, 5% per qtr). If redemptions resume in Jan, fine; else, a problem.
https://community.morningstar.com/s/question/0D53o…
After Powell's dovish comments today, the CME FedWatch shows for the next 4 FOMC meetings: 50-50-0-25 bps hikes to 5.00-5.25%; not much change from Friday when it was 50-50-25-0. But the market wanted to see things with rose colored glasses. Anyway,…
I doubt that most universities would be profitable. Private universities rely on about 5% draw from their endowment funds; tuition may cover about 50%. Public universities have state subsidies that may range from 10-80% (depends on their types); tui…
TIAA Traditional Rates, December 1, 2022
Restricted RC 6.50%, RA 6.25%
Flexible RCP 5.75%, SRA 5.50%, Newer IRAs 3.65%
https://ybbpersonalfinance.proboards.com/thread/142/tiaa-traditional-rates-monthly?page=2&scrollTo=853
TSP G Fund hasn't upda…
Fund Allocations (Cumulative), 10/31/22
There were notable increases in the allocations to stock funds, and declines in those for bond and m-mkt funds. The changes for OEFs + ETFs were based on a total AUM of about $27.05 trillion in the previous m…
@Mark, stocks/ETFs/CEFs mentioned in weekend Barron's typically get 1-2 day (Mon/Tue) bounces but there isn't any long-term effect. This Barron's effect has been getting diluted because many stories are now published online on Friday while the marke…
Barron's options guy Sears noted in the weekend issue the recent bounce in FXI and thought that investors were looking ahead for 2023. He recommended calls on FXI. May be this mentions also caused it to go up when the China and HK markets closed dow…
The same analyst had a long dedicated M* Fund Spy piece on 9/9/22.
https://www.morningstar.com/articles/1113488/why-we-downgraded-one-of-matthews-asias-biggest-funds
The current crypto proposal in Congress is already being mocked as SBF/FTX-proposal that makes the CFTC as the regulating body for cryptos. It has other strange ideas too - self-certification for custody assets, etc. From what has transpired recentl…
@Mark, the 1st click in PV changes "Year-to-year" to "Month-to-Month". The starting month is from the 1st day, the ending month to the last day (28/29th, 30th or 31st).
https://www.portfoliovisualizer.com/backtest-portfolio
@Mark, Giroux started with PRWCX in June 2006.
Comparison with FCNTX (Danoff) isn't fair as that is 100% stock vs PRWCX that is typically 60-70% stock.
@Crash, that is IRS' prorata withdrawal of tax-deferred (most) and nontaxable (some) funds from T-IRA and keeping track of the "basis" with annual Form 8606. There are only 2 ways to get around this:
1. Ignore nontaxable funds and pay tax on 100%. …
