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.
Not sure this adds much to the conversation, but since a link to this M* column hasn't been posted:
ARKK's Claims of an Anti-Innovation Market Ring Hollow
ARK's portfolio manager Cathie Wood has taken to the airwaves and penned a blog to say the str…
Wow, top of the (initial release) line!
https://en-academic.com/dic.nsf/enwiki/18042
Could one even buy a used Model 50 in 1975 (when Vanguard was founded) or later?
My mother programmed on the S\360 Model 30. She also ran sysgen's for the OS.
Vanguard and FIDO were ready mid-January
some brokerage houses invest in mighty computer resources to crunch their numbers
Surely you're not suggesting that Vanguard mightily invests in computer resources :-)
Some institutions provide investment account 1099s slightly early, i.e. in the fourth week of January. Vanguard sent me email yesterday (Jan 26th) saying my 1099 was available online. Though Fidelity originally said that it would provide the 1099…
By weekly or monthly peaks do you mean simply a rollup or summary of each week's values that shows the highest intraday (instantaneous) value achieved during that week? I'm not sure if that's what you're looking for since you add that intraday data…
SP500 is about 9% off its last peak so this isn't even technically a correction yet.
The S&P 500 ended with a 0.3 percent gain, but not before plunging to a point where it was more than 10 percent below its Jan. 3 record. That kind of drop, cal…
Sources?
DepositAccounts reports:
Ally Bank - 769 customer reviews, 3½ stars
Discover Bank - 231 reviews; 3½ stars
Marcus - 198 reviews; 2½ stars
If we're talking about personal experience, I've been a customer since before Goldman Sachs renamed i…
When I saw "up to 9 withdrawals per month", I was wondering if you read the number upside down :-) As AMEX explains, there used to be a federally mandated limit of six. After that legal restriction was lifted banks were permitted (not required) …
Odd, the third result returned on my search for Champion Oppenheimer turned up this SEC summary of the settlement and what the issues were:
https://www.sec.gov/news/press-release/2012-2012-110htm
Just skimming, it sounds like Oppenheimer made mater…
There were two different issues:
1. Frequent trading - the funds, in violation of their prospectus, allowed only certain investors to trade frequently. That's different from your example, where everyone has the ability to trade the same way. You…
When you sell a share in the secondary market, the buyer is not the fund but another investor. There's no churning of fund assets.
The only time fund assets of an ETF rise or fall is when an authorized participant (AP) buys or sells shares. For …
The rules aren't simple, but they aren't all that complicated once one recognizes that there are brokerages and there are funds and the two have different needs.
As a brokerage, Fidelity is paid by other fund families to hold shares in Fidelity's c…
You may be able to transfer PRWCX in kind and continue to invest in the fund. Generally even closed funds can be transferred from one institution to another. Though there are rare exceptions that are usually stated explicitly in the fund's prosp…
BTW, the site you quote shows wrong denominator for Macaulay Duration - it should the the sum of the [present values of] cash flows (not the bond price),
In an efficient market, that is the price. If you prefer, we can call that the "correct" pri…
(Macaulay) duration is the time weighted sum of cash flow present values normalized by dividing by the bond price.
https://www.fincash.com/l/basic/macaulay-duration
What you were using was modified duration (or effective duration), i.e. sensiti…
TIPS have higher durations than Treasuries of comparable maturities, so they are hit worse from rising rates.
That seems a little odd. Do you have a source?
The relationship between inflation adjusted (real) durations and nominal durations is so…
A presumption here is that the money borrowed is being repaid. There's also money permanently lost ("leaked") from 401(k)'s - loans not repaid, hardship withdrawals, and cashing out (when changing jobs).
Here's a 2022 Marketwatch story on four le…
The federal government will be providing free N95 masks early next month in a way that IMHO makes more sense than the way it is providing free test kits.
Instead of N per residence address, regardless of number of people, three masks per person wil…
And the roughly 27 million Medicare Advantage enrollees, who receive Medicare coverage through private insurers, must check with their carriers if they will pick up the tab
IOW, for these private insurers, nothing¹ has changed. Before Jan 15, the…
The figures are somewhat apples and oranges.
The 4 US government-provided tests are per residence, one time only (for now).
The 8 private insurer-covered tests are per person, per month.
https://www.pbs.org/newshour/health/the-federal-website-for-f…
Also covidtests.gov
https://www.pbs.org/newshour/health/the-federal-website-for-free-virus-tests-is-here-how-does-it-work
This is a rollout that leaves me scratching my head. The current limit is four test per home, regardless of number of people…
I do my one 60-day transfer a year
Be aware that 60 day IRA transfers are restricted to one within a 365 day period, not within a calendar year. One could not, e.g. do a transfer 2/2/22 and then another on 1/12/23.
https://www.irahelp.com/slott…
Junk bonds are somewhat like hybrids - they rise and fall with stocks as well as with bonds. Here's Portfolio Visualizer's correlation matrix of USHY vs. AGG vs. SPY vs SPDO (IG corporate). USHY correlates much more closely with the S&P 500 …
The once and future rules are different for institutional (both prime and muni) MMFs and retail prime and muni MMFs.
Was:
Institutional - floating NAV required, gating and redemption fees with thresholds
Retail - floating NAV not required, gating a…
The original economic impact payments (aka "stimulus checks") were part of the CARES Act that passed Congress by votes of 419-6 in the House and 96 to 0 in the Senate before being signed into law by the Donald.
https://www.congress.gov/bill/116th-co…
This will be a bit painful to do but I will be selling most of my position in MIOPX. I really like the manager -- Kristian Heugh. But there is too much downside risk in his portfolio.
If you like the manager and want to dial down the risk a bit, y…
Perhaps I read a little too much into the comment that "I guess the business is geared to gather AUM". For brokerages, AUM usually means total assets in the brokerage accounts. So gathering AUM would mean pulling money into the brokerage account…
Some [brokerages] may allow scheduling one-time purchase on a later date beyond the common automatic investment plans (AIPs), but that is not triggered by prices.
I suspected as much. Interesting that they would allow pre-set buying but not sellin…
Rather than starting a new thread - a related personal question if I may. I have just one fund outside my IRAs, PRIHX. Having transferred that from TRP to Fido last year “in kind”, I’m curious which will provide tax information? Will a stateme…
I'll say it again: I find Vanguard to be the most ridiculously difficult firm to deal with of all fund shops my wife and I use. I tend not to deal much with financial institutions in their role as fund shops. To the extent that I do, my interact…
I was surprised to find out that Vanguard participates in while Fidelity and Merrill do not participate in payment for order flows.
[and]
To be consistent with Fidelity and Schwab, did Vanguard stop charging commission on sale of transaction fee…
how does one use that information?That's an excellent question. Regardless of the quality of the data, how does a retail investor make use of an IIV? Only an authorized participant (AP) can trade on the difference between the actual NAV (or IIV) …
That's basically it. In addition to the brokerage being willing, the fund itself must assist with the class conversion. FWIW, I held the fund at Fidelity which was willing to do its part, but the fund company would not allow the conversion.
What happened was that investors sold retail fund holdings and purchased institutional fund holdings. Such a move would have been a taxable event had it been done in taxable accounts, but employer plans (e.g. 401(k)s, 403(b)s) are tax sheltered.
…
MyMoneyBlog, citing Bogleheads, has a good explanation of what happened.
https://www.mymoneyblog.com/vanguard-target-retirement-funds-nav-drop-cap-gains-distribution.html
In brief, in early 2021 Vanguard enabled lots of employer plans move money f…
That 15 second delay was enough for the SEC to reject Precidian's original (2014) application for nontransparent ETFs:
The IIV is stale data. Unlike market maker proprietary algorithms, which rely on portfolio transparency and provide market makers …
The IIV (intraday indiciative NAV) is just that, indicative, not necessarily an accurate calculation of the current NAV. First, because it is usually calculated only four times a minute, so the value can be somewhat stale. More interestingly, it…
If a tree falls in a forest but nobody hears it, does it make a sound?
I would think etf NAV's change continually like SPY or QQQ.
If an ETF's holdings have instantaneous values but nobody adds them together moment by moment, does it have intra-day…
M* charts show that MSEGX (Morgan Stanley Inst Growth fund) is down nearly 30% but stock charts show it is down 25% from its recent high on November 16.
To no great surprise, the discrepancy dates to Dec 15, when a cap gain of $18.005 (per Yahoo) …
