@yogibearbull: thanks for that link to the DoubleLine filing. The derivative and options strategies described in the filing sound very complicated, but maybe the same sort of thing has been going on in DSEEX and CAPE all along. ("I would be shocked to learn that gambling has been going on in our funds," said the unflappable spokesperson.) On top of those complications is the CEF format, one which usually favors the issuer of a new fund, but not the early shareholders. As the vast majority of CEFs invest in fixed income and seek yield, it is not surprising that this prospectus for the DoubleLine Shiller Cape Enhanced Income Fund lists generation of income as its first mentioned purpose. Capital appreciation appears to take up the rear as a goal.

msf is the one who has explained this weirdness the best:
https://fundresearch.fidelity.com/mutual-funds/composition/258620822
As one who has had quite a bit of money in both CAPE and DSEEX I was curious (a little) about the OP and then the followup about utter failure yada yada, but now thinking I were better not to have queried, as it all seems uninformed.

@davidmoran: DSEEX being a mutual fund, I suppose the sponsor could shut it down, but the shareholders would get back what their holdings are worth. IDNK what happens to the holders of an ETN if the issuer decides to fold it. In the case of CAPE, Barclays is not seemingly a bank likely to suddenly fail (nor was Lehman Brothers…).
Thanks to all for the useful information you’ve added.

@carew388 - try starting here

Is there an etf version of CAPE etn ?

The huge distribution this year would have taken me by surprise. In addition to the December payout, shareholders of DSEEX also pay taxes on the monthly distributions. When I owned this strategy I had a portion in the ETN (CAPE) which paid out nothing at year end. CAPE has outperformed its MF Doubleline brethren since it debuted in 2012, but ETNs carry the risk of being dissolved by the issuer with little notice and the risk of the issuer (Barclays in this case) failing. Trading CAPE shares requires a certain amount of time and effort; this fund trades in low volumes, so getting a good purchase or sale price can be frustrating, somewhat like trading a jumpy small cap stock. I think CAPE has proven its mettle, but it’s not for most fund investors.

Biotech stocks resemble a landscape filled with craters. The two ETFs that cover the sector, IBB and FBT, are hurting badly, YTD, 1yr or 3yr. FBIOX is down about 15% YTD while broader-based HC funds have not kept up with the stock market as a whole. I owned CELG until it was bought up by BMY which I kept for a while. The stock rose to nearly $70, but it now trades for about $53. At one time it was a M* 5 star pick, but it turned out to be a value trap. I feel lucky to have exited when I did. For a pure growth HC fund, BHCFX has impressed, but it’s volatile.

Thanks for the note from my Barron's summary this AM. People know where to find it.
"COMMODITIES. The auto market (new or used cars) is very tight. But PALLADIUM (-26% YTD) and PLATINUM (-14% YTD) are down sharply because of the drop in auto production caused by SEMI CHIPS shortages. This is unusual as most commodities are strong (S&P GSCI commodity index +28% YTD). Palladium is used more widely in the catalytic converters of gasoline-powered cars while platinum is used more in diesel-powered cars; although either metal can be used, there are large capex costs for the switch for the manufacturers. Rebound in palladium may be dramatic when the auto production picks up as chips supply-chain issues ease. On the other hand, platinum demand has fallen sharply for investments and also for other industrial application, so there is now a platinum surplus. Platinum is also much cheaper than gold (it used to be the reverse years ago)."

LOL. Too funny. DKNG lost almost 10% today. Sitting at $31+ change. It was the first stock I ever owned. Guess I escaped a beating getting out while still above water. Just 2 stock holdings left: RIO and WPM Both have been holding up pretty well - better than some of my funds today.
Most everything trashed today. Bonds held up.

Ms. Lazar definitely thinks outside the box.
Her capex and inflation projections surprised me.
Time will tell whether this comes to fruition, but her thesis is thought-provoking nonetheless.

Good episode; especially good for some counterpoints to conventional wisdom. Nancy L. is one of the macro guests of Consuelo's I most look forward to hearing.
I was surprised by the capex figures she cites, and others may be surprised by the inflation and rate outlook. If she's pretty much right on the overall thesis, it sure seems positive for the U.S.

OP linked thread is a Bloomberg pay article (for me at least) and my investment site subscriptions are currently at max capacity. So unfortunately did not read it.
That said...
Great new thread started today on the Fido Community Forum by Dick, aka dickoncapecod, titled Inflation Outlook. That's an invitation only board so hoping anyone interested has been invited. Post starts with...
Hi. Anyone interested in a SERIOUS discussion of the inflation outlook --- not the usual complaints and moaning and not political BS........?
He then offers up a six bullet point analysis of the issue citing technical data and offering analysis/commentary befitting someone with his professional experience and insights.
Here's hoping all/many can check it out, then get on with worrying about things we can actually control.

“Adam Kramer is used to finding value in unusual places. He grew up in Montreal with two favorite activities as a child—collecting hockey cards and reading Barron’s every week …
“His sharp eye for investing opportunities is especially critical now, when the landscape for fixed-income investing feels a bit like a minefield. Interest rates are almost zero. Some investors worry that recent economic-stimulus packages could spark a bond rout if higher inflation follows. (Interest rates rise with inflation, and bond prices move inversely to rates.) But a resurgence of Covid-19 cases could cause the opposite effect—another economic downturn, which would likely drive some lower credit-quality bond issuers into bankruptcy.
“In this environment, income-hungry investors need flexibility, and a willingness to go beyond bond-only investments. Fidelity Multi-Asset Income offers that. The $1.4 billion fund can invest anywhere for income—dividend-paying stocks, high- or low-quality corporate bonds, U.S. or foreign government bonds, preferred stocks, convertible bonds, real estate investment trusts (REITs), and master limited partnerships (MLPs). Such flexibility has produced strong results. The fund’s 16.7% three-year annualized return beats 99% of its peers in Morningstar’s Allocation—30% to 50% Equity fund category.”
-
Nice article. I note the fund appears to have 58% invested in equities - certainly not your typical “income” fund. And, its largest holding, WPM (Wheaton Precious Metals) just happens to be a stock I picked up a couple weeks back when it was mired in the weeds. I plan to hold it forever. I think that’s why Barron’s editors included the photo of Mr. Kramer in the weeds (searching for another bargain).

Excerpt from Barron’s, October 18, 2021 LINK

Here is a look at the impact of deficit spending in our still low interest rate world and what the future may hold in store for us despite the deficit's continued growth:

The Real Cost of U.S. Debt Is Nearer the Floor Than the Ceiling

the significance of females in positions of authority or power - perhaps more so in the field of finance.

I totally agree with that assessment. While I may not agree with some of her individual stock picks, her forward thinking of the landscape is unique and it has proven itself since the pandemic started last year.

Below is some hasty / lazy work for me to show myself my actual practice since covid onset and I sold off nearly everything after return to breakeven summer '20 (as I was sure covid would be this bfd hit to all markets).
- All dip buying and selling were done by feel, not by percentage or any defensible criterion other than 'ooh, ooh, it just went down pretty sharply', ... just because it eventually hit me over the head that p/e be damned, this market was just too strong and kept returning to strength, for all the reasons already mentioned by others.
- I am too chicken to figure out if buy-hold woulda been better, but I suspect so, given said unstoppable market strength.
What the below activity did was make me feel better about my fairly quick / short 'defensive' darts in and out of the traffic.
buys and sells of VON_, AOR, and/or CAPE, plus a TRP mfund
(gains; no losses; all Roth, so no tax consequence)
bot 6/11/20 and sold the next day, >1%
bot 10/28/20 and sold 11/13/20, 10%
bot 2/25/21 and sold 4/9/21, 7%
bot 4/22/21 and sold 5/6/21, >3%
bot 5/12/21 and sold 5/14/21, <3%
bot 6/18/21 & 7/6/21 and sold 9/22/21, <3%
bot 7/2/21 and sold 9/2/21, <1%
bot 7/19/21 and sold 8/3/21, >2%
bot 8/4/21 and sold 8/11-2/21, 1%
bot 8/18/21 and sold 9/1/21, 5%
bot 9/20/21 and sold 9/23/21, 3%
I am again now almost completely out of equities.
And of course the kick-myself revenge makeup motive going on here was to try and recoup the hundreds of thou lost by my summer 2020 selloff decisions, after the big covid dip. If I had stayed the equities course (duh) we would have enough extra now to half-forgive kids' debts to us, lavish on grandchildren education funding, replace a car and roof and such, and give way more seriously to a few charities and colleges.

It's looking like the oil and gas industry may soon be faced with significant additional expenses but that agriculture may continue to get a pass for now....

Crackdown

sold all vong and cape
will buy back in later

@davfor - If I understand what you are trying to say then I disagree with your statement above "Passage of this bill would force taxable account investors to buy and hold onto individual stocks to continue to receive some of the advantages available through tax-deferred retirement accounts. That would uncomfortably alter the investing landscape for many taxable account ETF investors."
Those taxable account ETF investors can sell shares of their ETF's and receive cash on which they'd pay their fair share of taxes 'rather' than receiving (from the article) "A proposal has been drafted to change the law eliminating exchange traded funds’ chief tax advantage in the US by levying taxes on in-kind redemptions."
The average Joe ends up paying the taxes either way because few, if any, are "authorized participants" while those who are already exceedingly rich can game the system.
"Only “authorized participants” – a form of institutional investor – may redeem shares directly from an ETF. These investors are also able to contribute securities to a fund in exchange for newly issued ETF shares. Retail investors, on the other hand, can only buy and sell ETF shares through a broker."
From this article: What is an in-Kind Redemption

Passage of this bill would force taxable account investors to buy and hold onto individual stocks to continue to receive some of the advantages available through tax-deferred retirement accounts. That would uncomfortably alter the investing landscape for many taxable account ETF investors.