@bee
Templeton is one of my all time favorites. I owned his flagship TEMWX almost from its inception and during the time he managed it. That said, Sir John had a very long-term focus. That’s fine for those who can ride out even the fiercest of market downturns with the confidence and equanimity he exuded. For example, TEMWX fell nearly 40% in 2008. For those whose demeanor and station in life allow them to accept with Templeton-like calm that kind of one year draw-down I say “hats-off”.
However, there’s a larger point to be made here. Sir John would not recognize the investment climate today. His formative era was one in which institutions and wealthy estates ruled the equity markets. To his credit, Sir John planted the seeds that led to individual investors taking a significant role and reaping the rewards. In Sir John’s day you read the WSJ (in print format) to find out how markets performed on the previous day. You phoned-in “buys” and “sells” to your broker during the trading day. Mutual funds were in their infancy. “ Commission-free ” trades did not exist. Nor did ETFs. There was no internet. No cell phones. No Bloomberg or CNBC. No Fidelity (as we know it today). No Schwab, Robinhood or E-Trade. Sir John would not understand SPACS, Kathy Wood’s ARK or day-trading. And he’d have scoffed at the idea of individuals buying stocks “on margin”.
To my broader point - these and other changes have altered the investment landscape in ways Templeton wouldn’t recognize, ways which we are still trying to understand, and with repercussions which I fear will prove to be to our eventual detriment.
“A foolish consistency is the hobgoblin of little minds …“ - Ralph Waldo Emerson

There were doom and gloom economic projections with potential y2k problems and stock market marched through that, similar to the current problem of pandemic. So, may be there is a similar big capex or other spending going on or anticipated. I do not have the answers.

Just noting this (although it doesn't feel normal to me):

Return to Normal???

Sold all VONE and VONV at last peak, bought smaller amount of VONG today, also a little CAPE. Have augmented nut this year nontrivially doing high-low sell-buy, unusually. Such lasting bull strength.

If the cost is in fact $15/MMBTU, that isn’t good. The chart shows Europe and Asia, not North America.
mmbtu

Block Tower Newsletters:

Originally known as “open finance”, the advent of DeFi represents yet another innovation on the rapidly evolving world of cryptoassets and blockchain technology. As with most new innovations, there is the growing litany of new announcements, innovative solutions and industry mania as these offerings progress throughout the landscape. For many, it seems a chance for new business models and rapid wealth creation. For the more sober minded, it is yet another step in the swift transformation happening across financial markets, and indeed across all industries in the global economy. As always, change and disruption require us to revert back to first principles. And these first principles demand that we ask the question: why? Why decentralized finance? What problems does it solve? And what, in truth, do we actually mean by “decentralized finance”?
These inquiries bring us to the motivation for this publication. It is our hope that this primer can offer a proposed definition for DeFi, in all of its forms, as well as share with the reader current and future DeFi use cases. It also touches on the challenges of DeFi, not least of these being the uncertain and evolving regulatory and legislative challenges coming to the fore. As a product of the WSBA Accounting Working Group, this work also delves into the
very complex accounting considerations that DeFi poses, both now and in the future. Finally, we conclude with some thoughts on what the future holds and offer some resources to keep pace with this future.
It is our goal that this be the first in a series of thought leadership publications that continue to aid the advancement of the cryptoassets and blockchain ecosystems, the accounting profession and global markets around the world. We welcome your thoughts and feedback and hope that you find this document informative as well as useful.

https://blocktower.substack.com/
Decentralized Finance: A Primer
whitepapers/WSBA-Accounting-DeFi-Primer-May-2021.pdf

stillers: "100% bond OEF Investors seem more than capable of justifying TO THEMSELVES that their strategy is a worthy one. Using Dick as an example though is one of the more creative ones, but does little to convince me that what they're doing remotely resembles "smart" investing."
No one on this thread, including me, are attempting to "convince" you of anything. You are an individual investor, who has your own idea of what is "smart", but the point in using capecod in this discussion about "should equity exposure decrease in retirement" is simply that he does not use equities in his retirement investing. He has stated many times that he avoids equities because he considers them "too speculative". There are many different ways to be a successful investor in retirement, whether you use equities or not. Retired investors vary tremendously from one retiree to another, they have many varied goals and objectives as a retiree, and what is appropriate for one retiree my not be appropriate for another retiree.

There are many different kind of investors, with many different investing objectives, so the answer to that question varies with each investor. "Smart" is only relative to whether the individual investor is successful at meeting their personal portfolio objectives. One of the "smartest" and well known investors, I have run across on investing forums was "capecod" who use to post on the M* forums. He was a retired professional bond investor, who only invested in bond CEFs, ETFs, and OEFs. When asked about equities, he would state that they were "too speculative" for him, and he preferred to invest, using his professional trading experience, in bonds. Was he "smart"? Everyone I know, who followed "capecod" think he was one of smartest investors they knew! That said, I am not "smart" enough to use his investing system, and my investing objectives are different than capecods, so I use a system I fully understand, that meets my "preservation of principal" portfolio objectives, and that includes very little in equities.

Seemed Worth Sharing...From T Rowe Price:

Key Insights
Global growth accelerated in early 2021, led by China and the U.S. The economic recovery from the pandemic appears set to broaden in the second half.
Despite strong growth, earnings expectations could be difficult to meet. But there may be potential for earnings outperformance in some non-U.S. markets.
Strong institutional demand for U.S. Treasuries is holding yields down. Fixed income investors may want to consider credit sectors for opportunities.
China’s tighter corporate governance standards, better capital allocation, and technical innovation are expanding the opportunity set for investors.

positioning-for-new-economic-landscape.pdf

https://www.sec.gov/Archives/edgar/data/889284/000139834421014273/fp0067111_497.htm
497 1 fp0067111_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED JULY 12, 2021
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL, CLASS R AND CLASS R6 SHARES PROSPECTUS,
EACH DATED FEBRUARY 1, 2021, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A and Class C Shares Prospectus and the Institutional, Class R and Class R6 Shares Prospectus, each dated February 1, 2021 (collectively, the “Prospectuses”), with respect to Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Sterling Capital Special Opportunities Fund
Effective immediately, Joshua L. Haggerty is appointed as a co-portfolio manager of Sterling Capital Special Opportunities Fund, and Daniel A. Morrall is appointed as an associate portfolio manager of the Sterling Capital Special Opportunities Fund. In addition, it is anticipated that George F. Shipp will retire from Sterling Capital Management LLC on or about January 7, 2022 and will cease to serve as a co-portfolio manager on or about December 24, 2021 .
Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Special Opportunities Fund is hereby deleted and replaced with the following:
Portfolio Managers
George F. Shipp, CFA
Senior Managing Director of Sterling Capital and Co-Portfolio Manager
Since inception
Joshua L. Haggerty, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 - July 2021)
Daniel A. Morrall
Executive Director of Sterling Capital and Associate Portfolio Manager
Since July 2021
Sterling Capital Equity Income Fund
Effective immediately, Adam B. Bergman is appointed as a co-portfolio manager of Sterling Capital Equity Income Fund, and Charles J. Wittmann is appointed as an associate portfolio manager of Sterling Capital Equity Income Fund. In addition, it is anticipated that George F. Shipp will retire from Sterling Capital Management LLC on or about January 7, 2022 and will cease to serve as a co-portfolio manager on or about December 24, 2021.
Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Equity Income Fund is hereby deleted and replaced with the following:
Portfolio Managers
George F. Shipp, CFA
Senior Managing Director of Sterling Capital and Co-Portfolio Manager
Since inception
Adam B. Bergman, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 - July 2021)
Charles J. Wittmann
Executive Director of Sterling Capital and Associate Portfolio Manager
Since July 2021
The following replaces the description of the Portfolio Managers set forth under “Fund Management—Portfolio Managers” in the Prospectuses with respect to the Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Special Opportunities Fund and Equity Income Fund. George F. Shipp, CFA, Managing Director, founded what is now the Sterling Capital Equity Opportunities group in December 2000, after serving for 18 years as a sell-side equity analyst with the broker-dealer BB&T Scott & Stringfellow. He is Co-Portfolio Manager of the Special Opportunities Fund and Equity Income Fund and has been a portfolio manager of those funds since their inception. George is a graduate of the University of Virginia where he received a BA in Biology, and an MBA from its Darden Graduate School of Business in 1982. He holds the Chartered Financial Analyst® designation.
Joshua L. Haggerty, CFA, Executive Director, joined the CHOICE Asset Management team of BB&T Scott & Stringfellow in 2005, which integrated with Sterling Capital in January 2013. He has investment experience since 1998. He has been Co-Portfolio Manager of the Special Opportunities Fund since July 2021 and was Associate Portfolio Manager of the Special Opportunities Fund from February 2016 to July 2021. Josh is a graduate of James Madison University where he received his BBA in Finance. He holds the Chartered Financial Analyst® designation.
Adam B. Bergman, CFA, Executive Director, joined the CHOICE Asset Management team of Scott & Stringfellow in 2007, which integrated with Sterling Capital Management in January 2013. He has investment experience since 1996. He has been Co-Portfolio Manager of the Equity Income Fund since July 2021 and was Associate Portfolio Manager of the Equity Income Fund from February 2016 to July 2021. Adam is a graduate of the University of Virginia’s McIntire School of Commerce where he received his BS in Commerce. He holds the Chartered Financial Analyst® designation.
Charles J. Wittmann, CFA, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 1995. He is an equity portfolio manager and has been Associate Portfolio Manager of the Equity Income Fund since July 2021. Prior to joining Sterling Capital, he worked for Thompson Siegel & Walmsley as a portfolio manager and (generalist) analyst. Prior to TS&W, he was a founding portfolio manager and analyst with Shockoe Capital, an equity long/short hedge fund. Charles received his B.A. in Economics from Davidson College and his M.B.A. from Duke University's Fuqua School of Business. He holds the Chartered Financial Analyst® designation.
Daniel A. Morrall, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 2001. Dan is a portfolio manager and has been Associate Portfolio Manager of the Special Opportunities Fund since July 2021. Prior to joining Sterling Capital, he worked as an equity analyst for Harber Asset Management and S Squared Technology LLC, technology-biased long/short funds. Dan received his B.S. in Business and Economics from Washington and Lee University, his M.B.A. from Columbia Business School, and his M.S.I.T. from Capella University.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES FOR FUTURE REFERENCE.
STAT-SUP-0721

https://www.lordabbett.com/en/perspectives/economicinsights/2021-midyear-investment-outlook.html?ite=3076&ito=2067&itq=c52ab8f8-d9c4-4874-b389-888060e46474&itx[idio]=3427736&et_cid=84176034&[email protected]&et_fc=&cid=
2021 Midyear Investment Outlook
June 24, 2021
Lord Abbett’s investment leaders share their thoughts on key economic and investment issues that could shape the investment landscape in the second half of the year.
Slow as a turtle but we may get there someday

To clarify. The statement read only “commission.” I added the “deferred sales” (words) to help clarify, but ultimately sewed confusion.
Sounds like the two $100 charges were maybe something imposed by the funds themselves? Or possibly related to my “free ride” or liquidity crunch? Like I said, they’re erased unless I can dig up an old screen-shot I might have taken.
“Fidelity charges a short-term trading fee each time you sell or exchange shares of a FundsNetwork NTF fund held less than 60 days.” Yep - I read that quite early in my “Fiducation””. And I asked a fido phone rep about it. He adamantly denied it and turned it back to the fee on Fido’s own funds. Than he added a “however” and went into some *** about how some other charges could apply on some funds.
That’s not to say or claim that he was correct - or that I got it straight. But it’s what I thought he said.
I feel possibly some in the mfo community might benefit from my experience, even though I escaped relatively intact, I know we’re all wealthy here. But a couple hundred dollars is nothing to sneeze at. Especially if tax-deferred money, making it worth even more. And the multi-year compounding capability is taken out.
Hank said ; Good grief. This stuff is complicated!

Is there any escape, or partial escape from the wokeness?
What companies do you know of that don't take sides on political social and moral issues?
Also, which of the fund families do you think is least woke?

Not every company makes explicit public statements of policy but are there really any companies that don’t have a position on public issues?
Companies take positions all the time on economic issues which have political, social, and moral consequences.
Even if they don’t make public declarations, companies show where they stand (and always have) by their actions and policies.
I think you’re looking for a unicorn - though it sounds like you’re not looking for companies that don’t take positions but companies that don’t take a certain position.

Is there any escape, or partial escape from the wokeness?
What companies do you know of that don't take sides on political social and moral issues?
Also, which of the fund families do you think is least woke?

The landscape for actively managed mutual funds will be increasingly competitive.
Prerequisites for most of the remaining open-end funds (OEFs) will include low costs and good returns.
Some OEFs will continue to exist since corresponding ETFs are not available (this may change in the future).
The shifting landscape will take years to unfold.
Although many mutual funds will be liquidated or merged into other funds, a sizable amount will remain.
I'd argue this is a good development since many unnecessary mutual funds exist.
Investors seeking exposure to a particular asset class or category can analyze OEFs, ETFs, and CEFs to determine the best solution.

LOL (click here)
Markets reacted to the non-sensical statement, so am posting it. What in h*** Yellen is trying to achieve with a statement like that escapes me, unless Powell asked her to sow the seeds of rising rates in investors’ minds prior to the Fed moving.

Ya, crazy. The guy seemed to have a decent reputation but also seemed very intense in every interview I ever saw him in.
Did like his philosophy...his fund was not meant to make you rich but to keep you rich, meaning focus on what can go wrong. I've stated it here before, NO ONE should be surprised when the market is down 40-50% from here...we all kind of know things are way out of kilter, way over valued, distorted, artificial...but yet...we post like we are experts and have a handle on what we are doing...we kinda know it's all a shit show and we can't seem to escape the pull of greed.
Dang shame, he felt the way he did, mental illness, despondency is a terrible thing. He obviously could not stand losing what he worked so hard to build.
Prayers out to him, his family and his friends.
Baseball Fan

If you change the aspect ratio of the Shiller cape, it may change how we think, to some extent (using family history site as graph placeholder).
Tech bubble is quite clear, otherwise smoothish growth w 08-09 dip and recent sick runup, but how odd really, given tina / cheap money? 1980ff.
https://davidrmoran.files.wordpress.com/2021/04/shiller_pe_asprat.png?w=1024

https://www.financial-planning.com/list/bond-funds-with-the-best-15-year-returns
Bond funds with the best 15-year returns
By Andrew Shilling
Managers behind fixed-income funds with the biggest long-term gains nearly double their peers. After a year marked by a global pandemic and near-zero rate environment, their shorter term returns were subsequently even more impressive.
The 20 top-performing bond funds of the past 15 years, with at least $100 million in assets under management, had an average gain of more than 7%, Morningstar Direct data show. Over the past 12 months, the same funds notched an average return of almost 18%.
When considering the bond-market landscape over the shorter timer, it may be hard to fathom the same success in the years to come, says Tom Bradley, managing director and head of capital markets at Miami-based fixed-income software vendor YieldX.
“Last year was an aggressive year for fixed-income performance with global central banks slashing rates as a result of COVID-19, and at the same time re-engaging in secondary market bond purchasing — the perfect combination for high-yield performance,” Bradley says. “Now that markets have plateaued and interest rates globally look grounded (possibly trending higher in the U.S.), fixed income will become a more nuanced sector to invest in as opposed to the ‘rising tide lifts all ships’ mantra of the last few years.”
Compared with broader markets, the iShares Core U.S. Aggregate Bond ETF (AGG), which has a 0.04% net expense ratio, recorded a 15-year gain of just 4.23%, data show. Over the past year, the fund had a gain of 0.32%.
In stocks, the SPDR S&P 500 ETF Trust (SPY) and the SPDR Dow Jones Industrial Average ETF (DIA) have had 15-year returns of 10.20% and 10.28%, respectively. In the past 12 months, SPY and DIA had gains of 50.29% and 45.30%. The funds have net expense ratios of 0.09% and 0.16%.
Morgan Stanley captures surge in retail investing thanks to timely E-Trade purchase
Despite record growth in wealth management, an otherwise rosy earnings report was marred by $911 million loss related to Archegos Capital.

The fine is aimed at the monopoly practice that Alibaba is practicing, not the type of business. Alibaba must not discourage or block other BTB companies when offering the same products or services to the consumers. That is considered anti-competitive practices. There must be more details on Alibaba that the public have not seen.
In the past, Microsoft was fine multiple times in Europe and US when they tied the Windows operating system to the Internet Explorer browser while they are other third party browsers, i.e. Netscape and few others. Microsoft went as far as crippling third party browsers and making them inoperable. I personally like Firefox and later Goggle Chrome for their speed and connectivity. After the court ruling, Microsoft has to sell their OS with debundle browser and allow the consumer to choose their preferred browser. Today Windows 10 OS can run multiple browsers including their own new ones, Edge and Blue Edge.
More info:

Beijing wants Alibaba to stop requiring merchants to chose between doing business with it and rival platforms, a practice known as ‘merchant exclusivity’, which critics say helped it become China’s largest e-commerce operation.
Aside from imposing the fine, among the highest ever antitrust penalties globally, the State Administration for Market Regulation (SAMR) ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect consumer rights.
“The required corrective measures will likely limit Alibaba’s revenue growth as a further expansion in market share will be constrained,” said Lina Choi, Senior Vice President at Moody’s Investors Service.
“Investments to retain merchants and upgrade products and services will also reduce its profit margins.”
SAMR said it had determined Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015.
The practice, which the SAMR has previously spelt out as illegal, violates China’s antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator said.
The probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.
The agency has taken aim recently at China’s large tech giants in particular, mirroring increased scrutiny of the sector in the United States and Europe.

https://reuters.com/article/us-china-alibaba/alibaba-shrugs-off-2-75-billion-antitrust-fine-shares-rally-idUSKBN2BZ01P
Alibaba's anti-trust practice is no differ than those practices used by Standard Oil and AT&T (MaBell) before the breakup into smaller business units.