@Observant1, thank much.
From the best that I can tell, Alan Bond, a frequent guest on Wall Street Week, was last on the show for episode number 2922 broadcasted on 11-26-1999.
"On December 16, 1999, the Securities and Exchange Commission sued New York pension fund manager Alan B. Bond for fraudulently receiving over $6.9 million in kickbacks from brokerage firms..."
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-16394
"On June 10, 2002, former money manager Alan Bond (Bond) was convicted of six counts of federal criminal investment adviser fraud and wire fraud. Bond's conviction related to a "cherry picking" scheme in which Bond illegally allocated profitable trades to his own personal account and allocated the vast majority of unprofitable trades into client accounts that he managed through his money management firm, Albriond Capital Management, LLC (Albriond)"
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-17560
"On February 11, 2003, United States District Court Judge Leonard Sand sentenced investment adviser Alan Brian Bond (Bond) to a prison term of 12 years, 7 months and ordered him to pay $6.6 million in restitution, with possible additional restitution, for his role in both a kickback scheme and a trade allocation or "cherry picking" scheme..."
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-18018

Liz Ann Sonders
* 02/2019: Market may be ignoring risks of an earnings slowdown (https://www.kbzk.com/cnn-business-consumer/2019/02/13/market-may-be-ignoring-risks-of-an-earnings-slowdown/)
Reality: the SP500 made 31.2%
=============
06/2020: In her 2020 Mid-Year Outlook, Liz Ann Sonders, Chief Investment Strategist at Charles Schwab offers a word of caution for the short-term but strikes an optimistic tone for long-term economic progress.
It is safe to expect elevated volatility through the remainder of the year as economic numbers remain depressed while the newly kickstarted economy may sputter with a second wave of coronavirus outbreak.
However, this pessimism is balanced with potential economic surprises and continued advances in treatments and vaccines for the virus. (link).
Reality: The SP500 made 24% during 06-12 of 2020.
=================
03/2022 (link)
Actions in stocks: The actions: Particularly during times of uncertainty, diversification across—and within—asset classes and sectors is of paramount importance. Given the expectation of continued bouts of volatility, especially at the sector level, resist the temptation to try to predict sector leadership and instead focus on shoring up your stock portfolio’s quality characteristics.
Actions in bonds: As central banks adopt tighter policies and yields move higher, consider looking for potential opportunities to add to your intermediate- and long-term bond holdings.
In particular, a bond ladder—in which you buy bonds with staggered maturities and reinvest the proceeds in new bonds as each one comes due—can be an effective way to increase the yields in your portfolio over time.
Reality: She missed it all. Bonds had one of the worst year in decades and stocks were in bear market.
=================
12/2022 (https://www.businessinsider.com/charles-schwab-liz-ann-sonders-invest-markets-stocks-recession-book-2022-12)
Reality: Her narratives were pretty weak. You didn't have to do anything special. The SP500 made 26.2% in 2023.
===================
12/2023: The stock market probably has an okay year if we get more stability and less uncertainty with regard to monetary policy and, in turn, inflation and interest rates.
(link).
Reality: The SP500 made more than OK, 24.9%
===================
I can summarize her narrative over the past several years like this:
Valuations are high
Markets carry risk
Stick with good companies
I have no idea what the market will do, but it’ll be fine
(After all, since 1980, the S&P 500 has been positive about 80% of the time.)
I'm a Chief Investment Strategist, but since I’m an economist, I’ll mostly focus on the economy — even though it doesn’t have a strong correlation to how stocks or asset categories perform over the next 3, 6, or 9 months… which is exactly what most investors care about..

listening to a podcast yesterday and the guy was only in favor of it in 401k's as part of a target date offering like the state street + TDF's.
he justified its use by saying pension funds buy a ton of private equity and the 401k removed a lot of that capital to be available to PE.
again, to me its unnecessary and largely a way to get into the pockets of investors.

LOLs all around!
I am in a holding pattern with 58% equities and more cash than ever. I perceive the recent surge of U.S. market gains as mainly based on retail investors buying into smoke and mirrors. If I am wrong, I am still sitting at what is a good safe allocation for a person very close to retirement. If I am right, I will add 2-7% to equities in a downturn, and add to bond oefs/cefs, as indicated.

Hi all, I was curious about Capital Group's new ETF's and if they are in any way related to a mutual fund counterpart, so I went through the holdings and also put the fund's in portfolio visualizer asset correlation to see. its not perfect, but it's something I'd thought I'd share in case anyone else was curious. some are twins or near twins, while others I call sister funds. some have no obvious OEF to match.
Global large blend
CWGIX sister CGDG
AGVFX twin CGGE
Global large growth
ANWPX sister CGGO
ANEFX none
Global Small Cap
SMCWX none
International Large blend
IGGAX twin CGIC
International Large Growth
AIVBX twin CGIE
AEPGX sister CGXU
International Emerging Markets (they add some large US to these btw)
NEWFX twin CGNG
DWGAX none
US Large Value
AMRMX twin CGCV
CGVV none
US Large Blend
AIVSX sister CGUS
ANCFX none
AWSHX sister CGDV
US large Growth
AGTHX sister CGGR
AMCPX sister CGGG
Balanced Fund
ABALX sister CGBL
US small/ midcap
CGMM none

Interesting, since TRP still shows it closed.
https://www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/capital-appreciation-fund.html

497 1 wavelength497.htm 497
July 23, 2025
ULTIMUS MANAGERS TRUST
WAVELENGTH FUND
(WAVLX)
Supplement to the Summary Prospectus and Prospectus,
each dated September 28, 2024
This supplement updates certain information in the Summary Prospectus and Prospectus of the Wavelength Fund (the “Fund”), a series of Ultimus Managers Trust, to revise information contained therein as described below. For more information, or to obtain a copy of the Summary Prospectus or Prospectus, free of charge, please contact the Fund at 1-866-896-9292.
Effective July 31, 2025, the Fund will change its distribution frequency from quarterly to monthly.
The following disclosure replaces in its entirety the first sentence in the second paragraph in the section entitled “DIVIDENDS, DISTRIBUTIONS AND TAXES” on page 34 of the Prospectus:
The Fund expects to distribute substantially all of its net income to shareholders on a monthly basis and its net realized capital gains to shareholders at least annually.
Effective July 31, 2025, the Fund will reduce the minimum initial investment from $10,000 for regular accounts to $2,500 for regular accounts.
The following disclosure replaces in its entirety the first two sentences in the section entitled “PURCHASE AND SALE OF FUND SHARES” on page 8 of the Summary Prospectus:
PURCHASE AND SALE OF FUND SHARES
Minimum Initial Investment
The minimum investment is $2,500 for regular accounts.
The following disclosure replaces in its entirety the second paragraph in the section entitled “HOW TO BUY SHARES – Minimum Initial Investment” on page 26 of the Prospectus:
Minimum Initial Investment
The minimum initial investment for regular accounts is $2,500. This minimum investment requirement may be waived or reduced for any reason at the discretion of the Fund.
If you have any questions regarding the Fund, please call 1-866-896-9292.
Investors Should Retain this Supplement for Future Referencehttps://www.sec.gov/Archives/edgar/data/1545440/000158064225004429/wavelength497.htm

@Crash
You seem to be very fond of T. Rowe Price.
Not that there is anything wrong with that...

That’s normal. When I moved on to a Fidelity brokerage account (around 2020) I maintained large holds in 3 or 4 TRP funds. Over time I learned ”There is life after T Rowe Price”. Today I own none. Top holdings today: Cohen & Steers, Blackrock, Calamos, Oakmark, Gabelli (GAMCO).
”Variety is the spice of life.”

No regrets. I like ideas. What people may do with information is their own responsibility. FR/BL funds have taken a breather. We shall see if they resume their gains. My interest in them is as you stated, a transitionary move, as a cash sub.
I am late to both BL funds and EM/INTL this year. No worries though, I haven't lost a cent, yet.

Great Article from T. Rowe Price:
Insights:

— There are alternatives to the conventional strategy of drawing on a taxable
account first, followed by tax-deferred accounts (e.g., Traditional individual retirement
accounts) and then Roth accounts.
— A variety of strategies can be employed at different phases of retirement, such as
filling low tax brackets, taking tax-free capital gains, and executing Roth conversions.
— Coordinating a withdrawal strategy and a Social Security claiming strategy can
drive even more tax efficiency than either approach alone.
— If planning to leave an estate to heirs, consider which assets will ultimately
maximize their after-tax value.

Link to Full Article:
how-to-get-more-out-your-retirement-account-withdrawals.pdf
Video on the subject from Rob Berger:

@WABAC, if you look at Tether quotes for ALL times at CNBC, Tether got badly un-tethered in 2014, but has been quite stable around 1.00 since 2020.
Unfortunately, some other stablecoins didn't fare as well in the unregulated environment and many people lost money. But now, the prices will matter only after the effective date of the GENIUS Act - 120 days after final regulations are issued, or 1/18/27 (18 months after 7/18/25), whichever is earlier.
IMO, with major stablecoins such as Tether ($162 billion market-cap), USDC ($65 billion market-cap), etc, may be as good as the true effective date after 7/18/25.
Those who travel a lot may appreciate the value of a stablecoin account that can be accessed anytime (24/7) from anywhere in the world, rather than carrying around cash $s or global ATM cards (Schwab or Fido - no ATM fees).
Note the 24/7 aspect - bank account access is limited to bank business days, and money-market fund access is limited to market business days (some may remember that, technically, the money-market funds were unavailable for almost a week after 9/11 until the Fed told the banks that it was OK to fly blind for a week for good customers). Credit cards overseas can be hit with up to 4% transaction fees plus 3% currency exchange fee - that's 7% hole right at the start. BTW, even cash $ isn't accepted in many countries now (I know about India) UNLESS one goes to a central bank branch (not any bank) to exchange it.
https://www.cnbc.com/quotes/USDT.CM=

For a firm that prides itself on penny-pinching and low-cost indexing, Vanguard’s leaders sure seem to be stuffing their bank accounts with a lot more than pennies."
Vanguard employees, including its CEO, are just that - employees. If you believe in an efficient market, then you either pay market rate to get good employees or you provide some other compensating incentive. For example, many people work for lower pay in government or in teaching or at a variety of other places because the difference they feel they can make has value to them. Others may stay with a company even though they can get more elsewhere because they are comfortable with "the familiar".
Vanguard has been falling behind the industry in ease of use, quality of service, and cash management features. I'm sure others can construct a long list of additional areas for improvement. That suggests a need to turn more actively toward the outside for "new blood".
Which is what Vanguard has been doing lately. That means paying "near" market rate wages. As Bloomberg reports: "Insiders say Vanguard is offering pay packages that, while not quite New York-level, nonetheless amount to big money in Malvern. "
Just because Vanguard is private doesn’t mean it can’t disclose compensation details.
Just because Fidelity is private doesn't mean it can't disclose Abigail Johnson's compensation details.
Let's look at that compensation. Vanguard's Partnership Plan was created decades ago by John Bogle.

When Bogle founded Vanguard in 1975, he said he set out to be "the world's lowest cost provider of mutual funds." As the firm grew, however, he found that some of his employees were afraid their wages would be kept down to achieve this goal. By 1984, he felt Vanguard was successful enough that he could find a solution to that problem, and it's how he ended up with the Partnership Plan.

https://www.businessinsider.com/jack-bogle-vanguard-partnership-plan-career-landmark-2019-1
As at other companies, the higher the level the employee, the greater the percentage of compensation that comes from "profit sharing". (The BI piece describes how Bogle created the Partnership Plan to approximate profit sharing at for-profit companies. See below.) The amount of these bonuses wax and wane. The same IVA writer (Jeff DeMaso) who this month complained about "Vanguard’s Partnership Plan: Big Profits ..." last year reported "Vanguard’s Profit-Sharing Stalls Out". Does he have a point or is he filling column inches?
DeMaso says that " It’s Vanguard’s asset growth—not fund performance—that matters." That sounds like it's just sales that are getting rewarded. It also sounds different from what Bogle wrote (see cited BI piece): What matters is "the difference between Vanguard's expense ratios (the percentage of a fund's earnings that go toward operational expenses) and those of their largest competitors applied to Vanguard's assets under management, combined with the extra returns due to funds' performance.
I don't know whether Vanguard will turn itself around. Its metaphor for itself used to be a ship. It's a large tanker that can't turn on a dime. I hope it succeeds.

For the curious. The information is presumed accurate.
Investing in private equity through a 401(k) plan is a relatively new and evolving concept that has generated discussion among investors and industry professionals.
Here's what to know:
Potential Benefits:
Higher Returns: Private equity has historically shown the potential for higher returns compared to public markets, according to SmartAsset. Private equity funds have delivered an average annual return of 13.1% over the previous 25 years, compared to the S&P 500's average return of 8.6% during the same period. This outperformance is often attributed to private equity's focus on undervalued companies, real estate, and infrastructure, which may be less exposed to market volatility.
Diversification: Adding private equity to a 401(k) can provide diversification beyond traditional stocks and bonds, potentially mitigating risk and offering exposure to assets less correlated with public markets.
Access to previously inaccessible assets: For individual investors, private equity investments have traditionally been limited to institutional and high-net-worth investors due to high entry barriers and complexity. Expanding 401(k) options could provide access to these alternative investment vehicles.
Potential Risks:
Illiquidity: Private equity investments are illiquid, meaning they are difficult to sell quickly or easily, often requiring capital lock-ups for several years. This can be a concern for individuals needing quick access to their retirement savings.
High Fees: Private equity funds typically charge higher fees compared to traditional mutual funds and ETFs. These fees can erode returns, especially over the long term. Private equity funds often charge a management fee (around 2%) plus a share of the profits (around 20%).
Complexity and Lack of Transparency: Private equity involves complex investment strategies and less regulatory oversight and transparency compared to publicly traded assets, making it harder to assess and value these investments.
Volatility: While long-term returns may be higher, short-term fluctuations in private equity valuations can be significant.
Regulatory Landscape and Future Outlook:
The Department of Labor (DOL) has issued guidance regarding private equity investments in 401(k) plans, allowing their inclusion within professionally managed funds like target-date funds.
However, the DOL also emphasizes the need for fiduciaries to carefully consider the risks and ensure appropriate safeguards, including disclosure, valuations, and addressing liquidity concerns.
Recent reports suggest potential further loosening of regulations, potentially allowing more direct access to private equity within 401(k)s. This has generated debate about the appropriate balance between expanding access to potentially higher returns and protecting retirement savers from undue risks.
Some major investment firms, including BlackRock and Empower, are already planning to offer private equity options within target-date funds or other professionally managed 401(k) options in the near future. BlackRock estimates that adding private assets could boost returns by approximately 50 basis points per year and increase the total value of a 401(k) by 15% over 40 years.
Important Considerations for Investors:
Consult a Financial Advisor: It is crucial to seek advice from a qualified financial advisor to understand the complexities and risks involved before considering private equity investments in your 401(k).
Risk Tolerance and Time Horizon: Private equity is generally suited for younger investors with a longer time horizon and a higher risk tolerance, as it involves greater volatility and illiquidity.
Fees and Liquidity: Carefully evaluate the fee structure and liquidity terms of any private equity fund before investing.
Diversification and Allocation: Consider a limited, strategic allocation to private equity within a diversified retirement portfolio, as advised by financial professionals. Some experts suggest limiting private market exposure to 5-10% for most investors.
AI responses may include mistakes. For financial advice, consult a professional.

As we all know, as has been stated here many times, there are a lot of variables affecting a portfolio mix.
I offer this 19 year old real world example for a 529 for a view over time.
This is a self-directed account started at 50/50 equity/bond with a mandatory rebalance every September. The funds currently used are VITPX and VBMPX. These institutional tickers have changed a few time over the years, but still remain as TOTAL U.S. for holdings for each fund.
The included GFC period is: 2006-2009 (4 years).
VITPX was -3% for the period (max drawdown was about -43% for a brief period)
VBMPX was +23% for the period
---A blended annualized of +5% for this period.

YTD     3yr        5yr     10yr     15 yr
5.40%    10.55%    7.2%    7.2%     8.3%

For the full period, 7.65%. Definitely acceptable.
A true LAZY portfolio. But, this was fashioned for capital protection; as portfolio changes were limited to 1 per year initially, and now 2 per year. This was not an account we wanted to play 'cowboy' with.
Well, anyway; have a nice evening.
Catch

For some reason, CGXU, Capital Group’s older international ETF, has been a bit sluggish. Compared to the relative performance of the other ETFs CG brought out in the first batch, like CGDV, GGGR, and CGGO, CGXU has not been great. I currently own BINV. I think that DIVI is also a good choice.

I like funds with a => five year history so that I can look at performance from 2020 and 2022. With that in mind, DIVI, EPDIX, and EPVIX are at the top of the list for my IRA. The two OEF's are awfully expensive.

Anyone bought Capital Group International Core Equity ETF CGIC?
This is from Morningstar,
“The Best International-Stock Funds” by Tori Brovet
Jun 16, 2025
https://www.morningstar.com/funds/best-international-stock-funds

WABAC,
Ben states that research proves that you should be fully invested, use index funds and asset allocation to match risk profile. Of course I don’t listen to that after getting burned 45%, 50%, 25% in 2000, 2008, 2020, etc.

I've been known to post things to bump the conversation along. :) Plus, you find out who reads the links. ;)
Given the nature of his headline, I was surprised to read that he saw any virtue in dividends at all. But since he's Canadian, he has to deal with all the fans of their bank stocks.

WABAC,
Ben states that research proves that you should be fully invested, use index funds and asset allocation to match risk profile. Of course I don’t listen to that after getting burned 45%, 50%, 25% in 2000, 2008, 2020, etc.

@DrVenture. These funds have certainly held up the past few years. Since January 2022, beginning of the current Great Normalization market cycle, all returned about 6% annually despite drawdowns in 2022 from -3% to -6%. Since COVID in January 2020, most returned about 5% annually, but incurred drawdowns of -11% to -15%.
I expect Junkster (and FD1000), however, would exit once any of these rolled more than a percent or so, if that.