Thankyou all
You can also report severe side effects to your Healthcare agency and they may forward info to cdc
https://www.cdc.gov/coronavirus/2019-ncov/vaccines/expect/after.html
Adverse Reactions
Up-to-date
https://www.uptodate.com/contents/coronavirus-disease-2019-covid-19-vaccines-to-prevent-sars-cov-2-infection
The following adverse reactions and incidences are derived from the FDA issued emergency use authorizations (EUAs) unless otherwise specified. Refer to EUAs for specific vaccines for information regarding reporting adverse reactions (FDA 2020; FDA 2021c).
>10%:
Gastrointestinal: Diarrhea (Pfizer: 8% to 11% [placebo: 6% to 12%]; higher in younger patients), nausea and vomiting (Moderna: 9% to 21% [placebo: 4% to 8%]; higher in younger patients and with second dose)
Local: Pain at injection site (66% to 90% [placebo: 8% to 19%]; higher in younger patients), swelling at injection site (4% to 13% [placebo: 0.2% to 1.2%])
Nervous system: Chills (Moderna: 5% to 49%; Pfizer: 6% to 35% [placebo: 3% to 6%]; higher in younger patients and with second dose), fatigue (33% to 68% [placebo: 17% to 33%]; higher in younger patients and with second dose), headache (Moderna: 25% to 63%; Pfizer: 25% to 52% [placebo: 18% to 34%]; higher in younger patients and with second dose)
Neuromuscular & skeletal: Arthralgia (Moderna: 16% to 46%; Pfizer: 9% to 22% [placebo: 4% to 12%]; higher in younger patients and with second dose), axillary swelling (Moderna: Including axillary tenderness; 6% to 16% [placebo: 3% to 5%]; higher in younger patients), myalgia (Moderna: 20% to 62%; Pfizer: 14% to 37% [placebo: 5% to 14%]; higher in younger patients and with second dose)
Miscellaneous: Fever (<1% to 16% [placebo: 0.1% to 0.9%]; higher in younger patients and with second dose)
1% to 10%:
Gastrointestinal: Nausea (Pfizer: 1%), vomiting (Pfizer: <1% to 2% [placebo: 0.3% to 1.2%]; higher in younger patients)
Hematologic & oncologic: Lymphadenopathy (≤1% [placebo: <0.1% to 0.6%]; unsolicited) (Polack 2020)
Hypersensitivity: Hypersensitivity reaction (Moderna: Including injection site rash and injection site urticaria; 2% [placebo: 1.1%])
Local: Erythema at injection site (2% to 9% [placebo: 0.4% to 1.1%])
<1%: Nervous system: Malaise (Pfizer)
Frequency not defined:
Dermatologic: Facial swelling (Moderna)
Gastrointestinal: Appendicitis (Pfizer; unsolicited; data insufficient to determine causal relationship)
Hypersensitivity: Anaphylaxis (CDC 2021; CDC/FDA 2021a; CDC/FDA 2021b)
Local: Local swelling (at or near the site of dermal fillers [eg, face or lips]) (CDC 2021)
Nervous system: Bell’s palsy (unsolicited; data insufficient to determine causal relationship)
Neuromuscular & skeletal: Joint injury (shoulder; unsolicited) (Polack 2020)

@Crash Two different Browns: Brown Capital Management vs. Brown Advisory.

Last Sunday, 7 February, all ratings were updated on our MFO Premium site, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Portfolios, QuickSearch, and Fund Family Scorecard. The site now includes several analysis tools, including Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Today, we launched a new tool for premium subscribers: "Dashboard of Launch Alerts."
The "Launches Dashboard" compiles and tracks funds first appearing in our "Launch Alert" feature of the monthly MFO commentary. It follows a format similar to the Profiles Dashboard, but lists funds by alert date, most recent on top to oldest on bottom, since MFO launched in May 2011.
Hundreds of new funds are launched annually (e.g., 590 in 2020), but most are not worth mentioning. David highlights just a dozen or so each year.
When a manager with a strong record leaves an established firm to start anew, David lets us know:

• Andrew Foster created Seafarer Capital Partners, LLC and launched Seafarer Overseas Growth and Income (SIGIX), as discussed in the February 2012
  commentary.
  


• Laura Geritz created Rondure Global Advisors, LLC and launched
  Rondure New World (RNWIX) in 2016.

As he does when an established firm of high stewardship launches a fund in a new market:

• Vanguard Emerging Markets Government Bond Index (VWOB) in the March 2013 commentary.


• T Rowe Price Total Return (PTTFX) in December 2016.

Usually, the Launch Alerts contain a paragraph or two describing why the fund may be worthy. Some are longer than others, a kind of mini-profile:

• Towpath Focus (TOWFX) launched by Mark Oelschlager and highlighted in September 2020 feature.
  

Since 2016, MFO breaks-out Launch Alerts in the new magazine format. Before that, they were included in the long-scroll format.
Many of the funds in Launch Alert have gone-on to do quite well, some spectacularly. While about 1-in-6, as of January 2021, end-up in the dust bin (not shown, e.g., Whitebox Funds).
As an adviser or individual investor, I would check this list often.
Premium subscribers can access the new tool here. QuickSearch, Great Owls, Three Alarm, and Profiles tools remain available to the public without subscription.
Enjoy!

Howdy @JonGaltIII
Since the 2010 census, about 10,000 baby boomers a day (retire, too) have crossed the age 65 threshold and by 2030, all boomers will be at least age 65. From 2019 data the boomers are about 72 million in population. Our house is boomers x 2. While there are now and will be failures of individual holdings within healthcare, I still fully consider this a growth area for equity. These folks will require more maintenance than the under 40 age group, yes? There will be the fails of hospitals, health insurance companies and the best laid plans for the next magic drug. There will likely also be continued mergers and acquisitions of big and small companies in many areas. This sector has had its recent funky periods (2015-2016), so it is not a slam dunk; but I still have faith in the broad sectors.
From the devils advocate perspective, One would have to perform an overview of personal holdings to discover how much exposure your holdings have to healthcare now and how much you desire. The 3 below breakdowns give a hint to health sectors from various funds.
Our own personal perspective is provide equity exposure that is meaningful to performance of the entire portfolio. We generally do not hold less than 10% of total portfolio in a given investment area. Performance may allow this number to become 25%; but this is an individuals judgement; based upon portfolio risk and faith in the sector.
Our healthcare holdings travel the road between United Healthcare and genomics and whatever else is in the mix. The healthcare holdings over the years has more than paid for our supplemental insurance plans via United Healthcare. Invest in what you (and many others) use.
Though FSMEX is currently open, the last hard close was a no-notify close at the end of a business; without a grace period.
Lastly, if one were to have a full tour of various medical areas in a large hospital; you'd be able to view a large number of products from companies where you hold investments.
My 2 cents worth.
Take care,
Catch
AS OF 12/31/2020
FSPHX Portfolio Weight
Biotechnology 24.27%
Health Care Equipment 20.25%
Managed Health Care 18.10%
Pharmaceuticals 18.03%
Health Care Services 8.04%
Life Sciences Tools & Services 6.93%
Health Care Technology 1.51%
Health Care Facilities 1.36%
Application Software 0.65%
Research & Consulting Services 0.29%
Other Diversified Financial Services 0.08%
Investment Banking & Brokerage 0.02%
FSMEX Portfolio Weight
Health Care Equipment 55.23%
Life Sciences Tools & Services 23.09%
Managed Health Care 5.75%
Health Care Supplies 3.90%
Health Care Technology 3.79%
Health Care Services 3.46%
Biotechnology 2.34%
Application Software 0.86%
Insurance Brokers 0.52%
Apparel, Accessories & Luxury Goods 0.38%
Research & Consulting Services 0.36%
Textiles 0.22%
Investment Banking & Brokerage 0.03%
FSPGX Portfolio Weight (likely a typical growth index weighting)
Information Technology 44.88%
Consumer Discretionary 16.67%
Health Care 13.49%
Communication Services 10.99%
Consumer Staples 4.53%
Industrials 4.51%
Financials 1.86%
Real Estate 1.61%
Materials 0.80%
Multi Sector 0.54%
Energy 0.08%
Utilities 0.02%

Interesting reading here. I owned FSELX for a while. I subscribed to the notion that AI will be growing and semiconductors is a prudent long term high growth play. It probably still is but the gyrations with NVidia and Intel - I couldn't take the volatility and sold it. It was probably a mistake. Long term... this is likely a good bet.
Another fund I had was @Puddnhead FSDAX . I bought it 5 years ago before the last administration took office. It was a pure guess that a focus on Defense and build up would be positive for this fund. I did sell it in late 1999 or early 2020 (I can't recall exactly when). Pudd - are you still in it?
I save a little space to speculate in sector funds or "trending" spaces. In 2021 - I'm in EM + Small Cap + Healthcare as my trending...

I'm wary about SPACs (aka "blank check" companies).
When created, they usually don't own any companies so performing proper due diligence is impossible.
Some companies that could not bear the scrutiny of the IPO process are going public via SPACs.
SPAC sponsors may put up relatively little of their own money but often receive a 20% stake after a merger is completed. Speculation is fueling the recent popularity of SPACs.
Sponsors may reap considerable profits, but I don't think this will end well for many retail investors.
Link1
Link2

@msf makes valid points regarding GP’s exposure to certain favorite stocks and the difference between BCISX and GP funds. BCSIX now holds $8B+ spread among 41 positions, holds no international stocks, and is a different animal from any GP fund. Probably due to its growth, BCSIX is no longer a SCG fund, but MCG. When I first bought it, this was not the case. I have never been able to figure out why the Brown Capital method does not work for their MCG fund, BCMSX, a true plodder. If BCSIX can’t stay above the thirtieth percentile in its category, it might be an indication that it’s no longer the winner it once was. I don’t want to sell BCSIX, but I’m adding any new dollars to Driehaus if I want true SCG coverage. I think BCSVX, which has $ I used to have in Grandeur Peak, continues to be a great foreign growth offering.

@bee, thank you for posting. This WealthTrack is particularly informative.
You asked a few questions.
1. Treasury. Low bond yields prevent treasuries to rally on the upside. He suggested holding some longer term treasury since they have lesser correlation to stocks comparing to other bond asset classes.
2. PRWCX is not a risk managed equity fund since all stock and bond positions are long. It is, however, a highly flexible asset allocation fund. Risk managed equity typically have several components within the portfolio to short the market as part of the downside protection. Some examples are listed in Calamos funds below.
https://calamos.com/blogs/investment-ideas/calamos-risk-managed-funds-show-resilience-in-march-madness/
Although Pimco bond funds are not considered hedge funds, they use swaps and other instruments routinely to reduce the drawdowns.
T. Rowe Price does have an alternative fund, Multi-strategy total return fund, TMSRX
quotes.morningstar.com/chart/fund/chart?t=tmsrx
@David Snowball also profiled this fund last year in great details.
https://mutualfundobserver.com/2020/07/t-rowe-price-multi-strategy-total-return-tmsrx/#more-14321
In addition, @Charles Bolin contributed a very nice article in MFO's commentary last year. Table 2 contains lots of alternative funds/ETFs to consider. Charles obtained these information from the MFO Premium Lipper's database.
https://mutualfundobserver.com/2020/09/alternative-and-global-funds-during-a-global-recession/#more-14509

LA Times: The FDA didn’t ‘approve’ Pfizer’s COVID-19 vaccine.
https://www.latimes.com/science/story/2020-12-12/why-fda-didnt-approve-pfizer-covid-19-vaccine-eua

In the case of a vaccine, authorization can be granted if “the known and potential benefits outweigh the known and potential risks,” the FDA says.

Some (most?) people equate that with "generally safe"; I read it as "safe enough".
In anticipation of "look at the evidence" response, here's more from the LA Times:

• It was 95% effective at preventing cases of COVID-19 in both Latinos and non-Latinos.
• It was 100% effective in Black people.
• It was 94% effective in people who were at least 56 years old. (The older you get, the greater the risk of a serious case of COVID-19.)
• It was 95% effective in those who had at least one medical condition that made them more likely to develop a serious case of COVID-19.
• It was 96% effective for people who were obese, another condition that makes people more vulnerable to COVID-19.
Yet none of this was enough for the vaccine to win official FDA approval.

One can certainly disagree with the FDA and assert that the vaccines are "generally safe", i.e. safe for general (not just emergency) use. Everyone is entitled to an opinion.

I have a small position in FSPHX and have had it for a while. I've been taking a closer look at FSMEX and I can't come up with a reason to keep FSPHX over FSMEX. Using premium... PRHSX and SHSAX along with a newcomer I've been watching ETIHX comes up. But it just seems FSMEX is far and away the consistent performer - looking at APR vs. Peer, Ulcer, Martin and DD. It has been outperforming my current FSPHX which had a tough 2020 in the vs. peer category. That said, it's beaten the S&P 500 consistently since it's inception. But so has FSMEX.
Just wondering if anyone has an opinion.

updated:
https://www.sec.gov/Archives/edgar/data/915802/000139834421003133/fp0062314_497.htm
497 1 fp0062314_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated February 12, 2021
to the Fund’s Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 26, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1545440/000139834421003163/fp0062350_497.htm
97 1 fp0062350_497.htm
February 12, 2021
KARNER BLUE BIODIVERSITY IMPACT FUND
Investor Class (KAIAX)
Institutional Class (KAIIX)
ButterflyTM Class (KAIBX)
Each A Series of Ultimus Managers Trust
Supplement to Summary Prospectus, Prospectus, and Statement of Additional Information
dated September 28, 2020
This supplement updates certain information in the Summary Prospectus (“Summary Prospectus”), the Prospectus (“Prospectus”) and the Statement of Additional Information (“SAI”) of the Karner Blue Biodiversity Impact Fund (the “Fund”), a series of the Ultimus Managers Trust. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please visit the Fund’s website at www.biodiversityimpactfund.com or call the Fund toll free at 1-855-KBANIML (855-522-6465).
Closure and Conversion of Shares
Effective immediately, all sales and acceptance of purchase orders for shares of the Investor Class and Institutional Class of the Fund shall be discontinued.
On March 18, 2021, all existing shares of the Investor Class and Institutional Class of the Fund will be converted into shares of the ButterflyTM Class of the Fund (the “Conversion”). There will be no fees charged in connection with the Conversion. After the Conversion, the Fund will offer only a single class of shares – the ButterflyTM Class.
There are no tax consequences anticipated with the Conversion, and no action is necessary on your part to effect the Conversion. Shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
Shareholders may continue to redeem their Investor Class and Institutional Class shares of the Fund on each business day until the Conversion on March 18, 2021.
After the Conversion, all references to the Investor Class and Institutional Class of the Fund are hereby struck from the Fund’ Summary Prospectus, Prospectus, and SAI.
Changes to the ButterflyTM Class Shares
Effective on February March 18, 2021, the minimum initial investment amount for ButterflyTM Class shares of the Fund will be $2,000. References in the Fund’s Summary Prospectus and Prospectus to the ButterflyTM Class’ minimum investment amounts in the section titled “Purchase and Sale of Fund Shares” and in the section titled “How to Buy Shares” are hereby modified accordingly.
Also Effective on March 18, 2021, the ButterflyTM Class of the Fund will be subject to the Fund’s Administrative Service Plan, and may make service fee payments to financial intermediaries for certain administrative, recordkeeping, and other non-distribution related services at an annual rate of up to 0.10% of the Fund’s average daily net assets. The Administrative Service Plan and the accompanying fee, is identical to that which applied to the Institutional Class shares of the Fund, and the section in the Fund’s Prospectus and SAI titled “Administrative Services Plan” should now be read to apply to the ButterflyTM Class of the Fund, rather than to the Institutional Class.
Change to the Investment Adviser’s Address
Effective immediately, the address of the Fund’s investment adviser, Karner Blue Capital, LLC, is as follows:
Karner Blue Capital, LLC
7315 Wisconsin Avenue #650W
Bethesda, MD 20814
All references to the address of the Fund’s investment adviser in the Prospectus and SAI are hereby modified accordingly.
If you have any questions regarding the Fund, please call 1-855-KBANIML (855-522-6465).

https://www.sec.gov/Archives/edgar/data/915802/000139834421003172/fp0062329_497.htm
497 1 fp0062329_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
GRANDEUR PEAK GLOBAL MICRO CAP FUND
GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL STALWARTS FUND
(Each, a “Fund,” and together, the “Funds”)
SUPPLEMENT DATED FEBRUARY 12, 2021 TO THE SUMMARY PROSPECTUS AND PROSPECTUS OF THE FUNDS DATED AUGUST 31, 2020, AS SUPPLEMENTED FROM TIME TO TIME
Effective as of the close of business on February 26, 2021, the Grandeur Peak Global Opportunities Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak Global Micro Cap will no longer accept purchases, from new or existing investors, through financial intermediaries unless the purchase is part of:
●a retirement plan which held the Fund prior to this closure,
●an automatic reinvestment of a distribution made by the Fund, or
●a de minimis annual rebalancing approved by a member of the Grandeur Peak client team.
Also, effective as of the close of business on February 26, 2021, the Grandeur Peak Emerging Markets Opportunities Fund will close to new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund.
The Funds remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds.
The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

#9
"Paying Too Much in Fees
Fees are the silent killer. As Dividend Growth Investor once tweeted:
If you invested $1,000 in Berkshire Hathaway in 1965, by 2009 your investment would have been worth $4.3 million.
If Buffett had set up Berkshire as a hedge fund, and charged a 2% annual fee plus 20% of any gains, the investor would have been left with only $300,000.
That’s a 10x difference because of fees!"
ARTICLE HERE

YES, indeed. This time is different remains in place since the market melt in 2008. These observations have been expressed over the years here. The market melt of 2008 impacted economic sectors, unlike sectors affected today. But, 2008 brought large policy changes for the functions of monetary policy from central banks. These processes are still being sorted today, as to what, where and when. Other investing sectors changes were already in place, and continue now. We know technology continues to impact and the market place has continued to innovate investment choices via more and more thematic oriented placements.
MOTIF was an early player in this space, where one could build there own thematic investment or invest in other existing themes. From a 2020 notification:

After ten years in the investment space, online brokerage platform Motif will be shutting down operations on May 20. The company notified users via email on April 17 in a message saying, “At this time, we've made the decision to cease operations and transfer your account to Folio Investments.”

Anyhoo. Covid brought forth another new era of investing. Unlike the 2008 melt, when one could still go to a restaurant, vacation or whatever else; Covid removed the social functions, and impacting the economies in a whole new fashion.
Then the rise of the "inequality retail traders" via Robinhood, etc. Some of this birth reportedly had roots in the "Occupy Wall Street" movement years ago.
The writer of the article mentions social media and impacts. I fully agree with this thought. Fortunately for him and our house, too; he/we are able to discover some of what is taking place within the 20-40 y.o. groups relative to social media, and what may be of value as related to investing.
We ask questions of some of the younger ones as to what is going on within social media, who and/or what is "trending". As with anything related to what is investment worthy; we attempt to ask the proper question in hopes of receiving a proper answer/observation.
This area (social media) travels at the "speed of electrons". Robinhood and related have and will continue to impact retail markets; and one can be assured that the big institutional houses have likely established folks from the 20-40 y.o. group to keep them informed. If this is not the case, they are missing the investment boat.
>>>This write is for informational purposes only, as I'm not formally trained in economics or psychology.
Regards,
Catch

Good grief! SPCAX has a turnover ratio of 4,249% according to M*. Maybe @msf’s legion of fact checkers/researchers could compute the average holding period for a typical position given that number. IIRC, a 20% TOR results from holding a position for 5 years.

This is one of your more opaque funds, with derivatives, shorts, and 25% of assets in the management company's Cayman Islands subsidiary. And the turnover figure presented represents only a small portion of the portfolio (the few "vanilla" holdings). So I'm afraid that any turnover calculation (even if I could decrypt all of this) wouldn't be meaningful.
From the annual report: "The Commodity Strategies Global Macro Fund may invest up to 25% of its total assets in the subsidiary, a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands." M* reports 25.11% of the portfolio in "Cayman" as of June 30th.
From the SAI:

The Commodity Strategies Global Macro Fund's portfolio turnover rates for the fiscal years ended June 30, 2020, and June 30, 2019 were 4,249% and 5,463%, respectively. ... As defined, the portfolio turnover rate calculation may only include the turnover of "securities" within the Fund’s portfolio .... The calculation does not include the turnover of other instruments in which the Fund more commonly invests, such as commodity futures instruments and other derivatives. The portfolio turnover rate, therefore, only provides a turnover rate on a narrow portion of assets purchased and sold within the Fund’s overall portfolio. The Advisor estimates that if futures contracts and derivatives were included in the calculation, the portfolio turnover ratio for the fiscal year ended June 30, 2020 would have been lower

One would certainly hope that the turnover rate for the whole portfolio is lower!
A few numeric oddities that one doesn't need to be an accounting expert to see:

• the cheaper Institutional shares have underperformed the Advisor shares by 0.02% over the past one and three years;
• while the website says: "[the Advisor] share class includes an explicit 0.25% shareholder servicing fee", the prospectus reports a 0.20% fee; and
• the investor class shares have "other" fees that are 0.19% higher than the advisor class fees (per prospectus)

Hormel Goes Nuts for Mr Buffet's (Kraft Heinz) Mr Peanut...

For Kraft Heinz, which was formed through a 2015 merger orchestrated by Warren Buffett and 3G Capital, the sale will help simplify its operations as the company pursues a cost-cutting plan.

https://bloomberg.com/news/articles/2021-02-11/hormel-to-buy-planters-brand-from-kraft-heinz-for-3-35-billion?srnd=premium

Wrigley’s company now has 42 dispensaries across three states, with 39 in Florida and the rest in Massachusetts and Nevada, with new ones slated to open in Pennsylvania and Texas. To date, it has raised a total of $400 million largely from Wrigley and other high-net-worth individuals. The latest funding round, which closed in 2020, valued the $250 million company (2020 sales) at an estimated $2 billion.

billionaire-beau-wrigley-says-his-cannabis-company-will-be-bigger-than-the-family-candy-business

Thanks@wxman23 for adding to my investment vocabulary. I’d like to know the origin of “stink bid,” if you know it. I do place orders below the bid price, but I did not know the practice was enshrined in an expression. It takes patience and a willingness to wind up with odd lots. I used to invest in CEFs, although nowadays ETFs are more attractive to me. I can say that my investment style has been known to “stink up the joint” on occasion.

I don't know the origin of "stink bid" but the moment I saw it somewhere long ago I knew what it meant! As to trading CEF's, most do ok until a black swan event, when they get crushed, especially those with leverage. Never hold so much that you can't double down when needed. Also know the funds, these animals are owned largely by retail investors who panic at the wrong time, easy to make large gains by timing it right. Then again, I would not invest money I could not afford to lose in most CEFs.

@MikeW Thanks for the heads up. It looks intriguing. I found a brief article on Kiplinger’s from December 2020 about DSCPX:
Davenport Small Cap Focus (DSCPX) Clobbers the Broader Market
It shows it fell right between the two Paradigm funds performance-wise for the past five years. The only concern I have is that its higher turnover (v. PFSLX) might be more of an issue for a taxable account.