As The Shadow has previously noted on this board, DFA is rolling out new ETFs.
However, Heather Bell @ ETF.com observes that there is a newish wrinkle to DFA's announcement. [emphasis added]

Don’t expect DFAU [US Core Equity] and DFAI [International Core Equity] to be the only DFA ETFs for very long, however. The firm just filed with the SEC to convert six of its tax-managed mutual funds into ETFs. That has never been done before, but at least one other firm, Guinness Atkinson, is attempting a similar conversion with one of its mutual funds.

Earlier this month, David provided an update on the G/A conversion, which he originally discussed in his June 2020 MFO article.

https://www.sec.gov/Archives/edgar/data/1444822/000119312520295680/d27997d497.htm
497 1 d27997d497.htm AQR FUNDS
AQR FUNDS
Supplement dated November 17, 2020 (“Supplement”)
to the Class I Shares and Class N Shares Summary Prospectus
and Prospectus, the Class R6 Shares
Summary Prospectus and Prospectus,
and the Statement of Additional Information, each dated January 29,
2020, as amended, of the AQR Emerging Defensive Style Fund (the
“Fund”)
This Supplement updates certain information contained in the Summary Prospectuses, Prospectuses and Statement of Additional Information. Please review this important information carefully. You may obtain copies of the Fund’s Summary Prospectuses, Prospectuses and Statement of Additional Information free of charge, upon request, by calling (866) 290-2688, or by writing to AQR Funds, P.O. Box 2248, Denver, CO 80201-2248.
At a meeting held on November 16, 2020, the Board of Trustees (the “Board”) of AQR Funds (the “Trust”) approved a proposal to liquidate the Fund. Among other things, the Fund was not viable on an ongoing basis. Accordingly, effective 4:00 P.M. (Eastern time) on November 30, 2020, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares.
On or about November 30, 2020, AQR Capital Management, LLC, the Fund’s investment adviser, intends to begin liquidating the Fund’s assets in an orderly manner in advance of the Liquidation Date (as defined below). Proceeds from the liquidation of a Fund’s assets will be held in cash and similar instruments pending distribution to shareholders. As a result, the Fund may deviate from its investment strategies and policies and cease to pursue its investment objective. The Fund may incur transaction costs from liquidating portfolio holdings and performance may be adversely affected from holding cash and similar instruments.
The Fund will declare a dividend to all holders of record on December 14, 2020 (the “Record Date”) consisting of any undistributed income and capital gains (net of available capital loss carryovers). On or about December 18, 2020 (the “Liquidation Date”), the Fund will make a liquidating distribution of its remaining assets proportionately to any shareholders holding shares on the Liquidation Date. The Fund will then be terminated as series of the Trust. Shareholders may redeem their Fund shares or exchange their shares into shares of another series of AQR Funds, subject to any restrictions in the Fund’s Prospectuses, at any time prior to the Liquidation Date.
The liquidation of the Fund is expected to have tax consequences for a taxable shareholder. Any final capital gain dividend will be treated as long-term capital gain, and any final income dividend will be taxable as ordinary income, or as qualified dividend income to the extent of the Fund’s income that so qualifies (which is taxed at the same preferential tax rate as long- term capital gain). The Fund’s final liquidating distribution will result in capital gain or loss to the receiving shareholder. Shareholders should consult their tax advisors concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund has on their tax situation.
We appreciate your investment in the AQR Funds. For more information, please contact the Trust at (866) 290-2688.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE

I 'went to school' market-wise in 2007-08 during the GFC[1] which means that I did little to anything dramatic during the market gyrations of 2020 ....and little if any of that was on impulse or emotion. If anything, I would sell one thing to immediately buy something else on big swoons. I learned a ton about the markets back then -- and also myself, truth be told.
[1] Back when I was still daytrading futures during grad school

Vanguard fund (incl. ETF) cap gains estimates:
https://advisors.vanguard.com/iwe/pdf/taxcenter/FAPYEEST.pdf

Thanks Derf - Found it:
“Assuming the S&P doesn’t erase its year-to-date gain — which it certainly could — 2020 is on track to become another powerful data point in the market history books, which are riddled with examples of price moves in conflict with earnings and valuations.”
Yep - Doesn’t make sense to me either. I don’t predict markets, school others or or control what happens. Just going along for the ride. But really? You could have made more money just today alone invested in a S&P index fund than if you’d bought a 1, 2, or maybe even 3 year CD and sat patiently waiting for it to mature all the while. Really doesn’t make a lot of sense if you believe that fundamentally values are relative.

@hank; Yup you are right , link was a stinker.
Try googling, How the stock market schooled everyone in 2020: Morning Brief
It worked for me . right below 2 ads.
Have a good evening , Derf

Here’s what come up at Yahoo: “Hmmm... the page you're looking for isn't here. Try searching” above.
From the title, it sounds like somebody’s trying to draw some broad conclusions from the year about to end. Maybe they’re going to suggest that “buying the dip“ is a proven strategy? I dunno. On top of 2019, which was a pretty decent year, 2020 is shaping up to be “too good to be true.” I mean how many eggs can the golden goose deliver when cash yields 0 and bonds 2 or 3%?
I’m “frozen in the lights“ so to speak. Not doing anything - except have reduced the speculative positions I opened in March & April. Those specs amount to “gambling“ with my nominal cash reserves when I think there’s a special compelling opportunity. Such was the case in March & April. Admittedly, it was a gamble back than because the news on Covid was nasty,
@Derf - If you have a better link, I’d look forward to reading about whatever it is we’re supposed have learned this year. :)

This gentleman opines:
"The "great rotation" doesn't have to be all that great. In other words, when investors do see a rotation, it may not necessarily mean that all large-cap growth or the "Big 5," i.e. FAAMG, need to be sold.
It could simply mean that large-cap growth and Tech and many of the names seeing multiple expansion with the COVID-19 lockdown spend a year consolidating the gains of the last 4-5 years, as the underperforming styles and sector laggards like Financials and Energy play a little catch-up."
Style-Box Strategy Update: The Great Rotation Begins

Here is one prognosticator's thinking about the durability of the recent value bump.

Notably, the rotation to "value" is likely premature as these companies specifically require a more robust economy to generate revenue and earnings growth. The current environment is not conducive to that. Expect a reversal of the trade soon, and money rotates back towards "pandemic" related companies.

https://seekingalpha.com/article/4389100-market-breaks-out-on-vaccine-hopes-cases-surge
But, at least for a short time FMIJX and some other funds with a value tilt have shown some some signs of life!

another one
https://www.washingtonpost.com/business/2020/11/13/value-investing-growth-investing/

nice smart article
https://humbledollar.com/2020/11/that-sinking-feeling/

LLSCX had a tremendous spike at the end of July 2020; on 7/28/2020 the NAV was 20.03 and on 7/29/2020 it was 29.39. Up by almost 50% in one day! Does anyone know what happened? It looks like an anomalous pricing of an underlying asset which quickly reverted to the mean. If it was a reverse share split it shouldn't have reverted so quickly. Within a few days it was back down into the low 20s.

Semi-month update for limited funds
Observations for one month as of 11/14/2020:
Rates for 5-10 year Treasury went up in the last month
Bonds: Surprisingly, it was good for all the above funds. Several funds in Multi, Non Trad, HY muni, EM, Bank Loans, HY, Proffered made over 1%. Even higher-rated bond funds were up too.
Stocks: did well but QQQ was down after a very strong YTD
My own portfolio
In the last week of October I sold most of my portfolio for the third time this year. When VIX goes above 30-35 and both stocks+most bonds categories are going down it’s a good sign for me to sell. I bought back (IOFIX,JASVX) at 99+% at the beginning of the month. YTD: so far it's the best risk-adjusted return I have ever had.

Mr. Cinnamond just dropped a note, letting me know that they'd succeeded in getting placed on Schwab. No-load, NTF with a $100 minimum.
Assets have been growing slowly, and they're nearly $20 million according to Morningstar. They had a surge of buying during the spring panic but the rebound has forced them back to the sidelines. At the moment, about 25% small cap value, 25% T-bills and 45% cash. Mr. Cinnamond reports that "we continue to find value in areas that carry elevated career risk for most managers, like energy. So we're keeping busy even though small caps on average remain expensive, in our opinion." Up about 16% YTD (pretty much first in its category) but only 0.3% in the last three months (pretty much last in its category).
As to energy: 24% of the fund's equity exposure is energy compared with 2% for its peers. The biggest position is Helmerich & Payne. The firm owns a fleet of oil drill rigs. Natural Gas Services Group, which rents and services compressors, is the second largest energy holding.
As ever,
David

From an email I received today from Rondure Global Advisors:
Dear Investor,
We are pleased to announce Rondure Global Advisors recently added two industry veterans to the team. Lydia So, CFA joins Rondure as a portfolio manager for the Rondure New World Fund (RNWOX) after having spent the past 15 years with Matthews Asia, managing portfolios since 2008. She will have a secondary focus on developed markets outside the US. Karl R.S. Engelmann, a 27-year industry veteran, also recently joined the Rondure Global team as a Senior Vice President of Client Service and Business Development after having spent the past 18 years with Cambiar Investors. He will be responsible for maintaining client relationships and building new relationships in the institutional, bank trust, and retail channels for Rondure.
Said Rondure Global Founder and CEO, Laura Geritz, CFA, “We are thrilled to have two incredibly talented industry veterans join Rondure at such an exciting time in our growth as a firm. Lydia brings tremendous depth of experience in international and emerging markets and shares a similar investment approach that will greatly enhance our quality of research and strengthen our team. Likewise, Karl brings similar depth to the business side of the firm with significant experience in building lasting relationships across all channels. Both Lydia and Karl will be an integral part of the continued growth of the firm and I am excited to work alongside both of them.”
Ms. Lydia So shared, “I am thrilled to join this great organization alongside high caliber people in such a collegial environment. Laura and I share the same investment philosophy and passion for uncovering opportunities anywhere in the world. I believe that an active, all-cap, unconstrained approach is to key to generating long-term success. I look forward to contributing to Rondure and driving long-term results for our clients.”
Mr. Engelmann stated, “I have a great admiration for Rondure’s long-term and disciplined investment approach in finding quality compounders and in the firm's unwavering commitment to clients to deliver a consistent strategy over time. I look forward to helping with Rondure’s continued growth and developing great long-term relationships with our clients.”​
Please click here to read the full release. If you have any questions, please feel free to contact us.
https://www.rondureglobal.com/documents/rondureglobal-pr-20201112.pdf
Sincerely,​
Crystal Gourley
Head of Sales and Client Relations
Rondure Global Advisors
136 S. Main Street, Suite 720
Salt Lake City, Utah 84101
801.736.8555
[email protected]
The objective of both the Rondure New World Fund and Rondure Overseas Fund is long-term growth of capital. ​
RISKS: Mutual fund investing involves risks and loss of principal is possible. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets. ​
An investment in the Rondure Funds involves risk, including loss of principal. An investor should consider objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus containing this and other information, visit www.rondurefunds.com or call 1-855-755-3337. Please read it carefully before investing.
​Wasatch Advisors is not affiliated with Rondure Global Advisors.
​
Rondure Global Advisors and Wasatch Advisors are not affiliated with ALPS Distributors, Inc. Rondure Funds are distributed by ALPS Distributors, Inc. ("ADI"). Crystal Gourley and Karl Engelmann are registered representatives of ADI.
​RON000339 exp. 11/12/2022

Roth money is often mentioned as the last pool of money that one should draw from.

If you often spend more money in your early days of retirement, would you not want to draw on Roth vs traditional to not realize the income for tax purposes?

I personally agree that taxes matter. I presently try to manage my taxable withdrawal verses tax free withdrawals to stay below (or at) the 12% tax bracket. Roth withdrawals have the advantage of being a tax free withdrawal.
Even if one does not need income (equivalent to the 12% threshold) it seems to me that Roth conversions (up to the 12% threshold) make good sense as well. They my be the lowest rates we ever experience going forward.
For 2020 the 12% threshold:
Single = $40,125
Joint = $80,250
H of H = $53,700

@FD1000

I'm not a long term holder but a trader and avoided the big losses of March 2020.

Were they really big losses?
If you had instead, not sold and just held your positions the draw down for JASVX was 6% in March of 2020. By May of 2020 you would have recovered from that loss without timing the market.
Had you been taking monthly withdrawals, those withdrawals would have been impacted slightly over 2 months. Having a 3-6 month cash position for withdrawals would solve that problem.
To be fair, IOFIX and SEMMX have yet to recover. Owning these two funds (that exhibit deep draw downs and slow recovers) may not the best choice for those seeking "yield with safety". I learn this the hard way owning THOPX.

JASVX - Hindsight is a great thing when you can look back until today :-)
I have used PIMIX until 01/2018, SEMMX for most of 2018 and then IOFIX in 2019+2020. HOBIX,JASVX are funds I started using in 2020.
The above are all mentioned on my thread (link)
JASVX - at least one of the managers came from SEMMX but it did much better than SEMMX. I love fresh new funds where the managers can do better.
These funds can have very good risk/reward for months, even years, until markets are volatile and why I exit. VIX > 35-40 is a good indicator of that.

Interesting Week:

The ten worst-performing stocks this year through November 8 were up an average of 23% on Monday and Tuesday!

cws-market-review-november-9-2020

There’s a growth vs value chart in the link that I find fascinating. It shows that as of 11/11/20, on a one-year basis, the growth fund IVW has outpaced the value fund IVE by close to the extreme for the last 20 years. A spread of 34.2% . (!). No thoughts on when that might revert.
The Capital Speculator
What happened today? The markets never move in a straight line.