https://www.heraldmailmedia.com/news/state/t-rowe-price-2020-midyear-market-outlook-path-ahead-for-financial-markets-depends-on-how/article_356ab962-38a8-59d3-8fc8-91f3dd26301c.html
T. Rowe Price 2020 Midyear Market Outlook: Path Ahead For Financial Markets Depends On How Quickly Global Economies Navigate Through Pandemic
By T. Rowe Price Group, Inc. Jun 23, 2020
BALTIMORE, June 23, 2020 /PRNewswire/ -- The longest equity bull market in history came to a sudden and shattering end in March as the Covid-19 pandemic killed hundreds of thousands of people worldwide, forced governments to impose a strict and prolonged quarantine of citizens, and plunged the shuttered global economy into recession. By mid-June, some countries began to emerge from quarantine, leading to concerns about a second wave, while some developing market countries continued to see a troubling rise in new infections. The global economy and markets are likely to remain volatile as scientists race to develop effective treatments and to deploy a vaccine in mass quantities, potentially sometime in 2021.

https://www.marketwatch.com/story/retirees-it-may-be-time-to-ditch-your-investment-strategy-11593008864
Outside the Box
4 ways to build your wealth and make it last longer
Retirees: It may be time to ditch your investment strategy
By Jonathan Clements
What to do with your money now that yield has dried up?
They’ve long been endangered, but 2020 may mark their demise: After four decades of falling interest rates, it seems safe investments offering attractive yields have finally disappeared.

Can’t get over the fascination with “income” in an extremely low rate environment where U.S. government AAA paper is yielding practically nothing (0.65% this morning on a 10-year bond). Let’s go out a bit on the credit spectrum and assume maybe 2% on a top tier cooperate bond. If you expect those returns to put food on your table over time - best plan to plant a garden.
Don’t get me wrong. More highly speculative bonds can be held or “played”, along with income producing equities, as part of a broader plan, but the income thrown off from those isn’t the “Steady Eddy” guaranteed stream from month-to-month most would desire or expect in an income generating vehicle. Expect dry spells along the way if going lower down on the credit ladder.
What seems clear (to me anyway) is the importance of diversifying into an assortment of asset classes, which working together can produce more or less reliable capital appreciation over time. There will be dry spells of course. Think like the major hydro-electric players do and build in some “peak demand reservoirs” you can open the spickets on during those dry times, draw down, and than turn the spickets back off and let the reserve slowly build back up to full capacity during better times. Some use cash as that reserve. But it needn’t have to be cash.
Think of portfolio construction as: low risk (relatively stable) components, moderate risk components, value-based components, and growth / speculative components. The latter two will stand you well when the flood gates are wide open and the waters sre surging. David is intending to review TMSRX in the July Commentary . Before going “hog-wild” loading up on income funds that return pennies on the dollar, take a look at that one to see where might fit in. I wouldn’t buy an old favorite TRRIX right now, but there’s a fund that originally was named “Retirement Income Fund” (despite maintaining a 40% equity allocation) - just to show you how the definition and approach to income generation may be expanded.
Added : Reverse mortgages as an income stream? I guess. But it would be hard to call one “income generating” since in essence you’re “Robbing Peter to Pay Paul“. Net-Net the lender gains and the borrower ends up with little or no home equity. To me, home equity is an asset just like a stock, bond, ounce of gold, mutual fund, etc. Don’t misunderstand me. For some people they may make sense. Just questioning how they’re apparently being viewed here.

Reverse mortgage - Tom Selleck says he trusts them.
YouTube channel (!)
Are dividends and cap gains listed?

Hello
sorry to be political. I think there is maybe a LARGE blue wave in Nov 2020 according to PBS/ABC CNN CNBC and MSNBC probably Biden wins 360 to 178 according to many polls/predictions today. Biden is leading by 10-12 points overall in all states and also tied in Az, GA, Tx. Huge lead in Mn + 17. Think Biden may have better healthcare and free for all, Ms Harris will oversee "undertable" it as VP. Biden has >60s% chance of winning US Election today.
Stock may not do well though next year because Biden not very friendly toward Corporate Americans. If biden win I will buy more real physical gold, maybe another uprising and US may turn into ?? Marxist Environments and market crash maybe in late 2020 early 2021 because of 2nd wave covid and tanking enconomies..
I will sit this election out. These crumps/idiots running are bad for us. Wish Pete, Andrew Yang or Bush Juniors were still running I would vote for them.
Senate/House/Potus Democrats may not be good for US -No checks nor balance.

updated:
https://www.sec.gov/Archives/edgar/data/1027596/000089418920004855/oshaughnessy497eliquidatio.htm
497 1 oshaughnessy497eliquidatio.htm O'SHAUGHNESSY 497E
O'Shaughnessy Small Cap Value Fund
Class I: OFSIX
Supplement dated June 15, 2020 to
Prospectus dated November 28, 2019
O’Shaughnessy Asset Management, LLC, the Advisor to the O’Shaughnessy Small Cap Value Fund (the “Fund”), has recommended, and the Board of Trustees of Advisors Series Trust has approved, the liquidation and termination of the Fund. This decision was made due to the unfavorable economies of operating a small fund with no realistic prospect for future growth.
The liquidation is expected to occur after the close of business on July 27, 2020. Pending liquidation of the Fund, investors will continue to be able to reinvest dividends received in the Fund.
Effective June 16, 2020, the Fund will no longer accept purchases of new shares. In addition, the Fund’s Advisor will no longer be actively investing the Fund’s assets in accordance with the Fund’s investment objective and policies and the Fund’s assets will be converted into cash and cash equivalents. As a result, as of June 16, 2020, the Fund will no longer be pursuing its stated investment objective. Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus. Accounts not redeemed by July 27, 2020 will automatically be closed and liquidating distributions, less any required tax withholdings, will be sent to the address of record.
If you hold your shares in an IRA account directly with U.S. Bank N.A. you have 60 days from the date you receive your proceeds to reinvest your proceeds into another IRA account and maintain their tax-deferred status. You must notify the Fund or your financial advisor prior to July 22, 2020 of your intent to reinvest your IRA account to avoid withholding deductions from your proceeds.
Please contact the Fund at 1-877-291-7827 or your financial advisor if you have questions or need assistance.
Please retain this Supplement with the Prospectus.

https://cnn.com/2020/06/23/tech/wirecard-ceo-markus-braun-arrested/index.html

Wirecard (WCAGY) acknowledged on Monday that €1.9 billion ($2.1 billion) in cash included in financial statements — or roughly a quarter of its assets — probably never existed in the first place. The company withdrew its preliminary results for 2019, the first quarter of 2020 and its profit forecast for 2020.

I can't tell you the number of times I've seen this company as a top holding at international small cap funds such as Wasatch's, Artisan's, Oakmark's and Grandeur Peaks. Although I don't think it's a top holding anymore, this CEO Braun has been in charge for many years and I wonder as with the Sequoia Fund/Valeant and Oakmark/Washington Mutual cases what it says about active management that such frauds go undetected for years. Active fund managers get paid a lot of money to ostensibly do deep research on companies. Yet when these scandals happen you usually don't hear boo about it from them, and I wonder if they either completely missed the fraud despite their deep research or, worse, kept quiet about it. Do managers/analysts report financials that look weird to authorities? And why do they so rarely say anything about the fraud after the fact? I'm not pointing at any particular manager. I'm saying this in general always makes me a little more skeptical about managers' abilities. It seems like this fraud may have been ongoing for years, just like it was in the other examples.

https://www.google.com/search?source=hp&ei=7QPyXuGCHMGGsQXLy7WACg&q=The+Big+U.S.+Stock+Indexes+Are+Telling+Different+Stories&oq=The+Big+U.S.+Stock+Indexes+Are+Telling+Different+Stories&gs_lcp=ChFtb2JpbGUtZ3dzLXdpei1ocBADMgUIIRCrAlDjEljjEmCRG2gAcAB4AIABjgKIAY4CkgEDMi0xmAEAoAECoAEBsAEA&sclient=mobile-gws-wiz-hp
Incognito
The Big U.S. Stock Indexes Are Telling Different Stories from www.wsj.com
4 hours ago · A surge in big technology stocks has helped the Nasdaq Composite rally 12% in 2020, while the Dow Jones Industrial Average of blue-chip stocks is down 8.8%. The benchmark S&P 500 is hovering in between them, off 3.5%. The Nasdaq's advantage over the Dow and S&P 500 is the biggest since 1983
Seems market not hunkered down as expected

John’s been betting on economic and stock market collapses forever. We finally got the 30% bear market he’s been prophesying for about ten years and 20,000 Dow points. Unfortunately, it only lasted like two weeks and the market immediately rebounded. That’s got to be frustrating, waiting all that time to be right and then being right for a different reason and then it comes and goes in a blink anyway…

something-to-hate-for-everyone/
Hussman's Petition:
house-committee-on-financial-services-senate-banking-committee-stop-the-federal-reserve-from-printing-money-to-buy-junk-bonds?

https://www.forbes.com/sites/stevevernon/2020/06/19/learn-about-the-many-types-of-retirement-income-generators/#3e69b1e48a52
Learn About The Many Types Of Retirement Income Generators
There are many types of retirement income generators (RIGs) that each produce different amounts of retirement income. My Retirement Income Scorecard compares the amounts of retirement income that are possible for 10 different RIGs, which is one consideration for choosing a RIG or combination of RIGs to build your retirement income portfolio.
Social securities
Fixed incomes products
RMD from 401k
Annuities
Bond and bond funds

Creating Portfolios That Are ‘Not for the Faint of Heart’
https://www.nytimes.com/2020/06/20/business/retirement-portfolios.html
https://www.google.com/search?q=Creating+Portfolios+That+Are+‘Not+for+the+Faint+of+Heart’&sourceid=chrome-mobile&ie=UTF-8
Savers who want to build their nest eggs without relying solely on the stock market have other options. The pandemic is testing their skills.
Couple of good ideas mentioned for investing
Gold
Private real estates
reits

perhaps of interest; taken, though not verbatim, from email and docs making the rounds at GS
Subject: Some assorted market stats and anecdotes about what has happened in the last months

It has been a few months of records. They say a lot about the relationship between risk-taking by economic policies and financial conditions.
1. 2020 has likely featured the sharpest -- but the shortest -- recession in US history (certainly since the 1850s for the US, and since WWII on a global scale).
2. in turn, we’ve just seen the strongest rally out of a bear market since ... 1932.
3. the US alone had conducted $2.3T of QE in the past three months (Treasuries + mortgages). For those keeping score at home, that’s an average of around $35B of bond buying per business day since mid-March.
4. GIR expects zero interest rates in the US for several more years -- until the economy reaches 2% inflation and full employment -- which is perhaps not until 2025.
5. largely thanks to fiscal support, GIR expects US disposable income to grow 4.0% in 2020.
7. USTreasury planned to borrow $3T in Q2 alone; despite that supply glut, we’re just off the alltime low yields in US 2y notes and 5y notes.
8. in that same general context, US 30yr mortgage rates are down to alltime lows .
9. the past six weeks have seen the largest amount of global equity issuance on record, at $205B.
10 and 11 are driven by the Fed purchases of corporate bonds:
10. March saw record outflows from corporate bond funds (-$42B); we’re now witnessing record inflows to corporate bond funds (+$85B since the start of April).
11. it’s not just that we’re witnessing record new issue in the credit markets, it’s that we’re also seeing record low corporate financing costs (e.g. AMZN raised $10B of capital at the lowest 3/5/7/10 and 40y yields ever).
What is the rationale for buying 40y bonds now? Don't they want more flexibility? Don't they think that there is a high probability that underlying conditions will change well before 40 years?
One possible explanation: as yields get lower, investors have to go out the yield curve (thus take more duration risk) in order to obtain higher yields (think of a pension fund that needs to generate a fixed return). This would be one example of the portfolio-rebalancing effect of QE. Also note that few investors ever hold bonds to maturity, and a 40y bond would "enjoy", because of its longer duration, a large price appreciation should interest rates fall further (of course the opposite is true if rates increase). Recall that, in 2018-19, the Austrian 100y bond doubled in price as yields declined from 2 percent to 1 percent.
So this would be investors betting that interest rates will not increase from here and may decline further.
12. March saw record outflows from equity mutual funds and ETFs; one can argue we’re now seeing legitimate signs of retail investor euphoria (e.g. a record # of account openings at US retail brokers).
13. subject to interpretation: the market cap of MSFT is larger than the entire US HY market.

I have read all of Swenson's books ie "Pioneering Portfolio Management" and worked very hard at trying to find funds or ETFs that could possibly duplicate his "private equity" and absolute returns and venture capital.
In a word there is no retail alternative. sure now a days you can find funds that mange these strategies, but you can't find ones that produce the results Yale can demand.
One of my son's friends dad worked with Swenson and he explained their due diligence to me once a while ago. It is extensive and lengthy and they have resources to find the best mangers that you and I can not even dream of.
Maybe prompted by intense interest from individual investors, Swenson wrote a book with asset allocation advice for individual investors "Unconvential Success"
It has good advice ala Buffet. Index funds wide diversification and as I remember mostly SP500 REITS Treasuries. Worth reading but it will not let you invest like Yale
I am not sure why you would want to because their recent returns have not been stellar ( 6% in 2019) , but then unless you are buying FANGMA you are in the dust like everybody else.

Please read the whole tragic story:
https://www.cnbc.com/2020/06/18/young-trader-dies-by-suicide-after-thinking-he-racked-up-big-losses-on-robinhood.html
Quoting the article:
"It was less than 24 hours after Alex had checked his account at the wildly popular trading app, Robinhood. In his note, he said he thought he had quickly racked up a negative $730,165 cash balance. But Alex may have misunderstood the Robinhood financial statement, according to a relative.
“He thought he was exposed, he thought that ending his life would protect his family from the exposure,” Bill Brewster, a cousin by marriage and an analyst at Sullimar Capital, told CNBC in a phone interview. “He got on his bike and never came home.”

Here is the current "trending toward the mean" thinking from GMO (similar to Grantham's thinking) in the form of their 7 year real return projections for May 2020:

https://gmo.com/americas/research-library/gmo-7-year-asset-class-forecast-may-2020/

https://finance.yahoo.com/news/president-trump-is-great-for-your-401-k-strategist-162344939.html
President Trump is great for your 401(k): strategist
The verdict is far from certain here, but Wall Street strategists continue to believe President Trump winning re-election would be better for your longer-term investments than a president Joe Biden (and most definitely, a “blue wave” sweeping through the House and Senate).
Does anyone know of Biden's 401K, lots pundits are guessing more Taxations?
IMHO we are at 2016 crossroads again, two candidates that not many folks are enthused about. Wish We had Pete in there, maybe much better
At the end of the days, nothing much would change voters' minds given these crisis situations
2020 Viper/Dumper debate:
"Trump would have trouble getting down the ramp. Biden would just smell his hair"

I wanted to see how common has been to experience a double-dip recession historically to see if there is any precedent. Following the 2008 crisis, there were plenty of double-dip predictions that never came to pass and we eventually saw the longest expansion in history.
and,
The biggest risk that could cause something like this to happen is probably not from the pandemic itself but from a policy mistake by the government.

how-rare-is-a-double-dip-recession/

Once I built a railroad, I made it run
Made it race against time
Once I built a railroad, now it's done
Brother, can you spare a dime?
Memorable lines from well known Depression era song. Complete lyrics
The Latest Pandemic Shortage: Coins Are The New Toilet Paper
Story from NPR

https://www.google.com/amp/s/www.marketwatch.com/amp/story/suze-orman-urges-investors-to-stay-away-from-traditional-401ks-2020-06-17
Suze Orman: ‘You have to be crazy’ to put your money in this investment
Published: June 19, 2020 at 1:24 p.m. ET
By Shawn Langlois
‘Do you really think that tax brackets aren’t going to have to go up five, 10, 15 years from now in order to pay for all the debt that we’re carrying’
Dont think I am crazy. Ms Orman maybe indeed nutty

Remember when they used to tell us how Harvard had huge acreage of managed Timber? Oh yea, that’s something I can replicate. But here from Barron’s - keep it simple:
https://www.barrons.com/articles/ivy-league-endowments-1538530379
“The Yale model, however, hasn’t delivered superior returns in the past decade, and it’s far from clear that the diversified, high-fee approach will outperform in the future even if the U.S. stock market falters. One reason: There is now a huge amount of money chasing alternative strategies like private equity and venture capital. This is something that David Swensen may want to address.”
Is there any chance that Universities use Beardstown Ladies accounting? There is no mention of how much is coming in.
https://news.yale.edu/2019/09/27/investment-return-57-brings-yale-endowment-value-303-billion