Long, long ago, Buffett ceased being a diehard value investor, seeking instead what he regarded as great companies at good prices. It is not for me to say whether he currently owns great companies (aside from See’s, that is). But their prices are certainly moderate. Were this a fund, Morningstar would classify its portfolio as large (or possibly mid) value.

Article:
berkshire-hathaway-mutual-fund-disguise
A previous MFO discussion (2020) on the topic:
https://mutualfundobserver.com/discuss/discussion/57318/is-berkshire-more-like-a-mutual-fund-than-a-stock/p1

"Our Alpha Analyzer tool suggests the Russell 3000 Index as the most appropriate benchmark, but we select the S&P Growth Index given the focus on large-cap growth stocks and similar tracking error and correlation. We observe that VPMCX generated significant outperformance between 2001 and 2006, but none thereafter."
M* placed VPMCX in the Large Growth category from 2014 through 2020.
From 2021 through YTD the fund resided in the Large Blend category.
Prior to 2014, I believe VPMCX was often classified as Large Growth by M*.
It's not unusual for this active fund to experience bouts of underperformance.
The fund's prospectus includes the S&P 500 Index for comparison.
VPMCX calendar year returns for 2019 - 2021 lagged VFIAX & IVW returns.
The fund handily outperformed VFIAX from 01/03/2007 to 08/22/2024
while its overall performance was similar to IVW during this timeframe.

Portfolio Backtester

For mama portfolio capital preservations are key so continue to add more IEI SGOV TBIL AGG BND and more corporate bonds

IOW, undo the Boeing/McDonnell Douglas merger.
The European Commission in reviewing the merger considered " potential spillover of benefits from the McDonnell Douglas defense business to the Boeing commercial airplane business"
https://boeing.mediaroom.com/1997-07-23-Boeing-McDonnell-Douglas-Merger-Gains-a-Positive-Opinion-from-the-European-Commission
Up through1996, " McDonnell Douglas [had been] the leader in defense aircraft for many years", while "Boeing had not received lead military program contracts for over 40 years."
" McDonnell Douglas' commercial aircraft division, Douglas Aircraft Company (DAC), no longer exerted a competitive influence in the worldwide market for commercial aircraft. [FTC conclusion regarding merger]"
https://core.ac.uk/download/pdf/56358984.pdf
You can spin off MD, but can you take 25 years of culture out of BA? It's been pervasive.
--------------
From the NPR article: " NASA has decided to reconfigure things so that this capsule has two seats free and available for Williams and Wilmore to catch a ride home."
What the NPR piece didn't mention was that they'll be sending up spare spacesuits since Starliner's aren't compatible with SpaceX's.
"NASA and SpaceX currently are working several items before launch, including reconfiguring seats on the Crew-9 Dragon, and adjusting the manifest to carry additional cargo, personal effects, and Dragon-specific spacesuits for Wilmore and Williams."
https://www.nasa.gov/news-release/nasa-decides-to-bring-starliner-spacecraft-back-to-earth-without-crew/

These are two of the least expensive and most flexible VAs around. Fidelity charges 0.25% and 0.10% for over $1M in the VA. TIAA charges anywhere from 0.50% (under $100K) to 0.35% (up to $500K) and 0.25% (over $500K). But all those go down to 0.10% independent of value after ten years.
Fidelity tends to include the second cheapest share class of VA portfolios (think "retail") while TIAA tends to include the cheapest share class (think "institutional"). All in, the two have similar costs for the first ten years, then TIAA becomes much cheaper.
The real question, though, is how their underlying portfolios perform. I've looked up (via Financial Times search) all the portfolios open to new investors. Below is the table I built for myself (slightly edited for formatting here). Note: the M* ratings are for the portfolios themselves.
On the VAs' websites you'll find different ratings. That's because what you're seeing are there the ratings of the funds including the annuity fees. Since the annuity fees of both of these VAs are so low, those star ratings tend to be mostly 4s and 5s. The ratings of the funds themselves, included here, give a better picture of the funds' performance.
Since there are so many funds, I've split the table into two posts - broad equity in the first, sectors and fixed income in the second.

Fund					Class	ER	Ticker		M* 	Lipper	Annuity
Allocation Portfolios
Conservative Allocation
Fidelity VIP FundsManager 20		Inv.	0.55%	0P00003EYS	4	3/2/5/5	Fidelity
Fidelity VIP FundsManager 30		Inv.	0.57%	0P0001Q617	-	-	Fidelity
Moderately Conservative Allocation
Fidelity VIP FundsManager 40		Inv.	0.62%	0P0001Q618	-	-	Fidelity
Franklin Income VIP			Cl 1	0.46%	0P00003BNK	5	4/3/4/5	TIAA
Nuveen Life Funds Balanced			0.51%	TLBAX		5	4/4/4/5	TIAA
Vanguard VIF Conservative Alloc.		0.13%	0P0000TNLX	4	5/5/5/5	TIAA
Moderate Allocation
Fidelity VIP Asset Manager		Inv.	0.61%	0P00003ESQ	2	3/3/4/4	Fidelity
Fidelity VIP Balanced			Inv.	0.51%	0P00003ESS	5	5/5/2/5	Fidelity
Fidelity VIP FundsManager 50		Inv.	0.70%	0P00003EYT	3	4/3/4/4	Fidelity
Fidelity VIP FundsManager 60		Inv.	0.71%	0P00008YBH	3	2/2/3/4	Fidelity
Vanguard VIF Balanced Portfolio			0.21%	0P00003BRZ	4	5/5/3/5	TIAA
Vanguard VIF Moderate Alloc.			0.13%	0P0000TNLY	3	4/4/3/5	TIAA
Moderately Aggressive Allocation
Fidelity VIP Asset Manager: Growth	Inv.	0.72%	0P00003ESP	3	3/3/2/4	Fidelity
Fidelity VIP FundsManager 70		Inv.	0.74%	0P00003EYU	3	4/4/2/4	Fidelity
Aggressive Allocation
Fidelity VIP FundsManager 85		Inv.	0.78%	0P00003EYW	4	4/4/1/4	Fidelity
Target Date
Fidelity VIP Investor Freedom 2010		0.44%	0P00003ET2	3	x/x/5/x	Fidelity
Fidelity VIP Investor Freedom 2015		0.48%	0P00003ET4	4	x/x/5/x	Fidelity
Fidelity VIP Investor Freedom 2020		0.51%	0P00003ET3	5	4/4/4/4	Fidelity
Fidelity VIP Investor Freedom 2025		0.54%	0P00003ET5	5	5/5/3/4	Fidelity
Fidelity VIP Investor Freedom 2030		0.58%	0P00003ET6	5	5/5/2/4	Fidelity
Fidelity VIP Investor Freedom 2035		0.63%	0P0001OWHR	-	-	Fidelity
Fidelity VIP Investor Freedom 2040		0.68%	0P0001OWHT	-	-	Fidelity
Fidelity VIP Investor Freedom 2045		0.69%	0P0001OWHU	-	-	Fidelity
Fidelity VIP Investor Freedom 2050		0.69%	0P0001OWHV	-	-	Fidelity
Fidelity VIP Investor Freedom Inc.		0.40%	0P00003ET8	3	2/2/5/5	Fidelity
Tactical Allocation
Morgan Stanley VIF Global Strat.	Cl. I	0.90%	MIMPX		3	2/2/2/3	Fidelity
PIMCO VIT All Asset Portfolio		Inst.	2.04%	0P00003EXR	3	3/4/4/1	TIAA
Global Allocation
BlackRock Global Allocation VI 		Cl. 2	0.92%	0P00003E89	4	3/3/3/3	Fidelity
DFA VA Global Moderate Allocation	Inst.	0.28%	0P0000XY87	5	5/5/4/5	TIAA
US Equity Portfolios
Large Cap Blend					
ClearBridge Variable Growth Port.	Cl. I	0.85%	QLMGOX		1	1/2/2/3	TIAA
DFA Equity Allocation			Inst.	0.32%	0P00019RXP	2	5/5/4/5	TIAA
Fidelity VIP Growth & Income		Inv.	0.57%	0P00003ES4	4	5/5/5/4	Fidelity
Fidelity VIP Index 500			Init.	0.09%	0P00003BWH	4	5/5/5/5	Fidelity
Fidelity VIP Total Market Index		Init.	0.11%	FVIDX		3	4/4/4/5	Fidelity
Nuveen Life Core Equity Fund			0.52%	TLGWX		4	5/5/4/5	TIAA
Nuveen Life Large Cap Resp. Equity		0.22%	TLCHX		3	3/3/4/5	TIAA
Nuveen Life Stock Index Fund			0.08%	TLSTX		3	4/5/4/5	TIAA
Vanguard VIF Capital Growth Port.		0.34%	0P00003DVM	4	4/4/5/5	TIAA
Vanguard VIF Equity Index			0.14%	0P00003BS4	4	5/5/5/5	TIAA
Vanguard VIF Total Stock Mkt Index		0.13%	0P00003DVK	3	4/4/4/5	TIAA
Large Cap Growth
Fidelity VIP Contrafund			Inv.	0.64%	0P00003ESR	4	4/4/4/4	Fidelity
Fidelity VIP Dynamic Cap Apprec.	Inv.	0.70%	0P00003ESX	4	4/4/4/4	Fidelity
Fidelity VIP Growth			Inv.	0.65%	0P00003ES7	5	5/5/4/5	Fidelity
Fidelity VIP Growth Opportunities	Inv.	0.67%	0P00003ES3	4	5/5/1/5	Fidelity
Janus Henderson VIT Forty Port.		Inst.	0.55%	JACAX		3	3/4/3/5	TIAA
MFS VIT Mass. Inv. Growth Stock Port.	Init.	0.73%	0P00003CPY	3	3/3/4/4	TIAA
Nuveen Life Growth Equity Fund			0.52%	TLGQX		3	2/3/3/5	TIAA
PSF PGIM Jennison Blend Portfolio	Cl. II	0.86%	0P00003CBD	3	2/1/4/2	TIAA
Large Cap Value
DFA VA Large Value Portfolio		Inst.	0.21%	0P00003CUU	2	2/2/3/5	TIAA
Fidelity VIP Equity-Income		Inv.	0.55%	0P00003ESO	4	4/5/5/5	Fidelity
Franklin Mutual Shares VIP		Cl. 1	0.68%	0P00003CBB	1	1/1/4/4	TIAA
Nuveen Life Large Cap Value Fund		0.52%	TLLVX		4	4/4/4/5	TIAA
PSF PGIM Jennison Value Portfolio	Cl. II	0.82%	0P00003DP6	3	3/4/5/2	TIAA
PVC Equity Income Account		Cl. 1	0.49%	0P00003CN9	3	3/2/4/5	TIAA
Mid Cap Blend
Fidelity VIP Mid Cap			Inv.	0.65%	0P00003ESF	4	5/5/3/5	Fidelity
Vanguard VIF Mid-Cap Index			0.17%	0P00003C89	3	3/2/3/5	TIAA
Mid Cap Growth
Franklin Small-Mid Cap Growth VIP	Cl. 1	0.83%	0P00003DB4	3	2/3/1/4	TIAA
PVC MidCap Account			Cl. 1	0.55%	0P00003BO4	5	5/3/3/5	TIAA
Wanger Acorn					0.95%	WUSAX		2	1/1/1/3	TIAA
Mid Cap Value
Fidelity VIP Value			Inv.	0.68%	0P00003ESN	4	5/5/3/4	Fidelity
Fidelity VIP Value Strategies		Inv.	0.67%	0P00003ESM	4	5/5/2/4	Fidelity
Janus Henderson VIT Mid-Cap Value	Inst.	0.68%	JAMVX		3	3/2/4/5	TIAA
Matson Money U.S. Equity VI Port.		0.98%	FMVUX		4	4/4/3/1	TIAA
N-B AMT Mid Cap Intrinsic Value		Cl. I	1.02%	0P00003CPW	1	1/1/2/3	TIAA
Small Cap Blend
Fidelity VIP Disciplined  Small Cap 	Inv.	0.40%	0P00003EWG	3	5/5/2/5	Fidelity
Fidelity VIP Extended Market Index	Init.	0.12%	FVIJX		3	3/3/1/5	Fidelity
Nuveen Life Small Cap Equity Fund		0.53%	TLEQX		4	5/5/2/5	TIAA
Small Cap Growth
ClearBridge Variable Small Cap Gr	Cl. I	0.80%	QLMSIX		2	1/1/1/5	TIAA
Small Cap Value
DFA VA U.S. Targeted Value Port.	Inst.	0.29%	0P00003D0Y	4	5/5/1/5	TIAA
Macquarie VIP Small Cap Value Ser.	Std.	0.78%	0P00003C1W	3	3/2/1/4	TIAA
Royce Capital Fund - Sm Cap Port.	Inv.	1.15%	RCPFX		3	3/3/1/1	TIAA
International Equity
Diversified Emerging Markets						
Fidelity VIP Emerging Markets		Inv.	0.97%	0P0000A9FS	4	5/5/2/4	Fidelity
John Hancock Emerg Mkts Val Trust	NAV	1.03%	JHVTX		3	4/4/4/4	TIAA
Lazard Retir. Emerging Markets Port.	Inv.	1.15%	0P00005XR9	3	4/2/3/3	Fidelity
Morgan Stanley VIF Emerg. Mkts Eq.	Cl. I	1.25%	MEMEX		3	4/4/2/2	Fidelity
Templeton Developing Mkts VIP Fund	Cl. 1	1.10%	0P00003CRI	3	4/4/2/3	TIAA
Foreign Large Blend	
Fidelity VIP International Index	Init.	0.16%	FVIGX		3	3/4/4/5	Fidelity
Nuveen Life International Equity		0.60%	TLINX		3	4/3/3/4	TIAA
Vanguard VIF Total Intl Stk Mkt Indx		0.11%	0P0001ANO3	3	3/3/4/5	TIAA
Foreign Large Growth
Fidelity VIP International Cap Ap	Inv.	0.86%	0P00003ESC	5	5/5/3/3	Fidelity
Fidelity VIP Overseas			Inv.	0.81%	0P00003ESH	4	5/5/3/5	Fidelity
Vanguard VIF International Port.		0.33%	0P00003CRA	3	4/2/1/5	TIAA
Foreign Large Value
DFA VA International Value Port.	Inst.	0.27%	0P00003CY8	4	5/5/3/5	TIAA
Foreign Small/Mid Blend
DFA VA International Small Port.	Inst.	0.40%	0P00003CN3	4	x/x/2/x	TIAA
Foreign Small/Mid Growth
Wanger International				1.14%	WSCAX		2	x/x/1/x	TIAA
Foreign Small/Mid Value
Matson Money Int'l Equity VI Port.		1.14%	FMVIX		3	3/3/3/1	TIAA
Global Large Cap Blend
Invesco V.I. Global Core Equity		Ser. I	0.98%	0P00003CZL	2	2/2/3/2	Fidelity
MFS VIT Global Equities Series		Init.	0.92%	0P00003D4V	2	2/2/3/3	TIAA

Hi @yogibearbull
I probably should have clarified a bit more.
--- The Utah 529 Educational Saving Plan LINK
--- We didn't care for the vendor of the Michigan 529 plan at the time (2006). We missed the state tax deduction that would have been available; but we are very pleased with the Utah 529. A very well operated program with a lot of investment choices. One may choose established mixes by age; or as we did, and we built our own choices.
--- The annual re-balance is a feature of the Utah 529 contract. I don't really care for this aspect; as we would prefer to let the gains remain for the equity and bond portions. We've not asked, but suspect the program wants to temper the portfolio from becoming lopsided. But, this has worked out okay over the long time frame.
--- We did NOT need to use an advisor
--- And yes about Secure Act 2.0. As everything stands at this time, monies will move to the beneficiary Roth IRA (per the $35k total and the annual maximum at this time). The Roth has been active for more than 5 years. Even with the possibility of a costly Master's program, the return on the investments currently is running ahead far enough for such an expense.
NOTE: the symbols shown previous have changed (per Vanguard) two times during our investment period in these holdings. But, the fund descriptions have NOT changed. VITPX and VBMPX are still valid symbols.

https://www.sec.gov/Archives/edgar/data/916006/000168035924000241/bridgewaymgdvol497e08222024.htm
497 1 bridgewaymgdvol497e08222024.htm
BRIDGEWAY FUNDS, INC.
Managed Volatility Fund (BRBPX)
Supplement dated August 22, 2024
to the Prospectus and Statement of Additional Information dated October 31, 2023
On August 22, 2024, the Board of Directors (the “Board”) of Bridgeway Funds, Inc. considered and approved a proposal to liquidate and dissolve the Managed Volatility Fund (the “Fund”). The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation and Dissolution (the “Plan”) on or about November 18, 2024 (the “Liquidation Date”). In anticipation of the Fund’s liquidation, the Fund is permitted to depart from its stated investment objective and strategies and intends to begin to sell its assets in exchange for cash or cash equivalents.
Effective immediately, new account requests, exchanges into the Fund and purchase orders for Fund shares will no longer be permitted (other than those purchase orders received through dividend reinvestment).
The costs of the liquidation (except brokerage costs and tax consequences of shareholders), including the mailing of this notification to shareholders, will be borne by Bridgeway Capital Management, LLC. (the “Adviser”). Between now and the Liquidation Date, existing Fund shareholders may continue to reinvest dividends and distributions, redeem shares, or exchange shares into other Bridgeway Funds.
Any shareholder who has not redeemed or exchanged shares into another Bridgeway Fund by the regular close of business on the business day before the Liquidation Date will receive a liquidating distribution as of the Liquidation Date. On the Liquidation Date, the Fund will distribute pro rata to its remaining shareholders all of its assets in cash, and all outstanding shares will be redeemed and canceled.
The liquidation (or a redemption or exchange) will constitute a taxable event, except to the extent the Fund’s shares are held in a tax-advantaged product, plan or account. Therefore, you may be subject to federal, state or local taxes. The Fund does not provide tax advice. You should consider consulting with your tax advisor for information regarding all tax consequences applicable to your investments in the Fund.
To contact Bridgeway Funds for questions regarding this liquidation:
•Call us at: 800-661-3550
•E-mail us at: [email protected]
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/744822/000113322824007862/flafa-efp9504_497.htm
97 1 flafa-efp9504_497.htm FIDELITY LATIN AMERICA FUND AMCIZ - 497
Supplement to the
Fidelity® Latin America Fund
Class A, Class M, Class C, Class I, and Class Z
December 30, 2023
Prospectus
 
Effective after the close of business on or about September 6, 2024, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund’s Reorganization takes place on or about September 13, 2024.
Proposed Reorganization. The Board of Trustees of Fidelity Investment Trust has unanimously approved an Agreement and Plan of Reorganization (“Agreement”) between Fidelity® Latin America Fund and Fidelity® Emerging Markets Fund pursuant to which Fidelity® Latin America Fund would be reorganized on a tax-free basis with and into Fidelity® Emerging Markets Fund.
As a result of the proposed Reorganization, shareholders of each class of Fidelity® Latin America Fund would receive shares of the corresponding class of Fidelity® Emerging Markets Fund.
The Agreement provides for the transfer of all of the assets of Fidelity® Latin America Fund in exchange for corresponding shares of Fidelity® Emerging Markets Fund equal in value to the net assets of Fidelity® Latin America Fund and the assumption by Fidelity® Emerging Markets Fund of all of the liabilities of Fidelity® Latin America Fund. After the exchange, Fidelity® Latin America Fund will distribute the Fidelity® Emerging Markets Fund shares to its shareholders pro rata, in liquidation of Fidelity® Latin America Fund. As a result, shareholders of Fidelity® Latin America Fund will become shareholders of Fidelity® Emerging Markets Fund (these transactions are collectively referred to as the “Reorganization”).
A Special Meeting (the “Meeting”) of the Shareholders of Fidelity® Latin America Fund is expected to be held during the third quarter of 2024 and approval of the Agreement will be voted on at that time. A combined proxy statement and prospectus containing more information with respect to the Reorganization will be provided to shareholders of record of Fidelity® Latin America Fund in advance of the meeting.
If the Agreement is approved at the Meeting and certain conditions required by the Agreement are satisfied, the Reorganization is expected to take place on or about September 13, 2024. If shareholder approval of the Agreement is delayed due to failure to meet a quorum or otherwise (an “Adjournment”), the Reorganization will become effective, if approved, as soon as practicable thereafter.
In connection with seeking shareholder approval of the Agreement, effective the close of business on March 22, 2024, new positions in Fidelity® Latin America Fund (the fund) may no longer be opened. Shareholders of the fund on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of the fund on March 22, 2024, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if a qualifying fund is already established as an investment option under the plans (or under another plan sponsored by the same employer), 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included a qualifying fund as a core investment option, 3) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and already included the fund in their discretionary account program, 4) by a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, 5) by a portfolio manager of the fund, 6) by a fee deferral plan offered to trustees of certain Fidelity® funds, if the fund is an investment option under the plan, and 7) by qualified intermediaries to facilitate in-kind redemption activity when deemed by the Adviser to be in the best interests of the fund, and 8) by certain asset pools associated with an organization that already offers a qualifying fund as an investment option in its retirement plan(s). These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.
If shareholder approval of the Agreement cannot be achieved, the Board of Trustees has approved a plan of liquidation for Fidelity® Latin America Fund. Prior to such liquidation the fund’s assets will be managed to provide for sufficient liquidity to meet redemptions prior to liquidation. In this event, effective after the close of business on July 16, 2024 (or such later date as may be required in connection with an Adjournment), the fund will no longer permit new positions in the fund to be opened. Existing shareholders will be permitted to continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund’s liquidation on or about September 13, 2024 or as soon as practicable thereafter in the event of an Adjournment.
The foregoing is not a solicitation of any proxy. For a free copy of the Proxy Statement describing the Reorganization (and containing important information about fees, expenses and risk considerations) and a Prospectus for Fidelity® Emerging Markets Fund please call 1-877-208-0098. The prospectus/proxy statement will also be available for free on the Securities and Exchange Commission’s web site (www.sec.gov).
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee...

In my mind, playing a gold ETF versus playing the miners is 2 very different games. IAU has been a nice, reasonable trend for me since 2020. I know I couldn't handle trading in and out of miners to make a buck.

"It wasn't until fairly recently that I became aware that I had helped build an enormous coal-fired generating complex. Who knew?"

@Old_Joe, that was the Navajo Generating Station, and it was demolished in 2020, so it's no longer messing with regional air quality and the climate. Video of the three smokestacks coming down here:

Vox article.

Two are still in operation.
I wonder if @OldJoe's called bonds were for the Kaiparowitz project that was cancelled.

DG tells us he wants to outperform the market and be less risky. Wouldn’t that be the goal of EVERY portfolio manager? And really,,, he wants to be “differentiated “ but does not seem to be… I know the dude is legitimately a rock star but I clicked off after his first few statements.

Yeah, the alpha and beta vernacular isn't something most retail investors understand.
At least in terms of PRWCX, he differs by zigging when others are zagging, doesn't embrace the herd mentality, is okay holding cash or cash-equivalents that can drag peformance, and really takes a controlled multi-year view versus a quarterly one. In other words, I think he's in the camp of "you win more by losing less" -- which if memory serves is the Charlie Ellis mindset and one of Capital Group's philosophies, too.
Speaking personally I don't care if I beat the topheavy (and tech-heavy) SPX ... I want to sleep well at night!

@Balu
BOA is terrible. I still have an account there but abandoned active usage of it many moons back. I'm happy with Discover Bank. That said, I'm leaning towards switching to Schwab and Fidelity only for all banking related needs. All bill pay is currently via Fidelity and paycheck is deposited to Fidelity. I like it because I don't have to manually purchase a high yield MMF like Schwab.
I have bank accounts with Capital One(hardly used, closed), Ally(great rates, terrible customer svc), Pentagon FCU(good), Marcus(disaster), Alliant CU(hardly used, closed) and 2 local banks(1 for safe deposit box). Too much account sprawl, intend to clean up and get down to Schwab and Fidelity only.
I advised my son to not open a bank account, to just use Fidelity for brokerage and banking.

Good point, @sven, regarding Capital Appreciation. It appears that Segalas got some help from other Jennison Associates colleagues in the last few years of his service. These days, three of them are running the OEF while those three, plus a fourth, run the PGIM Jennison Focused Growth ETF (PJFG) and the Harbor Long-Term Growers (WINN). WINN has $500M under management, so no trading problems. Both are very aggressive sporting large positions in the Mag 7.

Spiros “Sig” Segalas who managed Capital Appreciation fund passed away several years ago. The fund is team managed today. Still very good but no where nearly as good as it used to be. Other Harbor OEFs are so so.
Time have changed and BG’s investment style is clearly out of favor since the pandemic. Additionally, their higher EM exposure does not help.

“No visibility on return of invested capital.”
Didn’t I hear a CEO of a Mag 7 say, “ it’s better to be overinvested in AI than underinvested?”
We’ll see how the future unfolds.

"It wasn't until fairly recently that I became aware that I had helped build an enormous coal-fired generating complex. Who knew?"

@Old_Joe, that was the Navajo Generating Station, and it was demolished in 2020, so it's no longer messing with regional air quality and the climate. Video of the three smokestacks coming down here: Vox article.

Long term bonds (treasuries or other) are often regarded as useful primarily for placing bets on interest rate movements, i.e. speculating. Most of the time long term bonds don't offer enough extra yield over intermediate term bonds to be worth the risk as investments.
Currently, though the yield curve is largely inverted, at least you're getting a little risk premium with longs over intermediates.
https://www.ustreasuryyieldcurve.com/
Pushing on a string may not be the best metaphor, but the Fed pushes on the short end of the curve. That end has a lot of room to go down without long end yields necessarily dropping.

10 year Treasuries are still under 4%, while their long term historical average is 4.25%. There's not much room for 30 years to drop in yield if they're going to stay above 10 year rates. 30 year Treasuries are now also below their historical average of 4.74%.
We've already seen a drop in 30 year rates. Mortgages have dropped half a percent percent in the past month and are not expected to decline further this year, even with an anticipated Fed rate cut.
https://www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/
All of this is not to say that long term rates won't drop a lot more. Or they might not. When and how much are also open questions.
Me, I'm sticking with intermediates. Win a little, lose a little, they offer more stability as backup for cash in the 3-7 year timeframe.
Side note: I suspect that cap gains on Treasuries are not state income tax exempt. While I have been unsuccessful in finding writing one way or the other, there are many sources documenting the fact that cap gains on muni bonds are state taxable. ISTM the situations are analogous.

My 2c....Regarding HY bonds, crypto, correlations etc. FPACX historically has been know to buy CEF's in severe market distress points. I watch their holdings for ideas in this area. I tried to start a CEF high yield bond thread to prep for recession but no interest. I think PVCMX is great fund to accomplish part of your OP goal. Excellent guardians of capital.

Expanding the strategy beyond HY to include preferreds, equities (SPACs), private credits, foreign credits.
"The income producing fixed income securities in which the Fund invests include: bills, notes, bonds, debentures, convertible bonds, bank loans, loan participations, mortgage- and asset-backed securities, Rule 144A fixed income securities, zero coupon securities, syndicated loan assignments, sovereign debt and other evidence of indebtedness issued by U.S. or foreign corporations, governments, government agencies or government instrumentalities, including floating-rate securities (i.e., fixed income securities that provide income that can increase or decrease with interest rates), commercial paper, and preferred stocks. The Fund may also invest in fixed income-like equity securities such as special purpose acquisition companies (“SPACs”) that provide interest income and/or the potential for capital appreciation while having an effective maturity. The Fund invests in individual fixed income securities without restriction as to issuer credit quality, capitalization or security maturity. The Fund may invest up to 100% of its assets in lower-quality fixed income securities — commonly known as “high yield” or “junk” bonds."

TCAF's active management tries to avoid the "fatal flaws" of the S&P 500 index. In doing so, TCAF attempts to beat the S&P 500 with less risk.
David Giroux interview (22 minutes):
capital-appreciation-equity-etf-tcaf-exploiting-market-inefficiencies-and-early-success-of-active