I try to use cash or my debit card to avoid the 3% credit card transaction fee that now seems ubiquitous in many restaurants and retailers today.
My guess about why the fee is 3% is that Visa limits surcharges to 3% (MC limit AFAIK is 4%). It's difficult for a merchant to add a different surcharge based on the card used. But merchants are now allowed to decline cards for which the merchant is charged a higher fee.
https://www.afslaw.com/perspectives/alerts/visa-reduces-its-merchant-surcharge-cap-3-effective-april-15-2023-merchants
https://www.cnbc.com/2025/11/13/visa-mastercard-legal-settlement-what-you-need-to-know.html
For restaurants, Chase Freedom cards are currently offering 5% back (rotating categories by calendar quarter). BofA Premium Rewards ($95 annual fee) offers 3% - 3.5% back (w/$50K+ or $100K+ invested w/Merrill), Wells Fargo Autograph cards offer 3% back, Capital One Savor offers 3% back, AAA Travel Advantage card offers 3% back.
Note that BofA may be changing its cash back policies soon:

Bank of America says benefits will change once the new program launches, but it hasn’t shared the details yet. That’s the big unknown for now.
The good news is that when the bank adjusted tiers in the past, it didn’t mess with the core rewards. Because of that, there’s hope the popular 75% credit card rewards boost for $100,000+ customers sticks around.

https://upgradedpoints.com/news/bank-of-america-bofa-rewards-changes-2026/
Banks are going to get their pound and a half of flesh one way or another. When squeezed in one area they often resort to making free accounts harder to get, or eliminating them completely, thus harming lower income people, possibly debanking them. Regulations need to be more comprehensive to protect those at greatest risk.

Looking at the lists of funds under VCM and VPM (SAI link in the OP, repeated), I couldn't figure out any underlying rationale. https://www.sec.gov/Archives/edgar/data/34066/000119312526009903/f43758d1.htm
Most of the sector funds and specialized stuff seems under VPM (Capital). So, SP500 index is under VCM, but growth and value flavors are under VPM (Portfolio). But then, all Russell indexes are under VPM.
It looks more like division by people:
VCM - Rodney Comegys (equity), Sara Devereux (fixed-income)
VPM - John Ameriks (VG quantitative guru)
Only VG Commodity Strategy Fund is under both VCM and VPM although those unit heads don't seem to have any background in commodities.
BTW, don't be alarmed when you don't find VG funds such Windsor, Wellington, Wellesley, etc on the list because those are externally advised/sub-advised. This division into VCM and VPM is only for funds VG advises in-house.
https://vista.today/2025/06/vanguard-group-divides-funds/

Vanguard finalized its reorganization into two separate investment management teams on Monday.
"To that end, Vanguard has completed a multiyear effort to establish two wholly owned U.S. investment advisors,
Vanguard Capital Management and Vanguard Portfolio Management.
Each consists of distinct investment management teams and independent investment stewardship teams
made up of our deeply experienced leaders and crew."
https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/update-our-us-investment-advisory-structure.html
https://www.thinkadvisor.com/2026/01/12/vanguard-completes-split-into-2-advisory-businesses/

Apologies to shadow if he already posted this (I caught it in VPMAX's prospectus). This sounds similar to what T. Rowe Price did not so long ago.
Supplement Dated January 12, 2026, to the Prospectus and Summary Prospectus
As approved by the board of directors of The Vanguard Group, Inc. (the “Vanguard Board”), effective today, The Vanguard Group, Inc.’s (Vanguard) portfolio management and proxy voting administration services have reorganized into separate teams within two newly established wholly owned subsidiaries, Vanguard Capital Management, LLC (VCM) and Vanguard Portfolio Management, LLC (VPM) (the “Reorganization”). The Vanguard Board has determined that the Reorganization is in the best interests of the Vanguard funds and their shareholders.
https://www.sec.gov/Archives/edgar/data/34066/000119312526009900/f43755d1.htm
See also SAI supplement listing all the funds going into each of the two subsidiaries.
https://www.sec.gov/Archives/edgar/data/34066/000119312526009903/f43758d1.htm

https://www.sec.gov/Archives/edgar/data/1318342/000139834426000623/fp0097085-1_497.htm
497 1 fp0097085-1_497.htm
WCM SMID Quality Value Fund
Investor Class Shares – WCMJX
Institutional Class Shares – WCMFX
A series of Investment Managers Series Trust (the “Trust”)
Supplement dated January 13, 2026, to the currently effective
Prospectus, Statement of Additional Information (“SAI”) and
Summary Prospectus.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the WCM SMID Quality Value Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.
The Fund will be liquidated on or about January 23, 2026 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to each remaining shareholder equal to the value of the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. Any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, WCM Investment Management, LLC, the Fund’s investment advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-988-9801 if you have any questions or need assistance.
Please file this Supplement with your records.

I used to own DGIFX. It seemed to me they were trying to upgrade customer service as there had been some glitches. The fund amassed a huge position in SuperMicro (SMCI) that necessitated huge capital gains distributions, hurting recent fund owners. I listened to two of their yearly round-tables with the investment team. Quite boring and reflective of the culture in the upper Mid West (to put it blandly). You do get a mini-box of chocolates in December, more than an other fund company has given me.

It would be ill-advised to expect anything but subservience from SCOTUS. Let's get that inflation roaring!

Media was all caught up with Gorsach’s tough questions in the first hour but they missed his final few minutes where he bailed out the flailing DOJ lawyer by saying “You meant to argue XYZ…”
Gorsach ignored the "Emergency" definition entirely and focused on the word "Regulate." He effectively said, "The statute says he can regulate. Regulate means tariffs. End of story."
Gemini AI predicts that Roberts is likely to write 6-3 opinion -
"The President has the power to strict-scrutiny 'regulate' commerce, but we are remanding this specific case to the lower court to determine if 'toy imports' qualify as an 'unusual threat' under the new standard we just invented."

All powerful POTUS - until a non-favored party gains control. We've seen this show before.

"The investment objective of the BBH Limited Duration Fund (the “Fund”) is to provide maximum
total return, consistent with preservation of capital and prudent investment management."
All of my funds are required to provide maximum total return and prudent investment management.
Funds that fail to do so are strictly prohibited! ;-)

"Investors are starting to raise doubts about how much oil Venezuela really has
and whether it could be profitably extracted."
"To make Orinoco oil marketable, producers must blend it with lighter hydrocarbons, known as diluent,
or upgrade it into a lighter synthetic crude using large industrial facilities.
Without blending or upgrading, this oil backs up in the field."
"José hosts four major crude upgraders: Petromonagas, Petropiar, Petrocedeño, and Petrosanfelix.
Those facilities have a combined nameplate capacity of 600,000 to 650,000 barrels a day.
In practice, utilization has been far lower due to years of deferred maintenance, corrosion, power outages,
and equipment failures that have left units cycling on and off."
"Rystad estimates that $53 billion of upstream and infrastructure spending would be required
over 15 years just to keep crude oil production flat."
"Lifting production from 1.4 million to 2 million bpd by the early 2030s would require
an additional $40-$45 billion, much of it tied to pipelines, upgraders,
and other non-upstream facilities that cannot be bypassed."
https://www.msn.com/en-us/money/markets/how-much-oil-does-venezuela-really-have-for-chevron-the-truth-matters/ar-AA1TF7qY
Comments: Venezuelan crude is "heavy" and requires lots of processing.
Oil industry infrastructure has long been neglected and substantial capital investment is needed.
There is currently a glut of oil and Brent/WTI benchmark crude prices are relatively low.
Is this a favorable scenario for major U.S. oil companies?

old_Joe
The IRMAA cost is calculated every year based on your taxable income from two years prior. Includes Capital Gains and tax exempt income.
So if your income drops, your IRMAA deduction will also drop.
If you income drops in 2025 vs 2024, you can file an appeal and ask them to recalculate IRMAA for 2026, based on 2025 income, not 2024 income, as soon as you file your 1040 for 2025.
There is a form to use and it is rather simple, but you have to have filed last years taxes first. I can find the form if you cannot
I did it a couple of years ago and it saved me 6 months of that increase.

We plan on spending as much of the IRAs as we need to. The taxables are intended for the heirs. Until the IRA distros kick in, we do enjoy some dividends and cap gains from the taxables; but nowhere near 4%.
At the present time we aren't making mortgage payments, or paying for child care, so we're enjoying more cash flow than we ever experienced when we enjoyed much higher incomes.
I understand that some folks need helpful advice. OTOH, I look around and it seems most Americans have no problems spending money, even if they have to borrow it.

Using Open Social Security Calculator you can play around with strategies:
DrVenture's Big Adventure

What do you think of this capital preservation portfolio?
MRFOX just finished 10 year run with 15.8% annual return.
1. Marshfield Concentrated (MRFOX) — 25%
• Role: US Growth / Quality Compounder
• Target: High-quality US companies (e.g., AutoZone, Ross Stores) with pricing power.
• Fee: 1.02%
[snip]

I appreciate the upside capture/downside capture ratio metrics for MRFOX and own the fund.
This OEF routinely looks really different from the S&P 500.
MRFOX held only 17 stocks and cash comprised 20.4% of its portfolio as of 11/30/25.
The performance of the Marshield Core Value Equity Composite (SMAs similar to MRFOX)
has been excellent since its 12/31/89 inception.
I'm not intimately familiar with all of the remaining funds so I'll refrain from commenting on the portfolio.

What do you think of this capital preservation portfolio?
MRFOX just finished 10 year run with 15.8% annual return.
1. Marshfield Concentrated (MRFOX) — 25%
• Role: US Growth / Quality Compounder
• Target: High-quality US companies (e.g., AutoZone, Ross Stores) with pricing power.
• Fee: 1.02%
2. First Eagle Overseas (SGOVX) — 15%
• Role: International Value / Gold Hedge
• Target: Undervalued foreign stocks + holds ~15% physical gold bullion.
• Fee: ~1.15% (Load usually waived at Schwab/Fidelity)
3. AQR Diversifying Strategies (QDSNX) — 15%
• Role: Portfolio Stabilizer / Market Neutral
• Target: Returns uncorrelated to stocks (Arbitrage, Global Macro, etc.).
• Fee: ~1.60%
4. iMGP DBi Managed Futures (DBMF) — 15%
• Role: Crisis Insurance / Trend Following
• Target: Profits from trends (Long/Short) in commodities, currencies, and rates.
• Fee: 0.85%
5. Janus Henderson AAA CLO (JAAA) — 10%
• Role: "Super Cash" / Income
• Target: AAA-rated senior secured loans. High yield (~6-7%) with near-zero duration risk.
• Fee: 0.22%
6. Permanent Portfolio (PRPFX) — 10%
• Role: Safety / Currency Hedge
• Target: Mix of Gold, Silver, Swiss Francs, and US Treasuries.
• Fee: 0.82%
7. Pinnacle Value (PVFIX) — 10%
• Role: Deep Value / Micro-Cap
• Target: Tiny, overlooked companies often trading below liquidation value.
• Fee: ~1.40%

A follow-up on Western Digital (WDC) and Seagate (STX).
WDC returned 282% in 2025 while STX returned 219%.
These two stocks had the largest and third-largest price gains respectively in the S&P 500 last year.
Jack Hough from Barron's discusses WDC and STX (along with Micron) in his "Streetwise" column.
https://www.msn.com/en-us/news/technology/ai-is-driving-demand-for-seagate-western-digital-and-micron-technology-can-the-boom-last/ar-AA1Ttihj

One of the most inexplicable events of Trump 1 and Trump 2 is how on earth did Navarro, a washed up lousy economist at a minor school get to have so much influence.
Especially since he fancies himself as a "China Hawk".
But then he also believed hydroxycholoquine was effective and the 2020 election was stolen.
His only redeeming factor in my opinion is of all these clowns he is the only one who did jail time.
A close second in the first term is elevating Atlas, a radiologist, as a public health and Covid expert.
I would love to hear the private opinions of these choices from Chinese officials. They must be splitting a gut laughing

My wife and I hired a new investment advisor to deal with stuff if something happens to me, so the numbers are harder to figure out than usual. The jury is still out with new firm. They are very reliable and solid and I agree with almost all of their thinking. They rebate the management fee for their firms funds, they think their firms bond funds are not stellar so we are paying far more than I would like there. Their choices are excellent with one exception. Jury still out
Early in retirement I have held the % equity to 40 to 50% esp with current valuations in the US
So at 50/50 Equities and FI cash, we are up 9% total last year.
Our "deep value" manger who picks 25 to 30 stocks returned 20% with Gold stocks up 140%. He has a very different portfolio than most value mangers.
Overall "dividend and value " stocks returned 27%,
LC Growth up 13% despite little MAGA
International up 15% ( good performance from "too cheap to ignore" small cap International funds Barron's profiled a while back)
My picks in my "Climate Change" portfolio were up 30% due to heavy positions in Uranium, nuclear power, utilities and industrials. Energy stocks up 7%.
If anything, last year tells me that predictions are contrarian indicators. Who would have believed with cutting "green subsidies" commodities and nuclear power would explode?
Some of the best performers have been discount retailers that got clobbered with tariff announcements but have shrugged off doomsday.
My biggest mistake last year ( other than selling NVDA in 2018) was not selling ORCL at the peak, although the capital gains would have been awful since we have owned it since 1997.

2025, I can't complain ... going by the brokerage numbers just now:
Long-Long Term Account +15.36
TIAA 403(b) +17.40 (in one fund)
IRA +14.23
Schwab +30.08% (mostly due to 1500% gains in one position)
I am almost entirely in equities (none of the 'Mag 7' btw) the vast majority are QDI-paying. The only bonds I have is a 50K taxfree mutual fund and whatever bonds are in the mutual funds I own, including PRWCX and some AF's.

Here's my own, from a different thread:
We don't like to do this through the year. Once per year, on 1st of Jan. might be OK to look back and see if there's been any progress?
My stash is 52.66% stocks, 46.09% bonds. I just went to the calculator to work the numbers, comparing the end-total from 2025 to the total at year-end of 2024.
+8.05%. I can't complain, with so much in bonds. I can smile. That kind of performance will not shoot the lights out, but it's pleasing. I'll take it with no complaints. Surely, others have done better. It's a good thing just to see a positive, rather than a negative, number. Naturally, such a big stake in bonds is going to throttle-back the growth, in order to get income. And since other people depend on me, it's satisfying to be able to assist them.
"CASH" is 1.25% of total portfolio.
BLX is 7.66% of total.
ET is 5.97%
FBP is 3.65% of total.
EWS is 0.42% and I'll be growing it. Everything I see says US gains will shrink over coming years, yet I wanted a developed foreign Market in Asia, rather than EM.
PRCFX is 13.99%
PRWCX is 39.78%
PRCPX is 21.31%
TUHYX is 1.3% I'm growing this guy in baby steps, inch by inch.
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@dily said:
Glad this portfolio works for you, but your cheapest mutual fund charges 65 basis points. You are paying A LOT in expenses every year by holding “pricey” TRP funds accounting for about 75 percent of your total portfolio.
My reply: Thanks for that nudge.... Surely there are some good alternatives. I'll look. Happy New Year.
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I am deliberately looking for dividends at this stage, at least 3%. I am deliberately avoiding anything that would withhold a portion of dividends before they are received. My understanding is that Singapore is a safe bet, though the ETF is domestic, with iShares. Why avoid withholding? In my tax bracket, I pay zero on dividends and cap gains. Why let someone else keep it? This precludes a range of options, but still gives me quite a big sandbox to play in.