Simply explosive action in bonds this November with the Bloomberg U S Aggregate Bond Index (AGG) seeing its best performance since May 1985. Digging deeper the rally was led by long duration with several funds in the Morningstar Long Government category seeing returns in the 14% to 15% range. My favorite category - Municipals - didn’t disappoint with returns in the long investment grade muni category exceeding 10% for some funds and outpacing the high yield munis category which saw returns in the 8% and 9% range. Other categories such as emerging market debt and corporate bonds saw smaller yet still out of the ordinary price gains. Funds that were concentrated in mortgage backed securities also shined. Surprisingly junk corporates lagged a bit with the Morningstar average coming in at *only* 3,99%. As expected with a rally based on expectations for lower long and short term rates the bank loan category pulled up the rear.
Prior to the explosive action in and around the November 1 Fed meeting, many bond investors and traders were camped out in some obscure but tightly trending bond funds such as EMPIX and CBYYX which were on pace for double digit returns. ( Someone at MFO needs to write an article about these co insurance bond funds) But their returns in November paled in comparison to most everything else in Bondville.
Below is where I begin to repeat myself - a trait I abhor so will put myself on a three month moderation (hiatus) after this thread runs its course.
As a trader or for that matter an investor, you have to believe that every rally is THE rally and play it as such. That way you never miss out when it actually is THE rally. Obviously so far the rally around the fireworks in and around November 1 has been THE rally. Seasonality is kicking in for municipal and junk corporates so we shall see if the rally has staying power. So much depends on the action in the 10 year Treasury. January of this year saw an impressive rally (albeit nowhere close to the current one) only to fade to nothing when the 10 year begin to lose ground again and the swoon in regional bank stocks.
My first bond trade ever was in January 1991 in junk bonds and as luck would have it ( and I am a big believer in the luck factor) it was a lock out trade. A lock out trade is when the market relentlessly rises day after day locking out those looking for some type of minor correction to enter. Shortly after my January entry in 1991 in junk bonds there was a period of 60 consecutive trading days with no down days. Somewhat akin to what is occurring now in municipal bond funds now with only one down day in November. Not a whole unlike what occurred in muni funds in January 2014 and which is detailed during that period in the archives here under my moniker. Lock out trades are rare and bullish going forward.
Now this humongous rally in bonds may be much ado about nothing and burn up in flames. That is where prudent money management comes into play and not allowing hard earned gains to evaporate into losses, But those waiting for certainty, the coast to clear, or for better times ahead will always be destined to be late to the party. Feeling comfortable is not a positive trait if you are a trader or investor, Risk is part of the game and many of the best trades and investments arise when we are the most uncomfortable.
I am sure I will get blowback on some of the above but to blunt that let me say I completely understand the current mindset of being safely tucked away in money markets and CDs earning over 5%.

msf
In case you consider my arithmetic suspect, the same BLS table gives figures in constant (inflation adjusted) dollars:
4th Quarter, 2019 - $362
3rd Quarter, 2023 - $365
===============
FD: good catch, I would start from Q1/2020 to Q3/2023 beginning at 367, ending at 365
Just for reference: what happened in the 4 years prior, from Q1/2016 to Q4/2019: Start at 346, end at 362...just "a bit" better.
BTW, I have discussed the above with many younger people and they have told me that they are way behind in what they can purchase now vs early 2020. Housing+vehicles are the leading factors and both are a high % of their spending.

dreamy dreams
https://nymag.com/intelligencer/2023/11/you-dont-want-2020-prices-back.html

Reported by CBS, not according to CBS. It wasn't a CBS analysis.
CBS was reporting a Republican analysis and reporting that the administration had issues with the analysis. IOW, CBS reported two different political analyses.

The analysis, from Republican members of the U.S. Senate Joint Economic Committee, taps government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.
...
The Biden administration called the analysis "flawed." Citing federal labor data, a White House spokesman noted that per capita disposable income has risen 16% since December 2020, just prior to President Joe Biden's inauguration.
"14 million more Americans have jobs today than when President Biden took office and household disposable income is up by almost $21,000 since December 2020," the spokesman said in a statement to CBS MoneyWatch.

https://www.cbsnews.com/news/inflation-households-need-extra-11400-these-states-its-even-higher
Maybe my arithmetic is flawed, but it looks like a gain of $21,000 (nominal) less $11,434 in extra costs leaves almost $10K (nominal) in extra money to raise households' standard of living. Or maybe that $21K is not an annual figure but a cumulative figure. Who knows?
Now I don't believe any of these politically spun figures. If you've got BLS figures, or Fed figures, or some other comparable figures, as opposed to Republican or Democratic figures that help, please do post them here.
But also, please be careful when you do so. I saw above that you said that layoffs were starting to rise. Layoffs have been declining, though the unemployment rate has started to rise. It's easy to misuse terms whether inadvertently or deliberately and draw mistaken conclusions.
Layoffs and Discharges: Total Nonfarm (Oct 2022 - Sept 2023)

Unemployment Rate (Oct 2022 - Sept 2023)

Next thing you know, there’s be a Capital Appreciation cereal on the market. :)
Enjoying everyone’s take on the new offering.

Hank as long as there's no 'Blockchain Appreciation and Income' available, you'll be okay. If you see that hit the markets, run fast, run far...AWAY. :)

Next thing you know, there’s be a Capital Appreciation cereal on the market. :)
Enjoying everyone’s take on the new offering.

Inflation has been the highest since the 80s at about 20% since 01/2020. Did employees get an equal increase to keep up with it? No
"Median usual weekly earnings of full-time wage and salary workers ... quarterly averages, seasonally adjusted"
https://www.bls.gov/news.release/wkyeng.t01.htm
4th Quarter, 2019 - $935
3rd Quarter, 2023 - $1,118
Pct change (my calculation): 19.6%, or about 20%.
Did employees get an equal increase to keep up with inflation? Yes.
In case you consider my arithmetic suspect, the same BLS table gives figures in constant (inflation adjusted) dollars:
4th Quarter, 2019 - $362
3rd Quarter, 2023 - $365
Did employees get higher wages in 2023, after inflation, than they did at the end of 2019? Yes, though the gain was barely discernable (about 1%) by these figures.
People pay attention to their losses (high inflation items) more than their gains (items with prices rising less than their wages). They look at how much they lost to inflation since 1/1/20 (prices about 20% higher), rather than how much their portfolio made (VFIAX up 40% per M* chart). This is why metrics like Sortino ratio were invented - to measure what people focus on (losses).
Do I feel bad every time I walk into a grocery store and see the prices? Yes, at least usually. However, iceberg lettuce is down from $6+ to $1.49. Overall, after looking at what I can afford, after reviewing my portfolio, do I feel good? Yup.
I was able to afford a river cruise to Transylvania offered on Black Friday. Looking forward to seeing my ancestors' old stomping grounds. Might even run accross Vlad there :-)

Big items went up.
House are about 30% more expensive (https://www.atlantafed.org/center-for-housing-and-policy/data-and-tools/home-ownership-affordability-monitor)
Vehicles are 30+% more expensive since 2020. Many categories went up 20+%(https://www.bloomberg.com/graphics/2023-inflation-economy-cost-of-living/#xj4y7vzkg).
So, if you have a house, you are OK, if you want to buy it the first time, it's more than 30% higher.
BTW, how much more your insurance increase in 2023?
Inflation has been the highest since the 80s at about 20% since 01/2020. Did employees get an equal increase to keep up with it? No.

Good article.
I can't wait until their outlook improves and they start shoveling the record $5.73 trillion
in MM funds into the stock market...

+1 And don’t forget the bond market. The current month long move in long duration bonds of all stripes and colors has been a lock out rally and one of the best in many a moon. Many muni funds have had but one down day the entire month and up 6% to 7%+. Tomorrow’s inflation report could be pivotal if this move is to continue. It has been said many times that the best money, be it stocks or bonds, is made long before the outlook improves and the coast is clear. Markets are anticipatory as well as counterintuitive.
Edit: After today’s action make that 7% to 8%+ for munis. Other bond categories have seen double digit gains the past month.

Edgar/SEC filings will be under T Rowe Price Capital Appreciation (CIK#: 0000793347)/T rowe Price Capital & Income (Series: S000081993)
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=S000081993

M* recognizes PRCFX & PRCHX, but not TCIFX.
Similar at Yahoo Finance + press release https://finance.yahoo.com/news/t-rowe-price-launches-capital-143000063.html?.tsrc=fin-srch

My contacts gave me a heads up a few days ago, but I had to promise to respect their news embargo.
The press release announcing the fund.

I can’t argue with the OP’s general conclusion that on average Americans are better off financially than they were prior to the beginning of the pandemic in March 2020. ... Reminds one of the 6’ fella who drowned in a river that was on average 5 feet deep.
Or the fellow who had one leg in a bucket of ice and the other in a bucket of boiling water. On average he was doing fine.
However, the figures are median, not mean, so most people are better off in terms of wealth than pre-pandemic. Further, inflation-adjusted income in every quintile increased by 5%-6% except in the top quintile, where the lower half saw "just" a 9% increase, while the top half (top decile overall) saw income rise 15%.
All from the Fed survey I cited above.

I can’t argue with the OP’s general conclusion that on average Americans are better off financially than they were prior to the beginning of the pandemic in March 2020. You can measure that in a lot of ways: home values, employment numbers, wages, etc. Reminds one of the 6’ fella who drowned in a river that was on average 5 feet deep.
One likely reason so many are better off is that the U.S.economy quickly rebounded from the pandemic induced trauma owing in no small part to substantial monetary stimulus by the Federal Reserve and also fiscal stimulus in the form of “stimulus checks” mailed directly to millions of Americans (under both the Trump and Biden administrations). How this comparison (March ‘20 with Today) ) relates to the investment process and what we as a community of investors should concern ourselves with? That’s a different question.
Lost in the discussion is the toll the 2022 stock market crash had on retirement savers. Unlike younger investors who could dollar average in when prices were low, seniors suffered outsized losses (see linked articles) in their retirement accounts. And there is some evidence now to suggest that more Americans are taking early hardship withdrawals from their 401K accounts - which I think @Baseball_Fan mentioned. (see linked articles).
Average American's retirement balance falls 4% as more and more savers dip into their later life savings to make ends meet”
https://www.dailymail.co.uk/yourmoney/401k/article-12771113/401k-account-balance-falls-quarter.html
How's your 401k doing after 2022? For retirement-age Americans, not so well
https://www.usatoday.com/story/money/personalfinance/2023/10/08/401k-balances-havent-recovered-from-2022-for-retirement-age-americans/70998934007/
BofA Report Finds Average 401(k) Balances Up Nearly 10% in 2023; More Participants Taking Hardship Withdrawals
https://www.prnewswire.com/news-releases/bofa-report-finds-average-401k-balances-up-nearly-10-in-2023-more-participants-taking-hardship-withdrawals-301895607.html

The OP article states:
The majority of Americans are better off financially now than they were before the pandemic. ... Not every American, but the majority. That’s true across demographic and income groups. It’s in the aggregate and individual-level data:
That statement appears to be incorrect.
On this topic, the devil appears to be in the details according to this Fortune article from 09/25/23:
https://fortune.com/2023/09/25/pandemic-savings-richest-americans-federal-reserve-covid/
Excerpt (BOLD added):
Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances.
For the bottom 80% of households by income, bank deposits and other liquid assets were lower in June this year than they were in March 2020, after adjustment for inflation.
The OP, 11/26/23 article author was a former Federal Reserve economist, so you'd think she'd have been aware of the referenced "latest Federal Reserve study of household finances" referenced in the Fortune article.
Maybe I'm missing something in the OP article, or something dramatically changed between Sept (Fortune article) and Nov (OP article).

https://www.sec.gov/Archives/edgar/data/878719/000139834423021212/fp0086092-2_497.htm
497 1 fp0086092-2_497.htm
THE ADVISORS’ INNER CIRCLE FUND
(the “Trust”)
Cambiar International Small Cap Fund
(the “Fund”)
Supplement dated November 28, 2023 to the Fund’s Prospectus (the “Prospectus”), Summary Prospectus (the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each dated March 1, 2023, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Cambiar Investors, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately. The Fund is expected to cease operations and liquidate on or about December 29, 2023 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “Redeeming Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding 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.
The liquidation distribution amount will include accrued income and capital gains, will be treated as a payment in exchange for shares, and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees in connection with the liquidation by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

In a related item, does anyone know if the 'ETF DeathWatch' list is still being maintained? :)
The only new ETFs I'd be interested in are from Capital Group and maybe TRP, but not pulled the trigger on any of them yet.

Hi @hank. I bought into LCR earlier this year when I pulled a large chunk of money out of my Schwab robo and put it in my self-managed account. Seemed like a "safer" way to stay somewhat in equities while the market was trying to figure things out this summer. David's commentary influenced me also.
What mattered to me in choosing LCR over LCROX was that their trend lines have pretty much laid on top of each other since LCR inception. I'm assuming since, as you mentioned, LCR holds index ETFs versus stocks, the manager just categorizes by sector the stocks in LCORX and buys that sector percentage in corresponding index ETFs to match. Just my assumption. I have no way of knowing for sure how they actually do get virtually the same return. And the exp. ratio of LCR is a heck of a lot less than LCORX. I personally don't think the LCR exp. ratio is any higher than most other actively managed ETFs.
I'm still holding much more cash than I have in the past due to the robo sale. I've been maybe to conservative. I like the idea of using balanced funds long term, so with LCR at the limit I want it at, I'm now looking at the new Capital Group ETF, CGBL, to put some cash.

Not brand new (January 2020) - But would appreciate any takes on LCR from Leuthold. The Professor mentions a cousin LCORX in his November commentary. Both funds have “gold” ratings at M*. The ETF is a little less expensive at .85% (waiver in effect) than LCORX. But .85% still seems high to me for a ETF. The objectives appear similar. However, from what I can tell LCR invests in other ETFs, while LCORX owns stocks / other assets directly.
Probably won’t buy either. Sticking with a 10 component allocation model I’ve used for a number of months now and like. So would need to toss another holding out to make room for anything new.

Holy Sh-t :) . That is a ridiculous amount of new choices!
More than I want to deal with, even if there are some gems to uncover. Problem is, gems usually take quite a while to show their glow.
I have been going more the ETF route using Advantis and Capital Group funds mostly. Consistent and above average returns is all you can hope for with so many options.