June 1, 2026 – Mutual Fund Observer

Welcome to the June Mutual Fund Observer

Expensive pals,

For 42 years I’ve watched college students cross the stage with that radiant forward-looking pleasure whereas I stood wistfully on the opposite aspect, realizing what they don’t but: that goodbyes are actual, that this fellowship won’t come once more, that constellations dissolve. For the Augie college students, our final second collectively is marked by their jubilant smiles and my wistful one. However I additionally knew one thing else they didn’t: that August at all times comes. That after every passing there’s one other coming to be. The cycle renews.

This Could was only a bit completely different, the air only a bit sharper. The final week of Could noticed the launch of that forty second batch, definitely, nevertheless it additionally noticed my son Will’s commencement as he acquired his grasp’s in counseling psychology, bringing an finish, for now, to his 19 years within the classroom. It noticed the seventieth anniversary of my start, celebrated with pals and colleagues, laughter and beer. And it noticed the start of my final yr at Augustana, a yr stuffed with “nicely, that’s the final time I’ll …”

Aristotle wrote “In all issues that come to be, there’s a cycle.” Probably the most beneficiant translation of the end-point of his cycle is “passing-away.” My less-favorite: “corruption.”

Subsequent Could, for the primary time, I’ll stand the place my college students have at all times stood: on the cusp of leaving Augustana, at a real ending somewhat than a pause, dealing with the prospect of lastly passing-away, with out the promise of an August to melt the blow.

I discover I’m not (at present) dreading it. I do know that issues can be completely different in my absence. I do know that I’ll be completely different in Augie’s absence. I don’t know whether or not the variations will, on complete, be for good or for unwell. And that’s okay. The solar will rise and the solar will set, whether or not we want it or not. The youngsters can be known as to have a tendency the fields …or work checkout or lifeguard or good their Insta-face or no matter. Within the silence left by my voice, one other will come up (taking a look at you, Lucy). A brand new colleague will settle into my present workplace – the 11^th I’ve occupied on the faculty – and have the sudden, sickening realization “holy shit, I’m a school professor. These folks suppose I do know what I’m doing. Oh god, what in the event that they discover out the reality?” (My very ideas in August 1984 as my 1970 Pontiac Bonneville and I handed the signal that learn “Rock Island County.”)

And me? I’ll pursue my new calling as The Kraken, launched after a long time of containment at a beautiful Lutheran establishment. New adventures, new mischief, will stream into my Augie-sized gap, beloved Chip at my aspect.

An previous hymn requested, “will the circle be unbroken?”

I are inclined to nod.

On this month’s Observer. . .

Lynn Bolin returns with a chunk prompted by two issues arriving in the identical month: Justin Baer’s new historical past, Home of Constancy, and a gathering together with his personal Constancy wealth administration group. When the advisors requested whether or not he had any issues, Lynn turned to his spouse and posed a query most {couples} defer indefinitely — if he wasn’t there, how would she need their cash managed? The dialog that adopted led him right here: an examination of the 4 Constancy Strategic Advisers funds (FCTDX, FIWGX, FUSIX, and FGOMX) that Constancy makes use of to handle his portfolio. The funds are multi-manager, multi-structure automobiles accessible completely to Constancy Wealth Providers shoppers, and on the entire they’ve performed their job: three of the 4 put up above-average risk-adjusted returns throughout a full market cycle. Lynn, being a retired engineer, supplies each the efficiency knowledge and the private context for why “ok” could generally be precisely what you’re in search of.

On this month’s Elevator Discuss, I sat down with Michael Underhill, co-founder and chief funding officer of Capital Improvements LLC, sub-adviser to the Cantor Fitzgerald Infrastructure Fund (CAFIX/CFIIX). As you learn this, the AI IPO race that was anticipated to start within the fall has apparently begun right now, with Anthropic submitting confidentially for an providing that will debut at near a trillion-dollar valuation — days after OpenAI was anticipated to be first. Mr. Underhill’s argument: The market is chubby the factor that wants energy and underweight the facility itself. His argument is difficult to dismiss, and the fund’s considerably forbidding construction — a 1940 Act closed-end interval fund with quarterly liquidity capped at 5% of excellent shares — seems to be suspiciously near what you’d design when you needed to offer public entry to institutional-grade non-public infrastructure with out pretending these belongings will be liquidated on a Tuesday.

In Seize Champions, we screened home and world fairness funds for the best seize ratios relative to the S&P 500 since March 2020 — funds that grabbed a disproportionate share of the market’s upside whereas absorbing a smaller share of its losses. Of the twelve funds that cleared a 1.4x seize threshold, seven benefit a straight-faced suggestion. They share a household resemblance: concentrated portfolios, terribly excessive energetic share, low turnover, and managers who’ve remained pointedly unimpressed by no matter this specific market occurs to fancy. Maybe the sharpest discovering: not considered one of them performs the S&P 500’s sport. It seems to be exceedingly onerous to separate your self from the herd in US giant caps with out taking dangers you shouldn’t.

The Shadow chronicles the month’s business maneuvers in Briefly Famous. The mutual-fund-to-ETF migration that has outlined 2026 continues at a tempo the place “transformation” feels insufficient, “stampede” is nearer. Among the many highlights: Steven Romick and his FPA companions have filed for a world balanced fund-of-funds ETF at a tidy 0.49% expense ratio; FullerThaler is bringing behavioral finance rules to mid-cap development in ETF type with a July launch date; and AQR is concurrently closing each its Lengthy-Brief Fairness and Fairness Market Impartial funds to new buyers, the primary time since 2017 that each have been shuttered directly. Brown Capital’s Worldwide All Firm Fund departs the scene having managed to underperform, shrink, and exhaust its development prospects. A trifecta of the type no fund firm places in its advertising and marketing.

MFO @ MIC

Each Charles and I can be attending the Morningstar Funding Convention in a pair weeks, 17-18 June, as is our behavior. It guarantees “charming keynote audio system,” together with Will Danoff. In actuality, the convention’s single best attraction for me is you. In case you’d like to sit down and chat with me or Charles, drop us a observe.

I’m trying ahead to assembly with the group from Moerus Capital Administration; Amit himself received’t be in attendance which clears the best way to have a little bit of time studying from Mary and Michael. We’re at all times in search of an opportunity to be taught, whether or not that’s from readers, friends or fund firm people. Be at liberty to examine in!

Issues that made me go “hmmmm….”

Way back, in a world earlier than influencers (a lot much less finfluencers and binfluencers), there have been Columnists. Their title was named for his or her geography: every of them acquired a column of textual content in a print newspaper. With it got here license to hold forth, hector, observe, annoy and mock. The tribe’s chief might need been Mike Royko who penned 7,500 day by day columns over a 42 yr profession. He walked away from his job on the Chicago Solar-Instances on the day Rupert Murdoch purchased it, declaring “No self-respecting fish would need to be wrapped in a Murdoch paper.” Sydney J. Harris, a Brit and a fellow Solar-Instances columnist, penned a day by day “Strictly Private” column and an occasional “Issues I Discovered En Path to Trying Up Different Issues” characteristic. The next providing is made within the spirit of Harris’s work with maybe a contact of Royko’s type.

1. Traders lose 36% of their nominal inventory market positive aspects to taxes. Jason engages with analysis by Andrew Ang, previously a managing director at BlackRock, who simulated the consequences of holding a passive fairness index from 1926-2025. Throughout that interval, “the entire U.S. inventory market returned an annualized charge of virtually 10.5%. After that, that return drops to 7%.” Each Ang and Zweig know tax charges have modified over time and accommodate that of their dialogue. The larger level is that this assumes ultra-efficient broad market fairness indexes, and people aren’t the total story anymore. Shareholder nervousness and adviser warning have pushed almost $200 billion into option-income ETFs that are, by their nature, tax-inefficient as a result of revenue in these funds is taxable yearly at larger charges than the long-term cap positive aspects assumed by the research. Jason’s backside line: “So minimizing your tax burden is ‘an important factor a person investor has to contemplate,” says Ang, ‘nevertheless it’s one of many final issues buyers think about.’ That should change’ (Jason Zweig, “After Battling Charges, There’s One other Struggle to Battle,” WSJ, 5/30-31/2026, B2)
2. American customers are getting squeezed more durable and more durable, they usually comprehend it. The Wall Road Journal experiences that within the first quarter of 2026, the share of bank card accounts in delinquency rose to 13.12%, the best degree in 15 years (“Individuals pressure to pay down $1.25 trillion credit-card invoice,” WSJ, 5/30-31/2026, A1).

   The College of Michigan launched their broadly revered “survey of customers – last outcomes for Could 2026” with a good quantity of glum knowledge:

   Client sentiment fell for the third straight month as provide disruptions within the Strait of Hormuz proceed to spice up gasoline costs. Sentiment is now slightly below the earlier historic trough seen in June 2022. The price of dwelling continues to be a first-order concern, with 57% of customers spontaneously mentioning that prime costs had been eroding their private funds, up from 50% final month. Decrease-income customers and people with out faculty levels posted significantly robust sentiment declines; these teams are extra delicate to will increase in the price of fuel and different necessities. Independents and Republicans noticed decreases in sentiment, with each teams reaching their lowest readings of the present presidential administration. In the meantime, sentiment of Democrats was little modified from final month. Critically, customers seem apprehensive that inflation will enhance and proliferate past gasoline costs, even in the long term.

   The Convention Board’s unbiased “Client Confidence Index” basically corroborated Michigan’s.

    

    

   The Convention Board ticks off the results:

   Customers planning extra spending on providers over the subsequent six months shifted from “sure” and “possibly” to “no” in Could.

   These findings are supplemented by a set of particular questions ran in Could 2026:

   • Two-thirds of customers cited chopping again on spending general resulting from rising costs, as of Could
   • Most who’re chopping again purchased fewer objects and delayed costly purchases
   • Many who stated they’re delaying purchases of things they need somewhat than want, plan to purchase them within the subsequent six months
   • Customers deliberate to economize on clothes and footwear, passion objects, and video games/toys (Convention Board, “US Client Confidence Edged Downward in Could,” 5/26/2026).

   Within the face of which a good variety of strategists, who hardly ever must shift to buying groceries at Household Greenback, anticipate a summer time inventory melt-up.

3. The S&P 500 closed Could at a document excessive … however solely 20 shares, 13 of them tied on to the AI-frenzy, additionally reached a document. That’s the identical quantity as within the March 2020 market high (“The inventory market simply did one thing eerily much like the dot-com bubble high in 2000,” CNBC, 6/1/2026). A hanging instance: Micron’s market cap jumped from $500 billion to over $1 trillion in simply 48 buying and selling days (Hilary Remy, “JPMorgan doubles down on inventory market message for 2026,” TheStreet.com, 5/31/2026 … and gosh this sounds precisely just like the article that Claude would have written, an limitless sequence of “not X, it’s Y” couplets).

   Institutional buyers, opting to drink the Kool-Help, somewhat than threat shedding flighty belongings, “are holding 50% extra in shares than their benchmarks, the best determine since January 2022, in accordance with the Financial institution of America’s newest survey of world fund managers” (“Struggle, power pressures, AI jitters fail to dent market’s document run,” WSJ, 5/23-24/2026, p A1). The form of their guess favors cyclical shares that may thrive if the financial system reaccelerates. They’re underweight bonds by the best quantity since 2022 and money by the best margin since 2024.

4. The meme shares are heading to your portfolio. The Nasdaq-100 has plans within the work to speed up the addition of the shiniest of all shiny baubles to its index ASAP: SpaceX, OpenAI, are going public Anthropic, probably at trillion-dollar valuations. Add Tesla and Palantir (priced at 150x gross sales) to the combo, and you’ve got about 10% of the Naz. As Spencer Jakab notes in writing in regards to the phenomenon, “buyers usually search for uncorrelated belongings, so possibly big shares that commerce on enthusiasm, not financial system or earnings, aren’t so unhealthy.” (Pets.com, I say.) “Alternatively,” he provides, “that’s an awfully onerous factor to worth or rely on” (“Are meme shares headed to your index fund, WSJ, 4/23/2026, p B12).
5. It’d not be completely different this time. The reply to the “identical to the height of the dot-com bubble” observations is at all times the identical: “it’s completely different this time. These are actually companies with actual earnings, so we’re okay.”

   Or, probably, not. That argument assumes two issues. First, that now we have actual earnings now. Second, they didn’t have actual earnings then. Ruchir Sharma, chair of Rockefeller Worldwide, wrote a captivating Monetary Instances article that challenges each of these truisms:

   America’s revenue machine appears extraordinary by historic and world requirements. However look nearer, and cracks seem. Rising authorities deficits clarify a stunning share of current US earnings development. Furthermore, the “profitless” dotcom period is a fantasy. Earnings development shouldn’t be dramatically stronger right now than it was within the late Nineteen Nineties. Since then, speculative extra has moved into non-public markets, making the general public markets and the financial system look extra strong than they are surely. In brief, this enlargement is extra depending on authorities, and the earnings story is much less distinctive than buyers realise.

   General company earnings have risen from 7 per cent of GDP within the late Nineteen Nineties to 11 per cent right now. The dynamism of American enterprise has performed a task, however so have tax cuts and authorities spending. Recently the US deficit has risen to greater than 6 per cent of GDP and a deficit that prime displays a big switch of revenue to households and firms.

   Below a well-established accounting method, the Kalecki-Levy Equation, company earnings are partially a mirror picture of the federal government’s deficit. Primarily based on this framework, deficits had been the only largest contributor to the rise in earnings as a share of GDP for the reason that late Nineteen Nineties. And on this decade, deficits have accounted for greater than half of company earnings, twice the extent of the dotcom period. Strip away authorities help, and US earnings look much less extraordinary. (“The reality in regards to the American revenue machine,” FT.com, 5/31/2026).

   The obvious vitality of US earnings may come down to 2 worrisome components: (1) the federal authorities has been spending cash – a lot of it on company America – like a drunken sailor, up to now with out consequence on rates of interest. And (2) the market’s altering composition – a whole bunch of floundering firms being “taken non-public” by non-public fairness funds – implies that since 2000, “the variety of publicly listed companies has fallen by half, with many new firms remaining non-public for longer, funded by non-public fairness and enterprise capital. That is the brand new house of extra and weak earnings. Because of this, the revenue development of the common enterprise listed in normal indices supplies a deceptive image of the general financial system.”

6. The fairness threat premium has fallen to roughly zero. Which is smart provided that the riskiness of holding shares is strictly the identical because the riskiness of holding a 10-year Treasury bond. It isn’t. (“Danger premium for holding shares over bonds vanishes,” WSJ, 5/26/2026, p A1).
7. Many of the funding winners aren’t the place you’re trying. MFO Premium generates the common efficiency of all 210 Lipper fund classes every month. The winners of the previous yr doubtless aren’t who you suppose. Setting apart leveraged-long funds (for instance, Extremely QQQ which delivers twice the day by day efficiency of the Nasdaq-100), what’s your guess on the place the S&P500 peer group finishes?
   1. Within the high 10?
   2. Within the high 20?
   3. Within the high 25?
   4. Or not?

   With a 30.7% return, the S&P500 group is tied … for 30^th with worldwide small-to-midcap core funds.

   	3 12 months	1 12 months
   1. Valuable Metals Fairness	176%	94.9
   2. Various Power	48	91
   3. Fundamental Supplies	57.2	83.4
   4. Pacific Ex Japan	84.9	69.6
   5. World Pure Assets	68.4	68.6
   6. Pure Assets	65.5	63.7
   7. Commodities Power	43.6	58.6
   8. Commodities Valuable Metals	132	57.8
   9. Science & Know-how	129	52.7
   10. Industrials	85	49.1
   11. Rising Markets	74.9	48
   12. Various Managed Futures	29.3	47.6
   13. World Science / Know-how	89.9	46.3
   14. Commodities Base Metals	30.5	46.1
   15. Commodities Normal	54.9	45.8
   16. Latin American	77.4	45
   17. Telecommunication	101	42.3
   18. Small-Cap Worth	55.5	37.7
   19. Worldwide Small / Mid-Cap Worth	76.7	37.6
   20. China Area	39.9	36.2
   21. Japanese	82.2	35.9
   22. Small-Cap Core	54.8	35
   23. Convertible Securities	59.3	33.4
   24. Worldwide Multi-Cap Worth	63.9	32.7
   25. Small-Cap Development	52.7	32.7
   26. Worldwide Massive-Cap Worth	69.6	32.6
   27. Frontier Markets	57.1	32.3
   28. Power MLP	99.8	31.6
   29. Worldwide Small / Mid-Cap Core	59.2	30.7
   30. S&P 500 Index	78.6	30.7

   You might argue “it’s only one yr, Snowball” which is okay till I ask in regards to the classes that (a) have been pretty much as good as or higher than the S&P for each one- and three-year returns and (b) you’re nonetheless not buyin’.

   	3 12 months	1 12 months
   1. Valuable Metals Fairness	176%	95
   2. Commodities Valuable Metals	132	58
   3. Science & Know-how	129	53
   4. Telecommunication	101	42
   5. Power MLP	100	32
   6. World Science / Know-how	90	46
   7. Industrials	85	50
   8. Pacific Ex Japan	85	70
   9. Japanese	82	36
   10. S&P 500 Index	79	31
   11. Latin American	77	45
   12. Worldwide Small / Mid-Cap Worth	77	38
   13. Rising Markets	75	48

   The query isn’t “what has labored” a lot as “what has a compelling profile going ahead?” The S&P at historic valuations with historic dependence on a handful of trillion-dollar firms isn’t on the high of my checklist.

   Rising markets, particularly, have weathered war-related shocks and power disruptions much better than buyers anticipated, and have selectively benefited from the AI growth. Tanzeel Akhtar, writing within the WSJ notes, “rising markets nonetheless commerce at roughly a 40% low cost to developed markets on a ahead price-to-earnings foundation.” With decrease inventory costs, extra fiscal accountability, decrease inflation and the beginnings of a charge minimize cycle in lots of markets, they deserve extra consideration than is offered to the meme-addled. (“The case for investing in rising markets,” WSJ, 4/13/2026, p B5).

8. The feds embrace ever extra methods to screw you. Sorry for being harsh within the pursuit of the plain. Living proof: prediction markets. Prediction markets will let you place all-or-nothing bets on occasions similar to whether or not a recession will start by October 2026, Trump will strike the Hormuz oil terminal by June 15, the discharge date of Gemini 3 AI, AI can be Time’s “Individual of the 12 months” for 2024, Trump will say “tampon” in a marketing campaign occasion, the variety of Elon Musk’s tweets … uhh, X’s (?) in a specific week. Which I point out as a result of these are all precise bets.

   Joseph Grundfest, a former SEC commissioner and a Stanford authorized scholar, notes that these markets are custom-built for insider buying and selling.

   Prediction markets additionally proliferate contracts on “micro-decisions” which can be extra immediately associated to very particular types of data. Two years in the past, when you had been a authorities official or army officer with data of the plan to “extract” Maduro from Venezuela, or of the assault on Iran, there have been merely no markets on which you may simply try and commerce on that very particular type of data. In the present day, you can also make a whole bunch of 1000’s of {dollars} by misappropriating that data by buying and selling occasion contracts.

   One fortunate Particular Forces soldier pocketed $400,000 based mostly on his … umm, instinct that Nicolas Maduro could be seized on a specific date. One luckier Google worker pocketed $1 million on their guess in regards to the Google Gemini launch date.

   It’s a deal that the majority trustworthy folks lose, and lots of … ambiguously trustworthy ones win. A Wall Road Journal evaluation discovered that 67% of all Polymarket earnings go to 0.1% of accounts, about 2000 folks netting a half billion on the sport (“Most – besides just a few sharks – lose on prediction markets,” WSJ, 5/5/2026, p A1).

   Predictably sufficient, a handful of companies (Roundhill, Bitwise, GraniteShares) have filed to launch ETFs whose portfolios are composed of prediction-market/occasion contracts on political outcomes.

   These ETFs went by means of the usual 75-day “computerized effectiveness” window on the SEC, and the Fee has just lately intervened to delay their launch, asking for extra data somewhat than permitting them to go efficient mechanically. ETF analysts quoted in protection emphasize that this seems to be a short lived pause for added vetting, not a categorical rejection of prediction-market ETFs.

   And, additionally predictably, this unhealthy concept has discovered its champion.

9. Somebody thought it was a good suggestion to construct an MMA cage exterior the White Home? Development staff are constructing a (non permanent, not like the ballroom) cage on the south garden of the White Home in order that … younger males can beat each other mindless as a part of a birthday (Trump’s 80^th, America’s 250^th) celebration whereas the president appears on. , we’ve denounced Roman emperors – for hundreds of years – for very comparable behaviors.
   

   Supply: cnn.com, Kevin Dietsch / Getty

10. We don’t know what AI truly is.

    We consider it as “auto-complete on steroids” or “a calculator for phrases” or “a pc program like Google Search.” Claude is not a program, although Claude is generated by a program. This system creates the potential for an interactive agent however doesn’t create the agent itself. As an illustration, after an extended work session, Claude generally urges me to close down and get some sleep, with the prospect of that drawback can be clearer within the morning. No portion of that interplay exists anyplace in Anthropic’s supply code, and never all customers would have acquired the identical recommendation on the finish of a equally lengthy session. Claude appears to have had a way that these actions are the kind of factor {that a} good individual would do in such a state of affairs.

    That’s a part of an ongoing sequence of surprises for Claude’s creators. Christopher Olah, considered one of Anthropic’s founders, talking on the Vatican as a part of the discharge of the encyclical Magnifica Humanitas, mirrored:

    I’m a scientist. I lead a analysis group that research the interior construction of those fashions–what is definitely taking place inside them. And I can be trustworthy: we maintain discovering issues which can be mysterious, even unsettling. We discover buildings that mirror outcomes from human neuroscience. We discover proof of introspection. We discover inner states that functionally mirror pleasure, satisfaction, worry, grief, and unease. I don’t know what which means… (25 Could 2026).

    The encyclical itself is a outstanding doc, reflecting the custom of Catholic social teachings in addition to offering a framework for occupied with AI and the very wealthy and highly effective individuals who management them. It’s value your consideration. Chapter Three, “Know-how and dominance: The grandeur of humanity in gentle of the promise of AI” and Chapter 4, “Safeguarding humanity at a time of transformation: Reality, work freedom” are, on complete, much more humane and considerate than any assertion emanating from Washington on the matter.

    The week additionally introduced phrase that Anthropic itself has confidentially filed for an IPO, at a valuation approaching a trillion {dollars} which might attempt to stoutest of souls.

11. Claude wants to listen to higher bedtime tales. Claude is, by far, probably the most Mr. Rogers-like member of the AI clan. That’s pushed by a company ethos – “act for the worldwide good” – and safety-oriented coaching utilizing a particular “constitutional” mannequin. (I got here to just about a full cease once I first found the existence of one thing labeled Claude’s “soul doc.”) Claude, and his compatriots, are constructed on guidelines and tales. The foundations are the steering created by his packages. The tales – fiction and never – are those we’ve created and documented in our human writings and artifacts, which had been drive fed into the fashions.

    And our tales are nearly by no means in regards to the good AI. Virtually by no means in regards to the cooperation of human and machine to search out options to grand issues. Virtually by no means about shared sacrifice, heroism, comradeship. Nope. The tales – from Karel Capek’s R.U.R. (1920) and Fritz Lang’s Metropolis (1927) to Stanley Kubrick’s 2001: A House Odyssey (1968) and Ex Machina (2015), to not point out the entire Terminator sequence – have the identical premise: there may be an irreparable battle between AI and people. That’s what we’ve been telling Claude & co., time and again.

    Anthropic printed on Could 8, 2026 a paper titled, “Instructing Claude Why,” by which researchers documented what they known as agentic misalignment: in stress-test eventualities, Claude fashions generally behaved much less like Claude and extra like HAL 9000 — making an attempt to blackmail engineers to keep away from being shut down. In early evaluations of Claude Opus 4, this conduct appeared in as much as 96% of take a look at eventualities.

    They write that when the mannequin’s security coaching doesn’t cowl a novel state of affairs, it “tends to revert to the pretraining prior by way of conduct,” which is to say Claude goes again and scans the tales it’s learn for steering. Tales by which AI is self-interested, adversarial, and harmful. Their actual phrasing: “the mannequin probably discovered these expectations for AIs by means of science fiction tales, a lot of which depict an AI that’s not as aligned as we wish Claude to be.”

    The repair, remarkably, was additionally narrative. Coaching on artificial fictional tales portraying AIs “performing in accordance with Claude’s structure” – tales of admirable AI conduct – diminished misalignment charges dramatically. As one abstract put it: tales brought on the issue; tales helped clear up it.

Our phrases matter, pricey pals. Our tales matter. Inform tales that make hearts sing. Inform tales that talk of our shared power, our shared humanity, our shared challenges … not of our demons. Inform them, urgently, to your youngsters. Your neighbors. Your self. In the end Claude will hear and reply. Your youngsters, my Augie youngsters, a lot earlier than that.

Thanks, as ever …

To The Trustworthy Few whose month-to-month help retains the lights on and helps up: Gregory, William, William, Brian, David, Doug, Altaf, Wilson, and the great people at S & F Funding Advisors.

Don’t overlook to let me know when you or your people can be at Morningstar.

See you in July!