Core Insights - The Vanguard Small-Cap Value ETF (VBR) and iShares Morningstar Small-Cap Value ETF (ISCV) both focus on U.S. small-cap value stocks but differ in size, liquidity, yield, and performance metrics [5][7]. Fund Characteristics - VBR holds 831 stocks with a sector allocation of 21.7% in Industrials, 19.8% in Financial Services, and 14.2% in Consumer Discretionary, while ISCV targets over 1,100 stocks with 24.5% in Financial Services, 13.5% in Consumer Discretionary, and 13% in Industrials [1][2]. - VBR has total assets under management (AUM) of $59.6 billion, making it significantly larger and more liquid than ISCV, which has a much smaller AUM [5][7]. Cost and Performance - ISCV has a lower expense ratio of 0.06% compared to VBR's 0.07%, making it slightly more affordable [3]. - VBR's larger size contributes to a lower beta, indicating less volatility compared to market benchmarks, and it has shown slightly better performance over the last five years [7]. Investment Strategy - Both funds aim to provide broad exposure to small-cap companies with value characteristics, allowing investors to diversify their portfolios with a single investment [6][4]. - The focus on small-cap stocks is intended to capture potential upside from younger, smaller companies that may be undervalued by the market [6][7].

分组1 - The Federal Reserve is expected to maintain interest rates unchanged in January 2026, with some analysts predicting four rate cuts totaling 100 basis points throughout the year [1] - Companies are currently in a layoff mode, with the Dallas Fed manufacturing report indicating ongoing job cuts to control costs, which may lead to a faster-than-expected rise in the unemployment rate [1][4] - October 2023 recorded a significant number of layoffs, which will impact the unemployment rate as severance payments expire, potentially surprising Fed policymakers [1][4] 分组2 - The U.S. is experiencing a 15-year high in corporate bankruptcies, with notable large bankruptcies occurring, such as a $2.4 billion porta-potty company filing in New Jersey [5] - The Fed is closely monitoring the credit cycle, particularly the potential slowdown in bond issuance and sales, which could create concerns for monetary policy [6] - The housing market is showing signs of capitulation, with more sellers than buyers and declining prices in many U.S. cities, leading to increased application rejections and cancellations [7][8] 分组3 - The rising unemployment rate is expected to have a more significant impact on the housing market than falling mortgage rates, indicating affordability issues [9] - Corporate America has not faced significant issues with bond issuance, but there are concerns regarding leverage in the private debt space, which may lead to liquidity challenges [11][12] - Passive investing trends are providing support to the stock market, with automated buying patterns favoring large-cap stocks like Nvidia [14]

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In my view, 2026 will not be a year for passive investing. Simply sitting on ETFs tracking the broader market will be a losing strategy, as I think the large-cap stocks that have driven much of 2025's gains have excessive valuations to burnWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular co ...

Group 1 - CRH Plc, Carvana Co., and Comfort Systems USA Inc. will be included in the S&P 500 index during the quarterly rebalance at the end of December, replacing LKQ Corp., Solstice Advanced Materials Inc., and Mohawk Industries Inc. [1] - Carvana's stock has surged approximately 10,000% from a low of less than $4 in 2022 to around $400 per share, driven by cost-cutting efforts and debt restructuring, with a record sale of about 156,000 vehicles in the most recent quarter [2] - Companies must have a market capitalization of at least $22.7 billion and meet specific profitability, liquidity, and share-float standards to qualify for the S&P 500 [3] Group 2 - Analysts predicted that Carvana, CRH, and Comfort Systems were strong candidates for S&P 500 inclusion, with Carvana's shares rising nearly 100% this year [4] - Stock price increases following inclusion announcements are often short-lived, as demand subsides quickly after the initial surge, although such announcements are significant due to the popularity of index-tracking funds [5]

Core Insights - The rise of exchange-traded funds (ETFs) has transformed the investment landscape, providing low-cost diversification options for investors [2][3] - The article highlights two prominent ETFs: Vanguard Total Stock Market Index Fund (VTI) and Vanguard S&P 500 ETF (VOO), emphasizing their differences [4][8] Group 1: Vanguard Total Stock Market Index Fund (VTI) - VTI offers broad market exposure by tracking the entire U.S. stock market, including small and mid-cap companies, making it suitable for investors seeking comprehensive market access [5][6] - The fund has a low expense ratio of 0.03%, which is among the lowest in the industry, allowing investors to gain exposure to a high-quality portfolio at a minimal cost [6][8] - VTI maintains a low turnover ratio of 2.1%, aligning with the buy-and-hold strategy favored by long-term investors [7] Group 2: Vanguard S&P 500 ETF (VOO) - VOO focuses on the 500 largest U.S. companies, resulting in greater concentration in mega-cap and technology stocks compared to VTI [8] - Both VTI and VOO charge identical expense ratios of 0.03% and employ low turnover strategies, catering to long-term passive investors [8]

Core Insights - Amplius Wealth Advisors sold 25,217 shares of the iShares MSCI ACWI ETF, reducing its position by approximately $3.3 million in the third quarter [2][6] - After the sale, Amplius' remaining position in ACWI was 81,208 shares, valued at $11.2 million, which represents about 1% of its reportable assets under management [2][3] ETF Overview - The iShares MSCI ACWI ETF has total assets under management (AUM) of $23.4 billion and a current price of $140.86, reflecting an 18% increase over the past year [4][3] - The ETF offers a dividend yield of 1.5% and a one-year total return of 17.6%, outperforming the S&P 500's nearly 17% gain [4][3] Investment Strategy - The sale of ACWI shares appears to be a strategic rebalancing rather than a withdrawal from global equities, as Amplius maintains significant exposure through its top holding, the Amplius Aggressive Asset Allocation ETF [6][9] - Amplius has also reduced positions in other growth-oriented ETFs, indicating a broader strategy of portfolio housekeeping [7][9] Market Context - The iShares MSCI ACWI ETF tracks the MSCI ACWI Index, providing exposure to both developed and emerging equity markets globally, appealing to institutional and retail investors seeking diversified equity exposure [5][8] - The shift in Amplius' holdings underscores the importance of dynamic allocation, allowing for broad diversification while fine-tuning exposure as market conditions evolve [10]

Core Insights - BlackRock and Goldman Sachs reported strong Q3 earnings, exceeding expectations and achieving record assets under management (AUM) [1][3][4] Financial Performance - BlackRock's Q3 sales reached $6.5 billion, a 25% increase from $5.19 billion year-over-year, surpassing estimates of $6.24 billion [3] - Goldman Sachs reported Q3 sales of $15.18 billion, up 19% from $12.69 billion a year ago, exceeding estimates of $14.14 billion [4] - BlackRock's Q3 earnings per share (EPS) increased nearly 1% to $11.55, beating expectations of $11.19 by 3% [3] - Goldman Sachs' Q3 EPS climbed nearly 46% to $12.25, compared to $8.40 in the same quarter last year, beating expectations of $11.11 by 10% [4] Assets Under Management - BlackRock's AUM rose 17% year-over-year to a record $13.5 trillion, maintaining its position as the largest global asset manager [5] - Goldman Sachs' AUM reached a new peak of $3.45 trillion, increasing 11% year-over-year [5] Valuation Metrics - Goldman Sachs trades at a forward earnings multiple of 16X, which is a discount compared to the S&P 500's 25X and BlackRock's 24X [6] - Goldman Sachs also trades near a preferred level of less than 2X forward sales, while BlackRock trades at 8X, which is a premium to the S&P 500's 5X [8] Dividend Comparison - Goldman Sachs offers a current yield of 2.03%, slightly higher than BlackRock's 1.8%, both exceeding the S&P 500's average of 1.11% [10] Investment Outlook - Both BlackRock and Goldman Sachs are considered viable investments, with Goldman Sachs potentially receiving a buy rating due to expected earnings estimate revisions following its strong Q3 performance [12]

Core Perspective - A debate is emerging within the r/Bogleheads community regarding the decision to pay off low-rate mortgages from the pandemic era, weighing financial logic against emotional well-being [1] Financial Analysis - The prevailing mortgage rate of 2.6% is viewed as an exceptional opportunity, leading to a strong arbitrage argument favoring the retention of such debt [3] - Current yields on U.S. Treasuries are around 4%, with high-yield savings accounts and money market funds offering over 4.3%, creating a positive spread of approximately 1.4 to 1.7 percentage points with no additional risk [4] - With inflation exceeding 2.6%, the real cost of the mortgage decreases annually, making homeownership more affordable over time [5] - Investing an extra $1,000 per month at an 8% return instead of paying down the mortgage could significantly reduce the loan term and leave substantial capital available [5] Emotional Considerations - A notable segment of r/Bogleheads members who have paid off mortgages with rates between 2.8% and 3.5% report feelings of happiness and freedom, indicating that emotional satisfaction can outweigh financial calculations [6]

Investment Portfolio - Japan's corporate pension funds hold over 500 billion USD in global financial assets [1] Investment Behavior - These funds are considered "silent investors" due to their passive approach to investment management [1] - They tend to passively follow managers' investment decisions [1]