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SPY Is Still a Unit Investment Trust. Here’s Why That Quirk Matters (and When It Doesn’t)
The first U.S. ETF still runs on a 1993 legal blueprint, and its biggest rival just abandoned that setup. Is the old wrapper quietly costing SPY investors, or does something else decide the question?
Your Year-End RMD Has to Come From Somewhere. Fidelity’s FDLO Returned 60.19% Over Five Years Against JEPI’s 44.66%.
Every December, retirees must sell something to satisfy the IRS. The fund sitting in your IRA decides how much survives each withdrawal, and one popular monthly-income favorite may not be the winner you assume.
Buffer ETFs Trade Some Upside for a Cushion Against Losses. Here’s How 3 of Them Work
Buffer ETFs promise a cushion against stock market losses, but the fine print decides who actually gets it. Buy on the wrong day, and the protection you thought you purchased may not exist.
DATA RELEASE
2-Year Treasury Yield
4.56%
+5 bp
The 2-year, the maturity that tracks Fed expectations most closely, is back at 4.56% after a 5 basis point move. Traders are pricing less easing, and that repricing hits rate-sensitive equities first.
Source: FRED · DGS2DATA RELEASE
10Y-2Y Treasury Yield Spread
+0.25 pp
-7 bp
The curve is flattening toward zero again: the 10Y-2Y spread gave up 7 basis points to +25 bp, still positive but thinner than at any point this year. Banks, long-duration bonds and anything priced off the recession signal feel this first.
Source: FRED · T10Y2YSponsored
PodcastBloomberg Businessweek
Anthropic Targets $1.4 Trillion Valuation in Blockbuster IPO
- Anthropic's deal: up to $90.4B raised, $70-$78 range, Nvidia in for a $10B private placement
- Retail expected to take 15-20% of the deal; Dario Amodei and Jamie Dimon to headline an IPO livestream
- Deutsche Bank's Matt Luzzetti now sees three more 25bp Fed hikes after hot CPI
- WEX CEO: fuel prices up 43% year over year, AI-driven fraud attempts up 12x since 2022
Nvidia is writing a $10 billion check into the first frontier AI lab to go public while its own board hires outside counsel for a probe, and JPMorgan is fronting the roadshow stage. Deutsche Bank is now calling for hikes in December, January and March, which is the opposite of what this IPO's pricing assumes.
Dave Ramsey Says First-Time Homebuyers Are Now 40. He Blames Debt, Not Housing Prices
Dave Ramsey says the housing market is only a symptom of buyers’ debt. The math behind that claim holds up in one place and falls apart in another, and the gap could cost you years or a retirement.
His 2.75% Adjustable Mortgage Is Resetting After Seven Years. A $100,000 401(k) Withdrawal at 55 Could Net Just $68,000
A 55-year-old thinks tapping his 401(k) will soften a brutal mortgage reset. A quirk in the IRS age rule, plus a lender option most borrowers overlook, could make the move far costlier than he expects.
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Freedom vs. Safety: Axon CEO Rick Smith on the Future of Policing
- Rick Smith retraces Axon's near-bankruptcy, dot-com IPO at a $12M valuation, short attack and SEC probe
- Pivot from hardware to cloud software after Ferguson; body cams now handle more daily video uploads than YouTube
- Axon is now Skydio's largest investor with nearly half the company, locking up public-safety drones
- Taser-equipped drone program defended after ethics board resignations; hard limits on autonomous lethal force
The Skydio stake points to where the next leg of growth comes from: drones and robotics sold into the same police agencies already paying for cloud video. Smith frames regulation as guardrails, which matters for a business whose contracts live or die on public sentiment after the ethics board walkouts.
Medicaid Will Approve Dad for Home Care. His Aide Will Stop Showing Up, and Six Weeks Later He’ll Be in a $12,000-a-Month Nursing Home
Medicaid signed off on the care, but nobody was there to deliver it. When an aide vanishes and a son quietly fills the gap, one simple habit decides whether a family gets help or watches a crisis unfold.
Matthew Hornbach Says Falling Unemployment Is the Real Risk to Higher Rates. Here’s Why Retirees Should Care
A bond strategist says one labor market trend, not inflation, could push borrowing costs sharply higher next year, and it is already underway. Retirees who rely on bonds, CDs, or monthly dividend checks may want to see how one popular REIT is handling the squeeze.
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US stocks closed lower; Technology lags while Financials and Communication Services lead
- S&P 500-0.4%
- Nasdaq 100-0.7%
- Dow-0.3%
- Russell 2000-0.7%
Per CNBC, the S&P 500 fell, dragged down by a Nvidia sell-off and rate-hike fears after hot inflation data.
LeadingFinancials +0.5%Energy +0.4%Communication Services +0.4%
LaggingTechnology -1.2%Materials -0.2%Utilities -0.1%