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Vanguard ETFs 2022 Year-end Total Returns

Added on by C. Maoxian.

  1. VDE Energy ETF 62.89%

  2. VPU Utilities ETF 1.10%

  3. VUSB Ultra-Short Bond ETF -0.39%

  4. VYM High Dividend Yield ETF -0.44%

  5. MGV Mega Cap Value ETF -1.23%

  6. VDC Consumer Staples ETF -1.78%

  7. VTV Value ETF -2.04%

  8. VTIP Short-Term Inflation-Protected Securities ETF -2.98%

  9. VGSH Short-Term Treasury ETF -3.84%

  10. VFVA U.S. Value Factor ETF -3.88%

  11. VOOV S&P 500 Value ETF -5.35%

  12. BSV Short-Term Bond ETF -5.49%

  13. VHT Health Care ETF -5.55%

  14. VCSH Short-Term Corporate Bond ETF -5.61%

  15. VFMF U.S. Multifactor ETF-5.70%

  16. VFMV U.S. Minimum Volatility ETF -5.76%

  17. VYMI International High Dividend Yield ETF -6.92%

  18. IVOV S&P Mid-Cap 400 Value ETF -7.14%

  19. VONV Russell 1000 Value ETF -7.65%

  20. VOE Mid-Cap Value ETF -7.90%

  21. VTEB Tax-Exempt Bond ETF -8.03%

  22. VIS Industrials ETF -8.51%

  23. VBR Small-Cap Value ETF -9.32%

  24. VIG Dividend Appreciation ETF -9.79%

  25. VGIT Intermediate-Term Treasury ETF -10.56%

  26. VIOV S&P Small-Cap 600 Value ETF -11.25%

  27. VAW Materials ETF -11.77%

  28. VMBS Mortgage-Backed Securities ETF -11.89%

  29. VFH Financials ETF -12.25%

  30. BNDX Total International Bond ETF -12.75%

  31. VFMO U.S. Momentum Factor ETF -12.87%

  32. BNDW Total World Bond ETF -12.91%

  33. BND Total Bond Market ETF -13.12%

  34. IVOO S&P Mid-Cap 400 ETF -13.17%

  35. BIV Intermediate-Term Bond ETF -13.21%

  36. VCIT Intermediate-Term Corporate Bond ETF -13.98%

  37. VTWV Russell 2000 Value ETF -14.65%

  38. VCEB ESG U.S. Corporate Bond ETF -15.11%

  39. VPL FTSE Pacific ETF -15.24%

  40. VEA FTSE Developed Markets ETF -15.39%

  41. VEU FTSE All-World ex-US ETF -15.60%

  42. VFQY U.S. Quality Factor ETF -15.67%

  43. VTC Total Corporate Bond ETF -15.72%

  44. VGK FTSE Europe ETF -15.97%

  45. VXUS Total International Stock ETF -16.13%

  46. VIOO S&P Small-Cap 600 ETF -16.23%

  47. VIGI International Dividend Appreciation ETF -16.82%

  48. VWOB Emerging Markets Government Bond ETF -17.36%

  49. VB Small-Cap ETF -17.63%

  50. VT Total World Stock ETF -18.02%

  51. VWO FTSE Emerging Markets ETF -18.04%

  52. VOO S&P 500 ETF -18.15%

  53. VO Mid-Cap ETF -18.69%

  54. VSGX ESG International Stock ETF -18.69%

  55. IVOG S&P Mid-Cap 400 Growth ETF -19.10%

  56. VONE Russell 1000 ETF -19.20%

  57. VTHR Russell 3000 ETF -19.30%

  58. VTI Total Stock Market ETF -19.51%

  59. VV Large-Cap ETF -19.69%

  60. MGC Mega Cap ETF -19.93%

  61. VTWO Russell 2000 ETF -20.44%

  62. VIOG S&P Small-Cap 600 Growth ETF -21.25%

  63. VSS FTSE All-World ex-US Small-Cap ETF -21.42%

  64. VNQI Global ex-U.S. Real Estate ETF -22.99%

  65. ESGV ESG U.S. Stock ETF -24.05%

  66. VCLT Long-Term Corporate Bond ETF -25.56%

  67. VNQ Real Estate ETF -26.21%

  68. VTWG Russell 2000 Growth ETF -26.38%

  69. VXF Extended Market ETF -26.49%

  70. BLV Long-Term Bond ETF -26.95%

  71. VBK Small-Cap Growth ETF -28.41%

  72. VOT Mid-Cap Growth ETF -28.84%

  73. VONG Russell 1000 Growth ETF -29.16%

  74. VGLT Long-Term Treasury ETF -29.31%

  75. VOOG S&P 500 Growth ETF -29.48%

  76. VGT Information Technology ETF -29.68%

  77. VUG Growth ETF -33.13%

  78. MGK Mega Cap Growth ETF -33.56%

  79. VCR Consumer Discretionary ETF -35.18%

  80. VOX Communication Services ETF -38.79%

  81. EDV Extended Duration Treasury ETF -39.20%

Vanguard Funds 2022 Year-end Total Returns

Added on by C. Maoxian.

  1. VGENX Energy Fund Investor Shares 23.69%

  2. VMNFX Market Neutral Fund Investor Shares 13.48%

  3. VGPMX Global Capital Cycles Fund 7.39%

  4. VASFX Alternative Strategies Fund 2.18%

  5. VMFXX Federal Money Market Fund1.54%

  6. VUSXX Treasury Money Market Fund 1.49%

  7. VMSXX Municipal Money Market Fund1.06%

  8. VYFXX New York Municipal Money Market Fund 1.01%

  9. VCTXX California Municipal Money Market Fund 0.92%

  10. VEIPX Equity Income Fund Investor Shares -0.09%

  11. VUBFX Ultra-Short-Term Bond Fund Investor Shares -0.53%

  12. VWSTX Short-Term Tax-Exempt Fund Investor Shares -0.82%

  13. VGHCX Health Care Fund Investor Shares -1.05%

  14. VMLTX Limited-Term Tax-Exempt Fund Investor Shares -2.99%

  15. VWNDX Windsor Fund Investor Shares -3.05%

  16. VMVFX Global Minimum Volatility Fund Investor Shares -4.48%

  17. VFISX Short-Term Treasury Fund Investor Shares -4.72%

  18. VDIGX Dividend Growth Fund -4.88%

  19. VSGBX Short-Term Federal Fund Investor Shares -5.32%

  20. VFSTX Short-Term Investment-Grade Fund Investor Shares -5.85%

  21. VCAIX California Intermediate-Term Tax-Exempt Fund Investor Shares -6.70%

  22. VWITX Intermediate-Term Tax-Exempt Fund Investor Shares -6.91%

  23. VGWLX Global Wellington Fund Investor Shares -7.19%

  24. VASVX Selected Value Fund -7.44%

  25. VGWIX Global Wellesley Income Fund Investor Shares -8.14%

  26. VWINX Wellesley Income Fund Investor Shares -9.05%

  27. VWEHX High-Yield Corporate Fund Investor Shares -9.08%

  28. VPGDX Managed Allocation Fund -9.13%

  29. VCITX California Long-Term Tax-Exempt Fund Investor Shares -10.08%

  30. VPAIX Pennsylvania Long-Term Tax-Exempt Fund Investor Shares -10.21%

  31. VNJTX New Jersey Long-Term Tax-Exempt Fund Investor Shares -10.33%

  32. VWLTX Long-Term Tax-Exempt Fund Investor Shares -10.44%

  33. VFITX Intermediate-Term Treasury Fund Investor Shares -10.44%

  34. VMATX Massachusetts Tax-Exempt Fund -10.72%

  35. VWICX International Core Stock Fund Investor Shares -10.75%

  36. VFIIX GNMA Fund Investor Shares -10.82%

  37. VEIGX Global ESG Select Stock Fund Investor Shares -10.84%

  38. VNYTX New York Long-Term Tax-Exempt Fund Investor Shares -11.01%

  39. VOHIX Ohio Long-Term Tax-Exempt Fund -11.02%

  40. VTRIX International Value Fund -11.66%

  41. VWAHX High-Yield Tax-Exempt Fund Investor Shares -11.78%

  42. VSEQX Strategic Equity Fund -11.80%

  43. VIPSX Inflation-Protected Securities Fund Investor Shares -12.02%

  44. VPCCX PRIMECAP Core Fund CLOSED -12.37%

  45. VCPIX Core-Plus Bond Fund Investor Shares -12.68%

  46. VTINX Target Retirement Income Fund -12.74%

  47. VSTCX Strategic Small-Cap Equity Fund -12.95%

  48. VEMBX Emerging Markets Bond Fund Investor Shares -13.18%

  49. VWNFX Windsor II Fund Investor Shares -13.22%

  50. VCORX Core Bond Fund Investor Shares -13.26%

  51. VGCIX Global Credit Bond Fund Investor Shares -13.61%

  52. VFICX Intermediate-Term Investment-Grade Fund Investor Shares -13.88%

  53. VASIX LifeStrategy Income Fund -13.93%

  54. VEVFX Explorer Value Fund -14.12%

  55. VTWNX Target Retirement 2020 Fund -14.15%

  56. VWELX Wellington Fund Investor Shares -14.32%

  57. VSCGX LifeStrategy Conservative Growth Fund -14.99%

  58. VPMCX PRIMECAP Fund Investor Shares CLOSED -15.15%

  59. VTTVX Target Retirement 2025 Fund -15.55%

  60. VSMGX LifeStrategy Moderate Growth Fund -16.00%

  61. VTHRX Target Retirement 2030 Fund -16.27%

  62. VTTHX Target Retirement 2035 Fund -16.62%

  63. VFORX Target Retirement 2040 Fund -16.98%

  64. VASGX LifeStrategy Growth Fund -17.09%

  65. VQNPX Growth and Income Fund Investor Shares -17.20%

  66. VTIVX Target Retirement 2045 Fund -17.36%

  67. VLXVX Target Retirement 2065 Fund -17.39%

  68. VTTSX Target Retirement 2060 Fund -17.46%

  69. VFFVX Target Retirement 2055 Fund -17.46%

  70. VFIFX Target Retirement 2050 Fund -17.46%

  71. VHCOX Capital Opportunity Fund Investor Shares CLOSED -17.53%

  72. VGSTX STAR Fund -17.99%

  73. VMMSX Emerging Markets Select Stock Fund -18.15%

  74. VDEQX Diversified Equity Fund -22.47%

  75. VHGEX Global Equity Fund -22.64%

  76. VEXPX Explorer Fund Investor Shares -23.26%

  77. VWESX Long-Term Investment-Grade Fund Investor Shares -25.63%

  78. VINEX International Explorer Fund -27.56%

  79. VUSTX Long-Term Treasury Fund Investor Shares -29.58%

  80. VMGRX Mid-Cap Growth Fund -30.12%

  81. VBPIX Baillie Gifford Global Positive Impact Stock Fund Investor Shares -30.25%

  82. VWIGX International Growth Fund Investor Shares -30.85%

  83. VWUSX U.S. Growth Fund Investor Shares -39.64%

Apple Mentions in Berkshire Annual Report

Added on by C. Maoxian.

61,242,652 shares Apple Inc. 1.1 (percent owned) 6,747,000,000 (cost) 7,093,000,000 (market value 12/31/16)

166,713,209 shares Apple Inc. 3.3 (percent owned) 20,961,000,000 (cost) 28,213,000,000 (market value 12/31/17)

255,300,329 shares Apple Inc. 5.4 (percent owned) 36,044,000,000 (cost) 40,271,000,000 (market value 12/31/18)

250,866,566 shares Apple Inc. 5.7 percent owned) 35,287,000,000 (cost) 73,667,000,000 (market value 12/31/19)

907,559,761 shares Apple Inc. 5.4 (percent owned) 31,089,000,000 (cost) 120,424,000,000 (market value 12/31/20)

“Berkshire’s investment in Apple vividly illustrates the power of repurchases. We began buying Apple stock late in 2016 and by early July 2018, owned slightly more than one billion Apple shares (split-adjusted). Saying that, I’m referencing the investment held in Berkshire’s general account and am excluding a very small and separately-managed holding of Apple shares that was subsequently sold. When we finished our purchases in mid-2018, Berkshire’s general account owned 5.2% of Apple. Our cost for that stake was $36 billion. Since then, we have both enjoyed regular dividends, averaging about $775 million annually, and have also – in 2020 – pocketed an additional $11 billion by selling a small portion of our position. Despite that sale – voila! – Berkshire now owns 5.4% of Apple. That increase was costless to us, coming about because Apple has continuously repurchased its shares, thereby substantially shrinking the number it now has outstanding”

907,559,761 shares Apple Inc. 5.6 (percent owned) 31,089,000,000 (cost) 161,155,000,000 (market value 12/31/21)

“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job. It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.”

The SPE Is Not Consolidated

Added on by C. Maoxian.

Investment banks up to the same old shit. From: MORGAN STANLEY & CO. LLC CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2017 (PDF)

OTC derivatives outstanding

“Credit Linked Notes

In a Credit Linked Notes (CLN) transaction, the Company transfers assets (generally high quality securities or money market investments) to a Special Purpose Entity (SPE). An affiliate of the Company enters into a derivative transaction in which the SPE writes protection on an unrelated reference asset or group of assets, through a Credit Default Swap (CDS), a total return swap or similar instrument, and sells to investors the securities issued by the SPE.

In some transactions, an affiliate of the Company may also enter into interest rate or currency swaps with the SPE. Upon the occurrence of a credit event related to the reference asset, the SPE will deliver collateral securities as payment to the affiliate of the Company that serves as the derivative counterparty. These transactions are designed to provide investors with exposure to certain credit risk on the reference asset.

In some transactions, the assets and liabilities of the SPE are recognized in the Company’s consolidated statement of financial condition. In other transactions, the transfer of the collateral securities is accounted for as a sale of assets, and the SPE is not consolidated. The structure of the transaction determines the accounting treatment.

The derivatives in CLN transactions consist of total return swaps, credit default swaps or similar contracts in which an affiliate of the Company has purchased protection on a reference asset or group of assets. Payments by the SPE are collateralized.”

Sweet Songs and Empty Tummies

Added on by C. Maoxian.

Warren Buffett in 2019:

“In the end, it all goes back to Aesop, who in 600 B.C. said that a bird in the hand is worth two in the bush, and when we buy Amazon we try to figure out whether there’s three or four or five in the bush, and how long it will take to get to the bush, how certain are we going to get to the bush, and who else is going to come and take the bush away.”

The original:

Luscinia, ab accipitre famelico comprehensa, cum se ab eo devorandam intellegeret, blande eum rogabat ut se dimitteret, pollicita pro tanto beneficio ingentem mercedem sese relaturam. Cum autem accipiter eam interrogaret quid gratiae sibi referre posset, “Aures,” inquit, “tuas mellifluis cantibus demulcebo.” “At ego,” inquit accipiter, “malo mihi ventrem demulceas. Sine tuis enim cantibus vivere; sine cibo non possum.”