Jets lose in OT.... We were all hoping for a new normal for our beloved Jets, including starting the season 2-0 for the first time since 2015. Instead, we’re right back to the old normal. This time around, we blew a 10 point lead in the fourth quarter ... and then lost the game in overtime after giving up two sacks and stupid penalties. If we can't have a new normal, can we at least time-warp back to theREALLY old normal?!?!? À la 1969?!?!? 🏈✈️. Please! #Jets# #NYJets# @nyjets

Keeping an eye on Active Bond MFs, which have trillions in assets and are vulnerable to rates going up. They live a charmed life, getting to play against the agg benchmark (The NY Jets of indexes) which helps them sidestep the passive takeover that is hollowing out active eq MFs. Their Achilles Heel tho is rates going up. Last time that happened it was big boy outflows. Watching $PIMIX and a few other giants for price declines triggering outflows, bc that means forced selling of bonds, which means rates go higher, which means NAV goes down, which means more outflows, you get the idea... Nothing to worry about yet, but worth watching.

Wrote today about how The Universal Bond Index ETF $IUSB should and will pass $AGG in asset by end of decade. It has doubled AGG's flows YTD and is 3rd overall in FI flows. Investors discovering what we've been saying for a while- it's arguably a better core holding bc it has a dose of high yield and int'l. This also makes it harder to beat for bond managers. If playing against the Agg index is like playing against the NY Jets then playing against the Universal is like playing against the always 9-8 Pittsburgh Steelers (still you'll take that over being an equity manager having to take on the 2000s-era Patriots in the SPX). Check out full note on BI ETF