Today's Talk Your Book is sponsored by F/m Investments:

On today’s show, we discuss:

• The rise of after-tax investing and how F/m's Compounder series aims to defer income by avoiding dividends

• The hidden costs of traditional dividend reinvestment programs compared to market orders

• How the ETF structure compares to private credit and BDCs, and the liquidity mismatch investors should understand

• What a failed Treasury auction would look like and why the bond vigilantes haven't arrived despite rising government debt

• F/m's product development philosophy: every new ETF must solve a real problem, not just be an interesting idea

Animal Spirits:

Charts:

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Definitions and Disclosure from F/m Investments:

AG Index: Evaluates the performance of agricultural sectors across different regions

Basis point: is used to indicate changes in the interest rates of a financial instrument

SALT Deduction: SALT stands for State and Local Taxes. The SALT deduction allows taxpayers to deduct these taxes from their deferral taxable income

AG Index: Evaluates the performance of agricultural sectors across different regions

Basis point: is used to indicate changes in the interest rates of a financial instrument

SALT Deduction: SALT stands for State and Local Taxes. The SALT deduction allows taxpayers to deduct these taxes from their deferral taxable income

Alpha: measures an investment's performance relative to a benchmark index

Coupon: a periodic interest payment made to bondholders

Russell 2000: is a stock market index that measures the performance of 2,000 small cap companies in the U.S.

Options: financial derivatives that give the holder the right, but not the obligation, to buy or sell an asset

BDCs: stands for Business Development Company, a type of investment firm. BDCs primarily invest in small and mid-sized businesses

REITs: stands for Real Estate Investment Trust, a company that owns, operates, or finances income-producing real estate.

Par: stated or face value of a financial instrument, primarily bonds and stocks

GFC: Stands for Global Financial Crisis, which refers to the severe worldwide economic crisis that occurred in 2007-2008

AGG: iShares Core U.S. Aggregate Bond ETF, which tracks the performance of the U.S. investment-grade bond market

Tax Alpha: The difference between a portfolio's after-tax return and the after-tax return of benchmark. 

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing.

TBIL Fund Risks: The US Treasury 3 Month Bill Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 3 Month Bill Fund's investments more than the market as a whole, to the extent that the UST 3 Month Bill Fund's investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments).

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day. Performance to the most recent month end can be obtain from https://www.fminvest.com/etfs/tbil-fm-us-treasury-3-month-bill-etf

Investments involve risk. Principal loss is possible.  Diversification does not ensure a profit or protect against loss.

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