Anyone using this up tick as a reason to take some profit ?

Interesting question. But why are you calling today’s market conditions an

“uptick” ? U.S. equity markets today have barely clawed their way back to where they were 6-12 months ago. “Rebound” or “recovery” might better describe today’s market. @Derf, I share your apprehension. While I don’t have access to the Barrons story, I suspect it’s bearish in sentiment. Problem is: These warnings are becoming like a “broken record”. (For those too young to remember vinyl, “broken record” was a phenomenon characterized by the unstoppable repetition of a few notes or words - over and over again.)
Read virtually any respectable financial publication from Barrons to the MFO Monthly Commentaries over the past 8-10 years and you’ll find warnings about overvaluation, lofty levels, dangerous markets, overbought markets, over exuberance, etc.. Yet, had you heeded those warnings 3, 5 or 8 years ago and moved to ultra-safe investments like cash and limited duration bonds you’d likely have been left standing in the dust along the road as markets marched higher.
Does this make me optimistic going forward? No - not in the least. But something isn’t adding up when you compare the decade old flood of warnings about valuations alongside actual U.S. stock market performance over the same period. One possibility (but only a possibility) for those fixated on indexes is that the 10-year steady march higher since 2009 will eventually be erased by a sudden, rapid, downward spiral in valuations. Let’s hope that doesn’t happen. Should it occur, however, it might make the roughly 18 months slide from late ‘07 to early ‘09 look like a Sunday picnic.*
I don’t get paid to give investment advice here, so offer none. :) I share your concerns and I’ve done what I can to lower overall risk in how my retirement monies are invested - appropriate to age and a 10-20 year time horizon. But there are no guarantees. And, whatever plan / course one decides on, it needs to be tailored to age and circumstances. @Derf, I realize this does nothing to satisfy your concerns. But thanks for the question anyway.
*From its peak in 2007 to its low in 2009, The S&P 500 Index fell roughly 50%.
https://www.frbatlanta.org/cenfis/publications/notesfromthevault/0909

Absolutely super post Hank. One that younger investors should save as a reference.

Anyone using this up tick as a reason to take some profit ?

Interesting question. But why are you calling today’s market conditions an “uptick” ? U.S. equity markets today have barely clawed their way back to where they were 6-12 months ago. “Rebound” or “recovery” might better describe today’s market. @Derf, I share your apprehension. While I don’t have access to the Barrons story, I suspect it’s bearish in sentiment. Problem is: These warnings are becoming like a “broken record”. (For those too young to remember vinyl, “broken record” was a phenomenon characterized by the unstoppable repetition of a few notes or words - over and over again.)
Read virtually any respectable financial publication from Barrons to the MFO Monthly Commentaries over the past 8-10 years and you’ll find warnings about overvaluation, lofty levels, dangerous markets, overbought markets, over exuberance, etc.. Yet, had you heeded those warnings 3, 5 or 8 years ago and moved to ultra-safe investments like cash and limited duration bonds you’d likely have been left standing in the dust along the road as markets marched higher.
Does this make me optimistic going forward? No - not in the least. But something isn’t adding up when you compare the decade old flood of warnings about valuations alongside actual U.S. stock market performance over the same period. One possibility (but only a possibility) for those fixated on indexes is that the 10-year steady march higher since 2009 will eventually be erased by a sudden, rapid, downward spiral in valuations. Let’s hope that doesn’t happen. Should it occur, however, it might make the roughly 18 months slide from late ‘07 to early ‘09 look like a Sunday picnic.*
I don’t get paid to give investment advice here, so offer none. :) I share your concerns and I’ve done what I can to lower overall risk in how my retirement monies are invested - appropriate to age and a 10-20 year time horizon. But there are no guarantees. And, whatever plan / course one decides on, it needs to be tailored to age and circumstances. @Derf, I realize this does nothing to satisfy your concerns. But thanks for the question anyway.
*From its peak in 2007 to its low in 2009, The S&P 500 Index fell roughly 50%.
https://www.frbatlanta.org/cenfis/publications/notesfromthevault/0909

FYI: Even the happiest married couples sometimes fight over money. When two people share a life and a financial future, it’s only to be expected—especially when you each come into the relationship with different levels of financial literacy, risk tolerance, earning power, assumptions, and expectations. Part of the problem is that spending and saving are often deeply emotional, reflecting our values, goals, and unspoken assumptions.
In my experience working with hundreds of couples, I’ve shared the following tips to help people get on the same page as the person they love:
Regards,
Ted
https://www.marketwatch.com/articles/how-to-stop-fighting-with-your-spouse-about-money-51556370000?mod=barrons-on-marketwatch

FYI: Two thousand nineteen isn’t even a third over and it’s already shaping up as a great year for the financial markets. The S&P 500 index and the Nasdaq Composite both ended the week at record highs, a big reason that global equity markets have gained $10 trillion in value since the turn of the year, with global credit markets kicking in another $2 trillion to investors’ wealth, by the reckoning of Torsten Slok, chief economist at Deutsche Bank Securities.
At the risk of propounding American exceptionalism, U.S. markets have handily outdistanced the rest of the world. Using exchange-traded funds to illustrate, the SPDR S&P 500 ETF (ticker: SPY) posted a total return (including dividends) of 16.73% for the year through Thursday, according to fund tracker Morningstar’s data. The Invesco QQQ Trust (QQQ), which tracks the biggest stocks in the tech-heavy Nasdaq, returned 23.7%. Venturing abroad paid less well. The iShares MSCI EAFE ETF (EFA), which tracks the major non-U.S. developed markets, returned 12.59%, while the iShares MSCI Emerging Markets ETF (EEM) returned 11.9%.
Regards,
Ted
https://www.barrons.com/articles/intel-and-3m-are-among-the-losers-in-this-record-setting-market-51556325767

https://www.sec.gov/Archives/edgar/data/915802/000139834419007092/fp0041649_497.htm
Vulcan Value Partners Fund
Vulcan Value Partners Small Cap Fund
(the “Funds”)
Supplement dated April 26, 2019
to the Funds’ Prospectus and Statement of Additional Information dated April 23, 2019
Effective as of the date of this supplement, the following changes are being made with respect to the Funds to reflect that the Vulcan Value Partners Fund is no longer closed to new investors.
Prospectus
The first paragraph of the section entitled “Summary Sections – Vulcan Value Partners Fund – Purchase and Sale of Fund Shares” in the prospectus is hereby deleted.
The section entitled “Buying, Exchanging and Redeeming Shares – Buying Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
Statement of Additional Information
The second paragraph of the section entitled “Purchase, Exchange & Redemption of Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Vulcan Value Partners Small Cap Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Vulcan Value Partners Small Cap Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

(The Closing Bell will be updated sometime after 4:00 PM CDST to include the latest updates from IBD and Bloomberg Evening Briefing.)
FYI: U.S. stocks swung between small gains and losses Wednesday amid concerns about the health of the world economy, a day after strong earnings propelled the S&P 500 to new highs.
The S&P was down .22%, after it registered its first record-high close of 2019 on Tuesday. It is up 17% so far this year. The Dow Jones Industrial Average also edged down 0.22%, having entered the day 0.6% below last October’s all-time high.
The tech-laden Nasdaq Composite fell less than 0.23%, after earlier in the day logging an intraday record following its first record close of the year.
Wednesday’s subdued market moves came after strong earnings reports boosted stocks earlier this week, in a year marked by a more cautious Federal Reserve and a stabilizing economy. This year’s powerful rally marks a reversal from the fourth quarter of 2018, when a selloff dragged the Nasdaq into bear-market territory and left the S&P 500 teetering on the edge of ending its longest bull run ever.
In one sign that investors were more anxious about the pace of economic growth, the yield on the benchmark 10-year U.S. Treasury note fell to 2.522%, according to Tradeweb, from 2.570% a day earlier. Bond yields drop as prices rise, though they have recovered since hitting a 15-month low late last month with investors selling ultrasafe Treasurys and favoring riskier assets.
Boeing shares added 0.4% after the company said it would take an initial hit of more than $1 billion on the global grounding of the 737 MAX jetliner following two fatal crashes as the plane maker suspended full-year financial guidance.
Shares of eBay climbed more 5.1% after the e-commerce company’s raised its revenue and profit outlook.
In the energy sector, Anadarko Petroleum jumped 12% after Occidental Petroleum offered to purchase the shale driller for $38 billion, launching a potential bidding war for a company that previously agreed to be purchased by Chevron for about $33 billion. Occidental shares fell 2.2%.
Among other market laggards, AT&T and Caterpillar fell following their latest results.
Facebook, Microsoft and Tesla are scheduled to post earnings after the market closes.
In Europe, the Stoxx Europe 600 switched between gains and losses and ended down 0.1%, following modest declines across most Asian markets. Hong Kong’s Hang Seng fell 0.5% while Japan’s Nikkei closed down 0.3%.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-04-24/your-evening-briefing
MarketWatch:
https://www.marketwatch.com/story/dow-futures-stage-cautious-rise-ahead-of-boeing-caterpillar-earnings-2019-04-24/print
WSJ:
https://www.wsj.com/articles/global-stocks-waver-after-earnings-driven-jump-11556091910
Bloomberg:
https://www.bloomberg.com/news/articles/2019-04-23/asian-stocks-set-for-gains-after-u-s-hits-record-markets-wrap?srnd=premium
IBD:
https://www.investors.com/news/technology/facebook-earnings-facebook-stock-q1-2019/
CNBC:
https://www.cnbc.com/2019/04/24/stock-market-wall-street-looks-to-facebook-microsoft-earnings.html
Reuters:
https://www.reuters.com/article/us-usa-stocks/sp-500-hovers-below-record-highs-on-mixed-earnings-idUSKCN1S01PN
U.K.:
https://uk.reuters.com/article/uk-britain-stocks/ftse-100-slumps-as-oil-price-boost-fades-kcom-jumps-on-buyout-bid-idUKKCN1S00TN
Europe:
https://www.reuters.com/article/us-europe-stocks/german-shares-hit-six-and-a-half-month-high-as-sap-surges-broader-europe-ticks-lower-idUSKCN1S012L
Asia:
https://www.marketwatch.com/story/asian-markets-give-up-early-gains-following-wall-street-records-2019-04-23/print
Bonds:
https://www.cnbc.com/2019/04/24/us-treasury-yields-tick-lower-as-earnings-take-center-stage.html
Currencies:
https://www.cnbc.com/2019/04/24/forex-market-us-housing-data-european-economy-in-focus.html
Oil:
https://www.cnbc.com/2019/04/24/oil-market-us-iran-oil-sanctions-opec-spare-capacity-in-focus.html
Gold
https://www.cnbc.com/2019/04/24/gold-market-dollar-moves-stock-market-climb-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

her eds also let through her stupid misspelling of pique in the lede

It’s also possible she had it right initially and her editors / spell-checker changed it. Either way it’s frustrating to see something like that make it to publication.
I liked the math quiz. Might have gotten 50% correct when I left college - but not so sure. In retrospect, it’s amazing how poorly prepared I was for the financial road ahead. One example - Shell Oil mailed me a completely unsolicited credit card my senior year of undergrad. No questions asked. Piled up a vast sum of debt over the next 3-6 months, prior to landing a job, before realization kicked in that I needed to repay the money.
Should we blame higher education? Should liberal arts majors forsake hours spent devouring Shakespeare or Milton in order to take courses in compound interest and sound financial practice? Not sure that’s what I was paying tuition for.

Perhaps one of the "financial questions" was "Do you know how to post a link properly on a financial site?".

It’s called Downsizing Old Joe.
And welcome ..... :)

Perhaps one of the "financial questions" was "Do you know how to post a link properly on a financial site?".

FYI: This will peak your interest.
Consumer banking firm Sallie Mae released its new “Majoring in Money” study of hundreds of current and recently graduated college students up to age 29 — and one big red flag sticks out: Even college graduates don’t know much about basic financial concepts like interest.
Indeed, Sallie Mae asked them four questions related to credit and interest, and fewer than one in four got all four of these correct. Here are the questions (the correct answers are below):
Regards,
Ted
https://www.marketwatch.com/story/fewer-than-1-in-4-college-grads-can-answer-these-4-simple-money-questions-correctly-2019-04-15/print

Some history, courtesy Edward Luce, Financial Times:
In 1832, the British aristocracy saved itself by agreeing to loosen its grip on power. … The [passed] bill widened Britain’s electorate and diluted the political stranglehold of its landed elites. This was a key reason why Britain escaped Europe’s wave of 1848 revolutions. …
Much the same thing happened again in 1911 …. Once again, the Lords … opted for compromise over the threat of extinction … [voting] in favour of the Parliament act, which deprived the aristocracy ever again of the power to block fiscal legislation. This was how British welfare state was born. Meanwhile, the country’s peers continued to enjoy their status at the top of the ladder. It seemed like a reasonable trade-off. The working classes received social insurance; their social betters got to complain ad nauseam about “Le weekend”.
I was reminded of these key turning points — and indeed of the New Deal … — a few days ago when Ray Dalio, the hedge fund billionaire, wrote a plea to reform American capitalism…. few people have benefited more from today’s capitalism …. The system will never change unless more people like Dalio come round to his way of thinking. One or two others, including JPMorgan’s Jamie Dimon, are also making similar noises, which is good news. But too many still belong in the camp of Steve Schwarzman, the private equity billionaire, and Howard Schultz, the former Starbucks chief executive, both of whom have likened the idea of a wealth tax to Venezuela. A few years ago, Schwarzman compared the proposed — but still unenacted — closure of the “carried interest” loophole to Hitler’s invasion of Poland. I wish I were making that up. Alas, he really did.
As long as the bulk of America’s superwealthy continue to equate progressive taxation with fascism, or communism, they will hasten into being what they most fear. History tells us that elites who do not share power are ultimately doomed (see French revolution). Those with the wisdom and foresight to bend find they are far less likely to eventually break. The question America’s financial and tech elites must ask is “what price social peace?” I would say social peace is worth several carried interest loopholes.

Question: If I avoid the next “downturn” and you don’t, does that amplify your losses when the downturn comes?
Not trying to be flippant. But it seems illogical to me that everyone might possibly avoid market downturns with proper planning & preparation. If I somehow avoid a loss when the markets turn downward, does not the next (unfortunate) fellow have to swallow both his anticipated loss and the loss I avoided as well?
Carrying these teachings to the logical extreme, than it’s even more illogical to expect future market / financial downturns to be milder - should more investors sell at the onset. That mindset can only serve to amplify the severity of the inevitable downturn.
These assumptions about market timing run contrary to the core philosophy and methodology of great long-term investors like D&C or TRP who (because of huge AUMs) can’t easily unload equities at the beginning of a downturn and dive back in when the upturn resumes. Yet these guys (and many others) manage to chalk up very impressive 10-year, 20-year and longer returns mainly by staying the course.
Possibly there’s some discrepancy between what we think we can achieve by cycling in and out and what we actually achieve over time?

Too many children. Now, there's an interesting financial subject that I can't recall being discussed on MFO in the last ten years or so.

No more kids for you @old_joe?

Too many children. Now, there's an interesting financial subject that I can't recall being discussed on MFO in the last ten years or so.

FYI: Dave Ramsey is the almighty slayer of debt. Not just in Brentwood, Tenn., where he broadcasts his radio program for three straight hours every Monday through Friday. Or in the slices of the heartland where his billboards dot highways and his live events pack churches the size of minor league baseball stadiums. But in the entire country, y’all.
A proud evangelical Christian, Ramsey rules the airwaves with a tone that rests in a measured Southern twang and then rockets, without warning, to a full-volume shout. Like when someone dials his call-in hotline, and he’s forced to tell them just how stupid they sound.
Regards,
Ted
http://money.com/money/longform/dave-ramsey-money-debt-free/
Dave Ramsey Show: 4/19/19:
https://www.daveramsey.com/show?gclid=Cj0KCQjwhuvlBRCeARIsAM720HoBgNpsa5kOsPy1AKj19Td5vAfWfUxNXm1_L575YTukx4WSDqGvcrEaAgljEALw_wcB

FYI: Stories Discussed:
.High yielding stocks
.Money made by chance
.Ray Dalio thinks capitalism is broken
.Sometimes your friends beat you
.College grads selling a piece of themselves
.How do financial advisors spend their time?
.Retail pain
.Amazon’s letter to shareholders
.Is voice the future?
.Disney plus
.Pensions have a problem, and it’s not their investments
.House flipping is back
.Where active management really works
.Investing in the real world
Regards,
Ted
https://theirrelevantinvestor.com/2019/04/17/animal-spirits-money-made-by-chance/

FYI: Patience is usually considered to be a virtue except when it comes to investing. Investors are notoriously impatient when the funds they are in underperform the market for a few years. The magic number seems to be three. Key investment lessons from the financial crisis with Ariel Investments’ Charlie Bobrinskoy.
Regards,
Ted
https://wealthtrack.com/financial-crisis-survival-lessons-beats-market-peers-since-bottom-ariel-fund/
M* Snapshot ARFFX:
https://www.morningstar.com/funds/xnas/arffx/quote.html
Lipper Snapshot ARFFX:
https://www.marketwatch.com/investing/fund/arffx
ARFFX Is Ranked #151 In The (LCV) fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/large-value/ariel-focus-fund/arffx

FYI: Macquarie Investment Management today announced it has entered into a definitive agreement to purchase the assets related to the mutual fund management business of Foresters Investment Management Company, Inc., the investment adviser of the First Investors funds, with approximately $US12.3 billion in assets under management.* The acquired assets will become part of the Delaware Funds® by Macquarie family of funds. In addition, Macquarie Investment Management has been chosen by Foresters to manage a portion of Foresters’ general account supporting its life insurance business. The transaction is expected to close in the fourth quarter of calendar year 2019.
Regards,
Ted
https://www.macquarie.com/us/about/newsroom/2019/macquarie-investment-management-to-acquire-2.3usd-billion-in-assets-of-first-investors-funds-managed-by-foresters-financial
M* First Investors Family Of Funds:
http://quicktake.morningstar.com/fundfamily/first-investors/0C00001YR3/fund-list.aspx

& the answer is:
https://www.financial-planning.com/list/jd-power-announces-2019-best-self-directed-investor-firms
Derf

FYI: Vanguard no longer sits atop the leader board in J.D. Power’s annual U.S. Self-Directed Investor Satisfaction Study: The firm’s two-year run was ended by Fidelity and Charles Schwab.
With a score of 807 out of 1,000, Fidelity took the No. 1 spot in the Seeking Guidance Satisfaction Index Ranking, which J.D. Power describes as representative of those who don’t have a financial advisor and are looking for guidance.
Regards,
Ted
https://www.fa-mag.com/news/idelity--schwab-ranks-high-in-j-d--power-self-directed-investor-satisfaction-study-44260.html?print