I don't do sector funds as a rule. However materials/gold/energy weighting is where I would look when trying to follow my "when vs what" mantra.
I think tech, financial, healthcare takes care of itself. One thing that might need extra attention is investing in company that makes orange toupe', the way things are going.
I think mid cap blend/value might be the sweet spot in to and out of next correction. I am staying away from Emerging markets until Peter Schiff successfully bribes all of the nations leaders to collectively collapse the dollar.
I do want to warn everyone, my crystal ball was not manufactured in the USA, but China like everything else.

I have been reviewing my portfolio's sector weightings as 2015 is coming to a close. Each year I like to pick three sectors that I think might do well in the coming year and that I should strive to overweight within my portfolio by selecting some mutual funds that are overweight these selected sectors. To do this I study what I own and what adjustments might be necessary to achmploish this by using Moringstar's Instant Xray analysis. For the coming year I have chosen to overweight financials, technology and energy.
For me, I have the sectors in the S&P 500 Index divided into seven major and four minor sectors. The minor sectors would be materials, real estate, communication services and utilities. The major sectors would be consumer cyclical, financial, energy, industrials, technology, consumer defensive, and healthcare. I strive to maintain a weighting in the minor sectors of at least five percent each and the major sectors of nine percent each. This leaves about seventeen percent that can be moved around from these base weightings to overweight sectors of my choice and to also allow for some movement from these base weightings.
In addition, form a style cap orientation perspective, I favor about a sixty five percent weighting to large caps, 25% to mid caps and 10% to small caps; and, from a world region perspective, I favor about 60% to the Americas, 25% Greater Europe and 15% to Greater Asia.
With this, I am wondering what others might be thinking of doing within their own portfolio(s) for 2016?

FYI: Most of us pick mutual funds like hormone driven high school kids. We just don’t realize that we’re drawn to the bad boy or girl--the hot ticket to fun. Many financial advisors and finance writers are much like our former knuckleheaded high school friends. “Oh, so hot!” they chime. “You’ve got to go for it.”
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/the-best-mutual-funds-to-buy-right-now!

http://www.sec.gov/Archives/edgar/data/915802/000091580215000101/grandeurpeakfeecapfootnoteup.htm
h497 1 grandeurpeakfeecapfootnoteup.htm
FINANCIAL INVESTORS TRUST
Grandeur Peak Emerging Markets Opportunities Fund
Grandeur Peak Global Reach Fund
SUPPLEMENT DATED DECEMBER 4, 2015 TO THE PROSPECTUS DATED AUGUST 31, 2015
Grandeur Peak Emerging Markets Opportunities Fund
The footnote under the Table titled “FEES AND EXPENSES OF THE FUND” on page 2 of the Prospectus is hereby deleted in its entirety and replaced with the following:
** Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.
Grandeur Peak Global Reach Fund
The second footnote under the Table titled “FEES AND EXPENSES OF THE FUND” on page 10 of the Prospectus is hereby deleted in its entirety and replaced with the following:
** Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.60% and 1.35% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.
* * *
Please retain this supplement for future reference.
ttp://www.sec.gov/Archives/edgar/data/915802/000091580215000101/grandeurpeakfeecapfootnoteup.htm

http://www.sec.gov/Archives/edgar/data/1552947/000158064215005557/fortunatus497s2.htm
497 1 fortunatus497s2.htm 497
FORTUNATUS PROTACTICAL NEW OPPORTUNITY FUND
Class A FPOAX
Class C FPOCX
Class I FPOIX
A Series of Two Roads Shared Trust
Supplement dated December 3, 2015
to the Prospectus dated November 24, 2014, as supplemented.
__________________________________________
The Board of Trustees of Two Roads Shared Trust (the “Trust”) has concluded that it is in the best interests of the Fortunatus Protactical New Opportunity Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares no later than the close of business on December 31, 2015.
Effective immediately, the Fund will not accept any new investments. The Fund will begin liquidating its portfolio and will invest in cash or cash equivalents (such as money market funds) until all shares have been redeemed. The Fund will no longer pursue its stated investment objective once it begins liquidating its portfolio. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Prior to December 31, 2015, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section of the Fund’s Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. No redemption fees will be assessed on redemptions of Fund shares made after the date of this notice. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO DECEMBER 31, 2015 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-844-798-3646.
________________________
This Supplement and the existing Prospectus and Statement of Additional Information (“SAI”) each dated November 24, 2014, provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have been filed with the U.S Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling 1-844-798-3646.

Personally, I think this remains one of the more low-key ways to play energy infrastructure (I don't own a fund, I've always been interested in individual names) but as the move in crude shows no signs of really rebounding (and may get worse), pipelines have been drawn into the decline. There is also likely concern over the possibility of higher interest rates.
There's no bigger example than Kinder Morgan, the previously much-beloved pipeline co that has come down considerably. I think people are looking at Kinder and the concerns over that company (whose publicly traded warrants have gone from $5.40 in April to 25 cents) and taking that - to some degree - as a sign of distress across the whole industry, when I don't believe that's warranted. While there are concerns beyond Kinder, the recent moves lower in Kinder (including the recent need to issue convertible pfds that yield 9.75%, as well as the move a couple of days ago to increase their investment in a struggling pipeline that resulted in their being put on negative credit watch by Moody's - if Kinder's credit rating goes to junk, that's a real problem) seem to take the sector lower with it.
Elsewhere, Energy Transfer (ETE) is in the midst of buying Williams (WMB) and that will soon become the largest energy infrastructure play in the US (and perhaps the world), moving past Kinder.
Lastly, the other concern - although not a major one at this point - is the idea that f things do get worse, producers may try to push for renegotiation of fees with transport cos. At this point, the only notable case of that is Chesapeake and Williams. I'm not really concerned about that in terms of pipelines, especially with major players. I do think though, if you look at other aspects of the industry, this downturn has revealed that things thought safe-ish because of things like "take or pay" contracts can change quick - a big example of that are the frac sand companies. Hi Crush literally states on its front page, "Substantially all of our frac sand production is sold to leading investment grade-rated pressure pumping service providers under long-term, take-or-pay contracts that require our customers to pay a specified price for a specified volume of frac sand each month." Doesn't matter, stock has literally gone from $70 in the Summer of 2014 to $7 and just dropped the distribution.
That said, I don't see it going to zero and things like that are examples of energy-related plays that will eventually recover. However, the recovery won't happen tomorrow and it becomes one's time horizon and risk tolerance. How long is one willing to wait? The "willing to wait" part is understandably going to vary by the person and the investment. I don't know if I'm willing to wait for a frac sand play to recover, but I'm more than willing to wait for a massive pipeline company that basically provides energy to a huge portion of the country. While I haven't invested in anything Kinder Morgan-related since Kinder Morgan Partners was bought, when you have a company that moves about 33% of the US nat gas demand, at some point/price, I may consider that (although I'd probably look at the convertible preferred.) I am considering adding to current pipeline plays. Again though, it becomes what is one's time horizon and interest and understandably, that's going to vary from person-to-person. I really like owning what I consider vital infrastructure - pipelines, railroads, even financial infrastructure (ICE, CME) and really just see these plays as long-term holdings that will have their ups and downs over time.
Broadly though, the pipelines will recover when energy does. I have not sold my pipeline co's and don't plan to. If anything, I've thought about adding at these levels and simply continuing to reinvest. I don't really think about these holdings, I guess from the standpoint of their inevitable need as vital infrastructure. With further regulation highly likely, it is almost certain that the larger of these companies will retain a wide moat.

http://www.sec.gov/Archives/edgar/data/915802/000091580215000097/financialinvestorstrustemera.htm
497 1 financialinvestorstrustemera.htm
FINANCIAL INVESTORS TRUST
Emerald Growth Fund (the “Fund”)
SUPPLEMENT DATED DECEMBER 1, 2015 TO THE PROSPECTUS AND SUMMARY PROSPECTUS EACH DATED
AUGUST 31, 2015
This Supplement updates certain information contained in the Prospectus and Summary Prospectus for the Fund each dated August 31, 2015. Additional copies of the Prospectus or Summary Prospectus may be obtained free of charge by visiting the Fund’s website at www.emeraldmutualfunds.com or calling 1.855.828.9909.
Effective as of the close of business on December 31, 2015, the Fund will close to new investors, except as described below. This change will affect new investors seeking to purchase shares of the Fund either directly or through third-party intermediaries. Existing shareholders of the Fund may continue to purchase additional shares of the Fund.
A financial adviser whose clients have established accounts in the Fund as of December 31, 2015 may continue to open new accounts in the Fund for any of its existing 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 Fund as of December 31, 2015, 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 Fund.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Vert makes a good point about earned income. Another reason to keep up on earnings is that a blip on that score can be a signal to cef traders to sell-sell-sell, which will drive down the price (which can be a buying opportunity, or not, as with any financial asset). The other component of earnings is the undistributed net investment income (UNII), which can be a safety net for the monthly earnings or in some cases, fund a special YE distribution, which Pimco among others is famous for doing.
The earnings reports by the big cef providers (Pimco, Nuveen, and others) are usually a hot topic on the M* cef forum I mentioned above. Sometimes the secondary data shops (cefconnect.com, M*) are out of the date on the current earnings and UNII figures.
For the two Gundlach cef's (DBL, DSL), JG does an occasional webcast with a cef focus. The archives on the website has audio/slide links to and written summaries of past webcasts.

In a few weeks, Barrons will host the Round Table discussion with the financial gurus, and forecasting their picks for 2016. If Lou Rukeyser is still with us today, he would run the same year-end Wall Street show. These are great entertainment, but not for serious investment advice.

@Sven Given its abysmal performance (-7+%, 1 yr) and its failure to distribute any dvd YTD, I don't think D&C Global should be considered a part of any conversation. We were too hopeful, too optimistic. Just as with just about all global bond funds, there is no apparent reason to want to own it.
It seems that the ECB is able to paper over European financial system failures with funny numbers for about 2 yrs and then the center can't hold. Panic grows and bonds swoon until the numbers can be re-jiggered and all is well. It feels like we could be approaching one of those moments again, in which case another buying opportunity into a Hasenstaub fund could emerge. Until then, I'm with @Edmond as far as holding firm to principles and insisting on getting a sensible deal with this fund type, or else.... nyet!

Hi Heezsafe,
Thanks very much for your submittal, but especially thank you for reminding me of the Conjunction fallacy. I am familiar with the work of Kahneman and Tversky so I am aware of the Conjunction fallacy, but I failed to recall that its common nickname is The Linda Problem.
I agree with you that we all fall victim to this behavioral fallacy at some time or another; it is a pervasive shortcoming. And yes it does appear on a few MFO posts; it is hard to escape from it if folks don’t think in terms of compound probabilities. Folks seem to resist that discipline.
For example, if you are invited to a financial investment meeting, what is the probability that a casual encounter will be with the money manager presenter if M people are present? The likely answer is 1/M or 2/M. Most folks would know that answer.
Now, what is the likelihood that the person you meet is a successful money manager? Most folks would not know that a high probability correct answer to that question is 0.1/M. Successful money managers are hard to find because they are a rare breed.
The Conjunction fallacy has been captured in many public media. It is often a major part of a movie theme. A terrific example of it is excitingly demonstrated in “The Enemy Below” movie. That film features Robert Mitchum as the destroyer skipper and Curt Jürgens as the submarine commander. It’s the great “he thinks I’ll do this, so I will not, but he knows I will not so…..” 3rd or even 4th level logic chain.
Here is a Link to that 1957 movie trailer:

I agree with the Keynes and the Zweig observation that multidimensional thinking and depth are required when making decisions. However, there is a practical limit and danger in the depth dimension.
Many of us are guilty of over-thinking an investment. Since we never have access to complete information, we often delay and delay a decision until the optimum investment point has passed. We are victim to paralysis caused by too much analyses.
As investors, it is a challenge to decide when enough information is enough to make a reasonable decision. That threshold balance point is hard to define, and likely changes for each decision. Firm rules don’t exist. Investing may seem easy, but is never easy to execute.
I have pontificated far too long. Thanks again for your comments.
Best Wishes.

NYTimes report - the as yet unannounced cost will be 0.1% to 0.2% according to a phone rep (how reliable is that?).
http://www.nytimes.com/2015/11/21/your-money/fidelity-joins-growing-field-of-automated-financial-advice.html

FYI:
Regards,
Ted
November 19, 2015
Dear WEALTHTRACK Subscriber,
At various times in our history the financial industry, Wall Street in particular, has been demonized as a monstrous machine of avarice and greed. This caricature typically occurs during and after market busts. As we have discovered in recent manias in internet stocks, housing prices and emerging markets, few complain when prices are going up. It is only in the pain of the fall that the old suspicions, distrust and political and public uproar re-emerge.
Following the market crash of 1929 social commentator and humorist Will Rogers wrote in a letter to the editor of The New York Times: “Sure must be a great consolation to the poor people who lost their stock in the last crash to know that it has fallen in the hands of Mr. Rockefeller, who will take care of it and see that it has a good home and never be allowed to wander around unprotected again.” Rogers went on to say: “There is one rule that works in every calamity. Be it pestilence, war or famine, the rich get richer and the poor get poorer.”
Great nineteenth century humorist, satirist and author, Mark Twain wrote of investing: “October: this is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August, and February.”
In the aftermath of the last financial crisis there are many Americans who agree with both gentlemen’s sentiments, which is one of the reasons this week’s guest, Jason Zweig wrote his latest book The Devil’s Financial Dictionary.
The book is modeled after the original The Devil’s Dictionary which was published in 1906 and authored by Ambrose Bierce, a then wildly popular satirist and contemporary of Mark Twain.
Zweig, a highly respected financial journalist doesn’t’ usually do satire. He writes “The Intelligent Investor” column for The Wall Street Journal. He is the author of several serious books including Your Money and Your Brain and is the editor of the revised edition of Benjamin Graham’s The Intelligent Investor .
Thank heavens Zweig has expanded his writing repertoire. The Devil’s Financial Dictionary is both educational and entertaining, with definitions like: “Synergy, n. Often, the only thing one company gets when it buys another”, and “Rumor, n. The Wall Street equivalent of a fact”. On this week’s WEALTHTRACK, we discuss his inspiration for the book and how a better understanding of Wall Street can help us become more successful investors.
In addition, we have an EXTRA interview with Zweig available exclusively on our website. If you are unable to join us for the show on television, you can watch it on our website, WealthTrack.com, or by subscribing to our YouTube Channel. As always, we welcome your feedback on everything we do, and hope you connect with us online, or via Facebook or Twitter.
Thank you for watching. Have a great weekend and a very Happy Thanksgiving!
We have so much to be thankful for living in this great country.
Best Regards,
Consuelo
Jason Zweig New Book: "The Devil's Financial Dictonary"
http://www.amazon.com/Devils-Financial-Dictionary-Jason-Zweig/dp/1610396995/ref=sr_1_1?ie=UTF8&qid=1448017270&sr=8-1&keywords=jason+zweig&pebp=1448017286176&perid=1VW4ZZ1W68VH4YTJF2DY

"Wow, they phone-called you. How desperate are they for votes???"
Last weekend we were at our place up on the Russian River, north of SF. The phone there is still listed in my father's name (not the same as mine) as it has been since the 1950's. My wife, not being aware of the Matthews situation, answered what she thought was a cold-call from someone selling "an Asia fund", who asked for me by name. That number, while listed in the phone directory under my father's name, has NEVER been given out to any financial or commercial interest, and in fact is rather closely kept information.
If Matthews was the caller, they must have hired some database outfit to call every Northern California listing with my surname.
We have also received two mailings, and multiple emailings at our San Francisco residence. But no phone calls, possibly because the SF number is unlisted.
Sure does sound as if someone is pretty desperate.

https://www.onefpa.org/journal/Pages/NOV15-Updated-Advice-on-Mutual-Fund-Selection.aspx
"Over the past three years, academic research has revealed new characteristics to look for in an actively managed mutual fund. In 2012, I suggested that financial planners look for funds with a high level of fund manager ownership, board of director ownership, a short-term redemption fee, a high active share or low R-squared value, and that lack affiliation with an investment bank. Recent research shows that financial planners should also look for funds that manage their portfolios in-house, outsource the execution of their shareholder services, have managers with performance-linked bonuses, and have a key role in their fund family performed by someone with a Ph.D. Each of these characteristics are associated with outperformance. "
I'd like to see a little math. It's early for these.

DoubleLine's Gundlach: Fed hike 'no-go more likely than most people think' Paris attacks alone are unlikely to play a factor in next month's decision.
Reuters By Jennifer Ablan Sun.Nov 15th
DoubleLine Capital co-founder Jeffrey Gundlach said on Sunday that the Federal Reserve may hesitate to raise rates given rocky economic and financial conditions, though the Paris attacks alone are unlikely to play a factor in next month's decision.
The influential money manager, who recently warned that the U.S. Federal Reserve should not tighten monetary policy in December, said the Paris attacks could pressure stock markets around the globe, "which we know Fed officials have been watching, even if they try not to admit it."
Gundlach cited a number of asset classes that are signaling deteriorating conditions: The S&P Leveraged Loan Index, which is at a four-year low, the SPDR Barclays High Yield Bond Exchange-Traded Fund "very near a four-year low" and the CRB Commodity Index at a 13-year low. "You also have the Eurozone doubling down on stimulus. Fed raising rates? Really?"
http://www.reuters.com/article/2015/11/15/us-doubleline-gundlach-idUSKCN0T417Z20151115#Xa4BZzDyQ3V3uC0h.97

FYI: The deadly terror attacks in Paris are likely to strike financial markets, too, when trading resumes Monday. But the initial losses expected in risk assets like stocks and the shift into safer holdings like U.S. government bonds and cash are likely to be short-lived, history says.
Investors’ knee-jerk reaction to terror attacks and other "shocks" is to sell so-called risky assets until they have a chance to measure the resulting economic fallout, according to data compiled by Sam Stovall, U.S. equity strategist at S&P Capital IQ. The good news is the losses tend to be recouped relatively swiftly as Wall Street typically concludes that both the domestic and global economy won’t be derailed by acts of terror.
Regards,
Ted
http://www.usatoday.com/story/money/markets/2015/11/15/terror-and-markets-sell-offs-tend-short-lived/75822426/

FYI: Bearded and tanned, Peter S. Kraus, the chief executive of AllianceBernstein, strode with assurance into a Midtown Manhattan conference room full of financial advisers from a large investment bank.
Regards,
Ted
http://www.nytimes.com/2015/11/05/business/dealbook/the-man-who-hates-etfs.html?_r=0

True that. However, derivatives were not designed to bring the Financial System down. Once the genie is out of the bottle, you can't put it back. You can't tell people a financial product is for investing and not trading.

Well, ask and sometimes the World hears you.
http://www.ft.com/intl/cms/s/0/e86a211e-847f-11e5-8e80-1574112844fd.html?siteedition=intl
"US interest rate swaps, popular derivatives that track government bond yields, have experienced a spectacular collapse this month with an array of reasons being suggested by traders. [...] Analysts at Deutsche Bank say the recent swap spread tightening reflects 'tighter macro prudential regulation, higher capital requirements and reduced dealer balance sheet capacity.' Also playing a role is swapping activity from companies selling debt.
Some say swaps are a broken market... Under normal market conditions the current inversion should be swiftly reversed, but thanks to tougher bank capital regulation, derivatives trading appears to have entered a new era. Currently, no one appears willing to normalise the relationship between swap rates and Treasury yields.
Trading Treasuries and swaps relies on funding via the repurchase or repo market. Thanks to balance sheet constraints, the use of repo by dealers is shrinking, another factor sustaining negative swap spreads."
So, as I read it, the consequences for us would be that our bond/income fund managers, for the time being, have just had a hedging tool taken out of their toolkit. And, once again, we see that the repo market is involved, a part of the shadow banking system that remains largely under-regulated because of humongous efforts by the global financial players to keep it that way.