China warning from BofA. Attention grabbing headline.
Bank of America warns of 'lethal' damage to China's financial system as deflation deepens
'Deflation, Devaluation, and Default' loom in China this year. The denouement for Shanghai's bourse will not be pretty, says the US bank.
By Ambrose Evans-Pritchard7:50PM GMT 08 Jan 2015
China is at mounting risk of a financial crisis this year as growth sputters and deflationary pressures trigger a wave of defaults, Bank of America has warned.
The US lender told clients that a confluence of forces are coming together that threaten to chill the speculative mania on the Shanghai stock exchange and to expose the underlying fragility of China’s $26 trillion edifice of debt.
“A credit crunch is highly probable,” said the bank in a report entitled “Deflation, Devaluation, and Default”, written by David Cui and Tracy Tian.
http://www.telegraph.co.uk/finance/economics/11333928/Bank-of-America-warns-of-lethal-damage-to-Chinas-financial-system-as-deflation-deepens.html

FYI: (Click On Article Title At Top Of Google Search)
The chairman of Janus Capital Group Inc. said he didn’t know that a single California brokerage office that handles money for Bill Gross accounted for a vast majority of the cash in Mr. Gross’s new mutual fund at the company.
“I had no idea” how much of the fund was made up of money from the brokerage office “because I had no idea who Bill uses as a financial adviser,” said the chairman, Glenn S. Schafer
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=janus+chariman+wsj&oq=janus+chariman+wsj&gs_l=hp.3...1480.8125.0.8666.18.18.0.0.0.0.155.1119.17j1.18.0.msedr...0...1c.1.60.hp..6.12.814.EOuS7Ke02k8

The bigger point to Vanguard's lackluster stance on environmental issues and how it affects all fund shareholders is already in the story:
"Institutional investors often scoff at such proposals as irrelevant to shareholders. But there’s ample evidence environmental behavior affects financial prospects. In June 2012, Deutsche Bank published a report analyzing the results of some 100 academic studies and 56 research papers on sustainable investing. In 89 percent of the studies, companies rated highly on environmental, social and governance factors beat the stock market.
Companies with bad environmental records can face regulatory fines, reputation damage and class-action lawsuits. Right now, DTE’s Shenango infractions are a minor cost of doing business. But as etiological science improves and attitudes toward coal change, one day a serious lawsuit may stick."
I suggest you read this study: https://institutional.deutscheawm.com/content/_media/Sustainable_Investing_2012.pdf
Simply stating you think I am self-interested is a distraction from the basic fact that being a bad steward of the environment is actually bad for business and bad for fund shareholders who invest in companies long-term. And Vanguard as an index fund shop is the ultimate long-term investor as it holds stocks in the market forever. A sensible investor would want greater transparency and greater accountability on the executive level regarding companies environmental policies, especially at a utility facing increasing regulation and public scrutiny on such issues.
And quite frankly coal is about the dirtiest resource on the planet. The idea that a long-term shareholder like DiNapoli might question the long-term viability of coal as a line of business at DTE and ask for some sort of timeline as to when DTE might phase out its use isn't just being some sort of granola environmentalist. It's being a smart investor concerned about the liability of such a resource.

Optimism is my middle name, I never went into a business or purchased an Investment that I DIDN'T think I was going to make Money........Dido for 2015, thank you
Ps. See my post on Oil and forget about its CURRENT pricing, enjoy the gas prices......
it gives financial reporting something to talk about

SEC filing concerning closing:
http://www.sec.gov/Archives/edgar/data/29440/000119312515002005/d828215d497.htm
497 1 d828215d497.htm FORM 497
LOGO
SUPPLEMENT DATED JANUARY 6, 2015
TO
STATUTORY PROSPECTUS DATED MAY 1, 2014
Effective as of the close of trading on January 16, 2015, the Dodge & Cox International Stock Fund will be closed to new investors. Accordingly, the International Stock Fund Statutory Prospectus is updated as follows.
The following is added to the beginning of the section titled “Summary of Other Important Information About Fund Shares – Purchase and Sale of Fund Shares” on page 26 of the Statutory Prospectus:
The Dodge & Cox International Stock Fund will be closed to new investors as of the close of trading on the New York Stock Exchange on January 16, 2015, with certain limited exceptions. For more information, see the “How to Purchase Shares” section of the Prospectus.
The following is added to the end of the section titled “How to Purchase Shares” on pages 42-44 of the Statutory Prospectus:
Information Regarding Purchases of the Dodge & Cox International Stock Fund The Dodge & Cox International Stock Fund will be closed to new investors as of the close of trading on January 16, 2015 (the “Close Date”), with certain limited exceptions. Your investment must be received (not postmarked) by the Fund’s transfer agent, Boston Financial Data Services, or an authorized agent or sub-agent, in good order, before the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the Close Date.
In addition, you will not be permitted to exchange shares of other Dodge & Cox Funds for shares of the Dodge & Cox International Stock Fund unless you are an existing shareholder of the International Stock Fund.
After the Close Date, purchases of shares of the Dodge & Cox International Stock Fund must qualify under one of the following exceptions:
Existing Shareholders — An existing shareholder of the Fund (either directly or through an intermediary) as of the Close Date may:
(i) add to the shareholder’s account through the purchase of additional Fund shares, either with cash or through the reinvestment of dividends and cash distributions;
(ii) open a new UGMA/UTMA account for which the shareholder is the custodian; or
(iii) open a new account that is registered in the shareholder’s name or has the same taxpayer identification or social security number assigned to it, including a new account opened in connection with a distribution or roll-over from an individual retirement account, 401(k) plan or other defined contribution retirement plan that is invested in the Fund. This exception applies only to individuals or institutions opening accounts for their own benefit and does not apply to institutions opening accounts on behalf of their clients. Institutions that maintain omnibus account arrangements with the Fund are not allowed to purchase shares of the Fund in their omnibus accounts for clients who do not currently own shares of the Fund unless the client is eligible to open an account under one of the other criteria listed herein.
Retirement Plans — A defined contribution retirement plan (for example, 401(k) plans, profit sharing plans and money purchase plans), 403(b) plan or 457 plan that offers the Fund as of the Close Date may open new participant accounts within the plan. Participants in a plan may not open a new account outside of the plan under this exception.
Gifts — An individual may receive shares of the Fund as a gift from a family member who is an existing shareholder of the Fund.
Charities — A charitable foundation or trust may receive shares of the Fund from an existing shareholder of the Fund.
Financial Intermediaries Using a Model Portfolio — A registered investment adviser, broker-dealer, insurance company, or bank and trust company that held the Fund in a model portfolio prior to the Close Date may open new accounts within that model for new and existing clients. Approved or recommended lists are not considered model portfolios.
Institutions that have Selected the Fund — An institutional investor that has notified Dodge & Cox in writing that it has selected the Fund for investment by the Close Date may invest in the Fund within one year of the Close Date.
Certain Dodge & Cox Affiliates — Current trustees or officers of Dodge & Cox Funds, employees of Dodge & Cox, or a member of the immediate family of any of these persons may invest in the Fund.
Once an account is closed, additional investments will not be accepted unless you meet one of the specified criteria above. Management reserves the right to: (i) make additional exceptions that, in its judgment, do not adversely affect its ability to manage the Fund; (ii) reject any investment or refuse any exception, including those detailed above, that it believes will adversely affect its ability to manage the Fund; and (iii) close or re-open the Fund to new or existing shareholders at any time. An investment is subject to management’s determination of your eligibility to buy shares of the Fund and you may be required to provide additional documentation or otherwise demonstrate eligibility before an investment is accepted.
The Dodge & Cox International Stock Fund’s closing does not restrict you from redeeming shares of the Fund. The Dodge & Cox Stock, Global Stock, Balanced, Income, and Global Bond Funds remain open to all investors.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Hi Guys,
Thank you for the really nice exchange coupling charts like those generated by Callan and a reversion-to-the-mean investment strategy. A discussion of the merits and shortfalls of those charts and how they can be interpreted to improve investment outcomes was the main purpose of my original post.
I have been familiar with both the Callan charts and the reversion concept for many years. I am a fan of both. About a decade ago I asked myself the same question that is currently being explored on this thread.
Can you exploit the Callan rankings to better your investment returns?
A decade ago I did some analyses on this specific question; my answer was NO. Investing in last year’s top ranking winners or last year’s bottom ranking losers did more poorly than the S&P 500 Index as a benchmark. Unfortunately, I can not find my analyses, so I am reporting results from memory alone. That’s not reliable enough.
The good news is that professional financial organizations have completed similar analyses. These studies are just a little dated but they backstop my own work. One report is from Bearing the Bull that uses a J. P. Morgan chart similar to the Callan study. Here is the reference:
http://bearingthebull.com/2012/02/01/the-callan-conundrum/
This article demonstrates the benefits and the shortfalls of asset allocations. One shortfall is that a diversified portfolio has a low likelihood of reaching the best performance ladder heights. The benefits are that annual losses are never maximized and that portfolio volatility is significantly reduced.
Given that diversification lowers return standard deviations, here is a Link to a short Fidelity report that provides some excellent practical examples:
https://www.fidelity.com/learning-center/investment-products/mutual-funds/diversification
By exploring enough options, it is almost always the case that some correlation can be identified that ties one variable to some desired output. Of course, the challenge is to locate a strategy that holds water over the long-term future. It seems like holes always develop in the water buckets and leakage compromises the “great” correlation.
It appears that the Callan-like charts provide no immediate solutions other than the promise that portfolio diversification is a pretty good plan. That’s something. Enjoy the references.
Best Wishes.

Refreshingly common and simple commentary from Mr. Ferri with this section in particular; and that he expressed that he guessed right:
"I talked about over-allocating to the US during several recorded Portfolio Solutions client conference calls in 2009 and 2010. At the time, I believed the US would lead the rest of the world out of the global financial crisis, and I guessed right. Now I’m planning a move toward a neutral global mix. I believe the opportunities outside the US are at least as good as inside, and I’ll probably be adjusting my portfolio in the next year to reflect this belief."

FYI: I make investment changes at a glacial speed. The last change was about five years ago when I combined micro-cap stocks with small-cap value stocks to reduce the number of funds in the portfolio. Before that, I eliminated a preferred stock allocation, which was fortunately done right before the financial crisis. Over the coming year, I believe the opportunity may present itself for another change.
Currently, 70% of my stock allocation is in US equity and 100% of my bond allocation is in US bonds. Sometime in 2015, I may shift my portfolio to a more global stock and bond allocation
Regards,
Ted
http://www.rickferri.com/blog/investments/my-expected-investment-changes-in-2015/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+RickFerri+(Rick+Ferri+Blog)

Hi Guys,
Here’s a quote from a recent survey of mutual fund investors: It said that “…. only 53 per cent of individual investors believed that outperformance was based on skill rather than luck. As for investment professionals themselves, the number was even lower, with only 42 per cent attributing outperformance to superior skill.”
Wow! Investment professionals do not believe in themselves in about 58 % of the instances. If an industry doesn’t trust its own proficiency, it is doom to failure in the long term. But, the same article that contained the referenced quote also offers some saving possibilities.
An indirect reference was made to this reporting in an earlier MFO post. The title of the piece is “Investment: Loser’s Game” by John Authers. Here is the Link to the Financial Times article:
http://www.ft.com/cms/s/0/f15a1f9c-876c-11e4-8c91-00144feabdc0.html
The 6 minute video that is embedded in the article provides an excellent summary if you are not now inclined to read the work.
Basically, the article reviews the recent dismal annual performance of active mutual fund management and their coupled lack of persistency. These are not new findings and need not be repeated for MFO Discussion members.
However, the article does offer 3 ways in which a performance reversal can be possibly accomplished, and with it, a directional money flow change back into actively managed funds.
The three pathways are: (1) Become more actively focused away from benchmark holdings (more concentration), (2) A reduced money management and cost fee structure, and (3) Enrollment in a money management training program directed at removing behavioral biases that compromise money management performance (like overconfidence).
The first two of these elements have been recognized for quite awhile; I was not familiar with the training program opportunity. More power to it, especially if it translates to better returns for us average mutual fund buyers.
The fees burden is obvious and demands attention. Even Charlie Munger attacked it decades ago. I’m currently reading “The Best of Charlie Munger, 1994-2013”. It is fun reading with great practical wisdom. You might want to give it a try. Here is one sample story.
In a talk that Munger gave to a Philanthropy Round Table in November, 2000, his true feelings towards the investment advisor cohort in general is harshly revealed. He doesn’t think much of that group.
Munger likes to invent words. He invented one for the investment advisors; it is “febezzle”. The “fe” portion acknowledges the high fees charged by the investment fraternity. The “bezzle” portion is a shortened form of embezzlement. Munger’s overarching assessment is that these financial wizards are mostly frauds and do not add to an investor’s wealth.
He did pontificate that these advisors and their clients did increase overall National spending. The advisors made and spent money directly from clients, and the customers were encouraged to spend more believing that they were making more market money. This hidden action increased our total economic pot in a Keynesian spending multiplier manner. According to Keynes, money need not be spent efficiently to enhance our National wealth.
I’m not sure I buy into that deep logic. Regardless……
Best Regards.

I don't pay to read his newsletter, but here's a few excerpts from linked article:
"Veteran stock forecaster Richard Russell, editor of the Dow Theory Letters, predicts the U.S. market is about to enter the third — and possibly the most profitable — phase of an epic bull market.
Russell says his 60 years of experience in financial markets tells him his optimistic outlook is on the mark for 2015.
"Is it too late to enter the market? Investors should remember that stocks often advance as much in their third phase as they did in the first and second phases combined. Like a giant magnet, the US stock market is in the process of attracting money from all over the world," he writes.
Russell-stock-market-bull

Hi Guys,
A few days ago MFOer Tampabay recorded that he was rooting for a Florida State win in the Rose Bowl. He was disappointed: Oregon 59 over Florida State 20. It was a disaster and not an especially well played game.
But it was not an unexpected disaster. I suspect that Tampabay’s enthusiasm was prompted by home-state loyalty, and not a careful analysis of the strengths and weaknesses of the competing teams. That’s a dangerous way to lay a wager or to conduct business.
Until the second-half of the Rose Bowl contest, Florida State had prospered from an unprecedented outlier-like string of comeback victories. No team can tempt defeat so often, and yet emerge with a late rally win in a consistent manner. Luck had to be a major factor. Florida State is just not that exceptional or talented.
And luck changes instantaneously at unpredictable, unexpected, and unwelcomed moments.
Florida State suffered their upset moment on New Year Day. Simply put, the Florida State team experienced a regression-to-the-mean. All good things must come to an end, to a reversion to more normal outcomes.
What is true in sports is equally true in the investment world. Outlier rewards are not sustainable. That’s why loading a portfolio with last year’s winners is most likely a loser’s game. The issue is not if a reversal will occur, but when that turnabout will happen. It will surely happen.
Nothing demonstrates this happening more clearly in the investment option world than the famous Periodic Table of Returns that is issued in many formats. I have discussed these illuminating Tables in many earlier MFO postings.
The evidence strongly suggests that forecasting future returns is an unfathomable task. That insight is embedded in the historical data sets themselves. It is nicely summarized in the various Periodic Table of market Returns charts. Here is a Link to the Callan Periodic Table:
https://www.callan.com/research/files/757.pdf
Here is a Link to the MSCI Sector performance Periodic Table:
http://www.msci.com/resources/factsheets/MSCI_USA_Sector_Indices_Returns_and_Volatilities.pdf
I have posted these references earlier, but they do need repetition to make the point memorable.
Financial writer Ben Carlson just published a column on this same subject. He titled the piece “Updating My Favorite Performance Chart”. Here is a Link to it:
http://awealthofcommonsense.com/
I too consider this chart one of my favorites. It presents extremely broad asset class returns over a 10-year period.
The chart once again illustrates the random nature, the patternless character, the ramblings of the various major asset classes over the last decade. Good luck on consistently picking these winners ahead of time.
This is a big reason why active mutual fund managers have such a challenging task to outdistance an appropriate benchmark. It adds another dimension to investment risk. Forecasters can’t forecast with any reliability. It’s that reason plus the additional handicap of higher expenses in several directions that dampen active mutual fund returns. There’s an easy lesson here.
Please give the chart a little time. It’s worth the effort, and just might contribute to a more profitable 2015. I hope so. Good luck and good health to all.
Best Regards.

Most financial experts are predicting lower total returns moving forward. If that is the case, and I believe it is, the 4% rule can not hold up. It's based on earnings return of 4% plus inflation. That is suppose to keep the retiree solvent for 30+ years.

FYI: For the last 20 years there has been a steadily consistent rule of thumb by America's financial planners when it comes to retirement — the 4% rule.
Regards,
Ted
http://www.usatoday.com/story/money/columnist/brooks/2014/12/30/retirement-401k-pension/20774021/

Hi AKAFlack,
Thank you for gracing this discussion. Your welcomed contributions are always thought provoking, sometimes provocative, but consistently add to an investor’s perspective.
Thank you also for your generous and kind words with regard to my own submittals. I try very hard to make them accurate, informative, and stimulating.
Although we differ in several dimensions of investing policy and practice, our infrequent exchanges have been respectful and on-target subject wise. Your comments are cogent and often actionable. I only regret their infrequency.
Perhaps the market writer that you semi-quoted was Morgan Housel, perhaps not.
A few days earlier, I posted his WSJ article titled “16 Rules for Investors to Live By”. His rule number 16 from that piece is: “You are only diversified if some of your investments are performing worse than others.”
Other financial writers and advisors have published a score of perturbations of this popular investment rule. By the way, I too do not know the accepted rules-of-the-road with regard to near quotes.
I agree completely with your observation that much of market writings can be distilled down to a few golden guidelines. Long term patience, real diversification with products having low and persistent correlation coefficients, and a conservative money management plan are excellent starting attributes for successful investing. These are somewhat dull platitudes, but historical data demonstrates that they work. I try to practice them.
Regardless of your own investing proclivities, I admire your class teaching discipline. I’m sure your students learn much from the principles that you share with them. Teaching in a neutral manner, without taking a strong adversarial position, is a difficult balancing task. Familiarizing your students with the odds/likely rewards tradeoffs will make them better investors. Congratulations.
I’m not sure I understand your specific meaning, but you introduced a terrific new word, “antiperistasis”, to me. Once I get to comprehend its nuanced definition, I’ll try to add it to my vocabulary. That’s likely to take time.
Great fun. Please don’t be a stranger. I’ll profit from your postings as I have in past exchanges. So will the MFO discussion panel.
My Very Highest Regards.

http://www.sec.gov/Archives/edgar/data/1527446/000116204414001548/hagin497201412.htm
497 1 hagin497201412.htm
HAGIN KEYSTONE MARKET NEUTRAL FUND A series of Cottonwood Mutual Funds Supplement dated December 30, 2014 to the Prospectus and Statement of Additional Informationeach dated June 30, 2014 (as supplemented from time to time)
The below information was provided to shareholders of the HAGIN Keystone Market Neutral Fund (the “Fund”) on or about December 16, 2014. Effective December 30, 2014, the closing date of the liquidation of the Fund is changed to January 15, 2015. All references in the below information to December 30, 2014 are hereby replaced with January 15, 2015.
* * * * * * * *
The Board of Trustees (the “Board”) of Cottonwood Mutual Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the HAGIN Keystone Market Neutral Fund (the “Fund”), effective December 16, 2014. HAGIN Investment Management, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 30, 2014. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.877.257.4240.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated June 30, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated June 30, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1.877.257.4240.

http://www.sec.gov/Archives/edgar/data/1215881/000141304214000349/birmiwalcls497.htm
497 1 birmiwalcls497.htm
Birmiwal Oasis Fund
(BIRMX)
Supplement dated December 30, 2014 to the Prospectus dated August 1, 2014
____________________________________________________________________________
The Board of Trustees of the Birmiwal Investment Trust, on behalf of the sole series of the Trust, the Birmiwal Oasis Fund (the "Fund"), has concluded that due to the relatively small size of the Fund, it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all remaining outstanding shares on January 30, 2015.
Effective December 30, 2014, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and 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 January 30, 2015, you may redeem your shares, including any reinvested distributions, in accordance with the "Instructions For Selling Fund Shares" section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, any redemption is subject to tax on any taxable gains. Please refer to the "Taxes" 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 JANUARY 30, 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 toll-free at 1-800-417-5525 or the Fund’s adviser, Birmiwal Asset Management, Inc., at 1-206-542-7652.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated August 1, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated August 1, 2014, have been filed with the Securities and Exchange Commission, and are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-417-5525.

EVERYBODY you meet, read, watch on TV Financial reporting Knows something you don't, try to find out what that is and use it to your advantage......tampabay

I'll pay a mutual fund manager, but I won't pay a financial advisor, both payed on amount of money you have invest (not performance you say)....Go figure

Hi AKAFlack,
It is nice to hear from you again after such a long silence period. I hope you still access MFO on at least a semi-regular basis. I missed your comments; I trust many other MFO members missed your insights too.
I’m a little surprised that you think so lowly of Barry Ritholtz’s financial advice. I believe we both agree that it is very basic, but the rudimentary character of the advice does not make it wrong and does not make it irrelevant.
As a minimum, we all need a frequent reminder to stay on our chosen investment pathway. It’s all too easy to get caught up in market excitement generated by our exposure to the constant market hyperbola and news cycle. Voices like Ritholtz help to neutralize the persistent call-to-action, and the prediction exaggerations of phony investment wizards and/or one trick ponies.
As a teacher, you’re very familiar with the need for educational repetition and constant practice. Writers like Ritholtz contribute in this dimension too.
Whether you recognize it, or admit to it, I suspect you practice much of what Ritholtz recommends in his ten rules listing. Surely, you do not take exception to many of them. They’re fundamentally reliable advice regardless if you are a long term buy-and-hold investor or trade upon moving average crossings (I recall you exercise that strategy).
How can you take exception to universal rules like “You can only succeed if you educate yourself, remain patient, and practice discipline” or “It is never too late to start. That said, sooner is much better than later.”? Yes, it is totally generic sayings, but it is likely that all MFOers act on these golden oldies.
When writing, it is an impossibly high hurdle to be brilliant on each and every article. Ritholtz fails that acid test, but so does everyone else.
Do you have similar reservations with regard to Morgan Housel’s investment perspectives and writings?
I truly welcome your contribution. Apparently, your instructional standards are much more challenging than mine. That’s just fine by me.
I wish you continued investment success, and hope your family is healthy.
Best Wishes for the coming New Year and beyond.

Hi Guys,
The pantheon of exceptional financial article writers is not populated by an especially large number of souls. That limited number is greatly reduced if only currently active writers are considered.
In my opinion, two members of this distinguished group are Morgan Housel and Barry Ritholtz. Of course there are others.
I mention Ritholtz because of this most current contribution. It is a superb summary of investment rules-of-the-road that should benefit any investor who conscientiously and persistently practices them.
I mention Housel because his thinking and writing style are similar to the Ritholtz model. His many overarching rules lists should profit any investor who consistently applies them.
It is a challenge to write definitive articles on a regularly scheduled basis. These two guys mostly succeed with an occasional misstep that crosses into trivial territory. Given the difficulty of the task, it is easy to forgive when these rare exceptions occur. That’s particularly true given the present holiday season.
Since it is so demanding to develop original subjects on a strict timetable basis, I suspect these writers often look to each other for subject ideas. Frequently, the topics seem to cluster together on a time scale.
I believe that’s likely to have happened with Ritholtz’s present presentation. I referenced an article by Housel a few days ago that topic-wise is similar to the Ritholtz piece. Here is the internal MFO Link to that article:
http://www.mutualfundobserver.com/discuss/discussion/17880/rules-and-forecasts
I like both lists; they’re good stuff. They reinforce each other. For seasoned investors these references really do not provide anything we have not heard many times over and over again. Yet they are useful reminders of a successful time-tested investment process. These reminders help us to stay the course and to recover market-like rewards.
I read Ritholtz and Housel whenever possible. What do you do? I’m somewhat surprised and disappointed by the poor readership the present Ritholtz reference has received from the MFO Board regulars to date. Perhaps, it’s the holiday season?
Best Wishes for a Happy New Year.