Is he is spreading himself a bit too thin? Large AUM has always been an issue even with a team of supporting co-managers. That is one of the reason I gravitated toward TRP funds years ago for actively managed funds and Vanguard for their index funds. A number of Vanguard actively managed funds are quite good as well.

Here’s the full story which is much better than the reformed broker one:
https://bloomberg.com/view/articles/2018-06-13/gundlach-sees-6-yield-in-3-years-anyone-else
I and almost every analyst think Gundlach’s wrong, but if he’s right there’d be no point owning either stocks or bonds in 2020. Both markets would tank. Meanwhile Japan despite all the austerity shills has survived with large deficits and ultra low rates for decades. In fact it was priming the pump even more that got that country’s equity market moving again in recent years. It’s true the tea party nuts may push back as Gundlach says, but how fast would they roll over if markets and their beloved portfolios started to tank as rates went higher? I think Gundlach is increasingly sounding more like one of them than viewing the situation with the appropriate level of detachment.

I'd start to believe and settle for a nice ten year chart related to what the author is jabbering.
About 10 tickers on a nice chart would be nice, eh?
Oh, well; if one has been invested in large U.S. growth for 10, 5 or 3 years you're do'in okay.

Hmmmmmmmmmmmmmmm........
"Everybody missed" is only shown in the title; and no where else in the write.
Everybody is a difficult word to use with the subject; as to what it implies for we investors.
"This time is different", I continue to agree with.....and I do recall this being a difficult concept to grasp from most of the talking heads in tv land for several years after the market melt. These folks need to get into the streets more often and talk with "other" folks who are not part of their inner circle of drinks at parties.

I follow Paul Tudor Jones and he continues much good with his money over the years. So, I understand part of the focus with this etf.
I think I follow the launch with Goldman Sachs, although PTJ has more than enough other connections in the world of money. Why GS, I surely don't know.
Based upon the "goodness" path this etf is supposed to maintain, I find it difficult to understand the current holding of Wells Fargo as 1.4% of the portfolio.
Duh............???
My inflation adjusted 2 cents worth.
Catch

FYI: It has been both a good and a bad time for large-growth funds. Of the nine Morningstar categories of diversified U.S. stock funds, large growth has been the best performer over the past three and five years through May 31, 2018, and the second-best (after small growth) over 10 years.
Regards,
Ted
http://www.morningstar.com/articles/869639/are-growth-strategies-poised-for-a-comeback.html

FYI:
Regards,
Ted
June 14, 2018
Dear WEALTHTRACK Subscriber,
Market leadership is changing. And according to this week’s exclusive WEALTHTRACK guest, even in this unpredictable world, the changes are predictable.
We’ll be joined by Francois Trahan, Co-Founder, Partner and Co-Head of Portfolio Strategy at Cornerstone Macro, a leading macroeconomic, strategy and policy research firm. Trahan was voted to Institutional Investor magazine’s All-America Research Team Hall of Fame for Portfolio Strategy in 2016. He has been ranked number one in the category for 8 of the last 10 years.
Among the many economic statistics Trahan follows, one of his favorites is considered to be one of the most reliable leading indicators for assessing the state of the economy. It is the Purchasing Manager’s Index (PMI), a monthly survey of the people who buy supplies for the nation’s manufacturers.
A reading above 50 signifies expansion and a reading below 50 signifies contraction.
After its recent peak, just over 60 in February, the PMI has zig zagged lower but is still at historically high levels well above 50.
So why is Trahan telling clients it is signaling an important change and it’s time to shift investment strategy? We’ll find out.
If you’d like to see the show before it airs on television it is available to our PREMIUM subscribers right now. We also have an EXTRA interview with Trahan about the importance of keeping an open mind! You’ll find it exclusively on our website.
WEALTHTRACK is also available online. 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. You can find the WEALTHTRACK podcast on TuneIn, Stitcher, and SoundCloud, as well as iTunes. Find out more on the WEALTHTRACK Podcast page.
As always, thank you for watching. Have a great Father’s Day weekend and make the week ahead a profitable and a productive one.
Best regards,
Consuelo
Video Clip:

Years ago it was necessary to create multiple posting categories because of the sometimes controversial nature of Ted's postings. He has honored that arrangement up until this point. However he now claims the "right" to deliberately sabotage the existing categories by a simple cheat: he artificially "bumps" his posts into the unearned "comments +" section. If he is allowed to flaunt the posting rules at his discretion so may anyone else, eventually completely undermining the multiple category arrangements of MFO. I strongly suggest that the moderators advise him of the inappropriateness of his self-centered actions.

The title said it all and investors should ask how and where does that level of dividend come from. Even in open end mutual funds there are years where the sizable year-end distribution came from capital gain, even though they may be long term CG. CEFs are less transparent on this matter.

Actually, I'm looking at recent years for these funds and it seems like recently most of the dividend has come from distributed capital gains, not return of capital. Still, at the end of day all that matters is the total return regardless whether that return is paid out as a distribution or not, assuming one is unconcerned about taxes. If taxes are a concern, then the distribution could actually lower one's total return.

If managers like these did relatively better in one or two years of mediocre market, you are about to ditch them

Agree with above. Price was my first mutual fund manger ever in 1989. I stuck with them thru Mutual Series and switched to MDISX. My capital gains now are such that while I am disappointed it hasn't continue to excel, it hasn't done badly so I sell a little every year.
I was excited to follow Winters to WGRNX but his performance has been really dissapponting so I sold years ago and haven't looked back

I sold WGRNX in the downturn. Trying to buy it ever since, but never made it.
Evermore Global - I've always felt this fund is more hype than anything. Other's may beg to differ. I did own it briefly in the past. Be ready for many years of underperformance. Like I keep saying when you buy more important than what you buy. Good for those who bought at right time. If we take a look at WGRNX you will see the same thing.

Please nobody say these funds are not in the same "category". IF both managers are following Michael Price, they are going wherever "value" is. They need to be compared together. As always, we look at recent performance, Morningstar rating and 5 and change our minds. We just pretend we know what we are doing.
STILL, if you want to compare EVGBX against its category the chart does that for you as well. Look at the beginning of the chart, and tell me honestly you would have held on to that fund.
PS - I'm actually building a position in MDISX and MQIFX

Hank summed it up well. Since Michael Price sold his company to Franklin and he left several years later, the old Mutual Series of funds were never the same. David Winters' Wintergreen fund has been mediocre fund since inception while charging high expense ratio.
I would consider FMI International fund, FMIJX even though it is not a global fund.

Thanks to all for your responses. Sounds like this is a game for the big boys, not someone like me.

@ Old_Joe - As bad as most hedge-like funds have proven over the years, my own efforts to hedge (usually with longer bonds or commodities) have done even worse. I’d rather pay a “hedgie” their onerous 2% (give or take) fees than to try to execute hedging strategies on my own. (I do own a couple hedge-like funds for defense - but neither is worth recommending.)
In addition to hedge (or hedged) funds, both pension funds and insurance companies use the long bond for various purposes related to their unique needs. Good topic. Surprised more haven’t offered their take ...
(Oh - I know - the stock market will keep climbing straight up forever!) :)

Is the lending of funds going on for both sides of Vanguard ? A few years back VG wanted to move me & others to their brokerage, which I did. Now as I'm told some individuals still hold their funds with VG, not VG Brokerage.
Just wondering, Derf

What is the difference between Data and Statistics?
In regular conversation, both words are often used interchangeably. In the world of libraries, academia, and research there is an important distinction between data and statistics. Data is the raw information from which statistics are created. Put in the reverse, statistics provide an interpretation and summary of data.
>>>So, whether it is the egg first or the chicken; I don't care. Data and statistics feed one another, eh?
And if I were not able to be careful, I'd better have my money parked in CD's and pay the insurance agent the big money for an annuity.
There have been more than enough times over many years when asked about investments, that the asking folks had not interest in learning anything about the broad terms and some of the driving forces for investments. I suggested they find a low cost fee only adviser from recommendations that may be available from other they know and trust.
@MJG , you are well aware of the wonderful amount of useful data/statistics available today, versus the olden times. These have allowed our household to become more well informed. Past this, the data/statistics are of no use to the folks who choose not to continue to educate themselves in this area; and in particular, those who don't know themselves well enough for proper decisions.
Regards,
Catch

Omitting one (unnecessary) sentence in the quoted passage brings out what I believe the passage is really saying. It than reads as follows:
"there is a large class of investors for whom long-dated Treasuries have an almost unique virtue. ... It consists of holders of other riskier assets, such as stocks, houses (real estate generally??) or high-yield corporate bonds, who wish to hedge against falling prices in the event of a recession."
Yes, longer dated bonds are often used by money managers to hedge risk from other types of assets because they tend to move inversely to those other assets. A high yield bond fund, for example, will sometimes hold long term Treasuries to help offset the risk from the junk they hold.
Other than that observation, I’d say your guess is as good as mine where the economy is heading and whether one will be happy 5-10 years out that they bought some long dated bonds today. (Wouldn’t be my choice.)

VF No small cap index. I always liked the dividend mandate of PCVAX. Now this fund will outperform. I have held it all these years and someone else is making decisions for me.

How would you like to have accounts at FlagStar bank?
Wells Fargo is exiting retail banking operations in three Midwestern states as the beleaguered company follows through on previous plans to reduce the number of locations it has open.
The San Francisco bank said Tuesday that it will sell 52 retail bank branches in Indiana, Michigan, Wisconsin and Ohio to a Flagstar Bancorp subsidiary, as well as several branches in Wisconsin.
Financial terms were not disclosed. Almost 500 employees will be get job offers from Flagstar.
Wells Fargo & Co. has said it will reduce to approximately 5,000 the branches it operates by the end of 2020.
https://www.pbs.org/newshour/economy/social-security-trust-fund-will-depleted-17-years-according-trustees-report