They are a mere 9.67% behind the S&P per year for the past five years. Time to jump aboard!

Don't know beans about this fund, but that's how I tend to view the world too.
Jump on when she's 90% submerged. Jump off onto something else when she surfaces.
(Sometimes called Buy low. Sell high.) :)
PS: Sometimes you get wet.

They are a mere 9.67% behind the S&P per year for the past five years. Time to jump aboard!

FYI: Can Trump's Policies Match Investor Expectations?
Donald Trump is doing to U.S. equity bears what seven years of economic stimulus rarely could: shut them up.
Two years of paralysis has for now ended in stocks, with more than $1 trillion added to shares values since Election Day and the Dow Jones Industrial Average looking bound for 20,000. Both the Dow and S&P 500 Index jumped to fresh records Wednesday, joined by transportation companies and small caps, while banks traded at eight-year highs.
Regards,
Ted
https://www.bloomberg.com/news/articles/2016-12-07/trump-bull-market-bounty-tops-1-trillion-as-bear-cases-go-quiet

The other factor that makes utterly no sense to Hennessy's argument is that in the 1980s interest rates were very high and falling, which causes stocks to rise each time there's a rate cut. Today rates are very low and if not rising certainly have not much room to fall. In other words, the market environment today is completely different from the 1980s. I could see stocks potentially rising in 2017, but the idea that we're in the beginning or just the middle of some grand bull market after eight pretty strong years seems absurd.

Having trouble getting my head around this. Psychologically, it feels more like '82 - as I think up until now there's been a lot of risk aversion among the retail investor class as in the 70s. But, as Lewis points out, P/Es don't support that. Seems to me markets are sensing some significant inflation (which would reduce the real value of stocks). But my Social Security check the past several years (0% inflation adjustment) doesn't support that.
Another interesting comparison: The NASDAQ Composite peaked at a high of 5132.52 (and a closing price of 5048.62) on March 10, 2000. (Wikipedia). Today, nearly 17 years later, it's at 5400 (5% higher).*
Buy, Sell, Hold? Fortunately, at an age where I'm pretty conservatively positioned. Such decisions amount to nickels & dimes (maybe quarters under really nasty circumstances). Not losing much sleep. For a more aggressive/active investor there's plenty to worry about.
-
(footnote)* Anybody out there still using a 17-year old computer from 2000? Must work really swell. :)

Adding more cooks to the broth? Might be good to get some fresh ideas. Looks like it has underperformed in the last 5 years. 4 star fund by M-star though.
https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/09251T509

I switched into Vanguards Short Term Inflation funds from its regular fund couple of years back. Was going well for a while, but not this year. Oh well...that's the fund that's taking my slice of "inflation protection" money.
Now regarding VTINX. Why not just buy this one if its gone down so much. Sounds like good lower risk bet next to cash. Yeah?

@shipwreckedandalone

You guys are great to get back to me on this. Allocation model I use? I'm where I want to be: Biggest chunk in domestic stuff. (44%.) 39% bonds of all sorts. 8% foreign equity. It would seriously drive me nuts to very strictly adhere to a hypothetical model. This very discussion board has uncovered really fabulous destinations for my money, over the years.
I have nothing in PRLAX. I mentioned it a little while ago, is all. Years ago, I was in TRAMX, too. I got out of it with a good profit, there.
My two portfolio anchors are PRWCX and MAPOX. I do note that PRWCX has been lagging similar funds since the post-election break-out. Yes, the "lion's share" of my portf. is in TRP, but not all. I am aware of DODBX. The risk/reward ratings keep me away--- not to mention that I'm quite happy with the two "anchors" I already own. (I don't want 3 anchors.) DODBX carries a lot of volatility, along with its splendid results, though that fund wasn't always so volatile. (As a favor, for many years, I've personally baby-sat a portfolio for a couple who were eager to let me make some choices and just DO it for them, because they are terrified of dealing with the whole thing. Their biggest holdings are DODBX and PRWCX. She has a rollover Trad. IRA, he is in a 403b.)
My domestic bonds are in those two balanced funds I own, plus PRSNX, a TRP global bond fund, and uncle Jeffrey's DLFNX.... But DLFNX by itself is one of my smallest holdings. International bonds are in PRSNX and EM bonds in PREMX---which I've adjusted to be quite a bit smaller slice than years ago, but I'm still riding it. PREMX is today 14.21% of portfolio. I can afford to wait to take income, though retired. I've not started SS yet. I'm re-investing EVERYTHING. And more than just myself, I'm investing for heirs, too. I have "The Life of Reilly." My wife works. ;) She's in a 403b, but doesn't want to really invest enough to make it grow substantially. (wifey = 40s.)
More: 14% is small cap. 23% mid-cap. 62% large-cap. ...I'm growing a tiny position in PNM. Letting COP make a bit of money for me, finally. The COP slice is so small, it's like an afterthought. Letting it ride, and glad I didn't pull the plug and lock-in earlier losses. Real Estate: there's just one dedicated fund: TRGRX. It's 5.52% of portfolio. But M* tells me (X-Ray) that I'm up to 11.3% overall.
Thanks for asking.

Hi @bee,
Thanks for making comment.
Let's hope that the anticipated tax cut and that the earnings numbers that Mr. Saut projects come to be. Otherwise, this market will be extremely overbought. I read Mr. Saut's commentary weekly; and, I have followed him for a good number of years finding, for the most part, that he makes good calls.
I'm wondering what's going to happen (concerning interest rates) when the Fed's meets next week? For now, the markets don't seem to concerned about it as there must be a lot of short covering along with some program trading which are helping to drive the markets higher. The year ending TTM (reported) earnings, that I follow, on the 500 Index are being projected by S&P at $99.77. At current valuation this equates to a TTM P/E Ratio just short of 23.
For now, I'm not putting new money to work as I beleive a pull back will be coming once this buying frenzy exhaust itself. In addition, what if the Fed hikes more than the expected quarter of a point?
Skeet

All ratings have been updated on MFO Premium site, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Correlation, Dashboard of Profiled Funds, and Fund Family Scorecard.
Fairholme entered the Top category on MFO's Fund Family Scorecard. All three Fairholme Funds have beaten their peer averages on an absolute return basis since inception. It joins other top performing families Dodge & Cox, FMI, Longleaf, Oakmark, Oberweis, Osterweis, Grandeur Peak, Gotham, Tweedy Brown, Artisan, Mairs and Powers, RiverNorth, PRIMECAP. Here is complete list of Top Fund Families:

Bottom families? State Farm, Timothy, Hussman, AdviserOne, Permanent, Pacific Financial, CMG, O'Shaughnessy, and Oak Associates are among the 75 families in the MFO Scorecard cellar.
So, how can a shop as thoughtful as O'Shaughnessy have 4 of its 5 funds trailing their peers since inception, as shown below?

Well, two of its funds, O'Shaughnessy Market Leaders Value Fund (OFVIX) and Small Cap Value Fund (OFSIX), are less than a year old and have each delivered shareholders more than 20%, despite trialing averages. The others too have delivered handsome returns for the past six plus years, granted with some healthy drawdown in 2011 and 2016, the latter by the Enhanced Dividend Fund (OFDIX). The global equity income OFDIX is still below its previous maximum.
Hmmm, relative returns aren't everything, are they? Will attempt to shed more light on this topic in future posts.
The Category Averages tool provides a summary of averages for 144 Lipper fund categories (excluding money market) across 10 different time frames. Looking at the current market cycle, which began in November 2007 and is now 9 years old ... below are the top and bottom categories and attendant total return, %:


Time to rotate into bottom dwellers?
Waddell & Reed have 19 funds with $24B in assets under management (AUM). Its parent Waddell & Reed Financial Inc trades publicly under ticker WDR. Currently, eight of its funds are in the Three Alarm doghouse, which means they have delivered bottom quintile absolute returns the past 1, 3, and 5 year periods:

Its subsidiary Ivy Funds has 39 funds with $39B in AUM. It too has eight funds on our Three Alarm list:

They have just launched three Ivy NextShares ETFs.
Neither Waddell nor Ivy have any funds on the MFO Honor Roll. They have one 3-year Great Owl: Ivy LaSalle Global Risk-Managed Real Estate Fund (IVIRX).

Hi Crash - Glad you brought this thread back to life. Lack of earlier responses may relate to some ambiguity among readers about just what your investment approach is. I'm curious how many years before you begin distributions and whether that will affect your fund selection? I'm also a bit confused from past posts about just what you already own. At times you've seemed to be very heavy into real estate funds along with EM equities and bonds. Recently you mentioned some investments in PRLAX (a fund I think more appropriate for timing and speculation rather than long term commitment).
At one point a few years ago I thought you had moved all your invested assets to T. Rowe Price (great manager). And I know you like PRWCX. This last one has gotten very conservative recently and this year seriously lags a couple funds it is often compared to: DODBX and OAKBX. Manager is likely dealing with a huge inflow of $$ both before and after the soft close. But over 5 years it still sports a great risk adjusted return. It would be really interesting to hear what type of allocation model you adhere to and how you are positioned by asset class (as opposed to a list of individual funds.)
RE MOWNX (Investor Class): It has 1.65% ER after waiviers. That's very high for a value fund - even taking into consideration its international component. Concentrated funds tend to live and die by the sword - meaning they can rocket to fantastic heights or fall off steep cliffs. (Sometimes they accomplish both feats in relatively short order.) :) Not saying not to invest in one - just beware.

It happens...
RE-POST: This was of particular interest to me: Moerus. http://moerusfunds.com/fund-information/
Years ago, I'd held Amit Wadhwaney's Int'l Value fund at Third Avenue, but dumped it when results fell down a slope for too long to keep me happy. I guess it took a couple of years of bad performance to chase me out of TAVIX. ... Should I look forward to investing in MOWNX?
Concentrated portfolio, just 30 holdings, plus a short or two, and holding LOTS of cash, which I can understand, because it's so young. Does the fund manager deserve to be trusted---again? : http://portfolios.morningstar.com/portfo/details?t=XNAS:MOWNX&culture=en-US&region=usa
+6.9% in its first 6 months.

This is not good news.
Many years ago I went to talk where one of the MWTIX managers (don't remember who) spoke. An audience member asked him to compare MetWest's fund with PTTRX. The response was that PTTRX was an excellent fund, but given its size, Gross had to manage it top down, making macro calls. MetWest's smaller fund could add value through issue selection and by focusing on smaller attributes of the market.
The fund has great managers, but they may have described their own future (now present).

In April of 2017, I'll have been in MSCFX (small-cap BLEND) for 5 years. Now it's closed to new investors. When it opens-up again, it bears a hard look from folks who are not yet into it. I feed profits from this fund into MAPOX, which is one of my two less volatile portfolio anchors. PRWCX is the other. (Another closed fund. I have people here on this discussion board to thank for this.)

True small value is so hard to hold. I hope no one is buying TDVFX or AVALX after this run up. If you're going to buy into small value, at least do it when the fund is in a decline like HUSIX, but I couldn't imagine always buying into these when their down for 10 or 20 years, that would take so much discipline.

Edmund makes a good point. If the fund were truly actively managed, the expenses might be justified. But truth is there is very little change in holdings. Some trimming of positions now and then, but very little real change. So when performance lags, as it has 2012-2015, expenses loom even larger. And they have actually increased and are higher now than they were 5 years ago, no doubt because assets have bled more than 80% since 2012.

Aren't you leaping to conclusions?
- That money managers are married, and
- Their spouses are female.
Not easy to get this sort of data. I did run across these bit of trivia, since you broached the subject:
"We find that single CEOs, who are more likely to exhibit status concerns, are associated with firms that exhibit higher stock return volatility and pursue more aggressive investment policies."
http://fbe.usc.edu/seminars/papers/F_4-8-11_ROUSSANOV-Rev.pdf
This suggests the possibility that spouses (female or otherwise) are not "over quota" but "underrepresented" among gun slinging fund managers.
Better that fund managers should be confirmed bachelors without distractions, since "We find that marriages and divorces are associated with significantly lower fund alpha, during the six-month period surrounding the event and for up to two years after the event."
Limited Attention, Marital Events and Hedge Funds
I suspect that if I look hard enough, I'll find that kids are bad for managing money too. Amazing what useless factoids one can string together.

@Sven, I think domestic equities will likely have a dip at the inauguration, which should be bought. Then hang on through the April or May. The market should be choppy through the summer, and then head up in the fall of 2017. I am bullish on domestic SC/MC equities for the next 3 years, and have 100% of my TSP in the S fund (VXF equivalent).
@davidrmoran, I am comfortable in the process involved with DSEEX, and we continue to have 15% of our portfolio invested in this fund. And JG will likely not allow the FI portion of this fund be a drag on performance, so I am fine with holding this fund in a rising interest rate environment. And if the equity exposure hits a downdraft, the FI portion will be beneficial.
Kevin

Seems like about every 3-4 years Ted posts either a positive or a negative review of this longstanding fund. These seem to alternate between bad (cooked, doomed, never to be redeemed) and good. :)
The truth is, that like most types of funds, PRPFX has decent periods and ugly ones. What's new?