Just a thought. Another consideration is either Vanguard's investment grade short term bond, VFSTX, or the short term bond index, VBIRX. In either case, the expense ratio is ~ 0.1-0.2%. YTD returns this years have been quite good, 1.7 % and 1.0%, respectively. I still like OTSIX and the management team are quite good communicating with their shareholders.
http://osterweis.com/files/Fixed_Income_Outlook_2Q14a.pdf

I try my best to stay away from managed account programs because of the fee that gets taken usually on a quarterly basis from these accounts. Heck, a one percent annual fee adds up over time. On a million dollar account that is $10,000.00 a year in fees and over ten years your are looking at a $100,000.00 paid in fees ... if, the account value were to remain constant at a million dollars.
Most people with a million invested are sharp enough folks to figure this out and a good number I believe stay away from managed accounts. Although I use a broker I opted away from their firms managed account program. However, I believe the firms seem to keep pitching them heavily because of the fees they generate.
Curently, what I indirectly pay to the broker comes in the form of 12b-1 fees which are paid by the fund company. And, I know of some on the board balk at paying a commission to the advisor ... but, once paid generally one can usually move around within that fund company to other funds commission free via nav exchanges. And, generally, the commissions on the income funds are less than those for the equity funds. With this, one buys into a fixed income product and usually after ninty days or so they are free to move to another fund ... commission free ... within that fund family through the nav exchange program. Therefore, if one wishes to be shrewd they can indeed manage the amount of commissions paid by using nav exchange purchase programs.
Just something to think on.
Old Skeet

FYI: There’s a market-stomping mutual fund you’ve probably never heard of. Between 1970 and March 31, 2014, it averaged a 14.67 percent annualized return. That will double your money about every five years. Those investing $10,000 at its inception would have nearly $4 million today. It’s called the Sequoia Fund. It walloped the S&P 500 by nearly 4 percent annually for 44 years.
Regards,
Ted
http://assetbuilder.com/andrew_hallam/you_really_want_to_pick_stocks_think_about_following_these_guys

@Mark "KKR hasn't always been the model of corporate credibility..." Hahahahahahaha!
I just happened by the Tortoise funds website last week and saw they had eliminated two of their CEFs and shuttled their assets to other CEFs they run (which aren't really much like the funds they erased, which would have been more than a little annoying had you been an investor in one of the funds erased). Anyone know what that was about--- assets not growing? Performance didn't seem all that atrocious. Scott, that's your territory, I believe......
).

I owned a Tortoise Fund (forget the name of it) 2-3 years ago that eventually became CorSite Infrastructure (CORR). I thought the significant discount of the Tortoise fund would go away as the fund became CorSite. However, I had no interest in owning it after that happened. I sold and CORR has done ... not particularly well.
I think Kayne Anderson is probably doing better than Tortoise.

I think that the bucket system is quite different from the sleeve approach being used by Old_Skeet and Old-Joe. As JohnChisum states, there are usually at least three different time buckets and the investments in each bucket are selected based on what the contents of the bucket are going to be used for. Morningstar uses Bucket 1 to cover two years of retirement expenses and that consists of cash, CD's, & safe ST bond funds. Bucket 2 for years 3 - 10 consists of mostly stable bond funds, including some TIP's, and possibly a conservative allocation fund like Vanguard Wellesley. Bucket 3 for years 11 -25 consists of mostly equity investments along with riskier bond funds like Loomis Sayles Bond and possibly a commodity fund. Bucket 2 is used to replenish Bucket 1 when needed and Bucket 3 is used to replenish Bucket 2 when needed. The bucket system seems more geared to the fact that withdrawals are occurring during retirement although I guess it could also be used during the accumulation phase in a slightly modified form.

John, if you are interested in what the ownership of MLP's might have done for you should you have ventured to buy them I encourage you to read through the attached M* thread. I have owned them for a number of years with beyond my expectations results.
http://socialize.morningstar.com/NewSocialize/forums/p/340492/3564556.aspx

Is this a buying opportunity for VTMSX or the start of a retracement? Seems to me it's running above its longer term channel. One could argue it maybe reestablishing the original channel so by extending the 10 year channel out 15 years VTMSX would have some room to move.
Acknowledment: Charts sometimes fart (don't always work). I just thought this mutual fund made a nice picture!
On the topic of gas...love GASFX 15 year chart!
Thanks for link Ted.
Here's my take:

This has very little to do with Vanguard, in any way. The nature of the REIT market. The fund is almost matched by its index (now, that's impressive), but beaten slightly by FRESX, significantly by FREAX, and pounded by CGMRX. I myself am in FREAX instead.
It is almost as though this article is a strong case for active management, if you hang in.
When you graph the last 6 years --- now there's a ride --- you see it has been beaten by Nuveen, matched by Fido, and beaten Heebner. With a smidgen of dip protection for those ~60% dips. Still, back to breakeven in a bit over 2y, except for CGMRX.

Hey there Skeet- well, as you can see I don't break it down to the degree of granularity that you do- I just grouped the whole mess into those four general areas. I'm thinking that if I break it down even further I'll spend more time than it's worth worrying about the whole thing.
As life turned out, with both of us retired for some ten years now our combined pension and SS income is more than enough to meet our needs. We have a very large cash "reserve" of about 50% of our NW, which is in addition to the portfolio given above. The portfolio constitutes about 25% of our NW, and is structured so as to provide enough income/appreciation to offset the inflation which is eating away at the non-invested cash. Also, the portfolio is designed to provide approximately half of the volatility of the S&P, limiting both it's potential upside and downside swings.
The remaining 25% of our NW is the conservative resale value of our weekend home. The value of our home in SF is not included in any of these calculations. Both properties are mortgage free, and we have no debt of any kind. Very conservative, but we have no problem sleeping at night.
OJ

I am providing more on the “Sleeve System” to investing. Seems others have found good value in a sleeve type management system besides myself.
bee who has been a long time poster on the board and made me feel welcome when I first arrived (as some were rude) many years ago (back in the Fund Alarm days) recently sent me some information, she found, from FMD Capital about their using a sleeve type management system for income investing. My system is geared towards income plus capital appreciation as my system contains an additional growth area. In this way, capital gains (if needed) can be taken in addition to income generation to help supplement the portfolio's monthly distribution. Currently, I draw form three to five percent annualy form the portfolio and have been able to grow principal over time at these distribution rates.
The FMD Capital system is definitely worth the read and it is linked below for your reading enjoyment. It is titled, "The Strategic Approach to Income Investing" and is written by Michael Fabian. http://fmdcapital.com/wp/wp-content/uploads/2013/09/FMD_Income-Investing.pdf
Thanks again bee ... It is most appreciated.
I have also posted below how I have my sleeve system organized by area and by sleeve with current holdings.
Sleeve System
Here is a brief description of my sleeve system which I organized to help better manage the investments that were held in five accounts. The accounts consist of a taxable account, a self directed ira account, a 401k account, a profit sharing account and a health savings account plus two bank accounts. With this I came up with four areas. They are a cash area which consist of two sleeves … an investment cash sleeve and a demand cash sleeve. The next area is an income area which consists of two sleeves. … a fixed income sleeve and a hybrid income sleeve. Then there is the growth & income area which consist of four sleeves … a global equity sleeve, a global hybrid sleeve, a domestic equity sleeve and a domestic hybrid sleeve. An finally there is the growth area which consist of four sleeves … a global sleeve, a large/mid cap sleeve, a small/mid cap sleeve and a specialty sleeve. Each sleeve consists of three to six funds (in most cases) with the size and the weight of each sleeve can easily be adjusted, from time-to-time, by adjusting the number of funds and the amounts held. By using the sleeve system one can get a better picture of their overall investment picture and weightings by sleeve and area. In addition, I have found it beneficial to xray each fund, sleeve, an area and the portfolio as a whole. Again, weightings can be adjusted form time-to-time as to how I might be reading the markets and wish to weight accordingly. In addition, all fund distributions are taken in cash and are diverted to the cash area of the portfolio.
Below is how I have it broken out with current holdings.
Cash Area
Demand Cash Sleeve… (Cash Awaiting Investment Deployment)
Investment Cash Sleeve … (Savings & Time Deposits)
Income Area
Fixed Income Sleeve: ITAAX, LALDX, THIFX, LBNDX, NEFZX & TSIAX
Hybrid Income Sleeve: AZNAX, CAPAX, FKINX, ISFAX, PASAX & PGBAX
Growth & Income Area
Global Equity Sleeve: CWGIX, DEQAX & EADIX
Global Hybrid Sleeve: CAIBX, IGPAX & TIBAX
Domestic Equity Sleeve: ANCFX, FDSAX, INUTX, NBHAX, SPQAX & SVAAX
Domestic Hybrid Sleeve: ABALX, AMECX, CFIAX, DDIAX, FRINX, HWIAX & LABFX
Growth Area
Global Sleeve: ANWPX, PGROX, THOAX, DEMAX, NEWFX & THDAX
Large/Mid Cap Sleeve: AGTHX, SPECX, IACLX, VADAX, HWAAX & BWLAX
Small/Mid Cap Sleeve: IIVAX, PCVAX & PMDAX
Specialty Sleeve: CCMAX, LPEFX & TOLLX
I wish all ... "Good Investing."
Old_Skeet

Fidelity lists AUM for the fund class - for 10 years or so to the best of my knowledge - under the "Performance and Risk" tab on the fund's page.

Check out fundmojo.com. Not perfect, but not bad for a free web site.
I've attached a link for PTTRX.
http://www.fundmojo.com/mutualfund/fund_netasset_report/mutualfund/PTTRX

Check out fundmojo.com. Not perfect, but not bad for a free web site.
I've attached a link for PTTRX.
http://www.fundmojo.com/mutualfund/fund_netasset_report/mutualfund/PTTRX

MOZART325, that's not a bad website at all. Glad you pointed that out. Has some interesting information. I'll be visiting that website more often.
AUM data was very good but limited to about one year.

Thanks very much mrdarcey and rjb112. These seem to be the easiest to get some information about historical aum, with fundmojo having the advantage of showing it for one fund symbol across all share classes. But in a case of drastic asset bleed which one wants to avoid it would most likely show in the individual shareclass (as on the fidelity site) also.

My handful of US small cap funds spent most of last year leading all my funds. This year they're all at the bottom, and amazingly the best one, in the top 15% of small growth funds, has lost money this year. Ugh! I can't complain based on the longer term record, but its one of those difficult years so far for small caps.

David: As one who has made over 41,000 links for hundreds of news sources my understanding of copyright law comes down to the intention. If their is no profit motive involved when the article is published then it is fair game in the arena of public domain. In over 18 years of linking article, I've never had any author complain about my links till the other day. The question of copy & pasting an article which normally would not be able to be linked because of subscription is a gray area.
Regards,
Ted

FYI & Vote: The yield on the 10-year US Treasury hit a 52-week low today for the first time in more than two years, as moves in interest rates continue to confound the bulk of investors.
Regards,
Ted
http://www.bespokeinvest.com/thinkbig/2014/8/7/which-way-for-the-10-year-yield.html?printerFriendly=true

FYI: The average small-cap fund has clobbered its large-cap counterpart and the S&P 500 in the past 15 years, but it's failed to keep its lead in the stock market this year.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MTgzNTkwNTA=
Enlarged Graphic: http://news.investors.com/photopopup.aspx?path=WEBlv080814.gif&docId=712324&xmpSource=&width=1000&height=1062&caption=&id=712327

Authors help others when they have a short one to two sentence instruction concerning their wishes. I recall wanting to post a portion of a John Mauldin newsletter years ago. At the bottom was his instruction of how he preferred that one do this. I think it said he wanted to be notified at a given email address and he wanted you to provide a link to your use of his material in the email.
Such a short clear comment can be cut pasted at the bottom of original material in a second and could help avoid grief and, maybe, lead to new friends who share your interests. Not doing this can lead to a rough introduction. The internet is used by everyone without specific knowledge required.

My situation is much different as I am still 16 years from full retirement and my wife is 20 years away. We keep a 60/40 portfolio...we are happy with overall returns and we sleep at night. We probably keep a much higher percentage of global smallcap in our portfolio than most...approx. 20%.
Doing the same as previous posters with GPROX as it looks like a future hard close will not allow additions to retirement accounts through 3rd party platforms such as TDA.

Hi Catch,
Thank you for your interest and unexpected reply.
Not unexpected in terms of a direct topic exchange, but unexpected by the focus change that your post took. Great stuff. I had not thought whatsoever of what beneficial impact a risk understanding would have on our youth if introduced early in the educational process.
But apparently Gerd Gigerenzer has made that linkage in his “Risk Savvy” book. I have not yet read this recent release, but I have ordered it and anticipate some practical lessons that are exploitable. The subject matter is in my curiosity wheelhouse.
I always focus attention on the odds of any real world scenario and how to improve them. Along those lines, I purchased Gregory Baer’s “Life: the Odds (and how to improve them)” a few years ago. Statistical data is fascinating.
For example, Baer reports that the odds of a golfing hole-in-one improve as the distance shortens (no surprise here). It’s 15,000 to 1 at 175 yards and drops to 13,000 to 1 at 150 yards.
As equipment has improved with time, so has the odds of bowling a perfect game. Currently the odds are 4,000 to 1 for each full game; twenty years ago those odds were a staggering 89,000 to 1. Change happens and matters greatly. Investors must be familiar with past stock market annual rewards to make informed investment decisions.
Gerd Gigerenzer is an acknowledged expert on risk identification and management. He is an advocate for an early introduction of statistical thinking into schools. Our statistical illiteracy is staggering and detracts from our successes during our entire life.
Gigerenzer’s answer is to incorporate a multi-component statistical curriculum starting at the sub-high school level. His proposed curriculum would include health, financial, and digital risk literacy segments. Each of these elements would be subdivided into statistical thinking, rules of thumb and the psychology of risk according to a review by Omar Malik.
Gigerenzer is a popular public speaker. He has recently appeared on a TED video. Here is a Link to one of his talks:

I hope you enjoy it. I did.
Thanks again for your comments. They certainly expanded the discussion context in a positive direction.
Best Wishes.

From the FundAlarm days; my question to any web site was what their use policy may be, other than what may be stated at the web page. In general, 200 words of copy/paste and a link to the full article/story was the common reply.
I have read, but not linked some articles over the years; as the legal language at the web site did not allow for this.
Tis always easy to ask for permission(s).

Glad to see Ted has returned.
On a related note, as it pertains to Ted's "offending" post, though I'm not a copyright attorney, I did study copyright law while in law school, albeit many years ago. As I understand it, a forum or blog can issue portions of an article so long as the excerpt is quantitatively small and does not cause the newspaper financial harm. When Ted published the post it made me want to click through to the original article--which I ultimately did. I'm sure that this forum wants to steer clear of copyright violations, and I don't have any issue with a moderator making sure that the site isn't subject to liability.
I'd suggest that David issue guidelines for the "reposting" of articles. If and when he sees those guidelines violated, he can gently remind offenders and can edit the posts accordingly. Beyond this, I think that censorship directed against individual posters should be frowned upon.