@MFO Members: Sorry to hear about the passing of James Wang, but the sad truth is the fund also died over the last three years.
YTD: 100 Percentile
One Year 100 Percentile
Three Year: 93 Percentile
Regards,
Ted
OSFDX Returns: http://performance.morningstar.com/fund/performance-return.action?t=OSFDX&region=usa&culture=en-US
MFO Slant;
http://www.mutualfundobserver.com/discuss/discussion/7886/oceanstone-fund

MAPIX is 60% developed markets (ie Japan, Ausralia) so IMO it's rather weak tea for an EM holding.
No one has mentioned FNMIX, which has done very well for me.

I track FNMIX and concur that it is a great choice. I keep forgetting that MAPIX has morphed into a more developed-Market look and feel over the years. But if it works, don't fix it.

Fascinating. For two years, at least, maybe meaning not much, maybe a lot, it is equaled by DODIX, is outdone by FSICX, and trounced by PONDX and PDI (perhaps not fair comparisons, I guess). So what's the big deal here?

do not follow some newsletter
'get creamed'? do you care? does it matter?
if you don't need to touch it for many years, put it all now into SCHD, PKW, FSCRX, FLVCX, and some global thing you like, say VEU. 15/15/25/15/30. If that feels worrisome, then a third now, a third Oct 1, and the rest New Year's, same proportions.

My favorite EM fund was a suggestion from BobC, ODVYX. I've owned it for a few years now. It's one of the best downside protection EM funds around. Alas, it's closed to new investors. Another favorite (but not really an EM fund) is GPGOX, It is really a small cap global fund with most of it's exposure in developed markets. For Asia exposure I've held MACSX for many years - again, per M*, not really EM, mostly developed markets.

catch22,
Good to see you around again.. Here are the answers. I am looking for ideas/suggestions on the three strategies I mentioned (or any other strategy for that matter) - DCA the whole amount over 18 months, wait for a correction and then start DCAing in, or follow a newsletter. Looking forward to your and other's opinions.
-B

Howdy @Bhopali
--- What are the 10 funds you now have and what percentage of each, for your total holdings?
OSMAX - Oppenhiemer Intl Small (12%), PRFDX - T Rowe Equity Income (20%), VFINX - Vanguard 500 (13%), VIMSX - Vanguard Mid Index (10%), VISGX - Vanguard Small Index (20%), DODFX - Dodge and Cox Intl (10%), PRNEX - T Rowe New Era (5%), PRMSX - T Rowe Emerging (5%), PCVAX - Allianz Small Cap Value (5%)
---Are all of your current fund holdings in tax sheltered accts (IRA's, etc.)?
Currently, about half is in sheltered and other half in taxable
---Will all of this new money have to be invested in non-tax sheltered accts; or are you able to invest some of the monies into a Roth IRA?
All of it will be in taxable.
---Do you currently invest monies into a 401k, 403b, etc.?
Yes. 401k and Roth
---There are those here who frown upon any advisement being given by strangers via a discussion board on the internet.
I understand. I am looking for suggestions. Fundalarm, and now mutual fund observer, has been my source of ideas for 10+ years. I don't post often but usually do when I want suggestions...
For all practical purposes, consider whatever advisement you may be provided; to constitute.............suggestions for consideration.
Regards,
Catch

Hi,
Congratulations on your windfall. I had an inheritance to invest a few years ago and I decided to use the portfolio suggestions at Maxfunds (www.maxfunds.com), click on the PowerFund Portfolios link. They have a more aggressive one and a more conservative one. They seem to have a good sense for when to make changes to the portfolio (maybe once a year), though sometimes are a bit early. Then I sometimes tweak a bit by using Mutual Fund Observer to find a better fund in some of the categories -- this gives me another couple of percent of return.
Good luck.
lrwilliams

Gurus,
I am posting after a long time. Need your help! I have had the good fortune of a long due (non stock) investment cash out finally! I am trying to figure out if now is a good time to invest it in the market, especially given that this bull is already 4 years in the running. Here is my situation:
1. Age: 40
2. Tolerance for risk: High (weathered the 2001 and 2008 crashes as buying opportunities)
3. Overall current portfolio: well diversified with approx 10 funds.
4. New money: About 2X than current portfolio.
The options I am considering are:
1. DCA in the current portfolio over next 18 months. However, this can be risky as the bull is getting old so if we do have a major correction in 6 months, I would get creamed on a large part of my investment.
2. Sit on cash till a major correction (15%+) and then put 50% of the new monies in. DCA the remaining over next 12 months.
3. Get a good investment newsletter and start following it to the tee (any suggestions?).
What would you do in my situation? Any good newsletters that you live by?
Would really appreciate your counsel.
- Bhopali

FYI: Copy & Paste 7/16/14: Dimitra Defotis: WSJ
Regards,
Ted
H. Kevin Birzer of the Tortoise MLP & Pipeline Fund has averaged 24% annual returns over the past three yrs.
For investors looking for income and an energy allocation, the Tortoise MLP & Pipeline Fund has performed like a hare.
The mutual fund (ticker: TORTX ) boasts one of the top performances among an increasing variety of funds that invest in master limited partnerships, those energy pipeline and infrastructure assets with rich, tax-deferred yields. But the fund owns regular energy corporations, too, and the combo has produced a three-year annualized return of roughly 24%, and a 36% total return in the past year, well ahead of the Standard & Poor's 500 Energy Index and the benchmark Alerian MLP Index.
The fund's five co-managers look for businesses that produce double-digit cash-flow growth and collect steady fees. And with gushers from American oil-and-gas fields filling pipelines coast to coast, the fund's relatively low dividend should continue its recent growth spurt.
We asked co-manager H. Kevin Birzer to talk about picks and risks. Birzer co-founded Tortoise Capital Advisors, which is one of the largest MLP asset managers and is based in Leawood, Kan.
Barrons.com: How do you choose winners?
Birzer: It comes down to: Do these assets have to exist? Second question is: Do they have the right management team? Third, we don't want a lot of cash flow volatility risk. We look at the nature of the assets and the contract structure. Refiners have huge volatility. A pipeline, on the other hand, generally gets paid for transporting the product into the refinery and out of the refinery based on volume. There has been a heck of a lot of activity with the shale plays, and pipelines tend to be the cheapest, easiest way to get those hydrocarbons to market.
Manager's Bio
Name: H. Kevin Birzer
Age: 54
Title: Co-founder, Tortoise Capital Advisors and co-portfolio manager, Tortoise MLP & Pipeline Fund
Education: B.S., University of Notre Dame; M.B.A., New York University
Free Time: Reading, co-founder and volunteer with The Giving Grove, a Kansas City nonprofit that develops inner city edible tree gardens
Q: What names do you like?
A: Our top holding today is Spectra Energy ( SE ), a large, diversified pipeline company that is investment-grade rated and has a $28 billion market capitalization. They own Spectra Energy Partners ( SEP ), an MLP. Spectra Energy has a great footprint of assets. Its Texas Eastern Pipeline goes from Texas up to New York City carrying natural gas right smack dab through Pennsylvania, where the Marcellus Shale has gone from virtually no production to about 12 billion cubic feet per day. Nearly 20% of the U.S. supply of natural gas now comes through Pennsylvania. It is just crazy how this has changed over the last five years. Spectra is in the process of making that pipeline bidirectional, to reverse gas from New York and take it back to Tennessee or other parts of the country. That is a great asset. Spectra also has a valuable pipeline from Canada's oil sands that extends to Missouri. They have about $20 billion in pipeline growth projects [with] pretty good commitments up front for both return of your capital as well as return on your capital during the contract period. That means low risk. Spectra can grow its distributions at about a 10% rate for many years to come. It yields about 3%. Probably 14% [annual] returns over the long term.
Q: Will pipelines become obsolete as oil and gas production dwindles?
A: In some cases, yes. There are some pipelines that are so, so strategic and they are sitting on a gold mine. Spectra's pipelines are sitting on some gold mines.
Fund Facts
(as of July 10, 2014)
Tortoise MLP & Pipeline Fund (TORTX)
Assets: $1.8 billion
Expense Ratio: 1.33%
Front Load: 5.75%
Annual Portfolio Turnover: 25%
Yield: 1.2%
Source: Morningstar
Q: Spectra stock is near a 52-week high. How much upside is there?
A: We have added to our position over time, from $25, and it is near $42 today. As a long-term investment I think it is a strong buy. We do a long-term, discounted cash flow analysis. No matter how you slice and dice it, you end up with: the current yield, yield growth, and visibility into that growth. In New York City, you are not going to heat your home this winter if Spectra doesn't exist.
Q: What other names do you like?
A: Williams Cos. ( WMB ), a corporation, as opposed to Williams Partners ( WPZ ), the MLP. It operates 15,000 miles of interstate gas pipelines, more than 10,000 miles of oil and gas gathering pipelines. It is a pure play general partner on Williams Partners and Access Midstream Partners ( ACMP ), which are to merge. Williams got rid of a lot of its exploration and production assets. They now have one of the biggest gathering and processing businesses in the country. Williams has a footprint in all the big plays in the country except the Bakken. It is an investment-grade-rated company with $40 billion in market-equity capitalization. They are just getting paid for moving products from point A to point B; about 80% of their business will be fee-based after the merger they are doing.
Q: What would be the case for buying it here?
A: Similar to Spectra, yield plus growth. The company says it can grow cash flow 15% annually every year between now and 2017. Williams Cos. has a 2.9% yield and if you add 15% growth, you have upper-teens returns. This isn't a trade, this is a long-term investment.
Top 10 Holdings
(as of May 31, 2014)
Spectra Energy (SE)
Williams Cos. (WMB)
Oneok (OKE)
NiSource (NI)
EQT (EQT)
Enbridge (ENB)
Plains GP Holdings (PAGP)
Enterprise Products Partners (EPD)
TransCanada (TRP)
Pembina Pipeline (PBA)
Source: Tortoise Capital Advisors
Q: Why aren't we talking about price-to-earnings ratios?
A: We can talk about P/E, we can talk about enterprise value to earnings before interest, taxes, depreciation and amortization (Ebitda), we can talk about discounted cash flow. In my mind this is one segment of the world where just talking about yield and growth is the best proxy for returns.
Q: Another pick?
A: Oneok ( OKE ) is the general partner, a corporation, that controls what happens at the master limited partnership, Oneok Partners ( OKS ). Two different legal entities, but their assets are extremely closely tied.
Q: The general partner gets a rising percentage of the distribution. What else do you like about Oneok the corporation?
A: About two-thirds of its business is fee-based -- very low risk and a great investment. And, they have a big footprint in the Bakken shale, unlike Williams and Spectra. They have about $2 billion in their construction backlog and $3 billion to $4 billion in unannounced projects. Their market cap is about $14 billion. They think they can grow their distribution at least 10% per annum for the next several years. I get a mid-3% yield with 10% growth. So 13% returns is a heck of a good story.
Q: You see big opportunities in the Permian basin in Texas. Who benefits?
A: Plains All American Pipeline ( PAA ). We own the general partner, Plains GP Holdings ( PAGP ). Plains probably touches 20% of the crude oil in our country every single day. If Plains All American didn't exist, you'd have a problem. Plains also happens to have this great footprint in West Texas. As new pipelines are built, Plains benefits.
Q: Barron's has questioned how MLPs account for maintenance capital expenditures, including Kinder Morgan ( KMI ), which Tortoise owns. What are your thoughts?
A: You have to be careful: What makes up that distributable cash flow is operating income or Ebitda. You start with Ebitda, you back out interest expenses or your debt burden, and you back out maintenance capital expenditures. That leaves distributable cash flow -- what's available to pay out. There could be an inherent conflict of interest: Management may want to skimp on maintenance capital expenditures because that would increase what is paid out -- distributable cash flow. If a management team is trying to cut corners, cut the maintenance capital expenditures, you could have an issue. We ask: Have the companies reinvested appropriately? Have they accounted for it appropriately? Have they disclosed appropriately to investors? We invest in managements that are running assets for the long term.
Q: What else do you worry about?
A: Interest rate risks. Broad economic risk. The re-plumbing issue: There are basins that probably aren't as valuable anymore. The Haynesville three to five years ago was a hot natural gas play, but it is not as economic to get natural gas out of that area today with natural gas prices in the range of $4.50 to $4.75 per million British thermal units. To get Canadian oil sands out of the ground, oil needs to be priced at $70 to $80 a barrel. If oil prices drop to $70 or $80, you may not have a whole lot going on in Canadian oil sands. I worry about regulation, especially tax changes but also about fracking. I worry about what is allowed as an MLP asset.
Q: What kind of returns do you expect from pipelines in 2014?
A: Our expectation from the day we started this company 12 years ago until today really has not changed a lot: low double digits, 10% to 14%. Ten years ago I would have said yields of 6% and distribution growth of 4% to 6%. Today, I probably would say lower yields, probably 4%, but higher growth and 10% to 14% returns long term.
Q: Thanks.
M* Snapshot Of: TORTX: http://quotes.morningstar.com/fund/f?t=TORTX&region=usa&culture=en-US

My thought:
After funding a (pension/social security/annuity income stream) which provides enough income to pay your month bills then,
- set aside 1-3 years of income and invest conservatively for emergencies, special expenses, and periodic buying opportunities (due to downturns in the markets).
The remainder of your portfolio:
Let the rest ride in:
- a fund like PRWCX (a managed 80/20 fund)...no rebalancing needed or,
- continue rolling out into the future with retirement dated funds that have an 80/20 make up or,
- just own individual index funds that provide an 80/20 allocation and rebalance periodically.

FYI: Copy & Paste 714/14: Gregory Zuckerman & Kristian Grind: WSJ:
NEWPORT BEACH, Calif.—In early June, before hundreds of employees at Pacific Investment Management Co.'s new 21-story headquarters here, Chief Executive Douglas Hodge spoke effusively about Bill Gross's enduring passion for investing.
"Forty-three years ago, he founded Pimco with a vision and a fire in his belly, and we are living that vision today," Mr. Hodge said, with the 70-year-old Mr. Gross, the firm's chief investment officer, standing beside him. "We all owe so much. Thank you."
Employees gave Mr. Gross a standing ovation. The two executives shook hands, almost hugging, according to people in attendance. It was a show of warmth at the bond giant known for its high-pressure environment and a display of unity amid a closely watched leadership transition.
Behind the scenes, however, strains persist more than six months after the abrupt January resignation of Pimco's previous CEO, Mohamed El-Erian, according to people familiar with the matter.
About three months ago, a group of Pimco senior executives became so concerned about Mr. Gross's dealings with the media that they warned him to stop making public comments they viewed as divisive, according to people familiar with the matter. Mr. Gross, the face of a firm that manages $1.97 trillion and its star investor, has threatened to quit more than once since Mr. El-Erian's March departure, including after that warning, the people say.
A key reason for the tension: Clients continue to leave Pimco and, in particular, Mr. Gross's fund. His Total Return fund, the world's largest bond fund, saw $4.5 billion of net investor outflows in June—its 14th consecutive month of defections—despite outpacing two-thirds of it rivals in the second quarter, according to fund-research firm Morningstar Inc. MORN +0.49% Over that period, investors pulled $64 billion from the now-$225 billion fund, an amount that dwarfs the total size of most mutual funds. The withdrawals came as investors, industrywide, added money to bond funds. Pimco has suffered net outflows across all its mutual funds for the past 13 months.
Six months after then-Pimco CEO Mohamed El-Erian resigned, do tensions still continue internally with co-founder Bill Gross? Gregory Zuckerman discusses on the News Hub with Sara Murray.
Mr. Gross has expressed frustration with those on Pimco's business side, according to people familiar with the situation. At a partner meeting in early June, Mr. Gross challenged Mr. Hodge, who joined Pimco in 1989, about the company's business strategy.
"There's a committee" looking into ways to improve sales and retain clients, Mr. Hodge answered, according to people in attendance.
"You should know" what steps are being taken, Mr. Gross replied sharply, these people say.
Some viewed Mr. Gross as being unduly critical of Mr. Hodge. In an interview June 30 at Pimco's headquarters with Mr. Hodge by his side, Mr. Gross said he has questioned Mr. Hodge, but that the firm has a history of encouraging spirited debate, a point echoed by other Pimco employees.
"No one here is afraid to say what's on their mind. Have we had disagreements? We've had debate for 40 years," Mr. Gross said
In a July 7 written statement, Mr. Gross said he has offered to resign "several times" over the past seven years—including when Mr. El-Erian submitted his resignation, when he tried to persuade Mr. El-Erian to stay. On Thursday, in a new statement, Mr. Gross said: "I have never considered leaving the firm" other than to allow Mr. El-Erian the sole chief-investment-officer responsibility.
In a separate, joint statement July 7, members of the executive committee said it never took up the matter of Mr. Gross leaving. The committee called Mr. Gross a "vital leader" and "an extraordinary asset for our clients." Mr. Hodge said Mr. Gross continues to be the firm's primary spokesperson and has "maintained a regular presence in the media throughout this year."
Both Messrs. Gross and Hodge said the transition to a new leadership team is going smoothly. Traders say Mr. Gross has been a calmer presence in recent weeks than at times in the past, helping boost morale. And Pimco's investment performance has improved, leading some executives to feel the firm is close to weathering the recent storm.
Mr. Gross has begun to allow others to share some responsibility, appointing six executives as deputy chief investment officers. The deputies now take turns running investment-committee meetings, held four times a week. Previously, Mr. Gross and Mr. El-Erian split that duty.
"The table is more evenly balanced" than when Mr. El-Erian was at the firm, Mr. Gross said in the June 30 interview. "We needed some additional chefs and cooks. It's working really well."
Making sure Pimco's new leadership structure succeeds is crucial because some investors have said they will decide whether to pull their money based on how well new management operates. "We're waiting to see how the management change plays out," said a spokesman for the Florida State Board of Administration, which has about $400 million at Pimco and is reviewing its investment with the firm.
In many ways, Pimco, a unit of German insurer Allianz SE, ALV.XE +0.81% is still dealing with the aftermath of the departure of Mr. El-Erian, who continues to serve as an adviser to Allianz.
After The Wall Street Journal reported in February that a tense relationship between Mr. Gross and Mr. El-Erian led to the latter's departure, Mr. Gross told Reuters that Mr. El-Erian was trying to "undermine him" and that he had evidence Mr. El-Erian "wrote" the Journal article—a claim the Journal dismissed as "astoundingly incorrect." A Pimco spokesman declined to comment.
On April 10, appearing on Bloomberg TV, Mr. Gross urged Mr. El-Erian to explain his resignation. "Come on, Mohamed, tell us why," Mr. Gross said in the interview.
The comments raised eyebrows within Pimco, partly because it was known that Mr. El-Erian had signed a pledge not to publicly address his departure. A group of senior executives subsequently issued a warning that Mr. Gross should avoid inflammatory public comments, according to people close to the matter.
In addition to threatening to quit, Mr. Gross told people he was considering resigning from Pimco's executive committee, which leads the firm, though he has since changed his mind, according to people familiar with the matter. In the July 7 statement, Mr. Gross said he made it clear to the executive committee that "if they ever should choose to pursue another direction for the firm, for whatever purpose, I would resign if it would be in the best interests of our clients."
Spirits have improved lately. Mr. Gross's Total Return fund, following a year of spotty performance, posted a return of 2.4% in the second quarter, thanks to a prescient bet on rising U.S. government bonds. That compares with 2.05% for its benchmark, the Barclays U.S. Aggregate bond index, according to Morningstar. It still lags behind 71% of rivals this year, though the fund's 15-year record beats 96% of peers.
"My attitude is, 'We'll show ya,' " Mr. Gross said during the interview at Pimco's headquarters, while wearing an unknotted blue tie he says was a present from Mr. El-Erian. "I'm not leaving until we show everybody that this new structure is better than the old structure."
"Don't count me out," he added.
There are signs Mr. Gross is maintaining at least some of his former approach. In mid-May, during a meeting of about 20 Pimco executives at the firm's investment committee, Mr. Gross halted Jeremie Banet, a French-born executive vice president and portfolio manager, while he was sharing his views.
Chief Executive Officer Douglas Hodge Bloomberg News
"I never understand what you're saying," Mr. Gross said, according to people in the room. "Ever."
A day after the exchange, Mr. Banet announced his resignation and said he planned to operate a food truck selling croque-monsieur sandwiches in Los Angeles. In an email, Mr. Banet said there was no connection between the meeting and his departure from Pimco. He said he has "enormous respect and admiration for Bill Gross."
In a July 10 statement, Mr. Gross said: "On that day, Jeremie was sitting at the far end of the table and I was unable to hear what he was saying. I have always respected Jeremie professionally and I like him personally."
Last month, Mr. Gross gave a keynote address at a Morningstar conference in Chicago. Donning sunglasses, he singled out media organizations in the room and said, "Repeat after me: Bill Gross is the kindest, bravest, warmest, most wonderful human being you've met in your life."
The widely circulated comments were criticized on some blogs and via social media.
Mr. Gross says that, one day later, he told hundreds of Pimco employees at a town-hall meeting in New York: "I wish I could do it over again. I wouldn't have worn the sunglasses."
"Hey, I'm not perfect," he says he told the employees.

The problem is he has been saying it for like 50 years !!!
Just like I keep telling my wife one day I will grow hair. I really will one day I'm sure of it. IT is just that it when it does happen I will not find my comb.
So time will tell. One statement Faber makes I agree with though. "once in your lifetime you will be right is true of everyone". And he is just following that. One day he will be right. If we keeps saying it often enough, maybe people will only remember the last time that he said it, which will probably be worth a few billion dollars of assets under management.
It's all good.
One thing I want to know though. "Renowned Swiss Investor". Forget the Cheese. Someone tell me what he is renowned for? Always claiming the sky is falling?

@OS,
Did ING sell to Voya? LEXCX is now Voya Corporate Leaders...75 years of boring success.
Breif History of LEXCX:
youtube.com/watch?v=j85wxkl9544
And here at MFO:
mutualfundobserver.com/2011/07/ing-corporate-leaders-trust-b-lexcx/

PONDX moves monies as needed. From recall, about 1-1.5 years ago, the overwhelming major of the fund was invested in one form or another in the U.S. mortgage areas.
I fully trust the manager's and their abilities over the past severval years of our holding the cousin fund of PIMIX. This remains one of our largest bond holdings.
Derf's note above about holdings is from the "mothership" web site. No need to check M* first? Pimco's web site has a decent layout to obtain their data.

I'm relatively bullish too. For me, near the end but not quite there yet means another couple years, and probably another 200-400 points on the S&P before we get another bear. But considering how far we've come, even 400 points would stil put most of the gains in this bull in the past.
My point was that retail investors starting to pile is trditionally an indicator we're in the 7th inning or so, but not quite at the end of the game. It's when folks at cocktail parties are bragging over how much they made ever since they finally bought in last year, and spontaneously offer you some tips, that we're at the end.
That's my guess, anyway!

FYI: Its style exposure has shifted over the years, but the fund has delivered a 14% annualized gain since inception and is a good supplement to a large-cap-focused portfolio.
Regards,
Ted
http://www.morningstar.com/cover/videocenter.aspx?id=655212
M* Snapshot Of PLPSX: http://quotes.morningstar.com/fund/f?t=FLPSX&region=usa&culture=en-US

Not a stupid question at all. I had to go to their website and look at a few of their other 7-Year Forecasts. I'm almost certain it's annualized return.....not the cumulative return over 7 years. But remember, these are real returns, so add inflation to these numbers to get the nominal return. One reason I'm almost certain it's annualized return: look at the dotted red line, 6.5% historical long term US equity return. That's the annualized long term real return of US stocks. Add inflation in, and you get the typical numbers you see for the past, for very long term US stock performance, say approximately 9.5% or 10% annualized.....with the very long term inflation numbers being somewhere around 3 or 3.5 or 4%, depending on time period.
You mentioned small cap: Not pretty! And the area that people seem most cautious about, emerging markets.......interesting.

In my periodic scan of SAIs, I have now discovered Anne Gudefin owns $0 in her fund. For a manager of Mutual Series fame, to not own a single penny in the only fund she manages. This is very disheartening. I've been trying to find funds I could truly buy and hold doing my research, and then this happens.
Either I did not read SAI properly when I bought the fund which was a while back or she owned shares at one point to sucker investors in and now has sold off all her shares. Needless to say PTHDX now becomes an automatic sell for me. Not sure there is much interest in this fund. I searched for PTHDX and the only link I got was November report in which M*'s Russ Kinnel touting this fund as one of best 3 funds opened recently. That should really have given me a clue.
This sucks most intensely. I will be observing PTHDX weekly looking for good point to sell, but regardless it'll be gone by years end. I now also need to look carefully at CVLOX which I also planned to sell, but here despite Gary Black of Janus infamy, managers at least own their fund.

Sorry for stupid question. Is GMO saying TOTAL small cap return over 7 years will be -5 percent, OR year over year?

I think chances are now high for a market correction of 60%. I think next buying opportunity is 2017.
Lest anyone asks I have right to pull out stuff from my behind just like anyone else. I can point to S&P 500 returns for last 5 years and say it always pays to be fully invested in the market.
Now let me go find out what a "bear market fund is". If its HSGFX, maybe I should buy more. If it is BEARX, I need to think.