More recent follow up article:
https://forbes.com/sites/kenkam/2018/06/08/greatest-fund-managers-redux-4-that-are-keepers/#1f3d9ae3554f

FYI: If you are going to pay for a good manager, the managers of these funds are worth it.
Regards,
Ted
1. Matthew DeCicco
2. Kevin Landis
3. Malcolm R. Fobes
4. Huachen Chen
5. Walter Price
6. Joel P. Fried
7. Frank V. Jennings
8. Charlie Chai
9. Robert E. Hall
10.Robert L. Fitzpatrick
11.Charlie Chie
12.Christopher J. Bonavico
13.Mark W. Oelschlager
14.Rajiv Kaul.
15.Liu-Er Chen
https://www.forbes.com/sites/kenkam/2018/06/01/the-6-greatest-mutual-fund-managers-of-the-last-decade-to-use-now/#3c0449ade678

I am no lover of target date funds for attentive investors, but I think they can serve some investors well. I posted an extended comment to this effect on the page. (There's a second comment there as well making a similar point.)
Herein is my comment:
While there's merit in some of the issues raised, methinks thou doth protest too much.
Target date funds are designed for those who don't want to think about their investments, who don't want to monitor them. (And if they do, all they have to do is check the glide path in the prospectus.)
They are best used as "all in" investments. If one mixes and matches target date funds with other investments, the point of using them is lost. Admittedly there are some assets that can't be rolled in, like SS and other lifetime income streams (annuities, pensions). So when one initially selects a glide path, one takes these into consideration. A one-time-only task, as opposed to continual monitoring. Again, for those disinclined to manage their investments.
There is something to be said for separating stocks and bonds for tax purposes. Though the same argument can be made for all allocation funds, including traditional, statically allocated balanced funds, such as Vanguard Wellington.
Arguing that because there are a few bad apples (that add a second layer of fees) one should avoid the category altogether is specious. It is like saying that because some index funds carry loads or come with high fees, one should avoid index funds entirely.
Finally, nearly half of households with investment accounts own only retirement accounts (33% hold taxable accounts, 29% retirement only, the remainder no investments). For them, tax issues are moot. They are also less likely to be financially literate and thus more likely to benefit from a target date fund. For them, target date funds are not too simple.
Data in the preceding paragraph comes from FINRA (2015):
https://www.finrafoundation.org/files/snapshot-investor-households-america

M* Closed End Fund discussion group comments on DSL albeit a month ago.
https://socialize.morningstar.com/NewSocialize/forums/p/385305/3954553.aspx#3954553

Info only with this. The 5 you noted, compared to SPY (chart line black).
TRTY not in chart....too new for data. Also, chart rear view limited to May, 2017 start; as this date must be the inception of one of these funds; and so charting is limited to the "newest/youngest" for time frame.
We've not held any investments with Mr. Faber.
https://stockcharts.com/freecharts/perf.php?GMOM,GAA,CCOR,VAMO,SYLD,SPY&p=6&O=011000

For those without access to the WSJ (me, too) the link below provides 2 video discussions.
NOTE: the 1st video is about 6 minutes long. When this video is finished there should be a new play button displayed within the 1st video screen. Click this to move to a 2nd 8 minute video with Sam Stovall and others also discussing this sector area.
---Communications Services select sector.
This link is a graphic and written article, for the sector.
Take care,
Catch

Just found, after reading that CEFs are not a great idea, particularly in an IRA. Had to share.
https://static.seekingalpha.com/uploads/2018/6/17/47572571-15292516775190403.jpg

Hank - my only reason for commenting was a roundabout way of saying that most readers here probably do not use/invest in hedge funds. I do however follow a few of the managers of same.

@Mark, I realized that. (And your link was excellent.). But I’m pretty good at digging holes. :) So wanted to avoid any possible “incoming” from the anti-hedgie crowd and make it clear that defending those vehicles (or any others) isn’t my intent.
@Old_Joe, Let me say at the onset that Maurice was the first board member ever to respond when I posted a question (on Fund Alarm, of course) about 15 years ago. His answer was helpful, but more importantly, helped draw me into the FA / MFO circle. I’m eternally grateful.
I miss Maurice as one of the really genuine voices here. Some of the political responses on the board strike me as either “unthinking” (programmed) or not even genuine. But I think Mo firmly believed what he professed. You and I disagreed - but he is someone I at least found it possible to listen to and take seriously.
Your passage is likely be misunderstood by some. Seems to me you’re bemoaning the fact Mo decided to leave rather than deal with some of the flack he encountered. Perhaps he’s landed someplace where he’s more comfortable. I will say that here I’ve learned a lot more about people and getting along in this world over the years than about money. We all take our lumps from time to time. But out of that growth may occur.

@Mark,
Very informative link. To be clear, neither JoJo26 (I think) nor I intended to promote hedge funds. I don’t pretend to be knowledgeable about them. I was going to note that RPGAX has $640.20M in investor assets, 10% of which the fund invests in a hedge fund. But your linked article hits upon this. That would be correctly termed an investment by an institutional investor.
I think the point JoJo was really making, and which I echoed, is that the big investor gains have in recent years been narrowly focused among a few specific hot sectors. So, instead of singling out only hedge funds, one might also wonder: Will value investing, diversification, alternative assets, or emerging markets ever recover?
In researching the topic further I stumbled across this old MFO thread. It’s getting bad when your Google search turns up a piece to which you yourself contributed. (Truly the blind leading the blind) :)
https://mutualfundobserver.com/discuss/discussion/40315/rpgax

I probably be in 55%45% distribution if retirement in 6-12minths

FYI: Berkshire Hathawaystock has been on a roll lately, hitting three record highs in a row this week and gaining over 15% since July 17, when the company cheered investors by relaxing restrictions on its stock-buyback program.
Berkshire’s class A shares (BRKA) gained $1,415, or 0.4%, Thursday to close at $333,415, after hitting a record $334,560 in intraday trading. They are now up 12% this year, topping the S&P 500, which has gained almost 10% to 2,930.
Regards,
Ted
https://www.barrons.com/articles/berkshire-hathaway-stock-record-high-1537481057?mod=hp_highlight_1
Major Mutual Fund Ownership BRK-A:
https://www.morningstar.com/stocks/xnys/brk.a/quote.html

FYI: For each year in which a bull market persists, workers become likelier to retire. But those who leave the workforce now—the ninth year of the longest U.S. bull market—are potentially setting themselves up for a tough stretch that could test their portfolio’s long-term resilience.
Why? When the stock market becomes historically expensive, as some metrics suggest it is today, research shows it’s often a harbinger of below-average future returns. This can be especially painful for retirees with long life expectancies because withdrawals combined with poor returns will leave less in an account to compound over decades.
Regards,
Ted
https://www.wsj.com/articles/retiring-soon-plan-for-market-downturns-1537522201?tesla=y

@msf- Am I off-base on this? Would appreciate your perspective.

I think @hank did a pretty good job responding. I've got just a couple of additional thoughts.
To put one of hank's comments more tersely, when I first read this thread a while ago, my reaction was: so that's how we get stagflation. A condition I never really understood, and still don't, but it seems like this is one way to go down that path.
The other is that adding taxes (in the form of tariffs or sales tax or ...) do create price inflation (as opposed to increasing money supply) when they're broad based. As this set of tariffs has become. But when narrowly focused, the price effect should be muted.
For example, the excise tax on cigarettes is high and focused on getting people off of smoking. There are alternatives, so that people may not feel the price hike (if they do give up smoking).
With 25% steel tariffs, I thought about car manufacturers shifting to aluminum, with "only" a 10% tariff. An added benefit would be lighter vehicles. But as this WSJ article notes, with Trump rolling back mileage standards, the benefit of using aluminum (which is still more expensive) is diminished. And there are other options, like carbon fiber. So there are substitutes that could dampen the steel tariff impact on prices in some industries.
https://www.wsj.com/articles/more-aluminum-cars-not-so-fast-1501473660

Long seen as a lighter but far more expensive alternative to steel for automotive manufacturers, aluminum has enjoyed a surge as engineers scramble to shave weight amid tighter emissions standards. ...
The new study projects North American light vehicle aluminum content at 520 pounds per vehicle in 2025, up sharply from today’s mix but down from a previous forecast by Ducker in 2014 for 547 pounds per vehicle by then.

Despite these studies, and the reality of increased aluminum usage, it's hard to forget the Chevy Vega aluminum block engine of the '70s for anyone who owned a Vega. (I know someone who did.)
https://www.popularmechanics.com/cars/a3762/4293188/

Most significantly
"Gundlach told Reuters he was still forecasting 6 percent on the 10-year yield by the next presidential election or a year after."
That will be bad for stocks, funds and the economy.
David

I doubt we see the 10 year at 6% but retirees would love it and drool all over themselves. Can you imagine what CD rates would be with the 10 year at 6%. Even now with the 10 year a tad over 3% you can get 3.40% on a five year CD, a bit more on a 10 year. A five year ladder at around 3.05%.
I finally bought that vacation home in the mountains last week and that has drastically changed things going forward for me with CDs and money markets being part of my end game. I mean when I can now just buy CDs and still grow my nest egg after living expenses and taxes why take the risks of stocks and bonds. Never thought I would ever go for CDs, but then never thought I would be 71 either.

FYI: Proposals to limit or bar U.S. stock repurchases may amount to kicking businesses when they’re down. Comparing the Nasdaq Buyback Achievers Index, whose companies repurchased at least 5 percent of their shares in the past 12 months, with the S&P 500 Index shows as much. The ratio between the indicators has dropped as much as 14 percent from a record set in April 2015, according to data compiled by Bloomberg. Along the way, an Invesco exchange-traded fund that tracks the buyback index has risen at a 6 percent annual rate, four percentage points behind the SPDR S&P 500 ETF’s pace.
Regards,
Ted
http://ritholtz.com/2018/09/buybacks-have-more-than-u-s-popular-opinion-against-them/

FYI: (This is a follow-up article.)
In perhaps the wildest day yet for the nascent Weed Inc., shares in Tilray took a ride reminiscent of the Bitcoin craze and even the height of the dot-com bubble.
The maker of cannabis products nearly doubled before wiping out the entire gain in less than an hour, only to finish 40 percent higher than where it started. Sure, Tesla has delivered some whipsaw sessions and AMD has tripled this year, but Wednesday’s moves had a different feel.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-09-20/weed-stock-fortunes-made-and-lost-in-7-hours-of-wild-trading?srnd=premium
Barron's Article:
https://www.barrons.com/articles/tilray-stock-price-swings-1537439954

FYI: Jeffrey Gundlach, chief executive officer of DoubleLine Capital, on Wednesday said bond prices across the U.S. Treasury yield curve could fall if the 30-year yield closes above 3.25 percent twice in a row.
Regards,
Ted
https://www.reuters.com/article/us-funds-doubleline-gundlach/doublelines-gundlach-warns-u-s-treasury-yields-headed-higher-idUSKCN1LZ2M9

https://www.sec.gov/Archives/edgar/data/1521353/000089418918005249/mpft_497e.htm
497 1 mpft_497e.htm SUPPLEMENTARY MATERIALS
Filed pursuant to Rule 497(e)
Registration Nos. 333-174574; 811-22563
MAIRS & POWER FUNDS TRUST
Mairs & Power Small Cap Fund
(the “Fund”)
Supplement dated September 19, 2018
to the Fund’s Summary Prospectus and Prospectus dated April 30, 2018
This supplement serves as notification of the following change:
Re-Opening of Mairs & Power Small Cap Fund
Effective as of the close of business on September 28, 2018, the Fund will re-open to all investors. Accordingly, all references to the Fund being closed to most new investors are hereby deleted from the Summary Prospectus and Prospectus effective as of the close of business on September 28, 2018.
Please contact the Fund (toll free) at 1-800-304-7404 for further information.
*******
Please keep this Supplement with your records.

Ha !!! @Old_Joe
Who'da thunk, 50 years later from the Haight-Ashbury days and you're taking a profit from the Mary Jane industry and without fear of this being a felony for "dealing".
:) :) :)

@Charles
One could almost think, that these funds are part of a long term study of human psychological tendencies, knowledge and clear thinking relative to investing, as compared to sheep; and that one can anticipate the release of a 500 page book detailing the long term findings.
I will presume that some of the investors may actually be dead and that their estates have not yet sorted the facts and discoveries.
Take care,
Catch