It's not a particularly meaningful statistic. There are relatively few wealthy taxpayers and their contributions are capped at $5500 or $6500. So it's virtually impossible for the amount of dollars they contribute to exceed that of many more small contributions by the middle class.

That’s all correct. Thanks for the documentation. Notwithstanding those limitations, occassionally one of those folks just gets lucky. https://www.marketwatch.com/story/how-to-shelter-hundreds-of-millions-in-an-ira-account-2014-09-19

@Ted - The fund started in 2014. Did you mean YTD, 1 yr and 3 yr? Or perhaps this fund won't liquidate, but achieve a 100th percentile standing on its 5 year anniversary.
It's not that this fund has been so consistently bad. It's just that over the past 1.7 years this fund has been so spectacularly awful that its recent performance has pulled down its longer term figures.
It returned 19%, versus 21% for its peers in 2016. Not great, but hardly a disaster. And in its first full calendar year, 2015, it blew away its competitors, outperforming it peers by 3½%.
The Steadman funds had ERs pushing double digits. This one costs only 1.25% (investor class).
While this fund looks like it really did work at being bad (90% turnover, 51 stocks), sometimes you don't have to work much at all to look even worse. Berkowitz achieved that feat over at FAIRX by simply standing pat, with virtually no trading (7% turnover) and just 9 stocks. By doing almost nothing, he managed to achieve a perfect 100th percentile rating, not just YTD, 1 year, 3 year, and 5 year, but also 10 year, and probably further out if one can dig up those figures.

Now that the US 10 Year is above a yield of three percent I added to CTFAX with another buy step. According to Morningstar its current allocation bubbles at about 80% fixed income and 20% equity. In a stock market pullback CTFAX increases its position in equities while reducing its position in fixed income then rebalances as equities recover. Since it is usually at least 80% in fixed income I hold this fund within my fixed income sleeve.
Below is the charting for the yield of the US 10 Yr. Remember bond valuations run inverse of their yield.
https://stockcharts.com/h-sc/ui?s=$TNX&p=D&b=5&g=0&id=p70552233025

@MFO Members: Here's what you got for a 3.88% ER.
Regards,
Ted
YTD: 89 Percentile
1yr. 90 "
3yr. 92 "
5yr. 52 "

https://www.sec.gov/Archives/edgar/data/315774/000143510918000538/lmcg497.htm
497 1 lmcg497.htm
LMCG GLOBAL MARKET NEUTRAL FUND (the "Fund")
Supplement dated September 18, 2018 to the Prospectus dated August 1, 2018
On September 14, 2018, the Board of Trustees ("Board") of Forum Funds (the "Trust") approved a Plan of Liquidation and Dissolution (the "Plan") pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund's investment adviser (the "Adviser") has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the Fund and the Board concluded that it is in the best interest of the Fund's shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on September 18, 2018. Thereafter, the Fund will begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective after September 18, 2018. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on or about October 31, 2018 (the "Liquidation Date"). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by the shareholder, and thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund's liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(877) 591-4667.
PLEASE RETAIN FOR FUTURE REFERENCE.
LMCG GLOBAL MARKET NEUTRAL FUND (the "Fund")
Supplement dated September 18, 2018 to the Statement of Additional Information ("SAI") dated August 1, 2018
On September 14, 2018, the Board of Trustees ("Board") of Forum Funds (the "Trust") approved a Plan of Liquidation and Dissolution (the "Plan") pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund's investment adviser (the "Adviser") has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the Fund and the Board concluded that it is in the best interest of the Fund's shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on September 18, 2018. Thereafter, the Fund will begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective after September 18, 2018. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on or about October 31, 2018 (the "Liquidation Date"). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by the shareholder, and thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund's liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(877) 591-4667.
PLEASE RETAIN FOR FUTURE REFERENCE.

I see that the linkster is responding to comments about too many links by posting without including links. Sneaky :-)
https://taxfoundation.org/new-irs-data-shows-ira-contributions-made-middle-class-taxpayers/
This is old news (dated April 26th), though it seems that Ritholtz just picked this up today.
The headline isn't clear whether it's counting dollars contributed or just contributions in any amount. It is the former - not quite 50% of the total dollars contributed to traditional and Roth IRAs in 2015 came from individuals with AGIs under $100K. (Though if an individual was married filing jointly, the IRS attributed the total combined income separately to each spouse.)
It's not a particularly meaningful statistic. There are relatively few wealthy taxpayers and their contributions are capped at $5500 or $6500. So it's virtually impossible for the amount of dollars they contribute to exceed that of many more small contributions by the middle class.
According to the IRS tables, at most 10,668,441 "taxpayers" contributed to either a traditional IRA or a Roth in 2015. The precise number is less, because this figure double counts those who contributed to both.
These 10M contributors are but a small fraction of the 157M taxpayers eligible to make IRA contributions. That's at best a 7% participation rate. So while "tax-neutral savings accounts will continue to be an important source of capital income", that seems to apply to just small minority, however one wants to characerize them.
Sources (IRS Excel tables): 157M eligible taxpayers, and contribution/AGI data

@MFO Members: This fund never made it out of diapers, its inception date was 10/15/17.
Regards,
Ted

https://www.sec.gov/Archives/edgar/data/1587982/000139834418013653/fp0035850_497.htm
497 1 fp0035850_497.htm
(now Astoria Multi-Asset Risk Strategy Fund (MARZX))
PhaseCapital Dynamic Multi-Asset Growth Fund
Investor Class (Ticker Symbol: PHDZX)
Institutional Class (Ticker Symbol: PHDIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated September 18, 2018 to the
Prospectus and Statement of Additional Information, each dated October 31, 2017, as supplemented;
and the Summary Prospectus dated February 7, 2018.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the PhaseCapital Dynamic Multi-Asset Growth Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.
The Fund will be liquidated on or about September 27, 2018 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved.
In anticipation of the liquidation of the Fund, PhaseCapital LP, the Fund’s advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-827-4273 if you have any questions or need assistance.
Please file this Supplement with your records

https://www.sec.gov/Archives/edgar/data/1593547/000139834418013655/fp0035871_497.htm
497 1 fp0035871_497.htm
THE ADVISORS’ INNER CIRCLE FUND III (the “Trust”)
NorthPointe Small Cap Value Fund (the “Fund”)
Supplement dated September 18, 2018 to the
Prospectus dated March 1, 2018 (the “Prospectus”) and
the Statement of Additional Information, dated March 1, 2018 (the “SAI”)
This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with the Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of NorthPointe Capital, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to new investments. The Fund is expected to cease operations and liquidate on or about October 26, 2018 (the “Liquidation Date”).
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with the Fund’s stated investment strategies, which may prevent the Fund from achieving the Fund’s investment objective.
The liquidation distribution amounts will include any accrued income and capital gains, will be treated as a payment in exchange for shares, and generally will be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The net asset value of the Fund on the Liquidation Date, however, will reflect costs of liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
NPC-SK-005-0100

FYI: New data released this week from the Internal Revenue Service on Individual Retirement Accounts (IRAs) most notably includes who contributed to IRAs and how much for tax year 2015. Taxpayers contributed nearly $40 billion to IRAs in 2015, indicating that tax-neutral savings accounts will continue to be an important source of capital income. Expanding and simplifying their structure would broadly benefit many Americans.
Regards,
Ted
https://taxfoundation.org/new-irs-data-shows-ira-contributions-made-middle-class-taxpayers/

My coworkers been buying lots of old WW2 german luger guns. any ideas if these will go up in 5-10 yrs
https://www.legacy-collectibles.com/hand-guns/lugers

@Mfo Members: Actually there's is evidence that investing in the four "B" Booze, Bets, Bombs & Butts has paid off over the years. In fact Dan Ahrens former Vice Fund manager has written a book about investing in sin.
Regards,
Ted
https://www.amazon.com/Investing-Vice-Recession-Proof-Portfolio-Booze-ebook/dp/B003E4CYYO/ref=sr_1_fkmr0_1?ie=UTF8&qid=1537279123&sr=8-1-fkmr0&keywords=Dan+S.+Ahrens
M* Snapshot VICEX:
https://www.morningstar.com/funds/xnas/vicex/quote.html

@Catch22 - Point taken.
However, as I noted earlier, storing a few years supply of your favorite single-malt or blend is one investment to consider. I think a case can be made that the product, along with associated tariffs and taxes, will appreciate in value more quickly than cash. Heck, it might even do better than a 10-year treasury yielding 3%. In addition, many noted investors (like Peter Lynch and Warren Buffet) emphasize the importance of investing in something you know. Indeed, Buffet has long invested in his favorite beverage, CocaCola. Why should scotch whisky be accorded any less favorable treatment?
The linked article discusses 5 ways in which investors may profit from Scotch Whiskey. And, despite your preference for wine, I’d venture to guess that at least one of your mutual funds has exposure in some form (debt or equity) to Diageo.
Invest in Cask Schemes
Buy and Hold Rare Whisky
Buy Shares of Diageo
Invest in a Whisky Investment Fund
Treasure Hunt for Individual Bottles
“ Brands like Macallan, Glenlivet, and Highland Park are popular, as are lesser produced Scotches such as Mortlach, St. Magdalene, and Glenfarclas. While there is no guarantee it will continue to appreciate, The Rare Whiskey 101 Icon Index increased about 350% between 2008 and 2016.”
https://unusualinvestments.com/5-ways-invest-scotch-whisky/

@davidmoran,
The Chivas is smooth tasting. But doesn’t taste like a true scotch IMHO. Suspect it’s more of a cross-over which non-scotch drinkers also enjoy. At $30-$35 a very attractive choice for some.
I don’t buy the $40 Black Label often enough to have a firm opinion - but I’d say it’s the best of the lot I’ve sampled (after you acquire a taste for it).
Dewars (black label) was a recent surprise find. It wears very well (you don’t tire of it). Close to JW Black in flavor. A cut above their better known White Label.
Haven’t tried Ballentine. Hear it’s decent. I’ll buy an occasional Cutty or J&B. Can’t complain of either at the $20 price point. Another decent one in the $25 area is Ruffled Grouse. And at $25 Dewars White is pretty good.
A few low end single malts around here sell for $30-$40. Have tried a couple. Not bad.
Dewars White Label is reportedly the best seller domestically. J&B holds top spot in Europe.

Washington Post: (subscription only):
BBC:
Some other items, The higher import taxes will apply to more than 5,000 items, marking the biggest round of US tariffs so far.
Handbags, rice, and textiles will be included, but some items expected to be targeted such as smart watches and play pens have been excluded.

And a bit more from The Wall Street Journal, (subscription only):
"WASHINGTON—The Trump administration will impose tariffs on about $200 billion in Chinese goods as part of its campaign to pressure Beijing to change its commercial practices, it said Monday, escalating trade tensions between the world’s two largest economies.
The 10% tax on Chinese imports will take effect on Sept. 24 and will rise to 25% at the end of the year, according to administration officials. The tariffs will affect thousands of goods ranging from luggage to seafood, extending the impact of Mr. Trump’s aggressive tariff policy for the first time to a broad population of American consumers."

And here it is. Excerpts from coverage in The Washington Post:
"President Trump threw his biggest punch yet at China, imposing tariffs on an additional $200 billion worth of Chinese imports and gambling that American consumers are willing to pay more for popular products to wring trade concessions from Beijing.
With Monday’s announcement, roughly half of the $505 billion in goods that Americans buy annually from Chinese firms will face new import levies.
Unlike the $50 billion in Chinese products that Trump hit in the first tariff wave in July — which fell mainly on industrial goods — Monday’s action will affect consumer products such as air conditioners, spark plugs, furniture and lamps.
Starting Sept. 24, American importers will pay an extra 10 percent tariff for the affected items, rising to 25 percent at the end of the year, according to senior administration officials, who briefed reporters on the condition that they not be identified by name."

1) The author of the linked article wrote
" The only thing that will cash a bond fund’s price to increase is declining interest rates. This means in an extended period of rising rates; bond fund investors will see their principal decline without the possibility of a recovery."
I assume that the 5th word "cash" is a typo for "cause". But even when the typo is corrected the sentence does not square with what I've observed over time. When interest rates rise the bond fund will invest in the higher yielding bonds that appear. The investor in the bond fund gets a higher interest rate on these bonds. While there have been years of loss ("negative return") I have never had my principal decline in a bond fund. For one thing all interest and capital gains are being used to automatically buy more shares in the fund. I invest in bond funds as a counter-balance to investments in stock funds. I'd be wary about using a bond fund to generate income. For that I have bought single bonds through a reliable broker.
2) The title of this post was sufficient for me to get an inkling of what the linked article was about. For me, unattributed replication of the first lines of an article is not more helpful than no blurb at all. Ted copies and pastes the first sentences of the linked articles. As often as not these first sentences have been written to establish a basis for understanding the main thrust of the article. They are not a synopsis of what follows.
3) None of the above should be taken to mean that I have not benefited from some of the articles linked by Ted, John, or others. I have. And I appreciate the public service, and the time & effort . It would be even better if when someone posts a link they write a few words of their own about what the article is about and why they find it worthy of attention.

@hank, what blends?

I’ve thus far identified 3 decent blends at / under $40. These all go well with a splash of water & ice:
#1 JW Black - Always $40 here in Michigan
#2 Dewars 12-Year (Black label) - Usually $35-40. Dropped to $30 briefly this spring
#3 Chivas Regal 12-Year - Usually $35 Ocassionally drops to $30
Always open to suggestions. Bear in mind we “conservative leaning” investors don’t have 60 or 80 bucks to throw at a bottle of spirits as some of you guys do. :)

https://www.investorsalley.com/avoid-these-3-bond-funds-when-interest-rates-rise/?t=tdhlandjoe36mtmc&utm_source=marketcap&utm_medium=article&utm_campaign=tdh36monthplan
"Avoid These 3 Bond Funds When Interest Rates Rise
Bonds, Interest Rates, Stocks to Avoid
September 17, 2018 6:15 am by Tim Plaehn
Are bond funds a safe haven if the stock market crashes?
With interest rates about to rise, is it a good time to invest in a bond fund?
These are questions investors may be asking themselves as the stock market may be peaking and the Fed keeps jacking up interest rates. If you are fearful of what may happen in the stock market, you may also be considering putting money into one of the popular bond ETFs. Read further to understand that a bond fund comes with its own set of risks, ones that the financial services industry won’t tell you about."