This is why I wish this forum had more retirement discussions. Old_Skeet you are still a youngster and apparently haven’t been hit by RMDs yet. It’s under $85,000 and $170,000 for couples with the next bracket being 85,000 to 107,000 and 170,000 to 214,000 for couples. That lowest 85,000 and 170,000 bracket has been that way since at least 2007. Unfortunately beginning in 2018 the next and third bracket changes for the worst meaning it is lowered than from what it had been.
And more than likely most of your social security benefits will be includied when computing your (modified) adjusted gross income which your Medicare income brackets are based on. Going from the lowest bracket to the next will cost an additional $53.50 in Medicare Part B premiums of whatever you had been paying and an additional $133.90 if you slip into the third. There is also an increase of your Part D premiums when you go into a higher income bracket. Unfortunately nothing some of us can do and will have to pay more onerous Medicare premiums based on rising income due to RMDs. One of the few times it doesn’t pay to be single - at least for me.

Almost everybody on Wall Street mocks forecasts, yet almost everybody makes them:
wsj.com/video/barry-ritholtz-outlook-for-2012/D57E6C7E-67C9-43A6-8C28-CEE5CCDAD340.html

Hi Guys,
Forecasting is a fool's game. "..... "economists had failed to predict 148 of the past 150 recessions."
I extracted that striking statistic from a recent article in The Guardian. Here is the reference:
https://www.theguardian.com/money/2017/sep/02/economic-forecasting-flawed-science-data
So called expert political and economic judgment simply does not exist. In general, the expert's batting average is dismal.
Yet we often seek it. That doesn't speak well of our judgment criteria. These experts are often called Hedgehogs because of their depth of knowledge in a limited, semi-technical area. That considerable depth of knowledge does not necessarily translate into a more formidable prediction record. Your guesstimate is as good as mine, which is as good as that from any Expert.
Best wishes and although it is not an easy assignment, please stay the course.

Hi @Ted, Are you not window dressing?
Skeet

I always assume in posts like that that the author also indicated earlier the date of purchase(s). So I would be fairly confident @Ted has done that somewhere along the way. He’s obviously a lot more aggressively positioned than most investors in their 70s or 80s are. I’m happy for his good fortune.
Personally, I’ve strived to leave visible documented “tracks” in the What Are You Buying, Selling, Pondering? threads as to my purchases and sales of a tactical nature. That’s only fair to readers. Some of those tactical moves reported over the past 3-4 years involved funds like: PRLAX, PRNEX, OPGSX, OREAX, QRAAX (closed) and PIEQX. Not perfect, but at least I’ve tried to be transparent. By that, I mean that if you’re going to write about how much a fund you hold has gained, you should also have noted your purchase at/about the time you bought.
Early this week I reported a small purchase of a gold and precious metals fund (OPGSX). Anyone following the “tracks” would find that I sold it in early September at/near a yearly high. And that it dropped more than 15% in the 3.5 months I was out of it. And, obviously, readers can note how it pans out in the coming months. IMHO these “buying and selling” threads have pretty much run their course. So I probably won’t share future buys and sells. Thanks to those who have contributed and continue to contribute to them.
Regards

Hi @Ted,
The critical measure(s) of a total portfolio related to performance is:
--- what is the percentage holding of a particular investment, relative to the total portfolio, which obviously gives or takes away a % from total portfolio performance.
--- though one can provide a year over year, or YTD performance return, is this indeed an investors return? Surely, one's return in an investment has its basis in purchase price, yes?
If I purchased MSOPX 3 months ago and the holding was 5% of my portfolio, the YTD return would be interesting to show to my B.I.L., but that is about it, eh?

@MFO Members: Update on the returns of the Linkster's six fund boring pedestrian portfolio.
Regards,
Ted
Equity:
MSOPX: 46.29%
TRBCX: 37.56%
QQQ: 34.01%
SPY: 21.54%
Bond:
PONCX: 7.29%
PBDCX: 6.80%

The barometer report week ending Friday December 15, 2017
This week Old_Skeet's market barometer finished the week with a reading of 136 which falls into the overbought area on the barometer's scale. Last week, the barometer reading was 139. So, by the barometer's metrics there is currently less investment value in the S&P 500 Index over the week before. Should the barometer reach a reading below 135 then the Index will be considered extremely overbought on the barometer's scale.
In viewing the technical score reading for the major sectors of the 500 Index I am finding that none are presently undervalued or oversold. Everything is at fairvalue and above. With this, Old_Skeet is still with his cash build mode as a good number of my mutal funds have began to make their yearend distributions. Last week, I added to my muni fund while this week I sat on the sidelines.
This coming week I'll probally add to my convertible securities fund as convertibles have a bond like floor with an equity like upside. Being very conserative presently as to how I approach the market. Remember, for me, building cash this time of the year is much like an automatic rebalance, of sorts, as it reduces my equity allocation while building my cash as my mutal funds make their yearend distributions.
Once I can see how my portfolio bubbles, from an asset allocation basis, I may do some select asset buying as I feel it warranted.
I wish all ... "Good Investing."
Old_Skeet

@MikeM,
Thanks for making comment.
What I favor about KCMTX is not it's total return although it is a leader in it's classificaton; but, its ability to generate income. This comes form it being actively engaged in the markets making a good number of buy and sell transactions (turnover 318%) thus generating capital gains. When you fully retire ... I'm thinking you will start to look for some more income generation over what your present portfolio generates. If my memory is correct it was in the 1.56% range when I Xrayed it.
One of the great things about investing is that we can each configure our portfolio to fit our own desires. You seek more growth while I'm seeking income along with some growth. From a 2017 distribution yield perspective I compute PRWCX at 6.4% and KCMTX at 11.5%.
Indeed, both are great funds with each carrying 5*'s from Morningstar.
Thanks again for making comment.

I can also update a prior discussion to confirm both the institutional and R-1 share classes are now available at E*Trade. The R-1 shares are NTF with $100 minimum while the institutional shares require $250K and carry a transaction fee but the expense ratio is 25 basis points lower.
I wonder if Parker would comment on what they think is a reasonable level of assets to manage with this strategy so they don't end up in the same situation as Marketfield or Ivy.

Hi @LLJB
We manage less than $100M in the fund currently. I don't know the exact level when capacity would would start to effect performance, but it's a LONG way off (i.e. billions). If we ever got there, I can't say what we'd do. Closing the fund to new investment would be one option.

Thanks Old_Skeet, you build a nice positive case for the fund. But for me only, I don't like to own a lot of funds so I don't see it as a replacement for what I have. I tend to measure all these alternative funds against a good, no make that great balanced fund like PRWCX which I'm lucky enough to own and can add too. PRWCX has a better upside/downside capture ratio, less volatility, a better Sortino ratio, better Sharp ratio, higher Alpha, less risk per M*. I'm not down grading KCMTX 's attributes or return record because they are quite impressive. Just saying I already have something better.
And I'll bring up again. I, and probably many if not most here at MFO have been burnt by the lure of alternative funds before (I didn't own Marketfield or Ivy but you made my point). This one could be different, but I'm sticking with by George Bush quote:
“There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again.”
:) love that one.

OMG - one of my favorite Bush-isms @MikeM!
PRWCX is a great fund! I'm proud that anyone would compare us to that fund.

http://www.etf.com/sections/features-and-news/one-strategists-etf-playbook-2018-0?nopaging=1
John Davi is known in the fund industry for his research, and now at the helm of New York-based Astoria Portfolio Advisors, he is managing some $115 million in ETF portfolios. For five years, he has been putting out an annual ETF Playbook, and he shares here what he likes and doesn’t like when it comes to ETFs for 2018.

FYI: It is that time of year, when the financial industry engages in its annual ritual of making forecasts, which is usually little more than the prelude to looking foolish. Titles like “Outlook for 2018, “What to expect in the new year,” or some variation thereof litter the landscape. Over the years, it has been my distinct privilege (and truth be told, pleasure) to point out how silly this process is.
Regards,
Ted
https://www.bloomberg.com/view/articles/2017-12-15/wall-street-wises-up-to-the-folly-of-forecasting

I can also update a prior discussion to confirm both the institutional and R-1 share classes are now available at E*Trade. The R-1 shares are NTF with $100 minimum while the institutional shares require $250K and carry a transaction fee but the expense ratio is 25 basis points lower. I also checked Fidelity, where the R-1 shares are available NTF with a $5K minimum and Schwab where the availability, minimums and existence of transaction fees are the same as E*Trade.
I wonder if Parker would comment on what they think is a reasonable level of assets to manage with this strategy so they don't end up in the same situation as Marketfield or Ivy.

True, but I've heard that valuations don't matter line before:
https://washingtonpost.com/archive/business/2000/01/01/tech-mutual-funds-led-the-way-in-90s/94a23caf-8230-40e4-bde7-d45840cd42f8/?utm_term=.91974dcba493

FYI: Mark Schmehl flouts Warren Buffett, thinks valuation is overrated and says most other rules of investing are “total baloney.”
The portfolio manager, who just completed Fidelity Investments’ most successful Canadian fund launch ever, eschews investing obsessions such as earnings, cash flow and price-earnings ratios and invests at the extremes of the market instead, including Canadian cryptocurrency stocks.
Regards,
Ted
https://www.fa-mag.com/news/fidelity-manager-rips-up-buffett-playbook--goes-all-in-on-crypto-36170.html?print
M* Snapshot Fidelity Situations Fund:
http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=F0CAN0719I&region=can&culture=en-CA
Fidelity Canada: Fidelity special Situations Fund
https://www.fidelity.ca/fidca/en/products/ss?gclid=EAIaIQobChMI5Zjm3teL2AIVTLXACh0ppwehEAAYAiAAEgIHzPD_BwE

Hello,
About a month ago, or so, Parker Binion who is one of the fund managers on KCMTX began to post on our board.
For those that have an interest in KCMTX, as I do, I thought I'd post recent news on his fund in that it made it's annual distribution on December 13th in the amout of $1.69.
Looking back over the last five years KCMTX has paid out $4.57 in distributions while it has grown its nav from a starting value of $12.24 to current value of $13.06 (after distribution). With this it has demonstrted it's ability to to grow its value while at the same time make reasonable payout to its investors that might be seeking an income stream coming from capital gain distributions. Know that these annual distributions vary in amounts.
This fund is listed as a multialternative fund by Morningstar and one that actively engages the global markets. Since, it can hold just about anything the mangers choose I consider it a hybrid type fund. With a turnover ratio of 318% indicates that it is very active in changing its positioning. This fund reminds me a lot of Marketfield and Ivy Asset Strategy which I use to own but no longer do. As these funds grew in size they also became bloated, from my perspective; and, with this, it took longer and longer for their managers to reposition them. As their performance waned I sold them off.
I have linked below KCMTX's Morningstar Fund Report.
http://www.morningstar.com/funds/XNAS/KCMTX/quote.html
I wish all ... "Good Investing."
Old_Skeet

@hank,
Notice this as well.
Firstly, @TheShadow does an awesome job and provides a great service to us with the "Capital Gains Thread", but I'd like a website dedicated to searching individual ticker symbols for gain gains/ dividends information.
Does a website exist that allows the user to enter a mutual fund ticker symbol and reveal distribution information...monthly, quarterly, semi-annually, annually?
I have always wished YahooFinance (a website I use to get daily updates on NAV) would at least place a small "d" next to the %change (d).

Oh well...hang in there and make mine a Boston Creme.

Hello.
Keeping it simple.
I classify most all asset funds, mixed asset funds, asset allocation funds, and balanced funds as hybrid along with some multi sector income funds. In addition, I also treat convertible security funds as a hybrid type fund as well. Currently, hybrid type funds make up about 45% of my portfolio.

Of the 128 alternative & mixed asset funds launched this year, here are the top performers in each: Arabesque Systematic USA (ASUIX), Measured Risk Strategy I (MRPIX), Gotham Master Long (GMLFX), GMO Climate Change III (GCCHX), DoubleLine Shiller Enhanced International CAPE I (DSEUX), Driehaus Multi-Asset Growth Economies (DMAGX) ...

There have been 555 US mutual fund and ETF launches this year. Of the 94 global & international equity funds, here are the top performers in each: AlphaCentric Global Innovations I (GNXIX), Artisan Thematic (ARTTX), Davis Select Worldwide (DWLD), PNC EMs (PIEFX), Alpha Architect Value Momentum (VMOT), TOBAM EMs I (TBMIX) ...

I’ve lightened up ever so slightly on IOFIX. Will sell more if it takes out recent lows and buy back if it takes out recent highs (adjusted for November dividend). The non agencies seem to have hit a wall here albeit IOFIX hasn’t really been affected. Had thought I would be in retirement mode in 2017 and be more diversified in bonds and happy with a 5% return but then along came IOFIX. I don’t see why the non agency story can’t continue in 2018 so anxious to see what January brings. But price is always the final arbiter, not what I think.