@catch22: I don't believe that anyone on the MFO Discussion Board has more invested in the Q's than myself. The (-1.34%) loss so far today means nothing when you consider the 16.05% annual return over the last ten years the Q's have provided me.
Regards,
Ted

FYI: Most target-date funds are either actively managed or passively track indexes. Fidelity Investments is betting that investors will want both in one wrapper.
The firm launched a suite of 13 Fidelity Freedom Blend Funds on Tuesday. Each fund holds an underlying mix of actively managed and index funds run by Fidelity. The target dates range from 2005—featuring the most conservative mix of socks and bonds—to 2060, with the highest equity exposure. The funds hold an average of 40% in underlying index funds, with expense ratios ranging from 0.26% to 0.54%, depending on the share class.
Regards,
Ted
https://www.barrons.com/articles/fidelitys-latest-gambit-for-your-retirement-savings-1536247498
Fidelity Website: Fidelity Freedom Blend Funds:
https://www.fidelity.com/about-fidelity/institutional-investment-management/fidelity-investments-launches-target-date-blend-funds

FYI: A veteran mutual-fund-watching journalist is now freelancing,
and a prominent trade publication for financial advisors is on the
hunt.
John Waggoner left InvestmentNews in June and has been
freelancing ever since, continuing to work from home in Vienna,
Virginia (outside Washington, D.C.), he confirms. He previously
served as a senior columnist and mutual funds reporter for the
FA-focused publication, yet he was laid off in June, he says. The
position has not yet been filled.
Regards,
Ted
http://www.mfwire.com/common/artprint2007.asp?storyID=58587&wireid=2

Themes that were positive in Old_Skeet's portfolio today with the S&P 500 Index being down -0.28% along with most global markets. My two dividend strategy funds were up (SVAAX +0.87%) & (FDSAX +0,49%), my infrastructure fund (PGUAX +0.34%), and my real estate fund (FRINX +0.16%) plus a good number of others were also up. In checking some of @hank's funds that he noted that were currently struggling and that he has been building positions in were his real estate fund TRREX which was up +0.70% and his infrustructure fund OQGAX which was up +0.09%.
Anybody else have funds that were up today that they would like to comment on?

From the prospectus link above:
Principal Investment Strategies The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. The fund defines credit instruments broadly to include any debt instrument, including corporate and sovereign bonds, bank loans, municipal securities, and securitized instruments (including mortgage- and asset-backed securities). The fund may invest in debt instruments of any maturity, duration, or credit rating, and there are no limits on the fund’s investments in high-yield (“junk”) bonds and securities in default. There is no limit on the fund’s investments in securities issued by foreign issuers, including issuers in emerging markets, although the fund’s overall net exposure to non-U.S. currencies through direct holdings and derivatives is normally limited to 25% of its net assets. The fund may invest up to 20% of its net assets in equity securities, including common and preferred stocks, convertible securities, warrants, and other equity securities in addition to derivatives that provide exposure to equity securities.

@Crash - Looks like they can pretty much do anything they want with your money as long as it's somehow related to debt (including derivatives related to debt). Very wide latitude. Domestics or foreign (up to 25%). No limits on junk bond exposure. May also invest up to 20% in equities.
I haven't a clue what they're trying to do here. Garner more AUM, I'd guess, in order to stay competitive in a world of giants.
Here's their stated rationale, I'd guess. "The fund’s investment approach provides the flexibility to invest across a wide variety of global credit instruments without constraints to particular benchmarks, asset classes, or sectors in an effort to create a portfolio with consistent risk-adjusted returns over a full market cycle. The fund generally places a greater emphasis on its overall exposure to credit risk while also considering its overall exposure to interest."

"Laddering can be done with any fixed income product of a predetermined maturity, including bonds, CDs or fixed annuities"
Fixed annuities have a period of time when their interest rate is fixed, but they don't "mature" after that. They simply convert to paying a floating rate (still called "fixed annuities").
In this sense, they're like 5/1 adjustable rate mortgages - fixed rate for a period of time (here, five years), then a floating rate until the mortgage matures decades down the road.
You might want to lock in a new fixed rate with a new fixed annuity, but you're not forced to because the old annuity doesn't "mature".
Note that these days, many fixed annuities tack on market value adjustments (MVA) if you redeem before some "maturity" date, even if there is no "early withdrawal penalty" (to use CD terminology).
What that means is that the issuer is going to treat it like a bond - if interest rates go up while you hold the annuity, then its redemption value (or sale price of the equivalent bond) goes down, and you get less money. If interest rates go down (yeah, sure) while you hold the annuity, then you'll get more than face value for the annuity. Like a bond, you'll get face value at "maturity" or later if you continue to hold the annuity.
http://www.annuityadvisors.com/reference/detail/market-value-adjustment-mva?refid=12

It's certainly fun to pile on, but what exactly are people piling on to?

Bruce Berkowitz, head of Fairholme Capital Management, has cut his personal exposure ...

Get a grip. This is "just" a half million of his own shares shares, give or take. That's peanuts compared to what he dumped from the Fairholme Funds (FAIRX, FAAFX) combined - around three million shares.
https://www.gurufocus.com/news/731092/berkowitz-sells-20-of-sears-near-historic-low-
I doubt there's any way to find out how much Berkowitz paid for his personal shares.
As to what Fairholme paid for its shares, you can get a pretty good sense by reading through the latest semiannual and annual statements.
The annual shows that:
FAAFX held 1,425,398 shares at a cost of $53,325,603 (acquired between 12/16/11 and 12/11/14[sic])
FAIRX held 13,535,991 shares at a cost of $810,536,627 (between 11/26/07 and 12/11/15)
[Shares purchased outside these periods had obviously already been disposed of prior to the end of the reporting period of the statement, 11/30/17.]
The subsequent semiannual statement shows that FAIRX sold 4,397,400 shares at a loss of $318,744,149, sometime between 11/30/17 and 5/31/18, leaving FAIRX with 9,138,591 shares.
It's easy to estimate the proceeds, since the price of SHLD ranged roughly between $2 and $4 over that period. Given the loss, you know roughly how much those shares cost. Subtract that from the total cost of the Fairhome shares in the annual report, and you'll have the cost of the pool of shares from which the latest 3M were sold.
The fact that over four million shares were sold earlier this year (or late last year) shows that this recent sale of roughly 3M shares is neither the first nor the largest disposal of shares that the funds have made.
Here are the two SEC latest 13G filings I could find showing Berkowitz and/or Fairholme changes in the number of shares owned:
January 11, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418000429/d7793325_13g-a.htm
August 21, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418005887/d8057736_13g-a.htm

If 62 yo I would be sitting in bunch of cash cd and bond tooooo.. Likely > 65%

https://www.forbes.com/sites/mattcarey/2018/09/04/2018-guide-to-bond-cd-and-annuity-laddering/#5f36c7a62d00
Forbes
You can just as easily stagger the maturities at 3 month or 3 year intervals or have an investment horizon of 3 years or 10 years. Ladder with Bonds ...

@MFO Members: Unfortunately, the article link by JohnN, the stock choices were in slideshow format. Here are the nine.
Regards,
Ted
1. CVS
2. MSFT
3. SBUX
4. PG
5. HD
6. UNH
7. TXN
8. ITW
9. AFL

@MFO Members: Records indicate that Berkowitz first purchased Sears in 2005. How many shares, and the time frame I don't know, however ; the stock price for Sears ranged from $76 to $94 dollars in 2005.
Regards,
Ted

https://money.usnews.com/investing/dividends/slideshows/9-solid-stocks-growing-their-dividendsSolid Stocks Growing Their Dividends
Sept. 5, 2018
When investors look for stocks paying dividends, sometimes they fall into the trap of simply picking a big dividend yield. However, chasing yield can have its flaws.
You have to hold a stock for 12 months to get the full annualized dividend yield – and a lot can happen in that period, including potential reductions to payouts or severe declines in stock price. A better strategy for many investors over the long term is to hold a stable stock that continues to grow its dividend consistently.
These dividend growers may not offer the biggest yield, but they do offer the potential of steady increases in payouts and a lot of consistency as a result.
1. CVS Health Corp. (ticker: CVS). Health giant CVS saw some downward pressure in the wake of a massive $69 billion bid for health insurer Aetna (AET) in March. However, shares have bounced back recently with the stock up about 25 percent from those spring lows on increased optimism about the long-term prospects of this giant that is increasingly a one-stop shop for all things in health care.
For income investors, the dividend is nice but the long-term history of increases is even better. CVS pays a current rate of $2 annually per share, an extraordinary increase over the 28 cents it paid in 2008.
2. Microsoft Corp. (MSFT). Software giant Microsoft has been on a tear in the last few years, with its stock tripling since 2013 thanks to the shrewd leadership of CEO Satya Nadella. A new focus on cloud computing and a rejuvenation of the brand has helped propel this tech giant to new all-time highs like clockwork. The dividend has kept pace with that sharp upward climb, too.
Though a relatively new kid on the dividend block, tech giant Microsoft has wasted no time showing how generous it can be with payouts; dividends were 52 cents in 2008 and are currently pacing an annual rate of $1.68. – Jeff Reeves

FYI: Passive index fund investing is popular for a singular reason. In most cases, passive index fund investment returns surpass those of active fund managers.
John Bogle and his Vanguard brokerage firm launched the first S&P 500 index fund in 1977 with the idea that if costs were slashed, a simple fund that mirrored the S&P 500 had a chance to return close to 9 percent annually, the historical stock market average.
Gradually, the index fund caught on and today there are hundreds of varieties of index funds covering popular indices such as the Dow Jones industrial average and the S&P 500, to niche funds encompassing small-cap, growth, value stocks and more. Investors can also choose from bond, commodity and alternative asset index funds.
The index fund mania doesn't show signs of abating. A recent research report from Standard & Poor's found that index fund investing was more successful than ever. The 2017 report states that over the last 15 years, 92 percent of actively managed large-cap funds returns lagged those of a S&P 500 index fund. And, small- and mid-cap active funds were worse performers with 93 and 95 percent of indexes, respectively, winning the return competition over similar actively managed funds.
Regards,
Ted
https://money.usnews.com/investing/funds/articles/2018-09-05/are-actively-managed-mutual-funds-fading-away

FYI: Bruce Berkowitz, head of Fairholme Capital Management, has cut his personal exposure to Sears Holdings by selling a little more than half a million dollars in stock.
Berkowitz disclosed in filings with the Securities and Exchange Commission that he sold 444,800 shares of the struggling department store between Aug. 21 and Aug. 27 for a total of $517,100, or an average of $1.16 each.
Regards,
Ted
https://www.barrons.com/articles/big-sears-shareholder-slashes-stake-1536147001?mod=hp_highlight_2
M* FAIRX Holdings:
http://portfolios.morningstar.com/fund/holdings?t=FAIRX&region=usa&culture=en-US

FYI: (This is a follow-up article.)
The fiduciary rule is dead, but its spirit lives on.
The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients’ interests ahead of their own — when handling retirement accounts. It sounded simple, but it meant that brokers would have to rethink the way they do business.
Regards,
Ted
https://www.bloomberg.com/view/articles/2018-09-04/merrill-lynch-can-t-restore-the-bad-old-days-of-conflicts

@Ted: Easy, there, Ted. Don't lose it again. You want a link? Here's one that you may find helpful.

Continuing to DCA into PRGTX. I started when this was new fund and it has doubled in price. Once it get to $25 a share, I’ll stop buying and let err ride like I did with PRMTX and PRHSX.

Did you take a close look at the criteria?

No institutional share classes. I exclude these to help you get a list you can use. (I allow funds called institutional if the minimum investment is $25,000 or less.)

Maybe you were just lax with your tickers, and you meant DSENX. We can work with that.
We still don't have to look very far. Start with the first criterion:

Cheapest quintile of broad level category groupings.

DSENX ain't cheap. "[A]ll large-cap U.S. equity funds are in one grouping." M* says that DSENX's 0.81% ER (prospectus)/0.79% (annual report) rates "average" among "Large cap no load" funds.
Moving on to the second criterion:

Manager investment of more than $1 million in the fund.

You invest in this fund, so you're probably aware of these figures. Grundlach has put not a dime into this fund. Garza, who doesn't even manage the fund (he manages DMLIX), has put in more money than that. At least Sherman has invested six figures, but not even half the million bucks required to qualify for M*'s list.
I could go on.