Steve Romick managing a second fund along with FPACX. Maybe another reason that FPACX has not done well of late.
One promising example is Source Capital (SOR), which has historically traded at nearly a 10% discount. Its new manager, Steve Romick of FPA Crescent (FPACX), widely regarded as a top investor, will retain some level of the fund’s historical 4.5% distribution to keep the discount manageable.

Thanks, Ted. I was hoping you could take the key out of the door for this one.
558 CEFs, only 70 insiders with $500K or more invested..... pathetic.

FYI: (Click On Article Title At Top Of Google Searcg)
The nearly 19-year-old Defined Risk Strategy, based on the Standard & Poor’s 500 index, has returned an average of 8.5% a year since its inception through the end of March, versus 6.6% for the S&P itself—and with considerably less volatility.
Regards,
Ted
https://www.google.com/#q=a+Fund+For+All+Seasons+Barron's
M* Snapshot SDRAX:
http://www.morningstar.com/funds/xnas/sdrax/quote.html
LIpper Snapshot SDRAX:
http://www.marketwatch.com/investing/Fund/SDRAX
SDRAX Is Unranked In The (L/S E) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/long-short-equity/swan-defined-risk-fund/sdrax

I think some were musing about this topic the other day with respect to the Hodges Pure Contrarian Fund. It sure is hard!
And The Best Small-Cap Fund YTD Is ?: What A Dfference A Year Makes: 2015 Down -(36.93)%

I am the most patient investor I know, not always that way but age and time will do that.
I saw the opening was on Bonds, so I looked at my only 4 bond funds TGEIX, PIMIX MWTRX, TGBAX for 1yr and YTD. The leader YTD is TGEIX-Emerging Market Bond, for 1 yr.TGEIX. The worst TGBAX for both YTD and I yr. No changes planned. For 5 years none are loosers.

Diminished expectations for “hawkish” action seems to be coaxing traders into riskier assets and away from government bonds:
I always worry that one of these days there will be an unexpected and nasty surprise coming out of a Fed meeting. Some of the rallies over the past two months+ in some of the riskier assets have been a thing of beauty. The much maligned junk bond market is less than 2.5% away from all time highs. Some of the bank loan funds have been on a steady march upward unlike anything I have seen before.
http://stockcharts.com/h-sc/ui?s=eifax

FYI: The S&P 500 outperformed the three main mutual-fund style groups — growth, value and blend — over the past decade. Growth mutual funds almost took first-place laurels, but laggard performance by growth funds in the third and fourth quarters of 2015 and Q1 of 2016 allowed the big-cap bogey to cross the decade’s finish line first.
Regards,
Ted
http://www.investors.com/etfs-and-funds/mutual-funds/stocks-that-drive-the-decades-best-performing-blend-mutual-fund/

The card charges 1% foreign transaction fee. That's somewhat insignificant in the sense that you still net a 1% reward (2% reward less 1% fee), but that net is less than Quicksilver, with 1.5% cash back and no foreign transaction fee.
Here are the Fidelity card Terms and Conditions.

"Cunningham said Thursday that he is retiring due to a health issue of a family member that requires his attention."
And, too, assets under management have declined by $13 billion - 25% or so - in three years.
David

So long as the BofAs are all serviced by BofA (and not their FIA subsidiary), it should be possible to transfer some of the credit line from one card to another. Though I don't know what I'd do with a $60K credit limit.
I can't remember a bank increasing our credit limit any time in the past decade or more, except for the one time we asked. That was for the Schwab VISA (a 2% card w/o foreign transaction fee) where we had been given just the basic $5K limit. That is more than enough for our travel since much of it is prepaid, but still a low limit for foreign travel.
We're now using it as a grocery card, and I don't think we eat that much :-)

Another factor for me is credit line, not that I have ever used such a thing or anticipate doing so. I too have too many confusing BoA Visas, but for a long time only one had a $30k line (though now all of them do), same as Fido Amex. Meanwhile I cannot get my Discover above like $750.
Again, it doesn't matter ultimately, just another thing to take into account maybe.

Right now I'm trying to figure out VISAs to clear out of my wallet. I try to maximize cash (or cash equivalent) rewards and minimize foreign transaction fees.
One card that I have (but may dump) is what started as the Schwab 2% VISA. When it went to BofA, it was converted to a 1%/2% (groceries)/3% (gas) card. It also kept one feature from the Schwab card - no foreign transaction fee. In contrast, the "real" BofA Cash Rewards card charges a 3% fee.
My plan was to convert this to a BofA Travel Rewards (1.5%, but only as a credit against travel expenses), and boost that to over 2% with a "bonus" for money in a Merrill Edge account. The BofA rep that I dealt with couldn't figure out how to handle some details of card owners and converting cards, so I wound up with both cards for now.
I've been waiting for time to pass before cancelling one card - as you observed, one treads carefully in rearranging one's cards. Meanwhile, the original card (with the Merrill bonus) now gives me 3% on groceries and gas rebates near 5% (for those quarterly fill ups of mine). And it gives me cold hard cash instead of credits against my travel charges.
But the BofA Travel Card counts lots of stuff as travel, including monthly commuter transit fares. So it's easy enough to redeem as travel credits. This card also has no foreign transaction fee.
The last thing I need is another VISA card that pays less than the travel card (albeit in cash rather than credits) and has a 1% foreign transaction fee.

Here are two local links regarding Bernie Klawans:
Obituary: http://articles.philly.com/2011-12-22/news/30547045_1_mutual-fund-retirement-community-engineer
http://www.bizjournals.com/philadelphia/stories/2003/01/13/focus2.html

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000511388&play=1

In checking several of my moderate allocation fund's asset allocations I have noticed a reduction in their exposure to equities. One fund that I monitor closely is American Balanced Fund (ABALX). Not to long ago an Instant Xray analysis of this fund reflected about a 70% exposure to equities and now it has positioned equities back to the mid 50% range. Another fund that I also monitor is Columbia Thermostat (CTFAX). Back in February it had ramped up it's equity allocation up to about 40% and now it has reduced it to about 20% based upon recent valuation of the S&P 500 Index. When equity prices are low it ramps up its allocaton and when valuations are high it reduces its exposure to equities.
This is one of the reasons that about 40% of my overall portfolio is invested in hybrid type funds where the fund managers throttle their allocations based upon how they are reading the markets. I myself have scaled back my equity allocation, in the part of the portfolio I govern, due to a relative high valuation now found on the S&P 500 Index's reported price to earnings ratio which as last friday had a reading of 24.2 according to the WSJ. This indicates, to me, stocks are currently richly priced according to the Rule of Twenty.
I know I have been reducing my exposure to equities over the past thirty days, or so, and might even reduce it further. According to my asset allocation matrix my exporsure to equities ranges from a low of about 45% to a high of 55%. Currently, my equity allocation bubbles at about 50% and will most likely be moved towards the 45% mark as summer approaches (booking profits) and raising cash by a like amount during this process.
Remember, stocks usually go soft during the summer months and we have an upcoming Presidential election and its associated campaign. I am thinking this is going to have a great influence on stock market prices.

FYI: Asset manager Manning & Napier (MN) announced on Wednesday that CEO Patrick Cunningham has resigned.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2016/04/20/manning-napier-ceo-patrick-cunningham-resigns/tab/print/
MFWire.Com Slant;
http://www.mfwire.com/common/artprint2007.asp?storyID=53877&wireid=2

RE: Sequoia, I don't mind a concentrated MF and I hold some. Still, I don't expect any one stock to represent more than 7.5% (at the outside) of the fund's holdings. When a stock swoons (i.e., ILMN yesterday), I think it might be time to pounce. Unfortunately, whether it's a stock or a fund, my timing is generally rotten.

http://www.sec.gov/Archives/edgar/data/102681/000116204416001738/valley497201604.htm
497 1 valley497201604.htm
[valley497201604001.jpg]
Valley Forge Fund, Inc.
TICKER: VAFGX
Supplement dated April 20, 2016 to the Prospectus dated April 22, 2015
The Board of Directors of the Valley Forge Fund, Inc. (the "Fund"), has concluded that due to the relatively small size of the Fund, it is in the best interests of the Fund and its Shareholders that the Fund cease operations. The Board of Directors has chosen to close the Fund and redeem all remaining outstanding shares on May 27, 2016.
Effective as of the date of this Supplement, the Fund will no longer pursue its stated investment objective. The Fund will liquidate its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and capital gains will be distributed as soon as practicable to Shareholders. Shares of the Fund are not available for purchase.
Prior to May 27, 2016, you may redeem your shares, including any reinvested distributions, in accordance with the "How to Redeem Shares" section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, any redemption is subject to tax on any taxable gains. Please refer to the "Taxes" section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO MAY 27, 2016, WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-869-1679.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated April 22, 2015, provide relevant information for all Shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated April 22, 2015, have been filed with the Securities and Exchange Commission, and are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-866-869-1679.

FYI: The rally that has sent the benchmark S&P 500 up more than 15 percent from its February low is prompting U.S. diversified funds to sell shares as the market nears its record high.
The average asset allocation fund - so called because the funds can invest in anything from stocks to bonds and currencies - has 40.2 percent of its portfolio in U.S. equities, down 1.2 percentage points from six months ago, according to Lipper, a Thomson Reuters company.
The average weighting to U.S. stocks is nearly 2 percentage points less than it was at when stocks last reached record high in May 2015, suggesting that fund managers are less bullish now
Regards,
Ted
http://www.reuters.com/article/usa-stocks-rally-idUSL2N17N0UL

This is a good fund to demonstrate just how bunched together bond funds tend to be.
MCOIX (class I) with its 0.50% ER does get a 5* rating. But its sibling shares classes don't.
MSCAX.lw (class A, load waived) with its 0.75% ER gets a 4* rating.
MSCVX (Investor class) with its 0.83% ER gets a 2* rating.
A tiny difference in expenses (resulting in a tiny difference in returns) can make a large difference in ratings. One way of taking this is that a large difference in percentiles could represent a minscule performance difference, depending on the type of fund.
Then there is the matter of loads. Obviously if you can get MSCAX load-waived (e.g. at Schwab), that's going to be better than MSCVX, since the former has a lower ER.
But with respect to star ratings, Morningstar incorporates the front end load into the calculations. It amortizes the load over the period of interest (3, 5, or 10 years), to calculate a reduced load-adjusted return. That's why A shares will often have lower star ratings than load-waived A shares.
The longer the period, the less of an impact (per year) the load has. So if a fund has a ten year history, Morningstar calculates the load adjusted returns for all three periods, gets star ratings for all of them, and combines them into a single rating. But if a fund like this one has only a three year rating, the impact of the load is overstated.
That is because the load is amortized only over a short three year span. Consequently, the star rating may take an oversized hit from the load simply because the fund's lifetime is somewhat short.
Just another idiosyncrasy to keep in mind.