FYI: As an investor, it’s easy to blow it. You could sell too early, buy too late. Bet on a loser or pass over a winner. But often the most damaging mistake has nothing to do with the selection or timing of investments—it is carelessness when it comes to managing a portfolio for taxes. This is particularly important when you’re planning how you’ll take withdrawals for retirement income.
Regards,
Ted
https://www.marketwatch.com/articles/have-multiple-retirement-accounts-use-them-in-this-order-51553425225?mod=barrons-on-marketwatch

FYI: Even the happiest married couples sometimes fight over money. When two people share a life and a financial future, it’s only to be expected—especially when you each come into the relationship with different levels of financial literacy, risk tolerance, earning power, assumptions, and expectations. Part of the problem is that spending and saving are often deeply emotional, reflecting our values, goals, and unspoken assumptions.
In my experience working with hundreds of couples, I’ve shared the following tips to help people get on the same page as the person they love:
Regards,
Ted
https://www.marketwatch.com/articles/how-to-stop-fighting-with-your-spouse-about-money-51556370000?mod=barrons-on-marketwatch

There are also old closed-end funds, which really are mutual funds precursors:
generalamericaninvestors.com/
GAM
CET
TY
ADX
PEO
All were founded prior to 1930.

CENSX and the work of Allan Fulkerson made for an interesting story for someone invested heavily with them for 20y or so starting early 1980s, as I was.
There are some history and background here:
https://www.sec.gov/Archives/edgar/containers/fix044/1093439/0000891804-08-002063.txt
Reading about them on M* and elsewhere was an object lesson in niche research and stock selection; even with the usual broad charter they invariably focused on financials, some energy, iirc, but above all on insurance and reinsurers.

@MFO Members: And don't forget Voya, Lexingtion, Corporate Fund LEXCX
with an equal number of common stock shares of leading U.S. companies at the time; currently invested in a total of 22 leading U.S. corporations.
New stocks can’t be purchased, so holdings have changed only due to spin-offs or mergers since fund inception 11/18/35, and is ranked #11 in the LCV category by U.S. News & World Report.
Also, contrary to popular belief, the first index fund was not created by John Bogle. The Qualidex Fund was lanuched in 1972. It was based on the DJIA, and in 1979 was acquired by John Galbraith and renamed the American Industry Shares. In 1984 it became part of Templeton Funds, but because of John Templeton's aversion to the index concept the fund was liquidated. Bogle started his Vanguard Fund based on the S&P 500 Index on 8/31/76 !
Regards,
Ted

@msf, Thanks for the clarification. I was doing some comparisons of longer term returns on various funds I own when that 1931 inception date jumped out at me. Tossed-up a hastily unearthed Investopedia link which you correctly took to task.
I knew there were some mutual funds around at the time of the Great Depression, but didn’t realize any would still be around or be recognizable today. (I’ll see if I can come up with a copy of the 1931 Prospectus for DODBX - assuming they even existed in 1931.) Per Lipper DODBX has returned +9.50% annually since inception June 26, 1931.)
Nice words about the firm from Ed in the April 1 Commentary. Definitely not for everyone. 2008 was a real eye-opener for at least some of their funds. Certainly low profile, considering their sizable foot print in the investing community. I wouldn’t be able to name a single manager there. Can’t recall ever reading / viewing an ad for any of their funds. Can’t even remember the last time one of their reps appeared on CNBC or Bloomberg.

Here is an update for Old_Skeet's market barometer (which follows the S&P 500 Index) for the week ending April 26, 2019 along with my thinking.
Old_Skeet being a retail investor provides this information for information purposes only. It simply reflects what I am seeing in the markets, my thinking, along with what sectors have worked best within the Index and my best performing funds for the past week. My thinking, my positioning, along with my comments, should not to be taken as investment advice.
First quarter earning season is now well underway with about 25% of the companies within the Index reporting. Thus far, earnings are far better than expected while revenues are falling short. For the week Old_Skeet's market barometer closed with an overbought reading of 138 which is the same as last week's reading. Short interest in the Index moved from 1.8 days to 2.3 days to cover as some investors have increased their short positions during the week. The yield on the US10YrT moved from 2.56% to 2.50% while the yield for the Index (SPY) remained at 1.85%. The 500 Index moved from 2905 to 2940 for a gain of 1.2% for the week. Trading volumes remain light and below their averages as investors continue to ponder stocks while many investors seek the safety in bonds. The three best performing sectors, for this past week, were Health Care +3.66%, Telecom Services +2.69% and Consumer Discretionary +1.42%. For Old_Skeet, I'm not presently putting new money to work in either my stock or bond funds while I await a higher barometer reading indicating a better investing climate for stocks; and, I'm also awaiting better yields from bonds. Clearly, by the metrics of the barometer, the Index is overbought.
For the week my three best performing funds were AOFAX +5.31% ... SPECX +3.21% ... and, KAUAX +2.68%. For the month the three best performing were SPECX +6.17% ... NDVAX +5.35% ... and, LPEFX +5.33%. In compairson, the S&P 500 Index was up 1.20% for the week and 4.31% for the month.
I'll be moving back to monthly reporting starting in May. For me, summertime is calling and Old_Skeet is going to follow an old seasonal trend, again, this year, where I reduce my investing activity towards the beginning of summer and then begin to get more active sometime around Labor Day. I'm still with my plan to trim equities and raise cash during the next few weeks as my asset allocation is presently equity heavy and cash light.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

FYI: IF YOU ASK an insurance agent how much coverage you should have, the answer invariably is “more.” What if you show too much interest? Next thing you know, you could find yourself the unhappy owner of a high-cost variable annuity.
Consumers, meanwhile, take what might be politely described as a barbell approach. Sometimes, they’re acutely aware of a particular risk and buy more coverage than they need—a frequent occurrence with auto and health insurance. But in other instances, they simply ignore the risk. This leads folks to skip life, umbrella liability, disability and long-term-care insurance.
Want to make more rational decisions? Keep in mind these 11 rules of insurance:
Regards,
Ted
https://humbledollar.com/2019/04/cover-me/

FYI: More than 30,000 shareholders of Berkshire Hathaway are expected to descend on Omaha, Neb., for its annual meeting on May 4. There, they will celebrate the company and savor insights from its leadership at what could be one of the last meetings when CEO Warren Buffett and Vice Chairman Charlie Munger share the stage. Buffett is 88, and Munger, 95.
Berkshire (ticker: BRK.A) holders, however, haven’t had a lot to cheer about lately as the stock has trailed the market this year amid frustration among some investors that Buffett continues to sit on more than $110 billion of cash in what may be a fruitless quest for what he has called an “elephant-size” acquisition.
Regards,
Ted
https://www.barrons.com/articles/warren-buffett-berkshire-hathaway-annual-meeting-51556318055?mod=hp_LEAD_1

FYI: Two thousand nineteen isn’t even a third over and it’s already shaping up as a great year for the financial markets. The S&P 500 index and the Nasdaq Composite both ended the week at record highs, a big reason that global equity markets have gained $10 trillion in value since the turn of the year, with global credit markets kicking in another $2 trillion to investors’ wealth, by the reckoning of Torsten Slok, chief economist at Deutsche Bank Securities.
At the risk of propounding American exceptionalism, U.S. markets have handily outdistanced the rest of the world. Using exchange-traded funds to illustrate, the SPDR S&P 500 ETF (ticker: SPY) posted a total return (including dividends) of 16.73% for the year through Thursday, according to fund tracker Morningstar’s data. The Invesco QQQ Trust (QQQ), which tracks the biggest stocks in the tech-heavy Nasdaq, returned 23.7%. Venturing abroad paid less well. The iShares MSCI EAFE ETF (EFA), which tracks the major non-U.S. developed markets, returned 12.59%, while the iShares MSCI Emerging Markets ETF (EEM) returned 11.9%.
Regards,
Ted
https://www.barrons.com/articles/intel-and-3m-are-among-the-losers-in-this-record-setting-market-51556325767

Unfortunately, one can usually count on articles like this to not really dig into details. Especially those concerning fund changes.
MFO doesn't generate a link for #4 (Century Shares Trust), because that fund no longer exists. It was merged into an already existing fund in 2017. Here's the proxy statement on the merger.
Century Shares, with AUM of $223,701,378.25 was merged into the smaller CMLIX, with AUM of $49,242,957. For accounting purposes, Century Shares Trust was considered the survivor and thus its history prior to the merger is now shown as the history for CMLIX. (See Accounting Survivor and Reporting History in this RR Donnelley paper, Merger of Investment Companies.) Accounting tricks aside, CMLIX was designated the acquiring fund, and Century Shares was absorbed.
Similarly, albeit more simply, Putnam Investors Fund was merged into Putnam Multi-Cap Core Fund (PMYAX and other share classes) last year, with the latter being the surviving fund; Investors Fund's record was merged out of existence.
https://mutualfundobserver.com/discuss/discussion/39698/putnam-investors-fund-reorganization
On the other hand, this list omits the first no load fund sold. Scudder launched it on April 24, 1928 as Norfolk Investment Corp. On May 24, it was renamed First Investment Counsel Corp. On Sept. 5, 1939, its name was changed to Scudder, Stevens & Clark Fund, Inc.
Somewhere along the line its name was changed to Scudder, Stevens & Clark Balanced Fund. In 1970, it changed its investment objective and became Scudder Income Fund. (See Bogle, Clash of the Cultures, pdf p. 187.) Then things got really convoluted. Scudder was bought by Zurich (which owned Kemper) in 1995 but the fund retained its Scudder name. Deutsche Bank acquired Scudder Investments from Zurich in 2001.
The Scudder funds retained their names until 2006, when Deutsche Bank renamed all of them with DWS. Scudder Income Fund was renamed DWS Core Plus Income Fund. Then on 10/30/17, it was renamed again, to DWS Total Return Bond Fund (SZIAX and other share classes).
Unlike Century Shares Trust, no mergers or acquisitions. Just enough name changes to get dropped from its rightful place on this list.

Interestingly, DODGX (Dodge and Cox Stock) wasn’t opened for more than 30 years (1965) after the inception of DODBX (Dodge and Cox Balanced) in 1931. I’m thinking that 1931 probably wasn’t an opportune year in which to try and sell the public on a stock fund. :)
1 MFS Massachusetts Investors Fund (MITTX) 1924
2 Putnam Investors Fund (PINVX) 1925
3 Pioneer Fund (PIODX) 1928
4 Century Shares Fund (CENSX) 1928
5 Vanguard Wellington Fund (VWELX) 1929
7 CGM Mutual Fund (LOMMX) 1929
8 Fidelity Fund (FFIDX) 1930
9 Dodge & Cox Balance Fund (DODBX) 1931
https://www.investopedia.com/ask/answers/08/oldestmutualfunds.asp

(Apologies - A bit late reading all of the April 1 Commentary).
Ed Studzinski never fails to entertain, inform and enlighten (sometimes more of one than another). Just a brief snippet (actually the closing lines) from his look at the creative process in designing and marketing new funds by purveyors of the art (“Brand or Generic?”).
“And understand something that is too often not emphasized enough. Or it is glossed over. Your mutual fund manager and his firm are in business to make money, first for themselves. The fund is a product. You are the consumers. As consumers, you should feel free to pull your money and go elsewhere if the product changes in ways you don’t understand, is cheapened, or does not meet your goals, objectives, and expectations. Loyalty is not a two-way street in the investment world. It is strictly buyer beware.”
(Underlining mine)

Incidentally, both the focus and focus-plus strategy funds also reopened.
Vulcan Value Partners Focus
Vulcan Value Partners Focus Plus
https://www.pionline.com/article/20190418/ONLINE/190419831/vulcan-value-partners-reopens-large-cap-equity-strategies-after-reinvesting-in-firm
(If you cannot view the article, set your browser to "InPrivate browsing mode" with the web address above.)
Excerpt:
...Vulcan Value Partners is reopening its three large-cap equity strategies to new investors after closing them in April 2015, the company announced in a news release.
The strategies consist of large-cap equity, focus and focus-plus. Focus and focus-plus both invest in high-quality large-cap stocks and typically hold seven to 14 companies, according to Vulcan Value's website. Focus-plus doesn't use leverage and generally uses options instead of buying stock directly...

The party continues. Fund inflows have been rising along with the stock market. But I find it hard to find sane observers who believe this is going to end well.
Weird day in that oil corrected sharply (down around 3%) while gold reversed its recent slide and jumped 10 bucks or so. Suspect many other commodities rose as well, since my PRNEX (heavy energy) backslid only slightly (off 0.12% for the day). Other commodities apparently compensated for the losses in oil.
Personally: No changes in several months. Remain well diversified and conservatively positioned. But I do kinda wonder what @Puddenhead and the smart money here is doing?
-
(Folks, please remember to start a new thread if you decide to share any recent changes to your positioning.)

The Closing Bell will be updated sometime after 4:00 PM CDST to include the latest updates from IBD and Bloomberg Evening Briefing.)
FYI: U.S. stocks swung between small gains and losses Friday after figures showed the U.S. economy grew at a strong rate in the first quarter but the pace of consumer and business spending slowed.
The S&P 500 inched up 0.47% and had another weekly advance. The broad equity gauge closed at record high, and is up 17% for the year. The Dow Jones Industrial Average climbed 0.30% after entering the day 1.4% below last year’s record.
Renewed confidence in the U.S. economy has helped markets rebound from last year’s slide, with the Federal Reserve signaling it is unlikely to raise interest rates this year and the U.S. and China moving toward an agreement to end their tariff fight.
Data Friday showed gross domestic product rose more than economists expected in the first quarter, lifted by an increase in the rate of exports.
The tech-laden Nasdaq Composite rose 0.34% and, like the S&P 500, closed at an all time high.
Although the pace of consumer and business spending weakened, some investors expect a trade deal between the world’s two largest economies to spur further earnings and economic growth moving forward.
The U.S. and China are set to resume negotiations next week in Beijing as they seek to wrap up a trade agreement.
The yield on the benchmark 10-year U.S. Treasury note dropped to 2.507%, according to Tradeweb, from 2.536% a day earlier. Bond yields fall as prices rise, though they have recovered since hitting their lowest level since December 2017 last month with investors embracing assets considered riskier than ultrasafe Treasurys.
The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, fell 0.2%, inching down further from Wednesday’s five-month high.
Amazon shares rose 1.7% after the e-commerce giant said that profit more than doubled last quarter and that it plans to make one-day free shipping the standard for Prime members.
Energy stocks broadly fell after President Trump said he had once again encouraged the Organization of the Petroleum Exporting Countries to increase supply and keep oil prices low. U.S. crude tumbled 3.5%, after earlier in the week climbing to its highest level since late October.
Elsewhere, the Stoxx Europe 600 was up 0.2%.
In Asia, the Shanghai Composite fell 1.2%; Korea’s benchmark Kospi index dropped 0.5%; and Japan’s Nikkei lost 0.2%
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/search?query=Evening Briefing
MarketWatch:
https://www.marketwatch.com/story/dow-sp-500-futures-slip-ahead-of-us-gdp-but-tech-set-to-extend-gains-2019-04-26/print
WSJ:
https://www.wsj.com/articles/global-stocks-soften-ahead-of-u-s-gdp-data-11556266432
Bloomberg:
https://www.bloomberg.com/news/articles/2019-04-25/asian-stocks-set-for-mixed-open-dollar-steadies-markets-wrap?srnd=premium
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-nasdaq-positive-stock-market-shakes-off-intel-plunge/
CNBC:
https://www.cnbc.com/2019/04/26/stock-market-gdp-data-and-corporate-earnings-in-focus-on-wall-street.html
Reuters:
https://uk.reuters.com/article/us-usa-stocks/tech-stocks-weigh-on-wall-street-after-weak-intel-results-idUKKCN1S2163
U.K.:
https://uk.reuters.com/article/uk-britain-stocks/glencore-probe-weak-earnings-mar-ftse-100-ferrexpo-sinks-idUKKCN1S20OR
Europe:
https://www.reuters.com/article/us-europe-stocks/european-shares-get-a-lift-from-strong-earnings-u-s-gdp-idUSKCN1S20ZY
Asia:
https://www.marketwatch.com/story/asian-markets-mostly-fall-after-dow-oil-prices-pull-back-2019-04-25/print
Bonds:
https://www.cnbc.com/2019/04/26/us-treasurys-higher-ahead-of-gdp-data.html
Currencies:
https://www.cnbc.com/2019/04/26/forex-market-us-gdp-data-dovish-central-banks-in-focus.html
Oil:
https://www.cnbc.com/2019/04/26/oil-market-opec-output-rises-us-sanctions-on-iranian-oil-in-focus.html
Gold
https://www.cnbc.com/2019/04/26/gold-market-us-gdp-data-german-economic-data-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

https://www.sec.gov/Archives/edgar/data/915802/000139834419007092/fp0041649_497.htm
Vulcan Value Partners Fund
Vulcan Value Partners Small Cap Fund
(the “Funds”)
Supplement dated April 26, 2019
to the Funds’ Prospectus and Statement of Additional Information dated April 23, 2019
Effective as of the date of this supplement, the following changes are being made with respect to the Funds to reflect that the Vulcan Value Partners Fund is no longer closed to new investors.
Prospectus
The first paragraph of the section entitled “Summary Sections – Vulcan Value Partners Fund – Purchase and Sale of Fund Shares” in the prospectus is hereby deleted.
The section entitled “Buying, Exchanging and Redeeming Shares – Buying Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
Statement of Additional Information
The second paragraph of the section entitled “Purchase, Exchange & Redemption of Shares” which currently refers to the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund is hereby deleted and replaced in its entirety with the following:
Effective as of the close of business on November 29, 2013, the Vulcan Value Partners Small Cap Fund is closed to new investors, except for new investors who are employees of the Adviser and as described below. This change will affect new investors seeking to purchase shares of the Vulcan Value Partners Small Cap Fund either directly or through third party intermediaries. Existing shareholders of the Vulcan Value Partners Small Cap Fund may continue to purchase additional shares of the Fund.
● A financial advisor whose clients have established accounts in the Vulcan Value Partners Small Cap Fund as of November 29, 2013 may continue to open new accounts in the Vulcan Value Partners Small Cap Fund for any of its existing or new clients.
● Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Vulcan Value Partners Small Cap Fund as of November 29, 2013, may continue to open new accounts in the Vulcan Value Partners Small Cap Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Vulcan Value Partners Small Cap Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Whatever Happened To Emerging-Markets Stock Funds?
1) Investors today don’t have the necessary long term perspective and patience to invest in stuff like this. Either hold just a little (5-10%) or satisfy yourself with a good global / international stock fund that invests a small sum in EM.
2) The prediction of outsized growth for EM equities dates back at least to global fund pioneer John Templeton. When asked why he thought EM stocks would outperform longer term, Sir John usually replied: “Because they have so much farther to rise“ (than already developed economies). Makes sense I guess. Certainly fit the humble and charming man’s ever optimistic outlook.
3) EM stocks will have their day. Everything eventually does. Whether they’ll outperform more developed markets longer term is subject to debate. Expenses can eat you alive. And geo-political considerations loom large.
4) Note that the term is non-specific. EM can include virtually any underdeveloped market from Peru (Latin America) to Korea and China (Southeast Asia). Feel like throwing darts?

FYI: In the early 1990s, emerging-markets stock funds were the rage. Their subsequent results have been weaker than even the skeptics believed.
The appeal was obvious. Higher risk, according to conventional theory, meant higher returns--and there was no doubt that emerging markets carried higher risk. They also offered excellent growth prospects. The Asian Miracle was a catchphrase. South Korea, to name one example, had increased its per-capita gross domestic product from $158 (expressed in current terms) in 1960 to $6,516 in 1990. From behind Zambia to ahead of Turkey!
Regards,
Ted
https://www.morningstar.com/articles/925254/what-happened-to-emergingmarkets-stock-funds.html

https://ihsmarkit.com/research-analysis/municipal-bonds--april-2019-highlights.html
Municipal Bonds - April 2019 Highlights
Several reads re muni bonds news monthly basis