FYI: On pace for its third consecutive bottom-decile calendar-year finish and after nearly $5 billion in three-year net outflows, Fairholme Fund will be liquidated as the close of business on Monday April 3, 2017. Bruce Berkowitz, Fairholme manager, is expected to hold a news conference early Monday to announce the fund's liquidation. As soon as further details become available, you can be sure the Linkster will link the information to the MFO Discussion Board.
Regards,
Ted

FYI: Friday is the last day of the first quarter, and one of the prominent themes of the first three months of 2017 has been the leadership displayed by emerging markets equities. With one trading day left in the quarter, the widely followed MSCI Emerging Markets Index is higher by almost 14 percent. Said another way, the combined gains of the S&P 500 and the MSCI EAFE Index do not equal that of the emerging markets benchmark.
Regards,
Ted
http://www.marketwatch.com/story/investors-pour-into-em-etfs-to-close-q1-2017-03-31-7464558/print

More on Stimulus/Credit tightening as well as hikes in interest rates:

What is so disturbing is that each extra dollar of new debt now generates just $0.17 of extra GDP in the US, down from around $0.75 in the 1960s. Much of the corporate debt built up in this cycle has been to buy back stock or pay dividends.

telegraph.co.uk/business/2017/03/26/sharpest-plunge-credit-since-financial-crisis-could-spell-disaster/

FYI: BlackRock shook the world of active management on Tuesday when it announced that it had fired five of its 53 stock pickers. BlackRock will also move $6 billion of the $201 billion invested in traditional active management to quant strategies.
The announcement may not sound earth-shattering, but it augurs a larger trend: Traditional active management is dying, but perhaps not for the reason you might think.
Regards,
Ted
https://www.bloomberg.com/gadfly/articles/2017-03-30/even-best-stock-pickers-can-t-beat-the-smart-beta-bots
MarketWatch Article:
http://www.marketwatch.com/story/blackrocks-robot-stock-pickers-are-more-of-a-tweak-than-a-game-changer-2017-03-30/print

FYI: Fund News !
Regards,
Ted
http://www.mfwire.com/common/artprint2007.asp?storyID=55976&wireid=2

VF, homing in on Figure 4 of the Yardeni piece, you could get out of the market when the curve hits 50 or 60 on its way up, or later, when it hits 60 or 50 on its way down. A comparison of those points in 2000 and 2007 for the stock market versus how it subsequently performed would be in order. Then you would need a Bull Market Indicator to tell you when to get back in the market.

FYI: The California State Teachers' Retirement System (CalSTRS) announced on Thursday that its funding level had dropped and its unfunded liability had increased, following a drop in the fund's expected investment returns.
The public pension plan voted in February to lower its annual expected return rate from 7.5 percent to 7 percent by 2018. As a result, CalSTRS unfunded liability grew to $97 billion from $76 billion, and its funding level dropped from 68 percent to nearly 64 percent.
Regards,
Ted
http://www.reuters.com/article/california-pensions-calstrs-idUSL2N1H71DC

There is an article in the 3/30/17 Wall Street Journal, titled "Bullish Investors Binge on Loans." It starts off, "Margin debt climbed to a record in February..." Peaks over (an admittedly back-fitted range) of, say, 50 to 60 in Figure 4 of Yardeni Research's "Stock Market Indicators: Margin Debt" may have some value as prior indicators of bear markets.
http://www.yardeni.com/pub/stmkteqmardebt.pdf

Invesco Multi-Asset Income = PIYFX (M* classify it as Multi-Sector Bond fund).
Holds:
40% Equity, mostly in Real Estate.
33% Bonds (short 1/3),
21% "other"
9% cash.
Almost a 5% yield.

FYI: After two straight weeks where individual investor sentiment saw some improvement, this week’s survey from AAII, showed that individual investors returned to their bearish ways. In last week’s survey, bullish sentiment reached as high as 35.28% (which is still low by historical norms), but this week nearly all of the last two weeks of improved sentiment was erased as bullish sentiment barely held on to 30%, falling just over five percentage points to 30.22%. For those keeping score at home, it has now been 117 weeks since more than half of individual investors were in the bullish camp.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/individual-investors-turn-sour-again/

I think emerging markets up like 25 - 30% in last 6 months. Whatever rudimentary understanding I have, unless $USD breaks down meaningfully I don't see any point in overweighting emerging markets. I have some positions which I'm looking to reposition into others and possibly add. Hopefully I'll have opportunity to sell and then buy at lower prices.
I think in a "diversified" portfolio, if we think 30% allocation should be international, then 20% of that perhaps should be emerging markets. So as an example, out of a $100,000 portfolio, $6,000 should be in emerging markets.
Do any of us have more in emerging markets, now or at any other point? I have some money in MALOX and PASDX in my retirement accounts that's meaningful. I own some GPROX and PLMDX also. My meaningful positions are MACSX and MAPIX. I don't think I'm even 3% in emerging markets. Need to check.

@Willmatt72,
I have owned BAICX for the past couple of years and I am pleased with its performance along with its ability to position. I hold BAICX in my income sleeve. I also kicked NWQAX to the curb a few years back due to its high volatility for a 15% to 30% equity allocation fund; but, I can not knock its performance. Some of my recent adds to my hybrid income sleeve are APIUX, DIFAX and PMAIX. Recently, I sold some equity funds and have been putting the money to work in my hybrid income sleeve.
My current possitions in my income sleeve are as follows: BAICX, CTFAX, FMTNX, GIFAX, LALDX, LBNDX, NEFZX, THIFX & TSIAX. In my hybrid income sleeve they are as follows: APIUX, CAPAX, DIFAX, FISCX, FKINX, ISFAX, JNBAX, PGBAX & PMAIX.
In the income area of my portfolio I have recently gone from 12 funds to 18.
Skeet

@Crash
You and I, or anyone here could build a fund named "Eight Ball Total Return Fund" (BALLX).
---25%, U.S. equity
---25%, International, ex-US, equity
---25% investment grade bonds
---25% high yield bonds
Our motto: We'll do our best to provide the highest possible "Total Return" while attempting the preservation of capital

Very new, from 11/15/2016. Yield, 2.53%. Monthly div. .023 cents.
I compared it quickly to MWTRX and DBLTX. Those other two have a history. Rated highly by Morningstar. Anyhow, the yield on the MetWest fund and its dividend are paltry. I see that the actual NAME of the fund does not jive with where M* puts it--- into the Interm. Bond category. Hmmmmm.
DBLTX has a respectable yield: 3.61%. And its monthly div is .0314 cents.
So, what do we think about PTTFX? In fact, like MWTRX, M* puts PTTFX into the Interm. Bond grouping. I love it when this crap happens... Final check: ALL THREE are categorized as Interm. Bond funds by M*. I thought "Total Return" actually MEANT something. Growl.

I dunno why anyone would pay to get into a front-loaded fund, particularly a bond fund... (???)

Hi Crash, an advantage of investing through a brokerage is getting ostensibly load funds without the load - load waived A shares are very often available at different brokerages, e.g., for the linked fund, at Fidelity, here. Cheers, AJ

Index funds are usually more tax efficient. Tax managed funds are another option.
I feel this is one area most of us have less experience with. As I noted in another thread:

Many of us are not well versed in managing tax efficient accounts since most of our excess cash usually goes into tax deferred accounts during the accumulation stage of our lives. Now, after age 70.5, we can't contribute and must begin distributions from these types of investments (tax deferred accounts).

Managing investment in taxable accounts require an understanding of how these investments are impacted by taxes.
Fidelity's take on managing taxes and investements:
https://fidelity.com/viewpoints/investing-ideas/tax-strategy
US News:
money.usnews.com/money/personal-finance/mutual-funds/articles/2015/02/09/your-guide-to-tax-efficient-investing
Kitces:
https://kitces.com/blog/tax-managed-mutual-funds-avoid-tax-drag-but-cause-higher-tax-rates/

The only thing I don't compromise is food. Or maybe I do compromise but differently. I don't have $4.50 bubble tea and $4.50 starbucks latte's so I also don't have to eat at McDonalds.
I wish I could somehow pass this value along to my kids.
PS - Sorry but I'm not sure this is off-topic anymore, and I wanted to share the best take out franchise pizza IMO is Papa Murphy's

>> Why not just look at 10 years? I give you WWWFX
Just plot it at 3-4-5y, and there's the answer to why not. But if you believe in the decisionmaker, sure. Same as CGMFX and Heebner. 'Twas ever thus. Gotta believe the manager's skills abide.

FYI: A mutual fund exists for virtually any and all your investment needs in your retirement or other accounts. The challenge is in choosing the right one for your portfolio from the more than 8,000 mutual funds available.
The second annual IBD Best Mutual Fund Awards makes the task a lot easier. Every one of them has beaten its benchmark for the past one, three, five and 10 years — a feat that fewer than 4% of U.S. diversified stock and U.S. bond funds can claim.
Look at the list and see if you already own any of these top performers. If you don't, compare them to the ones you do own and see if they might make a better fit in your portfolio. If you're looking for a fund to start or add to your portfolio, this best-of-the best list is a great place to start.
Regards,
Ted
http://www.investors.com/best-mutual-fund-awards/ibd-best-mutual-fund-awards-growth-value-large-cap-small-cap-muni-bond/

FYI: U.S. stock futures pointed to sharp losses at the open on Monday, as investors reassessed President Donald Trump’s ambitious pro-growth agenda after his failure to push through a health-care bill last week.
Regards,
Ted
U.S.:
http://www.marketwatch.com/story/dow-futures-slide-more-than-150-points-as-doubts-over-trumps-agenda-build-2017-03-27/print
Europe:
http://www.marketwatch.com/story/banks-lead-european-stocks-lower-as-trump-rally-falters-2017-03-27/print
Asia:
http://www.marketwatch.com/story/asian-markets-fall-as-hazy-outlook-descends-on-trump-agenda-2017-03-26/print
Current Futures: Very Negative
http://finviz.com/futures.ashx