J P Morgan says now is the time to add risk back into your portfolio and buy stocks. You can read more about this in the below linked article.
https://www.bloomberg.com/news/articles/2019-09-02/jpmorgan-says-it-s-finally-time-to-buy-stocks-despite-trade-woes

Not sure if you're a Twitter user, but Liz Ann Sonders lays things out in a data-rich set of charts in a way you wont even see within the Schwab website.
Her latest charts of the ISM mfg index wouldn't lend itself to a risk on play.

At the beginning of every mutual fund prospectus is generally a little seemingly innocuous sentence: Past performance is no guarantee of future results. So what if it's been hot in the past? The only question that matters to anyone reading this right now is--Will it continue to be? Time and again, fees or all-in costs have been the strongest most consistent indicator of future performance. Are low costs always the best predictor? No, that's why people come to this site. But Morningstar is absolutely right to ding this fund for charging a 1.5% expense ratio on $3.3 billion in assets when bond funds that specialize in non-agency debt can be had for much less.

"... It attracted more capital in last quarter of 2017 than in the first six quarters of its existence. It ended the year with $1.6B, five times the level it started the year..."
Jeepers. Is that a lotta "dumb money," then? Thanks for replying, all of you. I track IOFIX but don't own it. I own PTIAX, which is not quite the same animal, but in the same ballpark, right?

I fail to see what relevance the last quarter inflows in 2017 has to do with now September 2019. IOFIX has trounced every bond fund in the multi sector, emerging market, high yield corporate and high yield muni, as well as the non traditional bond categories over the past three years with a 10.50% annualized return. There is no close second. I would think the dumb money is the money still waiting to initiate a position. When that occurs it may be time to run for the hills. In the meantime, its compelling story of being heavily invested in the ever shrinking legacy non agency rmbs arena continues.

FYI: For an investor whose story was featured in a best-selling book and an Oscar-winning movie, Michael Burry has kept a surprisingly low profile in recent years.
But it turns out the hero of “The Big Short” has plenty to say about everything from central banks fueling distortions in credit markets to opportunities in small-cap value stocks and the “bubble” in passive investing.
One of his most provocative views from a lengthy email interview with Bloomberg News on Tuesday: The recent flood of money into index funds has parallels with the pre-2008 bubble in collateralized debt obligations, the complex securities that almost destroyed the global financial system.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-09-04/michael-burry-explains-why-index-funds-are-like-subprime-cdos?srnd=etfs

FYI: Before restricting their growing influence, regulators should consider the consolidated power of BlackRock, Vanguard and State Street could ameliorate the problem of corporate fraud, a Harvard Law School lecturer argues.
Regards,
Ted
https://www.institutionalinvestor.com/article/b1h07nlvnp3f6n/Index-Fund-Giants-Play-Overlooked-Role-as-Corporate-Cops

@JoJo - good observation. Probably just a slip.
All else being equal, it takes about a 50% rise in portfolio value to compensate for a 33% loss. ($100,000 X .66 = $66,000. / Than, $66,000 X 1.5 = $99,000.). So the warning is valid - if the math suspect. :)
I like the special attention to allocation and risk apparent in this month’s Commentary. Needs saying.

@Lawlar: I suggest you hold MEIFX for at least six months and see what the new manager, Clay Freeman. can do. Here is his bio from the Meridian Web Site.
Regards,
Ted
Portfolio Manager
Clay is a Portfolio Manager for Meridian Enhanced Equity Fund and leads the risk management strategies and idea generation for ArrowMark’s multi-asset investment strategy. Clay joined ArrowMark in 2008 as an Investment Analyst and has supported the firm’s long-only equity and multi-asset strategies during his tenure. Prior to joining ArrowMark, Clay worked as a research associate at Janus Capital Group (2006-2008), where he focused primarily on the communications industry. Prior to that position, Clay worked as an Information Program Coordinator for the educational, non-profit organization Leave No Trace, which is dedicated to worldwide responsible enjoyment and active stewardship of the outdoors by all people (2001-2004). Clay graduated Phi Beta Kappa from the University of Colorado and earned an MBA with a Finance concentration from the Daniels College of Business at Denver University.
Funds Managed
Fund
Meridian Enhanced Equity Fund*
*Effective September 3, 2019, Clay Freeman serves the sole Portfolio Manager of the Meridian Enhanced Equity Fund.
MEIFX Overview:
http://meridianfund.com/strategies/meridian-equity-income-fund/overview/

I've been thrilled that a very small fund I invested in took off like a rocket when it acquired a new fund manager (Minyoung Sohn) a few years ago. The fund is up 81% over the last 3 years, and has frequently been the no. 1 performing fund in its category (per Barron's). I had visions of having found the next Peter Lynch--my fortune was just a few years away. And now I read on MFO that the manager has left. Bummer! So frustrating! And the new manager who will be the replacement does not appear to have any experience managing a fund on his own. The fund is MEIFX (Meridian Enhanced Equity Fund). The fund management doesn't provide a lot of detailed information on their operations (at least in the past) so I really have no idea what to expect in the future. Very frustrating!!!

https://etfdb.com/tactical-allocation-channel/gold-miners-party-may-just-be-starting/?utm_source=ETF+Database&utm_campaign=7ece791484-ETF_ExpTrial_Engage_Newsletter_03_09_2019&utm_medium=email&utm_term=0_27adfd3dcc-7ece791484-32421905
Gold miner party maybe just started
With gold on scintillating pace this year, mining equities and the related ETFs are responding in a big way. For example, the VanEck Vectors Gold Miners ETF (GDX B+) is up more than 44% year-to-date, offering better than double the returns of traditional gold funds.

Hi rforno,
I'm not sure the comment you are referencing was made by J P Morgan. But, it could have been.
In doing a look back in my post here is what I came up with on another J P Morgan post that I made back on February 7th. It is titled ... "Bost Your Risk Positions and Unwind Those Hedges. I have linked it below for your reading enjoyment.
https://www.bloomberg.com/news/articles/2019-02-07/jpmorgan-says-boost-your-risk-postions-and-unwind-those-hedges
And, here is another post I made concerning J P Morgan on August 9th. It is titled ... "Hold on Tight and Buy This Market Dip." I have linked the referenced article below for your easy access.
https://www.cnbc.com/2019/08/08/jp-morgans-top-stock-market-analysts-say-hold-on-tight-and-buy-this-market-dip.html

And just a few weeks ago they were saying it was a "risk-off" time and coming into a rocky period. You'd have better investing success throwing darts than listening to these folks .... who are probably throwing darts anyway!

J P Morgan says now is the time to add risk back into your portfolio and buy stocks. You can read more about this in the below linked article.
https://www.bloomberg.com/news/articles/2019-09-02/jpmorgan-says-it-s-finally-time-to-buy-stocks-despite-trade-woes

J P Morgan says now is the time to add risk back into your portfolio and buy stocks. You can read more about this in the below linked article.
https://www.bloomberg.com/news/articles/2019-09-02/jpmorgan-says-it-s-finally-time-to-buy-stocks-despite-trade-woes

Wiped out last month after 2018 tax revisions..paid so much more taxations... Also market downturns in aug19
Added few bonds last month. Also added to vgstx and Vanguard prime cap core. Have divs coming this wk unclear what to expect or do next
For mama portfolio added more Fbnd and lsbrx Loomis Sayles bond fund... Gain 0.7%during the large downside pull back wk in Aug.

Old_Skeet's market barometer which follows the S&P 500 Index currently rates the Index a hold as we enter September with a reading of 148 which falls in the fair value range on the barometer's scale. Currently, I'm invested within the allowable parameters of my portfolio's asset allocation and carrying an overweight in equities of 5%. I make equity weighting adjustments as I feel warranted, from time to time, based upon my barometer's reading which drives an equity weighting matrix which I use to assist me in setting my portfolio's weighting in equities.
The three calls the barometer makes, for me, are accumulate, hold and trim.

Thanks @carew388 for the note about VWELX. It is an excellent fund for the moderate/balanced allocation. However, purchase is limited to Vanguard customers and/or whatever offerings are available in 401k/403b type offerings.
Our accounts are with Fidelity and for the most part would limit a balanced choice to FBALX; although other moderate allocation funds are also available to us.
From 1999, VWELX has the total return performance much over and above FBALX. Starting with the March, 2009 recovery, as to total return; FBALX is 2% ahead of VWELX. A chart of the two is pretty much a mirror.
Regards,
Catch

FYI: (For those of you who missed this in David's September Commentary.)
Ali Motamed, manager of the Invenomic Fund, doesn’t fear market downturns. In fact, he seems to relish them.
Regards,
Ted
https://www.fa-mag.com/news/mining-the-short-side-51224.html?print
M* Snapshot BIVRX:
https://www.morningstar.com/funds/xnas/bivrx/quote
David Snowball's Interview With Chuck Jaffe:
https://www.mutualfundobserver.com/discuss/discussion/comment/116028/#Comment_116028
Andrew Foster's Interview With Chuck Jaffe:
https://www.mutualfundobserver.com/discuss/discussion/52347/chuck-jaffe-s-money-life-show-guest-andrew-foster-manager-seafarer-funds/p1

FYI: Lipper’s Emerging Markets Funds peer group (including both mutual funds and ETFs) experienced net outflows of $1.1 billion for the fund-flows trading week ended Wednesday, August 28. This negative net flow marked the tenth net outflow in the last eleven weeks for the peer group during which over $11.8 billion has left the group’s coffers. As part of this slump, the emerging markets funds group suffered the worst weekly net outflow in its history (Lipper began tracking fund flows data for this group in 1993) as $4.1 billion left during the fund-flows week ended August 7. The group has recorded a net negative flow of $10.2 billion for the quarter to date putting it on pace to surpass the second quarter of 2013 (-$13.7 billion) for its worst quarterly fund flows result ever.
Regards,
Ted
https://lipperalpha.refinitiv.com/2019/09/investors-flee-emerging-markets-funds-during-the-third-quarter/?utm_source=Eloqua&utm_medium=email&utm_campaign=00008DM_NewsletterLipperAlphaInsightFundInsightsWeekly_Other&utm_content=Newsletter_FundsWeekly_2Sept2019&elqTrackId=6cfbc637246c4f2a84bb38a7ea2a7838&elq=eaabbd75552d445d8940b431a956aab2&elqaid=52739&elqat=1&elqCampaignId=166

Charles Lynn Bolin wrote an article that was featured in this months commentary titled "Adjusting Portfolios for the Business Cycle." I found it to be a good read. And, I have linked it below for your easy access.
https://www.mutualfundobserver.com/2019/09/adjusting-portfolios-for-the-business-cycle/

FYI:
Regards,
Ted
https://www.mutualfundobserver.com/2019/09/publishers-letter/

"... It attracted more capital in last quarter of 2017 than in the first six quarters of its existence. It ended the year with $1.6B, five times the level it started the year..."
Jeepers. Is that a lotta "dumb money," then? Thanks for replying, all of you. I track IOFIX but don't own it. I own PTIAX, which is not quite the same animal, but in the same ballpark, right?