Thanks for the input. Both Scott Burns and Merriman have shown splitting up the 60% equity side into US Large, US small, Reits, International and Emerging Mkts will outperform the CRSP US Total Mkt Index over time (VBIAX equity side of 60/40). My data shows this portfolio 60/40 will produce 9.32% CAGR since 2002 while VBIAX had 7.62%. That would compound greatly over time. Max drawdown was 4 percentage points higher than VBIAX and beta appeared to be 15% higher. So.....its a matter of personal choice I guess but not a bad option. Not sure which way I will go. Simplicity with VBIAX costs you a little. VBIAX made changes to their benchmark index equity side that has improved their performance around 2006. AOR looks good with limited track record but it is outperforming near term but needs a big down market to properly test it. Put AOR on watch list. This might be in the vein of what K O'Reilly is doing.

Good morning,
It is for certain my small/mid cap sleeve found in the growth area of my portfolio has been the bread winner thus far this year with a year-to-date return of better than 25%. My second best performing sleeve is my domestic equity sleeve found in the growth & income area with a year-to-date return of 10.1% and is followed by my domestic hybrid sleeve which is also a member of the growth & income area with a return of 9.6%. Overall, my investment return for the portfolio as a whole, according to Morningstar's Portfolio Manager, is 8.0% which betters the year-to-date return of the Lipper Balanced Index at 6.3%. Thus far, my better performing sleeves have more than offset my laggards.
As of my last Morningstar Instant Xray analysis (11/25/2016) my asset allocation bubbled at 20% cash, 25% bonds, 33% domestic stocks, 17% foreign stocks and 5% other. This is a little different from my last report of equities being a total of 52%. Seems, my hybrid funds which make up about 40% of my portfolio must have made some asset adjustments for this equity allocation to change. I find it interesting to follow their changing asset movements and how these changes effect my portfolio's asset allocation. I believe, some of my hybrid type funds help keep me positioned in the more faster moving market currents as their investment spectrum encompasses a wide range and variety of assets.
Since, December will soon be here, in only a few days, I don't plan to do any buying until the first part of the new year, if then. During December, I'll collect most of my fund distributions and build cash. I'm not certain what will transpire should the Fed's raise interest rates in December, or January, and it's resulting effects on equities. I do believe it certain that bond prices, for the most part, will continue to adjust downward as interest rates rise. It will be interesting to see what shakes out with the fast money crowd. Since, I am well diverisfied I am most likely to benefit from the fast money crowd's forever changing positioning. I am thinking of adding to my bank loan fund in the near term along with some select stock funds ... but, looking to see how December goes. Looking out, as interest rates rise and when I can get a CD yield in the 2.5% range I'll start to rebuild my CD ladder ... but, CD rates will have to become higher than the average total return I have achieved, thus far, with my short term and limited term bond funds.
To quote a strategy found in baseball ... I am not looking to hit the long ball just play short ball and advance the runners. And, if the long ball should come, perhaps it will score some runners just as the outsized returns of my small/mid cap sleeve, in essence, did.
I hope all had a great Thanksiving ... and, I wish all Happy Holidays as December arrives along with continued "Good Investing."
Old_Skeet

FYI: (Click On Article Title At Top Of Google Search)
Perhaps nowhere else in financial markets is speculation on the ultimate success of Trompononics more rampant than in shares of small U.S. stocks.
Small company shares on Friday notch their longest winning streak in 20 years on a shortened Black Friday trading session. The Russell 2000 Index rose 0.4% in in the shortened session to book its 15th advance in row. This streak ties a run last seen in February 1996. The longest ever streak, 21, was hit back in 1988.
Regards,
Ted
https://www.google.com/#q=Unsinkable+Small+Caps:+Russell+2000′s+Winning+Streak+Longest+in+20+Years+wsj

Dry Powder Gang
http://www.mutualfundobserver.com/2016/05/

More Optimism or " a sense of relief that the election was finally over"

The final index of consumer sentiment for November jumped to 93.8 from a preliminary reading of 91.6, according to a report released on Wednesday.
This report took on added significance because it showed results of the first postelection survey.
"The initial reaction of consumers to Trump's victory was to express greater optimism about their personal finances as well as improved prospects for the national economy," said Richard Curtin, the survey's chief economist.
Curtin said the survey showed that the improved optimism was widespread — across all income and age subgroups across the country. However, it may have been exaggerated by a sense of relief that the election was finally over he said.
http://www.businessinsider.com/umich-consumer-confidence-november-23-2016-2016-11
Final Results for November 2016
2016 Y-Y vs 2015 % Change
Index of Consumer Sentiment 93.8 +2.7%
Current Economic Conditions 107.3 +2.9%
Index of Consumer Expectations 85.2 +2.8%
...and it was perhaps exaggerated by what most considered a surprising victory as well as by a widespread sense of relief that the election had finally ended. To be sure, no surge in economic expectations can long be sustained without actual improvements in economic conditions. Presidential honeymoons represent a period in which the promise of gains holds sway over actual economic conditions.
http://www.sca.isr.umich.edu/
Image source:
Consumer confidence rose more than previously reported to a six-month high in November, showing Americans became more optimistic about their finances and the economy after Donald Trump won the presidential election.
by Patricia Laya Bloomberg News
November 23, 2016 — 9:00 AM CST
http://www.bloomberg.com/news/articles/2016-11-23/consumer-sentiment-in-u-s-jumps-after-trump-election-victory

FYI: he post-election surge in individual investor optimism continued this week as AAII Bullish Sentiment increased from 46.7% up to 49.9%. So after finally breaking above 40% for the first time in 54 weeks last week, now it is testing 50%! This week’s increase in bullish sentiment is the highest weekly reading since January 2015 and the largest three-week increase (26.25 percentage points) in over six years. Think about it this way — in the last three weeks, bullish sentiment has more than doubled!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/bull-camp-expands-for-third-straight-week/
AAII Website:
http://www.aaii.com/sentimentsurvey

The purchase of an equal weighted blend of small cap value, emerging small cap, and large cap value or mid cap growth from the Nov 1 to May 1 period, then switched to utilities, Long U.S. treasuries, or cash ( depending on risk model heuristic ) from May 1 to Nov1 has produced risk adjusted median rolling 15 year total return periods > 1600% tinyurl.com/hh3ymn8 ( or 22.4% CAGR vs. 14.8% for Berkshire Hathaway since 1986 ) since 1954.
Would rather examine and trust 60+ years of repeatable empirical data as evidence vs. a couple weeks of post election event market behavior and anecdote !

FYI: On a tear before the election, the average fund is down 4.4% after it because of president-elect's rhetoric about countries like Mexico and China
Regards,
Ted
http://www.investmentnews.com/article/20161123/FREE/161129965/emerging-markets-sink-after-trump-victory

@claimui. Isn't ARTGX doing well because it has some US stocks? higher dollar is what is killing international stocks. One would expect ARTKX to underperform ARTGX.

To clarify, I meant that they are doing well compared to their respective categories. ARTKX is in the top 5-10% for the "foreign large blend" category; ARTGX is in the top 10-20% for the "world stock" category.
You are correct that ARTGX is doing better than ARTKX (presumably because of the better performance of US stocks) on an absolute basis, but ARTKX is doing better than ARTGX when compared to their categories/benchmarks -- although both are doing well in general.

@MFO Members Great new, there are simply too many mutual funds. In the United States, there were more than nine thousand mutual funds in 2014, managing assets worth approximately 15.85 trillion U.S. dollars. Domestic equity funds constituted 42 percent of the fund market in the United States. The second most popular were bond funds, with 21 percent of the market share.
Regards,
Ted

https://www.sec.gov/Archives/edgar/data/1611894/000114036116087676/form497.htm
497 1 form497.htm CORSAIR OPPORTUNITY FUND 497 11-22-2016
Corsair Opportunity Fund
(THE “FUND”)
SUPPLEMENT DATED NOVEMBER 23, 2016 TO THE FUND’S
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 27, 2016
On November 22, 2016, the Board of Trustees (the "Board") of the Fund approved a Plan of Liquidation and Termination (the "Plan"), whereby the assets of the Fund would be liquidated and the Fund subsequently dissolved.
In light of the Board's decision, shares of the Fund are no longer being offered.
As a result of the Fund's liquidation, each shareholder of the Fund as of the close of business on December 15, 2016 will be entitled to receive a distribution in an amount equal to the net asset value of his/her shares as of December 15, 2016, to be received prior to December 22, 2016. The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event. You should consult your personal tax advisor concerning you particular tax situation. A notice concerning the Plan and the liquidation and dissolution of the Fund will be mailed to shareholders.

Here's the actual GAO report.
While some of what it says may be sound and even useful, there are enough things that pop out to suggest one not read a news report without looking at the GAO report itself.
The report starts: "GAO’s nongeneralizable survey ..." Much later it amplifies: "The participants’ responses and our analysis of their accuracy are not generalizable.."
"Our web-based survey was an opt-in panel [self-selecting participants] and open to anyone who received a link to the survey ... [including] plan sponsors and other plan professionals who assist plan sponsors ... On the basis of our application of recognized survey design practices and follow-up procedures, we determined that the data were of sufficient quality for our purposes."
While the report says that people average 11 jobs over the thirty year period between ages 18 and 48, it notes that these jobs may be held simultaneously. Also, half of these (5+) are held before age 25 (Table 4). Where and how is that accounted for when looking at the savings lost by starting jobs that require a one year waiting period before contributing to a 401(k)?
On the one hand, the waiting period for all these early jobs may be more costly than the same waiting period at the later jobs. That's because the early job money that would have been contributed but for the waiting period would have grown for more years than later job contributions. On the other hand, early career wages are lower, so fewer 401(k) dollars may be lost by having to wait. Perhaps even no retirement dollars at all are lost. This is because at starting wage income levels, people might be able to put all these dollars into IRAs without maxing out.
It doesn't seem that the report is this sophisticated. It seems to use hypotheticals that it considers average, but I've taken just such a quick cursory look that all I've got are questions.
The report may hang together. The GAO did use some actual labor statistics. But it seems hard to tell from a very quick first glance. As an employee, I want to get everything I can from my employer - immediate participation, immediate vesting, large match. As an employer, I want to be able to retain employees, especially in the more mobile 21st century. The best way to do that is still to provide a work environment where people want to stay.

FYI: The Scout Mid Cap fund has returned an annualized 10% over 10 years, beating 99% of its peers.
Regards,
Ted
http://www.barrons.com/articles/todays-top-5-stock-picks-durable-growth-1479905281?mod=BOL_hp_highlight_1
M* Snapshot UMBMX:
http://www.morningstar.com/funds/XNAS/UMBMX/quote.html
Lipper Snapshot UMBMX:
http://www.marketwatch.com/investing/Fund/UMBMX
UMBMX Is Ranked #32 In The (MCB) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/mid-cap-blend/scout-mid-cap-fund/umbmx

BAM is a marketing machine. I read Swedroe's books and have tracked his portfolios in those books as for anticipated outcomes. Maybe if you have 50 years you can reach the returns he projects. Much data mining and public relations fizz promoting DFA and claiming they add 3% benefits to you with their advice. Its part of the risk equation when you sign with an advisor for a particular set of funds DFA in this case. DFA uses the age old marketing ploy of exclusivity with its advisors. Madoff also used exclusivity, its marketing and advertising 101.

@claimui. Isn't ARTGX doing well because it has some US stocks? higher dollar is what is killing international stocks. One would expect ARTKX to underperform ARTGX.
Once again, stock picking prowess is not non-existent, but way overrated.
@expatsp You got me thinking. Need to take closer look this weekend at Artisan et.al. It is very difficult to distinguish between good managers and inception date of fund luck. I need to see consistent upside / downside captures. Instead of comparing 1,3,5 year returns, need to compare them against charts of other funds over exact periods.

Am wondering if the time is coming to get out of artkx. Had a great run, but nothing lasts forever, and if the parent company is losing its culture, could be time to take profits

ARTKX has been in the top 10% of its category almost every year. After a poor 2015 and a mediocre start to 2016, Morningstar now has it in the top 10% YTD, and in the top 5% for all other periods. ARTGX, run by the same managers, is also doing well.
Artisan may be going through some changes, but I think you'd be hard-pressed to find a worthy alternative to ARTKX.

Speaking of the pathetic state of journalism, you might think about (but largely avoid reading) the current U.S. News article, "This book obliterates active management." The book is another of Larry Swedroe's shots at active management; smart guy, he's probably 99% right.
My beef? The article is written by a member of Swedroe's staff: "[t]he book was written by my colleague Larry Swedroe." The author is "director of investor advocacy for the BAM ALLIANCE and a wealth advisor for Buckingham." Which is to say, he's a marketer. He "travels the country educating advisors and clients alike about changing their lives for the better." Swedroe, on the other hand, is one of the firm's principals, a board member and member of the executive team.
Why isn't this "article" presented as what it is: an ad for Swedroe's 13th book (what is it that he hadn't covered in the prior 12 that required an entire new book?) by a guy with a vested interest in it.
David

Could not agree more. A marketeer in a class of his own. I think he is up to 15 or 16 books now.

FYI: Retail names among the strongest of the day
U.S. stocks were little changed on Tuesday as major indexes pulled back from their latest in a string of all-time highs, on a day when both the Dow and S&P 500 topped psychological milestones.
Gains on the day were slight but broad, with only three of the S&P 500’s primary 11 sectors trading lower early. Consumer-discretionary names were among the biggest outperformers, lifted by retailers.
The Dow Jones Industrial Average DJIA, +0.45% rose 44 points, or 0.2%, to 19,002. The blue-chip index touched 19,014.73 early in the session, its first time above 19,000.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2016-11-21/yen-rises-nikkei-futures-erase-gain-after-quake-oil-holds-gain
Reuters:
http://www.reuters.com/article/us-usa-stocks-idUSKBN13H19R
MarketWatch:
http://www.marketwatch.com/story/us-stocks-on-track-to-knock-out-fresh-record-highs-2016-11-22/print
USA Today:
http://www.usatoday.com/story/money/markets/2016/11/22/stocks-dow-tuesday/94268404/
IBD:
http://www.investors.com/market-trend/stock-market-today/stocks-turn-mixed-after-dow-crosses-19000-retailers-shine/
CNBC:
http://www.cnbc.com/2016/11/22/if-the-dow-closes-above-19000-we-can-expect-more-gains-to-come.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
WSJ Markets At A Glance:
http://markets.wsj.com/us
Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures: Positive
http://finviz.com/futures.ashx

FYI: We found the star rating was moderately predictive of future returns.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=780965

These surveys are disappointing in a number of ways. First, they point out that there are still more than a few so-called "advisors" who stick to one or two fund families, no matter what. The survey confirms the inability or laziness of many commission brokers to think outside a small box. This is often encouraged by broker/dealers that have more attractive commission payouts for fund companies who pay the BDs to get on their "A" list of funds. Shameful? Yes, but it happens a lot.
Second, it shows that lower-cost funds are starting to appear in the survey, but just barely. Considering all the news and emphasis on fiduciary responsibility, load funds still make up the majority of of the list.
Third, it shows that despite the commission industry's talk about how a fiduciary rule will keep them from providing service to smaller accounts, there is very little difference in investment advice from one client to the next among their salespeople. The order of the top 5-6 companies shown might change from year to year, but there is not much change in the names of that group.
Fourth, and very promising, is the actual showing of Price, Vanguard and DFA in the list. This means two things: A. the survey is actually being sent to and answered by a segment of the RIA community, and B. this segment of the advisory industry is growing, while the sales/commission side is losing market share every year.
I must confess, too, that all of the commission fund companies offer no-commission funds, funds at NAV, or institutional-class shares to the RIA industry. That has not always been the case, and that is also something for which I am thankful.