As a former brokerage account holder there, I'd say Vanguard's highest and best use is as a spot for holding a low-maintenance portfolio (or sub-portfolio) of Vanguard funds, and that's it. I agree with larry and little5 that the V. customer service and transfer mechanics are pretty poor.

FYI: A lot of dividend mutual funds are getting clobbered this year in total return.
In fact, for many, the higher their 12-month yield, the worse their year-to-date performance, as of Dec. 16.
So should investors plunge into this beaten-down stock mutual funds category? Does it have any place other than up to go?
This is a crucial question for many investors, especially those focused on retirement planning.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjExNTM1Mzc=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WMUT90-1218.jpg&docId=785970&xmpSource=&width=1000&height=846&caption=&id=785971

Will Goldman Be Right After All?
Oil Price
FREE
WEEKLY REPORT
18/12/2015
Some corners of the energy world dismissed Goldman Sachs’ prediction earlier this year that crude oil prices might fall below $30 per barrel. But no longer. The investment bank reiterated http://www.houstonchronicle.com/business/article/Goldman-says-only-20-oil-can-guarantee-market-6706218.php?t=90ec76519e438d9cbb&cmpid=twitter-premiumits belief that oil prices may need to fall to $20 per barrel in order to force a significant volume of supply off the market, and such a scenario is no longer seen as a remote possibility. U.S. oil production has only declined moderately thus far, down about 300,000-500,000 barrels per day since peaking at 9.6 million barrels per day (mb/d) in April 2015. But with so many drillers barely hanging on, everyone is still pumping as much oil as possible in order to keep the lights on, delaying the inevitable adjustment in supply. “This rebalancing is far from achieved,” Goldman concluded this week.
For now, the world is still producing somewhere around 1.5 mb/d more than it needs. Capital markets have shunned some of the most indebted drillers, but access to finance remains open for investment-grade oil drillers. In this context, unless oil prices drop another $10 to $15 per barrel, Goldman says, the necessary contraction may not take place quick enough.
http://oilprice.com/newsletters/free/opintel18122015
KENNYPOLCARI
8:21 AM 12/18/15
And the Headlines Say it All!
“Europe continues to struggle, China is slowing, Hi Yield is imploding, Oil is crashing, earnings are being cut, housing is still under pressure, job growth is suspect, manufacturing suggests that we are (already) in a recession, and this bull mkt is long in the tooth…… ”
The fear now is that IF oil does NOT hold at the 2008 lows of $32.40, then you should move away from the fan….because when it hits it won’t be pretty and the start of 2016 will be one for the record books……maybe our friends at GS are right……Could we really see oil at $20/barrel?…….. I mean look - all of the major oil producers (think Saudi’s and the OPEC nations) continue to produce like there is no tomorrow - refusing to 'give in’……..as they try and slaughter the competition (think Russia, US and Non OPEC producers) …..If that is the case then we could all be in for some very rough time in the first half of 2016.
How about that JUNK?
Since 2007, the percentage of corporate bonds that Standard and Poors has rated 'junk’ (or more politically correct - Hi-Yield/Speculative) , has climbed from 40% to 50%. We can thank the FED for this - mostly because they encouraged companies to borrow massive amounts of money at near zero rates to 'kick start’ the economy….. and naturally, much of this borrowing came from the energy, metals and mining sectors - which are now in distress. (Fun Fact: The country is now looking at about $180 billion of total 'distressed debt’* - the highest level since the end of the Great Recession).
[*Distressed debt is the debt of companies that have filed for bankruptcy or have a significant chance of filing for bankruptcy in the very near future.]
And so - sports fans……that IS a problem - because Standard and Poors says that:
“a whopping 72% of the bonds in the metals; mining and steel industry is now distressed. That makes sense given the fact that prices for raw materials like copper, iron ore, aluminum and platinum have recently plummeted to crisis levels. It’s so bad that a key Bloomberg index of commodity prices is now sitting at its lowest level since 1999.”
Notice that they did not estimate what percentage of distressed debt is in the energy space….. and if oil prices stay depressed for much longer, more energy companies could default which will cause those mkts to 'sieze up’ - forcing asset managers to sell what they can…..(and here is where you have to think stocks…..because why? Because stocks are the most liquid, easily saleable, transparent asset class there is….Need to raise money - hit the sell button and BOOM - you are done) .
http://kennypolcari.tumblr.com/post/135441517380/and-the-headlines-say-it-all-try-the-simple

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000467475&play=1

http://www.businesswire.com/news/home/20151218005315/en/Manning-Napier-Announces-Agreement-Acquire-Majority-Interest
Thoughts?

Hi @Old_Joe
Part of the recently passed "budget" from the house and likely to be passed by the senate too, is to allow oil exports, as well as expansion/extension of credits for solar/wind/etc.
http://www.vox.com/2015/12/17/10442030/oil-export-ban-solar-wind
The end game? Saudi's, Russia and others.
This link is crude production by major countries from 2004-2014 and is linked for 2014. Click on a year to change the graphics.
http://money.cnn.com/interactive/news/economy/worlds-biggest-oil-producers/
Mr. Putin recently noted that production will not be reduced, if I recall properly. Looking at the list of major producers, I don't see any that are willing to reduce production; as they need the cash flow, eh?
The continuing end game outcome for crude production will remain to revolve around technology, IMHO; versus actual demand for crude based products. Will these demands or changes with a major impact arrive before you and I leave this 3rd rock from the sun?
I doubt this will happen. But, changes are happening at a very fast rate.
You and I, with backgrounds in technology fully understand the impacts in this area. A 4 year old somewhere today, playing with a smart phone or an Ipad will discover and bring forth ideas the Googles and Facebooks have not yet thought about, eh?
But, cash flow is the name of the game at this point in time. I don't see the major producer countries having many choices right now.
I sure as heck want to get directly into the energy area; but perhaps it will not be an oil play, but another form of energy production, many of which are already in play.
I may have run around the block with this; and not really said much.......or nothing new.
Opps........... to add: http://www.bloomberg.com/news/articles/2015-12-17/what-just-happened-to-solar-and-wind-is-a-really-big-deal
And "some" energy etf's list in broad sectors.........you may uncheck the boxes at the left edge to sort the list of your choice.
Regards,
Catch

@VF - I know you saw it coming, sorry to offend. I asked Charles because I thought he was one of the believers.
I have to wonder though if Mr. Buffett has been right all along. Just stick your money in an S&P 500 index and go live your life. If the smart people in the room with all the toys and tools can't get this stuff right who do I think I'm fooling. Some pondering I must do.

Amen to that! Unless you want to eat, drink, sleep, and breathe the markets 24 hours a day. And I mean that literally. Over the years have seen all these investors congregate in the same funds such as the aforementioned Whitebox as well as other *crowd* favorites ala RSIVX, ARIVX, MFLDX, WAFMX, RPHYX, AQRNX, and the granddaddy of them all PRPFX. Not exactly a prescription for a wealthy retirement. I just hope it won't be the same sad story with the latest fave GPMCX.

@VF - I know you saw it coming, sorry to offend. I asked Charles because I thought he was one of the believers.
I have to wonder though if Mr. Buffett has been right all along. Just stick your money in an S&P 500 index and go live your life. If the smart people in the room with all the toys and tools can't get this stuff right who do I think I'm fooling. Some pondering I must do.

Great question by OJ. Just too many unknowns. To answer it requires answers to at least some of these basic questions:
1. Are commodities (including energy) a leading indicator of something bad coming down the road that will eventually infect all major risk assets including stocks?
2. How will the geopolitics among global producers finally play out? (This one seems to be the thrust of OJ's question.) Umm ... what would the proposed "carpet bombing" of certain areas in producing nations do to world oil supply? We're already blowing up tankers in the region without much effect on global oil prices.
3. How serious are the industrialized nations about curbing CO2 emissions?
4. How rapidly will alternative energy sources come on-stream? One example is the hydrogen fuel cell. In theory, cars could run on water.
5. How many more warm winters will the U.S. (and much of the industrialized world) experience over the coming decade?
Just a few questions few of us can get our heads around today. Yet 25 years from now the answer to OJ's question will seem perfectly obvious and we'll wonder how we missed it.

Haters gonna indict.
http://www.bloombergview.com/articles/2015-12-17/martin-shkreli-accused-of-being-surprisingly-good-at-fraud
Matt Levine had a lot of fun putting this together (it's obvious), and he wrote it so that you can too.

A better headline might be: Whitebox Getting Out of Mutual Fund Business.
I don't think they run more than three funds. I guess some strategies are more suited for a hedge fund format and vice versa. My impression was they had a great record as hedge fund managers. Not every manager is suited for running a fund that requires daily liquidity. I also see these kinds of closures as a contrarian indicator. Their style is probably just about to come back in favor. The same thing happened in 1999 at the peak of the dotcom bubble. All these value managers lost their jobs, notably Robert Sanborn at Oakmark, right before they were about to be proven right on the fundamentals. But with fund investing it's not enough to be right on the fundamentals. You have to be right on the timing too or effectively you're wrong.

I have to disagree a little bit. It is because I was able to take my head out of my ass with Hussman, I was able to spot something broken at Whitebox.
I'm the first one the say "you have to get the timing right". When vs Why. Applies to us buying funds AND applies to mutual fund managers buying stocks. The "fundamentals" and "technicals" might say anything. They are responsible for managing investors money.
The problem is not necessarily with the Thesis. I will not say Hussman is wrong. The problem is with the IMPLEMENTATION of the strategy. Hussman says he is never net short. Well he sucks at hedging since his performance is that of an inverse S&P 500 fund. Same with Whitebox. All you had to do is read the annual reports and commentaries. You expect fund to behave a certain way based on how it is invested vs the market is doing. It made absolutely no sense how the portfolio was acting. Either manager is BSing or he is an academic.

Reuters is getting all over it. Looks like the indictment will be the first of many.
http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN0U01IM20151217
His parents were born and raised in Albania. Say no more. Fraud, embezzlement, black marketeering, etc. are the country's chief industries and have been for a long long time. It's part of any Albanian child's catechism.

Let's not create Stereotypes. Such A-holes are not restricted by cast, creed, race, longitude, latitude, planet. They are simply one of the legit contradiction to Darwin's theory of evolution.

A $5 million bond? The bond should be raised the same level as Turing raised its pharma price. The judge should have said that it was $5 million last week...this week the bond is $255 million.

Reuters is getting all over it. Looks like the indictment will be the first of many.
http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN0U01IM20151217
His parents were born and raised in Albania. Say no more. Fraud, embezzlement, black marketeering, etc. are the country's chief industries and have been for a long long time. It's part of any Albanian child's catechism.

Here is the new Marketfield registration filing:
http://www.sec.gov/Archives/edgar/data/1141819/000089418915006415/mrktfld-tpm_485a.htm

http://www.sec.gov/Archives/edgar/data/1523624/000114420415071495/v426142_497.htm
497 1 v426142_497.htm 497
Filed Pursuant to Rule 497(e)
1933 Act Registration No. 333-175116
1940 Act Registration No. 811-22574
WHITEBOX TACTICAL OPPORTUNITIES FUND
WHITEBOX MARKET NEUTRAL EQUITY FUND
WHITEBOX TACTICAL ADVANTAGE FUND
Supplement dated December 17, 2015, to the Prospectuses dated January 16, 2015 (as supplemented March 5, 2015, September 1, 2015 and November 16, 2015)
The Board of Trustees (the “Trustees”) of Whitebox Mutual Funds (the “Trust”) has determined that it is in the best interests of the shareholders of the Whitebox Tactical Opportunities Fund, the Whitebox Market Neutral Equity Fund and the Whitebox Tactical Advantage Fund (collectively, the “Funds”) to liquidate and terminate the Funds.
The liquidation of the Funds is expected to be effective on or about January 19, 2016 or at such other time as may be authorized by the Trustees (the “Liquidation Date”). Termination of the Funds is expected to occur as soon as practicable following liquidation.
Effective at market close on December 17, 2015, the Funds will cease accepting purchase orders from new or existing investors. The Funds anticipate making a distribution of any income and/or capital gains of the Funds in connection with its liquidation. This distribution may be taxable. The tax year for the Fund will end on the Liquidation Date.
Shareholders of the Funds may redeem their shares at any time prior to the Liquidation Date.
If a shareholder has not redeemed his or her shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder at his or her address of record. Liquidation proceeds will be paid in cash for the redeemed shares at their net asset value.
To prepare for the closing and liquidation of the Funds, the Funds’ portfolio managers will likely increase the Funds’ assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Funds are expected to deviate from their stated investment strategies and policies and will no longer be managed to meet their investment objectives.
Redemptions of shares (including liquidating redemptions) are generally taxable. Shareholders should consult their personal tax adviser concerning their particular tax situations.
All expenses of the liquidation of the Funds will be borne by Whitebox Advisors LLC.
A shareholder may obtain additional information by contacting Investor Services at (855) 296-2866 Monday through Friday 9:00am to 8:00pm EST or by contacting his or her plan sponsor, broker-dealer, or financial institution.
* * *
Prospectus Supplement Dated December 17, 2015
Please Read Carefully and Keep for Future Reference

Updated:
http://www.sec.gov/Archives/edgar/data/915802/000091580215000113/stickerredmontfundiliquidati.htm
497 1 stickerredmontfundiliquidati.htm
FINANCIAL INVESTORS TRUST
REDMONT RESOLUTE FUND I
Supplement dated December 17, 2015
to the
Prospectus and Statement of Additional Information each dated August 31, 2015
for the Redmont Resolute Fund I,
a series of Financial Investors Trust (the “Trust”)
The below information supersedes the information in the supplement dated December 16, 2015.
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Highland Associates, Inc. (the “Adviser”), the investment adviser to the Redmont Resolute Fund I (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on January 29, 2016.
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on December 16, 2015. However, any distributions declared to shareholders of the Fund after December 16, 2015, and until the close of trading on the New York Stock Exchange on January 29, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of December 16, 2015, you may continue to redeem your shares of the Fund after December 16, 2015, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on January 29, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the
close of business on January 29, 2016, the effective time of the liquidation, your shares will be redeemed,
and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of
January 29, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Fund will bear the expenses incurred by the Fund in carrying out the Plan.
Please retain this supplement with your Prospectus and Statement of Additional Information.

At Fidelity, there is a $2,500 initial buy for AQR, but it's only in retirement accounts. (Bitzer, the Fees and Distributions page for a fund is the place to look at Fido for the details on cost & purchase minimums - the Summary page is the abbreviated version.)