Good year, in 2016. I've been in it for a bit more than 4 years. Is it really up by about 15% in 4 years---or so? Double checking myself.

Are you really trying to buy in and out of active funds on an annual basis? IMO, that is a losing formula...

Good year, in 2016. I've been in it for a bit more than 4 years. Is it really up by about 15% in 4 years---or so? Double checking myself.

The link below will take you to a piece written by Brian Gilmartin of Trinity Asset Management about his thoughts for his retail account holders asset allocations for 2017. He has made post under the handle "fundmentalis."
http://fundamentalis.com/?p=6570
Enjoy the read ...
I wish all "Good Investing."
Old_Skeet

LOL. You forgot two:
1) "Average investor" also: probably buys high, sells low, and while they may read on their internet device they don't do serious due diligence before taking action in the markets.
2) "Average investor" = someone with some money in the markets who is ripe for 'expert' advice from 'broke-ers' and mass market newsletters advertising on late-night TV / website overlays.

I just love the term "average investor" - So damn precise.
Let's see ...
Most likely human (male or female)
Probably has a pulse with a body temp over 95 F
Probably possess some wealth (amount unknown)
Probably can read and write and/or operate an internet connected device
Probably assumed more investment risk during 2016 than bank CDs would afford
Got it. :)

After an early year scare, US equities fared well in 2016, especially since November 6th ... ending year up a handsome 12%.

Just about the opposite for US aggregate bonds. After a strong first half, they have given up much of their gains to close the year up 2.4%.

http://finance.yahoo.com/m/a8b3e499-fad8-3508-bf0b-16782e1e2818/ss_meet-the-2017-dogs-of-the.html
Massive Dividends and Expected Upside

I'm happy to say in 2016 my ~ 60% eq :25% bond :10% cash:5% gld, Charles Schwab Intelligent Portfolio returned 11.8%. So far so good on the robo. Not sure what it will do in a down year, but I'm sure to find out at some point. Maybe 'direly' soon.

I just love the term "average investor" - So damn precise.
Let's see ...
Most likely human (male or female)
Probably has a pulse with a body temp over 95 F
Probably possess some wealth (amount unknown)
Probably can read and write and/or operate an internet connected device
Probably assumed more investment risk during 2016 than bank CDs would afford
Got it. :)

5% on average!!! That's it? I don't feel like I did so badly now but it sure looked sucky back in February.

Real Estate Annual Performance Review from Hoya Capital Real Estate
Hoya wrote a brief annual recap this week, "REIT Awards: 2016." We noted the moderate 6-7% total return in the REIT indexes hides significant divergences within the real estate sector.So how does 2016 stack up by historical standards? Believe it or not, the seemingly strong 6% return is actually among the lowest annual returns since the beginning of the "Modern REIT Era" in 1992, a testament to the robust performance of the real estate sector over the past quarter century.
http://seekingalpha.com/article/4033516-real-estate-weekly-reits-end-2016-high-note-christmas-retail-sales-surge

This is actually modestly curious news. The $10,000 retail shares disappear but the $5,000,000 institutional shares become available for $10,000. In addition the e.r. drops and the management teams change.

Not sure what your time frame is for up. Miner stocks have had a good year on their roller coaster ride as shown above by TGLDX ( I think TGLDX is one of the very few if not only PM fund that does hold a very small amount of real gold), up around 40+% in 2016. Gold on the other hand is up around 18% for the year. But both these funds/ETFs are down considerably since summer. I believe TGLDX was up in August 2016 to about 100%, so it has taken a drastic slide since then. GLD is down around 15% in that same time period, August to now. Over the last 10 days, GLD is up around 2% if that is the 'up' you mean.
I'm just not seeing a clear up trend... yet. And as an investment, IM<HO, gold may be an investment, miners are very, very speculative.

Today the Sellers/Profit Takers Moved In
TGLDX
Quote data as of close 12/29/2016
NAV Change
$34.58
+2.03 (+6.24%)
Quote data as of close 12/30/2016
TGLDX TOCQUEVILLE GOLD FUND $33.77 -$0.81 -2.34 %
52 Week NAV Range $22.25 - $47.92
@ today's close
1 Week Change 8.20%
1 Month Change 0.78%
3 Month Change -20.63%

HERE'S A HANDY CHART Shows most of the points made.This is a weekly feature and nice re-cap of the REIT industry posted on Seeking Alpha by the authors.I've posted it on this site several times.

http://seekingalpha.com/article/4032479-real-estate-weekly-record-high-home-prices-consumer-confidence-reit-rally-pauses

"Donald Trump's election in November further contributed to those trends. The election and his attraction to a stronger dollar have helped spur higher rates ...". This quote has it backwards.
It's the other way around. Higher rates since the election caused the Dollar to soar against other curriencies. (The author suggests the opposite). And I'm not sure there was any intent on the part of Trump either. Investors, fearing higher inflation if he funds massive infrastructure with debt have reacted predictably by demanding a higher rate of return on money lent. That's why rates have risen since his election. Currency traders, seeing the now higher rates available on U.S. debt have consequently bid the dollar higher against other currencies. Remember, however, the dollar was already sitting at multi-year highs before the election. Even at 1.37% on the 10-year the dollar looked attractive against many other currencies where negative rates had been imposed by central banks desperate to spur growth and inflation. (The Federal Reserve also contributed to higher rates, but the trend was well in place before they acted.)
As suggested by others, a strong dollar cuts both ways. It makes imported goods cheaper for Americans to buy but harms U.S. exporters by making their products more expensive (and less competitive) abroad. Perhaps missing from the article/discussion is that a strong currency can have deflationary consequences. That's one reason nations around the world have been attempting to weaken their currencies. As for REITS, don't feel too sorry for them. I purchased a small hold in OREAX in early September, 2015. In fewer than 16 months it's up 17.5% - not too shoddy.

So, Mairs & Power might well be the very LAST to pay-out profit to shareholders:
MPGFX $5.04/share
MAPOX $1.58
MSCFX $0.46 cents

erudite

It fascinates me that people obsess about round numbers on indices.

It is fascinating isn't it? Not just stock indexes. Toss in 50th anniversaries, turning 70 or 100, or becoming a millionaire - to name a few. The goverrnment, however, seems not to have such fixation. Witness the 70.5 years of age RMD requirement or tax brackets like 28 and 33%.
Is Dow 20,000 meaningful? Hardly. But if it's like Dow 10,000 the gang at CNBC will celebrate. Unlike your 50th anniversary, they'll probably get to celebrate Dow 20,000 more than once.
There could be a psychological aspect to all this that will motivate those investors who are less erudite than we to throw caution to the wind and start pouring money into an already hot market, driving indexes even higher for some period of time. Or, I suppose, the opposite may also accur - with the daunting figure stoking fear in the hearts of many and causing stocks to sell off.

FYI: Everyone has their blind spots — even the greats !
Regards,
Ted
http://www.marketwatch.com/story/buffett-bogle-merriman-losers-every-one-2016-12-15/print

@VintageFreak
Incidentally, I posted the fund's closing earlier this month:
http://www.mutualfundobserver.com/discuss/discussion/30594/champlain-focused-large-cap-value-fund-to-liquidate#latest