@VF: And why should they? 1 yr high $15.72 _ now $11.78
Derf

Junkster said:
"Very early January may set the tone on where to be in Bondland for 2019. Maybe the formerly crowded trades such as PTIAX and PIMIX will return to the fore?"
Junkster,
So you are hopeful that the Fed announces they will stop raising rates QUARTERLY after the late Dec-2018 hike? Seems to be 2 different schools of thought on that topic right now. I think the Fed is likely to continue raising rates all next year (3x or 4x in 2019). Asset bubbles will continue to "lose air." Its overdue.

Current Morningstar rating of the 6 Dodge&Cox funds show 4 funds with a 5 Star rating and 2 funds with a 4 Star rating. Not too many fund companies with multiple funds can beat that.

I think their “gross” underperformance in ‘08 was likely a one-time occurrence. But, can’t say for certain. However, D&C’s funds will normally give you a rougher ride for sure. Not for the “queasy”.
Long term (10+ year out) if one has a lot of patience they’re a hard act to beat IMHO. A lot of that is due to their very competitive ERs. Not many investors today possess that degree of patience. Actually, now in my 70s, I don’t possess that degree of patience either. I continue to hold slices of DODBX, DODIX and DODLX, but now avoid their equity funds.

@Mark is correct. D&C was a train-wreck during the late ‘07 to early ‘09 market collapse. One of the worst performers across all their equity funds. Some of their funds lost more than 50% during that 2-3 year period. Their balanced fund, DODBX, held up better, but also was hammered relative to peers. Reading their commentaries back than, D&C management blamed unanticipated and unusual government intervention during the crisis, in part, for their poor performance.
I’m sorry I can’t remember exactly what transpired, but believe it had to do with the government and courts’ failures to hold accountable issuers of (defunct) obligations D&C held. D&C got stung good on some of that paper. I believe they contested it in court to no avail.
I stuck with them, shifting more and more into their most beaten-up funds as markets crumbled. At the end of the mess I had 100% in DODWX, which bounced nicely in ‘09.
Personally, I don’t understand or pay much attention to moving averages. But I do believe in spreading risk around. That means D&C is but one of several houses I entrust my life savings to. I’ve always considered them a bit more aggressive than the average fund manager in their equity and balanced funds. So you need to be prepared to take a little bigger hit in down markets.
You can read about the 2008 misery in the linked Dodge & Cox Annual Report, dated December 31, 2008: https://www.sec.gov/Archives/edgar/data/29440/000119312509037454/dncsr.htm
In the report, reference is made to their failure to foresee “the likelihood of government interventions” in the crisis as one cause of their poor performance.

Adding to @Junkster and his note about the (14 day RSI in the 90s). The "teal" color at the top of this chart is the RSI section above the 70 number. One finds the available range of 100 (overbought, too hot to handle/buy) to 0 (oversold, dying or dead) for a FULL RSI scale.
3 year IOFIX chart
--- A more typical chart for a well performing fund, being FSMEX, and one will see the periodic moves above the "70". I reference this particular fund for its long term performance overview and typical bumps in the road. The 10 year annualized = 19.3%.
3 year chart, FSMEX
I suspect that Junkster will agree that the IOFIX chart and the implication is very exceptional to the rule.
Regards,
Catch

Darn, Junkster, you play around only with the institutional versions? Big-time player.
I had sold 90% of my IOFIX a few weeks back, and today I sold that last 10%. Not sure what comes next, so sitting in cash (FZDXX).
Eyeballing RCRFX (RCRIX). RCRIX has been really steady, and the retail version is new.

Big time player? I wish. More like a small time player who is old enough to have accumulated enough and more for the institutional shares. Very early January may set the tone on where to be in Bondland for 2019. Maybe the formerly crowded trades such as PTIAX and PIMIX will return to the fore?

@PBKCM: I see you've been doing very well over the last year with KCMTX !
Regards,
Ted
Fund Return: Category Return: S&P 500: %Rank: Quntile:
YTD 4.68% -4.63% 0.84% 5% 1
1yr 8.85% -3.55% 3.95% 2% 1
3yr2 10.11% 2.46% 10.48% 1% 1
5yr2 7.67% 1.38% 10.34% 1% 1
10yr2 8.32% 6.29% 15.15% 14% 1

Darn, Junkster, you play around only with the institutional versions? Big-time player.
I had sold 90% of my IOFIX a few weeks back, and today I sold that last 10%. Not sure what comes next, so sitting in cash (FZDXX).
Eyeballing RCRFX (RCRIX). RCRIX has been really steady, and the retail version is new.

The primary allure to IOFIX was its amazing trend persistensy with little to no drawdown / ability to get overbought and stay overbought months at a time (14 day RSI in the 90s). That all went out the window Tuesday with its largest daily decline in its short history, Not so sure it was some quarterly reset as several funds in the non agency category had out of the ordinary declines that day ala RCTIX and DPFNX. Even PIMIX got hit that day from its legacy non agencies.
I had posted elsewhere before Tuesday that FMPXX was my largest holding. It is now 100% my only holding. I can live with its current 2.31%/2.34% yield. If this was much ado about nothing with the non agencies will be using BDKNX but never again IOFIX. Maybe even CADTX albeit much of its YTD performance was from one day. I won’t expose myself to any bond fund in a bull trend that can tank 1.29% in one day. As an aside, I am hoping the pundits ( too many to name) finally get it right and there is a debacle brewing ( or already upon us) in junk corporates and bank loan funds.

I offer this post (my follow-up) info from a few days ago; relative to "the smart folks" gett'in investment things correct or not.
https://www.mutualfundobserver.com/discuss/discussion/45519/worst-is-yet-to-come-for-stocks-morgan-stanley

@VintageFreak
Your comment made me curious. So, I put my "google machine" to work. Here is a post that evaluates the 7-year GMO forecast from 12/31/2010. It appears the results shown in the post are probably accurate. Those results indicate GMO's stock market asset class forecasts weren't even close. The bond forecasts did better. A brief comment by Grantham discussing the discrepancies is included (he has commented extensively about the "richly" valued US stock market in his quarterly releases). There is also a link to their 12/31/2011 forecast. The seven year followup date for that one will soon be upon us. It looks like the US stock market forecasts will again turn out to be widely off base. Your skepticism about at least some of the GMO forecasts is strongly supported by these links. My full market cycle bias will cause me to continue to withhold judgement irrespective of 7 year "deadlines".
https://mymoneyblog.com/gmo-asset-return-forecasts-vs-actual-returns-2011-2018.html
lagunabeachbikini.com/index.php/2012/01/20/gmo-asset-return-forecast-31-dec-2011/

Since 10/1, equities are off 8-14%, HY -3%, IG -1%, while IOFIX, even after yesterday’s move, is -1.0%. Hopefully [IOFIX] can get that back soon.c

IOFIX got some of that (4c) back Wednesday. If Tuesday's dump was in the mode of the usual pattern of repricing (every 3m, the last week of the second month of the quarter), it came a week early. From here to the end of Nov. may be kinda enlightening.

@MFO Members:
FYI:
Press Release:
https://www.businesswire.com/news/home/20181121005498/en

Through October, all six Dodge & Cox funds below 3- and 10-month simple moving averages (SMAs), including its Income fund DODIX. Its closed International Stock fund DODFX is trending 8.5% below is 10-month SMA.

From a friend of the fund ...
Since 10/1, equities are off 8-14%, HY -3%, IG -1%, while IOFIX, even after yesterday’s move, is -1.0%. Hopefully [IOFIX] can get that back soon.
c

Okay, the financial markets are closed on Thanksgiving. (I think we all knew that.)
Here's some information on the retail markets: Stores Closed on Thanksgiving Day
It contains links to a list of stores open Thanksgiving Day, and to Black Friday hours.
Those are some of the regular markets. Supermarkets may vary :-)

MFO Members: No registration needed.
Regards,
Ted
https://www.advisorperspectives.com/commentaries/2018/10/23/gmos-7-year-asset-class-forecasts-still-favor-emerging-markets-over-u-s-stocks

GMO monthly issues their "7‐Year Asset Class Real Return Forecasts" for 10 - and, beginning this month, 11 - asset classes. Their method is fairly simple: assume that things - P/E ratio, profit margin, sales growth and dividend yield - will revert to "normal" over the next 5-7 years and sketch the line from here to there. The "real" part is that you deduct the effect of inflation from the resulting "nominal" returns.
Several scholars have examined their predictive validity and found it to be pretty robust. One, examining projections from 2000-2010 then comparing them with Vanguard index funds concluded:

The correlation between the GMO predicted returns and the Vanguard realized returns for equities, bonds, and all assets taken together are 0.954, 0.959 and 0.677 respectively. (Tower, 2010)

Others found that even when the absolute values are off (i.e., GMO was too pessimistic during the frothier parts of bull markets), the relative values are right: GMO's top-ranked asset class tends to outperform its second-ranked class, and so on. Ben Inker, their chief strategist, claimed a 94.5% accuracy (2012).
As recently as September, the real return projections were negative for every asset class except cash. They were least negative about the emerging markets. The newest projection released today begins to factor-in the effect of the recent market turbulence. Bad news: cash remains the most promising US asset class, with US equities in the red over the next 5-7 years and US fixed income breaking even. Good news: there is one asset class now poised for historically exceptional returns, emerging market value equity. GMO projects a 7.7% annualized real return for EM value, well above the historic 6.5% real return in the US stock market. Emerging equity, as a whole, is the second-highest asset class (4.4% real) and emerging debt (2.8%) is third. The one caveat: these asset class return projections are not risk-adjusted; that is, there's no suggestion about how much volatility you'll need to accept in return for your hoped-for 7.7% real.
Traditionally value investing in the emerging markets has been painful and, mostly, unprofitable. Managers at Seafarer and elsewhere argue that structural changes in the emerging markets - largely marked by local investor activism - has fundamentally changed that equation and that long-ignored value plays offer ... well, exceptional value. As a result, there are relatively few EM value funds though their ranks are growing.
Based on YTD performance (as of 11/21/18), here are the top 10 EM value funds available to domestic investors:

• BlackRock EM Equity Strategy
  
• American Beacon Acadian EM Managed Volatility
  
• ICON EM
  
• T. Rowe Price EM Value
  
• Schwab Fundamental EM Large Company Index Fund
  
• Pzena EM Value
  
• Dreyfus Strategic Beta EM Equity
  
• State Street Disciplined EM
  
• SA EM Value
  
• Seafarer Overseas Value

Pzena, T Rowe and Dreyfus sport five-star ratings from Morningstar. Dreyfus and T Rowe have also earned Great Owl designations from MFO for their consistently top-tier risk-adjusted returns. State Street and SA (for Strategic Advisers, a set of funds offered to certain Fidelity clients) trail with two-star ratings. BlackRock and Seafarer are relatively new funds.
On the your choices in the upcoming December issue of Mutual Fund Observer.
Take care,
David

This forecast may be of interest. Its my recollection it is the first time in a few years any of the asset classes in one of their 7-year forecasts has exceeded the 6.5% Long‐term Historical U.S. Equity Return base line used for comparative purposes. And, the October 2018 timing means the forecast precedes the November market declines.
Stocks
US Large -3.9%
US Small -0.4%
Intl Large 0.8%
Intl Small 1.2%
Emerging 4.7%
Emerging Value 7.7%
Bonds
US Bonds 0.1%
Intl Bonds Hedged -1.9%
Emerging Debt 2.8%
US Inflation Linked Bonds 0.1%
US Cash 1.0%
Here is a link to their pretty chart. It may be necessary to register to see it.
https://gmo.com/docs/default-source/research-and-commentary/strategies/asset-class-forecasts/gmo-7-year-asset-class-forecast-(oct2018).pdf?sfvrsn=2

https://www.sec.gov/Archives/edgar/data/830779/000119312518332066/d655023d497.htm
497 1 d655023d497.htm COMSTOCK FUNDS, INC.
Filed Pursuant to Rule 497(e)
Registration No. 033-40771
COMSTOCK FUNDS, INC.
COMSTOCK CAPITAL VALUE FUND (the “Fund”)
Supplement dated November 21, 2018, to the Fund’s Summary Prospectus, Prospectus and
Statement of Additional Information for Class AAA Shares, Class A Shares, Class C
Shares, and Class I Shares, dated August 28, 2018
After careful consideration, the Board of Directors (the “Board”) of the Fund approved calling a special meeting of shareholders, to be held as soon as possible, to consider a proposal to change the nature of the Fund’s business from a mutual fund registered under the Investment Company Act of 1940, as amended (the “1940 Act”) to an operating company, and to de-register the Fund as a registered investment company with the Securities and Exchange Commission (the “Proposal”).
This conclusion was based in substantial part on the Board’s belief that the appropriate business strategy to be pursued by the Fund would be becoming an operating company that owns interest in one or more operating businesses and/or to acquire assets other than securities, and try to maximize the utilization of the Fund’s accumulated capital loss carryforwards. If shareholders of the Fund approve the Proposal, the conversion to an operating company is expected to take effect in the second quarter of 2019.
Shareholders of the Fund will receive a combined proxy statement with additional information about the shareholder meeting and the Proposal. Shareholders should read the proxy materials carefully, as they will contain a more detailed description of the Proposal.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE