@expatsp,
I've held the fund since late 2002 prior to its closure. Recent SEC filing indicated large distributions on the horizon. The fund had about 1B AUM at its peak, now down to $400M or so. Seeing both manager resigning from the fund with a new manager investment selection process was an indication it was time to move on prior to any distributions. Last several years distributions were anywhere between $1-$4 per share give or take some.
I've made money on the fund, now looking at putting the proceeds into Mairs & Power Small Cap after distributions are paid.

What was the point of:
1) Leaving KMart’s stores outdated and in disrepair for years?
2) Cheapening their merchandise to the point where no one would buy it?
3) Operating mega-sized stores with a single cashier (adding new meaning to the term “slow”)?
4) Allowing often vacant (of customers) but fully stocked stores to remain open near round the clock?
5) Allowing KMarts to cannabalize sales of nearby Sears outlets by selling Sears branded merchadise (Craftsman and Kenmore) at lower prices and during more convenient hours?
Geez - If you set out intentionally to ruin a business, you couldn’t do a better job.
The interplay between EL’s hedge fund and Sears Holings is curious. I don’t pretend to understand it. But it appears suspect. Apparently, near the end, his hedge fund was trying unsuccessfully to buy off the valued Kenmore brand from the parent company.
https://www.businessinsider.com/how-eddie-lampert-set-sears-up-to-fail-2017-5

Glad I saw this posting, as I've had OSMYX since 2012, a remnant of my time with ML. I do tend to follow good managers when they change shops, but will wait til everything shakes out and most likely follow Kanovich to Artisan. I own another Artisan fund ARTGX and although been disappointed in recent years, its still done well compared to its peers in this space, value has lagged, and I have other global funds that have picked up the slack.

Unfortunately, Kanovich's fund (whichever) keeps getting more expensive. OSMAX charged 1.2% in 2015. Oppenheimer then closed the fund in 2016 and raised its ER to 1.3% (the increase came entirely from a higher management fee). Then in 2017 the ER went up to 1.4%.
Now in 2018 Kanovich is moving to a fund with an ER approaching 1.6%. His returns have been great, but at what point does one say "enough"?
I'm not saying that Kanovich will earn more here. ARTJX is a small fraction of the size of OSMAX. What matters to investors is how much comes out of their pockets.
Also, I wonder whether the tax hit due to turnover will all be seen this tax year or the next, or both. He takes over Oct 15th, and generally mutual fund cap gains distributions are based on net realized gains for the twelve months ending Oct 31.
See, e.g. question 5 in this Wisdom Tree FAQ:
https://www.wisdomtree.com/-/media/us-media-files/capital-gains-estimates-schedule/cap-gains-faq-2016.pdf
P.S. Nice to see a post from @LewisBraham

FYI: All three major stock indexes marched higher on Tuesday after a disappointing start to the week. Earnings helped, putting the Dow on pace for its best day in two months.
(They will be more details in the Closing Bell that I wiil post at 3:00 PM)
Regards,
Ted
https://www.barrons.com/articles/stocks-gain-ground-as-companies-deliver-on-earnings-1539706527?mod=hp_DAY_1

@Catch22,
Thought I’d give your synopsis a bump to the Discussions + side of the board where it may receive more notice. Not qualified to address your questions as you’ve stated them, but would like to score myself on each for the value of self-introspection.
A budget and spending habits / Grade A (93%) Downright compulsive re yearly budgeting. A weakness for splurging on upgraded air travel & accommodations.
Very basic overview of how the economy functions / Grade C (73%) - Geez, Does anybody really understand it? I can read three convincing depictions by three highly knowledgeable “authorities” and come away with three different views. Brings to mind the old line about “the one-armed economist”.
Overview of investment types/descriptions / Grade B- (80%)
I know quite a bit about mutual funds, having owned such for near 50 years - but little of stocks, bonds or ETFs and things like puts and calls - all outside my experience base.
The reasons for investing in a 401k/403b/Traditional or Roth IRA's / Grade A (95%) The reasons are pretty compelling.

FYI: Here is a number for your dinner conversation tonight: Did you know that the US government last year on average paid $1.5bn each day in interest payments, and this is rising toward $2bn per day over the coming years, see chart below. And this number could rise further as interest rates go up because of an overheating economy, more Treasury supply, and lack of demand for US fixed income from abroad because of higher hedging costs. These forces pushing US rates higher did not disappear yesterday.
Regards,
Ted
https://ritholtz.com/2018/10/us-deficit-1-5-billion-in-daily-interest/

I'm making a list of books and web sites to promote towards the "why in hell would I want to be an investor" folks I know.
The target age range is mostly 25-50 years old, BUT needs to include the young ones, too. Some of the folks who will receive information from me are retired, but may pass along the information to their adult children and hopefully to the grand children. The could be named, "Investing for the unaware or the afraid"
The criteria, somewhat; by areas:
As an example, I can't be taking these folks into a 3rd year session of learning French; as they have not yet had the basics from beginning French, at day one. I need to keep this on the simple side in the beginning to maintain their interest. Yes, investing is a learning curve and an ongoing study; but I don't want them to feel overwhelmed and quit the journey. I anticipate not much better than a 10% survival rate, sadly.............
--- A budget and spending habits
--- Very basic overview of how the economy functions
--- Overview of investment types/descriptions, although the direction would tend towards mutual funds; as this would be the most common form available for most
--- The reasons for investing in a 401k/403b/Traditional or Roth IRA's
NOTE: Two items that I already have in place, is Ray Dalio, "How the economic machine works" (free, 31 minutes, Youtube); and "The millionaire next door" (spending habits, budgeting)......book.
I have not yet reviewed Youtube again; but there are indeed very useful pieces there; as well as Khan Academy.
I'm leaning towards online writes and video how-to to obtain the best results and temptation to read/watch and become involved by the folks I'll be contacting.
Thank you in advance, for more guidance towards meaningful sites/books at the elementary level.
Take care,
Catch

Hi openice.
All the definitions are here ...
http://www.mutualfundobserver.com/2013/06/ratings-system-definitions/
And basic equations here ...
https://www.mutualfundobserver.com/discuss/discussion/5125/a-look-at-risk-adjusted-returns
But if I'm missing something, please post/email me.
The STDEV deviation is textbook standard.
c

FYI: Sears Holdings Corp . filed for bankruptcy early on Monday morning, the culmination of a years-long decline of the American retail institution, providing another example as to why hedge fund managers should steer clear of retail.
Sears (ticker: SHLD) sought Chapter 11 protection and announced a deal with its lenders that will let it keep many stores open and continue paying vendors and employees. Its $1.8 billion debtor-in-possession asset-based credit facility gave it some $300 million more than it had before filing.
Bankruptcy enabled it to “reject leases” on about 220 store locations, almost all of which are “dark stores” not open to shopper traffic where Sears has already shut operations. Sears will start “going out of business sales” at another 142 unprofitable stores, which will close by year-end. It had already announced intention to close 46 stores by November. The 125-year-old company operates about 700 Sears and Kmart stores, and employs about 70,000 people.
Regards,
Ted
https://www.barrons.com/articles/sears-bankruptcya-cautionary-talefor-hedge-fund-managers-1539619499?mod=hp_DAY_2

"Are you taking on more risk than you want?"
The article gives a couple of historical examples showing that you don't always win in the intermediate term with a 60/40 portfolio. Though it doesn't show that during these periods some other sane strategy (as opposed to, say, putting 100% into Krugerrands) would have done better.
So it never justifies saying that a 60/40 portfolio has more risk than other strategies, let alone excessive risk.
Its bottom line is in the middle of the column: " is there an alternative to the 60/40 portfolio that may help you sleep easy? 'There is no such thing,'"
In the immortal words of @rforno, YAWN...

Hello, FWIW, I have been Googling the Barrons' article titles in Google. With this, thus far, I have been able to read these subscription required articles of Barrons that Ted post.
In addition, I have linked the Crossing Wall Street Weekly Recap for October 12, 2018 that covers much of the same information but from a different source.
http://www.crossingwallstreet.com/archives/2018/10/cws-market-review-october-12-2018.html

FYI: The 60/40 portfolio allocation has burned investors in the past.
Yikes.
Two sharp falls in a row is enough to get any investor a little nervous. Yes, so far the Dow Jones Industrial Average’s DJIA back-to-back plummets are still only a tremor on any longer-term view. Stock prices are higher than they were even one year ago. Nonetheless for many investors it’s an overdue reminder that stock prices can fall — and fall a long way — as well as rise.
That makes it a good moment, say experts, to take stock of your portfolio. Are you taking on more risk than you want? Worse, are you taking on more than you realize? You may well be. And your financial adviser, if you have one, may not realize it either.
A ‘balanced’ portfolio of stocks and bonds failed previous generations of U.S. savers, and badly, during at least two extended periods during the past century alone.
Regards,
Ted
https://www.marketwatch.com/story/your-portfolio-may-be-riskier-than-you-think-2018-10-11/print

FYI: That was the question on investors’ minds after a 1,300-point plunge in the Dow Jones Industrial Average on Wednesday and Thursday. “It,” of course, is a correction, or worse, in what had been a steady, nearly unstoppable ascent in the U.S. stock market.
While the decline was arrested for the moment Friday, the major averages ended the week with their steepest losses since the week ended March 23. The Dow ended down 4.2%, the S&P 500 fell 4.1%, and the Nasdaq Composite lost 3.7%. That was a far sight better than the 7.6% plunge in the Shanghai Composite but in line with declines in other bourses, from the Stoxx Europe 600 to Australia’s S&P/ASX 200 to Japan’s Nikkei and South Korea’s Kospi.
Regards,
Ted
https://www.barrons.com/articles/why-the-stock-market-went-loco-1539361320?mod=hp_LEAD_3

Thanks for the link. I figured I'd post VMSXX mentioned in the interview.
Money market funds are more easily researched directly through the fund house's website.
Here's Vanguard's link:
Vanguard Municipal Money Market Fund (VMSXX)
As a comparison. Here's Fidelity tax free MM Fund:
Fidelity® Municipal Money Market Fund (FTEXX)
and,
Fidelity® Tax-Exempt Money Market Fund (FMOXX)
T. Rowe Price:
Tax-Exempt Money Fund (PTEXX)
Outside the Tax free space what is your "cash" Mutual Fund choice? My research leads to THOPX.
Others on my radar:
BBBMX
CLMVX
FCONX
TRBUX
UUSTX

Always appreciate these refinements. In this case, under Risk in the Miraculous Multi-Search tool, it would be helpful to know, e.g., how the following may be calculated by curious minds:
Choosing POGRX, for example, or any other fund of your choice:
This fund’s Standard Deviation (STDEV or Std Dev) is 16.7, which measures the annualized volatility of its returns. Read STDEV in conjunction with your fund’s APR of 15.4. A fund with an APR of 15.4 and STDEV of 16.7 is telling you “we’ve averaged 15.4, but you’d have to endure returns that range from -1.3 to 32.1 in order to get there.”
Thoughts?

https://www.cnbc.com/2018/10/11/heres-where-to-hide-out-if-market-continues-to-tumble.html
Several utilities exchange-traded funds have done well over the last week despite the market drop, including the Reaves Utilities ETF.
Several consumer staples funds also fell less than the market, including the iShares Evolved U.S. Consumer Staples ETF.
Funds that track steadier stocks like the Invesco S&P 500 Low Volatility ETF could also do well.

50% Equity 50% bonds/cash Retired over 14 years and no withdrawals

FYI: Investors have plenty of options for income-oriented mutual funds. The table below lists five such portfolios, which are also known as multi-asset income funds.
“Investors really need to look a bit deeper to see exactly what the strategy is to generate that income,” cautions Jeff Holt, director of multi-asset and alternative strategies manager research at Morningstar.
Regards,
Ted
https://www.barrons.com/articles/income-investing-mutual-funds-1539277846?refsec=funds