FYI: You look at things differently when you're about to retire. You're far less likely to buy a trampoline, for example. And you're probably far more risk-adverse in your investments, too.
regards,
Ted
http://www.usatoday.com/story/money/2015/03/09/five-funds-for-retirement/24407777/

It does depend on timing. All this buy and hold advice that constantly floods our media really does not apply to retirees or those close to retiring. The risk tolerance changes for some and with that so does their asset allocation.
It is a fine balance between capital preservation and having enough growth so your portfolio will last as long as you need.
Good point @ Junkster.

True that!
I really don't see how most of those under 50 or 55 will be able to retire with any sense of security. Only welfare will save them.
The vast majority of them don't have savings, pensions, large 401k savings and SS dates are pushed out further. Then they get fired/buy outs as they approach 60.

The vast majority of folks do not appear to be that concerned with retirement. And as you've eluded, for some it's already too late. And unfortunately, Welfare nor Social Security can save them. Our American culture is in serious need of a reality check.

"I wonder what the people in Japan would say - is that bear over yet?"
Even if it is, Nikkei 38957 is a long ways off. Most investors will never see it again.

It does depend on timing. All this buy and hold advice that constantly floods our media really does not apply to retirees or those close to retiring. The risk tolerance changes for some and with that so does their asset allocation.
It is a fine balance between capital preservation and having enough growth so your portfolio will last as long as you need.
Good point @ Junkster.

True that!
I really don't see how most of those under 50 or 55 will be able to retire with any sense of security. Only welfare will save them.
The vast majority of them don't have savings, pensions, large 401k savings and SS dates are pushed out further. Then they get fired/buy outs as they approach 60.

Terrible name. When these (target date) funds were originally conceived, interest rates were still in the near double-diget range - so the concept of increasing bond allocations over time made some sense according to the than conventional wisdom. Unfortunately, that may no longer be the case with the historically low rates of recent years. The "news" is nothing new, Experts have been sounding the alarm about this for some time.
I don't understand why any savy investor would choose these over, say, a good conservative allocation fund, and perhaps allocate his own desired amount into cash or bonds. However, as a default option for those who either don't know very much about money or don't care, I guess they still make sense. They're far better than not saving at all or letting the money collect moss in a 0 interest account.
I use Price's TRRIX (Retirement Balanced) as part of my overall allocation. It's part of their retirement fund lineup. But, unlike the others, it doesn't increase its allocation to fixed income over time. Essentially, it remains around 50-60% in fixed income indefinitely. Has low fees and gives you a nice slice of many of their other funds.

In a typical 401k plan that was the subject of the article, there is no sales person or rep to hang. It's pretty much up to the participant to choose. But imo, the author (Chana Schoenberger) is mistaken about TD fund performance. According to M*, the fund she mentioned (VTENX TD 2010) only declined 20.67% in 2008 instead of the 30% that she reported. And she failed to mention that the same fund gained 19.32% in 2009. The category (according to M*) declined 22.46% in 2008 and gained 22.42% in 2009. I suspect that many retirement plan participants did much worse in non-diversified accounts.
Just as mail carriers say that the only dog that won't bite is one without a jaw, every security carries some risk. However, Target date funds provide diversification and provide automatic rebalancing. In the long run, Buffett's right that the S&P 500 will outperform managed portfolios (e.g., Target date funds), but how many investors are blessed with the intestinal fortitude to sleep well in year when stocks drop 50% or more?
And to John, I agree that balanced funds can be an alternative even though they don't typically have international stocks, international bonds or inflation hedges.

UPDATE
Schwab to launch adviser robo in Q2; consumer version unveiled today
'Chuck' officially introduces Intelligent Portfolios; will offer adviser model in Q2
By Alessandra Malito | March 9, 2015 - 11:06 am EST
The announcement came on Monday following the launch of Intelligent Portfolios, an algorithm-based investing platform to build, monitor and rebalance diversified portfolios.
The program, which will be free to consumers, will assess an investor's goals and risk tolerance with a set of questions. Investors with $5,000 will receive recommendations based on their answers. The algorithms will assist clients in building and managing their portfolios in low-cost exchange-traded funds with up to 20 asset classes.
“This really is about expanding the number of people who could get advice,” Naureen Hassan, executive vice president of investor services, segments and platforms at Schwab said.
Intelligent Portfolios the San Francisco-based firm's first entry into the robo field, and is expected to give stiff competition to companies such as Wealthfront and Betterment, both of which focus on automated investing.
http://www.investmentnews.com/article/20150309/FREE/150309923?template=printart
FROM SCHWAB
Investing has changed forever. Introducing Schwab Intelligent Portfolios™.
"If you have time for a cup of coffee, you have time to start investing with Schwab Intelligent Portfolios."
https://intelligent.schwab.com/

http://www.marketwatch.com/story/bill-grosss-fund-at-janus-logs-first-monthly-outflow-2015-03-09
Meh.

http://www.sec.gov/Archives/edgar/data/1016073/000119312515082335/d885240d497.htm
497 1 d885240d497.htm 497
DRIEHAUS MUTUAL FUNDS
(the “Trust”)
Driehaus International Discovery Fund *DRIDX
(the “Fund”)
SUPPLEMENT DATED MARCH 9, 2015
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR THE FUND
DATED APRIL 30, 2014, AS SUPPLEMENTED JUNE 9, 2014, SEPTEMBER 12, 2014 AND
OCTOBER 23, 2014
On February 11, 2015, a majority of the shareholders of the Driehaus International Discovery Fund (the “Fund”) approved an Agreement and Plan of Reorganization (the “Plan”) providing for the transfer of all of the assets and liabilities of the Fund to the Driehaus International Small Cap Growth Fund (the “International Small Cap Growth Fund”) solely in exchange for shares of the International Small Cap Growth Fund. Pursuant to the Plan, after the close of business on March 6, 2015, all shares of the International Small Cap Growth Fund received by the Fund were distributed pro rata to the Fund’s shareholders in complete liquidation of the Fund and the Fund will proceed to terminate. Accordingly, all references to the Fund in the Prospectus and SAI are hereby removed.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call the Driehaus Mutual Funds at (800) 560-6111.

Hi Catch22,
Thank you so much for your thoughtful contribution.
I concur that investing knowledge is a key to success along with patience and discipline. The knowledge portion is accumulated over time, study, practice, and experiences.
It is not clear to me that a 25 hour per day and an 8 out of 7 day work week commitment is the efficient way to accumulate the requisite knowledge base. The daily noise tends to overwhelm the useful signals, and makes the learning process more difficult. The challenge is to find a comfortable balance. As you noted, that balance point is likely different for each and every investor.
The Euro and the Euro Union are separate issues that always invite heated debate. The Euro members are sufficiently different that a common currency among 17 diverse members would likely remain a constant problem. I’m surely not an expert, but I don’t anticipate any miracle resolutions soon, or even ever. The Brits made a good decision not to play the single currency game.
My Best Wishes to you and your family.

@Old_Skeet: Since repeated E-Mails & phone calls to M* have failed to resolve the problem, what is needed is to embarrass M* by use of a third party. I suggest you call MutualFund Wire.Com, at 1-212-331-8995 and see if they can get M* off their ass
Regards,
Ted

FYI: For a change, we have more upgrades than downgrades
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=687546

Hi John
Haven't followed board too closely past week. But I'd differentiate between being "interested" in all the aspects of markets and being "nervous." I for one find the daily moves in equities, bonds, foreign currencies and commodities fascinating - probably in much the way others enjoy a mystery novel or viewing TV "reality" shows. And I enjoy gabbing about such with others who find the stuff of interest. Suspect those who don't find this stuff of great interest are likely off visiting other types of sites gabbing about racing or cooking or coin collecting or something else.
Been in this for over 40 years. Heck - was investing at Templeton when Sir John was still managing some of the funds. So no - not "nervous" or I'd be gone from the markets by now. We all know that the stock market can fall 25% in a single day ((Oct. 1987) or 50% in a matter of months (2008 & 2009). Narrower segments like gold, oil, junk bonds and tech can do even worse than that over very short periods. And these things invariably happen without warning - although 1 in 50 pundits will probably call it correctly ahead of time and gain temporary retrospective fame after the event. So a very long-term perspective and, as much as possible, a hands-off approach are always recommended by me,
Yes - some posters here do seem to be trying to time the markets. It's not for me to tell others how to invest. But, I view that as akin to standing on a mountain and commanding the wind to stop blowing or change direction. It might actually work once every dozen or so times. But generally the wind just blows you away.
Still traveling in southern Fla. Nothing but 80s here. Take care.

FYI: Some experts worry investors don’t fully understand this popular 401(k) option.
Regards,
Ted
http://www.wsj.com/articles/fears-about-target-funds-1425870191

FYI: Three issues for investors to consider as regulations lead to a shake-up in the funds.
Regards,
Ted
http://www.wsj.com/articles/prepare-for-new-money-fund-rules-1425870180

FYI: If this six-year bull run ends, the worst thing is to overreact. Be ready and embrace it.
Regards,
Ted
http://www.wsj.com/articles/how-to-prepare-for-a-bear-market-in-stocks-1425870192

Addendum to prior comment: Into the Valley of the Shadow of Death Rides the Novice Investor
http://www.etftrends.com/2015/03/getting-it-wrong-with-mlp-etfs/
“Why so wild in MLP-land?” according to Miller Howard, a money manager that specializes in income-producing stocks, the Wall Street Journal reports. “There are many novice investors in MLPs that don’t really know what they are, what they do, or what the long-term story is. They’re just in it for the yield, or following the ‘hot dot’ of excellent performance for the past decade.”
Howard argues that many new investors falsely believe that since MLPs are exposed to the energy space, the sector should be sold off when oil prices fall. With MLP-related mutual funds growing to $32 billion in assets from $3 billion over the past four years, Howard points out “that’s a lot of inexperienced investors.”

As we'd anticipated, Seafarer Overseas Growth & Income (SFGIX/SIGIX) just received their inaugural five-star rating from Morningstar. And they're also Great Owl funds, based on our more risk-sensitive rankings.
Of 219 diversified EM funds currently tracked by Morningstar, 18 have a five-star rating. 13 are Great Owls. Seafarer and 10 others (representing 5% of the peer group) are both five-star and Great Owls.
Baron Emerging Markets(BEXFX) - $1.5 billion in AUM, 1.5% e.r., not quite five years old, large-growth with an Asian bias, mgr also runs Int'l Growth.
City National Rochdale Emerging Markets (RIMIX) - 90% invested in Asia, City National Bank, headquartered in Hollywood, bought the Rochdale Funds and was itself bought in January 2015 by the Royal Bank of Canada. Interesting funds. No minimum investment but a 1.61% e.r. The EM fund acquires exposure to Indian stocks by investing in a wholly owned subsidiary domiciled in Mauritius. Hmmm.
Driehaus EM Small Cap Growth (DRESX) - a $600 million hedged fund (and former hedge fund) for which we have a profile. Expenses are 1.71%.
Federated EM Equity (FGLEX) - a $13 million institutional fund with a $1 million minimum, not quite five years old, mostly mega cap portfolio that had two really good years followed by two really soft ones.
HSBC Frontier Markets (HSFAX) - 5% front load, 2.2% e.r., $200 million in AUM, midcap bias and a huge overweight in Africa & the Middle East at the expense of Asia. Curious.
Harding Loevner Frontier EM (HLMOX) - modest overweight in Asia, huge overweight in Africa & the Middle East, far lower-than-average market cap, half a billion in assets, 2.2% e.r.
Mirae Asset EM Great Consumer (MECGX) - marginal inclusion since the retail shares are four stars (1.85% e.r. is a drag) while institutional is five stars, not quite five years old, mega cap growth, lots of companies (hotels, consumer goods, drug companies) that directly interface with consumers.
Seafarer Overseas Growth & Income (SFGIX) - $136 million in AUM, 1.4% e.r., small- to mid-cap bias, top 4% returns over its first three years of operation
Thornburg Developing World (THDAX) - oopsie: lead manager Lewis Kaufman just jumped from the $3 billion ship to start an EM team at Artisan.
Wasatch Frontier Emerging Small Countries - $1.3 billion in AUM and closed to new investors
William Blair EM Small Cap Growth - $300 million in AUM and closed to new investors.
On face, the pattern seems to be that small works. Lots of exposure to smaller firms located in smaller markets, even by EM standards. SFGIX is the second-smallest fund in the group, which makes it all the more striking that it's the least expensive of all. Among the least risky of this elite group.
Congratulations to Andrew and his team. We'll share a conference call with him on April 16 and you'd be more than welcome to join us.
David

~5% dip and recovery in the last 6mos? Could not tolerate that.
Maybe some combo of BOND and PFF I will try; I am pretty chary no matter what.

DLFNX was down 6¢ or 0.54% per the Doubleline site. As for Morningstar, their website shows it was up a penny. Last update was March 5. So much for their service.
Not trying to aggravate @Crash, just correcting the figures. Still a bad day for DLFNX and I hold this find also.
Hopes for a better week but I am not seeing it yet.