Just for the heck of it........
A chart of a few of the funds mentioned recently with SPY for reference.
Mid Dec. 2017 to date.
http://stockcharts.com/freecharts/perf.php?NEFZX,LBNDX,TSIAX,CTFAX,SPY&p=6&O=011000

@VintageFreak,
I like CTFAX and I've owned it for a good number of years. Most times it's bond allocation is North of 80% and during stock market pullbacks it loads equities. Currently, it is about 90% fixed & 10% equity. However, it only makes distribution two times per year (June and December). It will be after the June distribution before I cut any new money into it. With sizeable distributions comes a high draw down percent (DD).

Was not rehashing the full and tortuous history, of course. Adopted secure 2-factor had to be stronger than a static PIN or password plus the token, and so the first factor became dynamic and unknowable, the result of pseudorandom-number (PRN) generation, with Rivest's (RSA) algorithm the leader (still, I believe) and his first paper (in ACM) was from the late 1970s, I think. Security Dynamics (later RSA) is where I worked for many years. Weiss promulgated that work, and more, and turned it into a going company, yes. Was not aware he coined the phrase, or maybe I have forgot.

Kenneth Weiss coined the term, but two factor authentication goes back at least as far as the mid 60s, when James Goodfellow patented the combined use of "what you know" (a PIN) and "what you have" (a physical object) to conduct secure financial transactions. Aka ATM machines.
https://www.theguardian.com/money/2016/apr/29/who-invented-cash-machine-james-goodfellow-first-atm-pin

This token took the form of a plastic card with holes punched in it. The patent documents proposed a system incorporating a card reader and buttons mounted in an external wall of the bank, and stated: “When the customer wishes to withdraw a pack of banknotes from the system he simply inserts his punched card in the card reader of the system, and operates the set of 10 push-buttons in accordance with his personal identification number.” Aside from the cards with punched holes, that pretty much describes today’s ATM.

Arguably, even earlier examples (that use an alternative factor: "what you are") include charge cards (the card itself, and your signature as a prehistoric biometric) and passbook bank accounts (the passbook, and your signature or perhaps facial recognition by the banker).
Multifactor authentication has been grasped intuitively by people for many decades. It is interesting to think about how how readily it was discarded for the sake of electronic convenience (or for getting gasoline at the pump).
Here's an interesting site that will tell you what websites support what types of two factor authentication:
https://twofactorauth.org/

I suggest that consumer staples is a defensive equity area, too, yes? Not that there are not fine companies within this sector....but
The money is running to other places right now, IMHO.
One may view the money travels from the sell down in late Jan./early Feb.
http://stockcharts.com/freecharts/perf.php?XLP,FDGRX,SPY&p=5&O=011000

What do you use as a core bond fund? I'm looking for options that help serve as ballast against equity downturns, not something that has big exposure to high yield. Many multi-sector and core plus bond funds ramp up their exposure to high yield (10-20%) as a means of boosting returns and yield. Other funds seems to use the mortgage sector as a way of sidestepping interest rate hikes, but what happens when those sectors go south? I guess I'm looking for something that successfully spreads its bets between corporates, treasuries and MBS without dipping heavily into high yield.

Everything I own in fixed income is off this year. Not big time - but down. Makes me wonder if stocks are setting up for a big tumble?
-
@Willmatt72 nailed the questions re bonds pretty well. Who knows? Here the questions come a lot easier than the answers. Downside protection comes at a price. The “downier” the degree of protection, the more you give up in yield.
I think Price’s RPSIX is grossly underrated. M* and the others rate it generally “fair-middling”.
But it’s a nice diversified one-stop income fund (not strictly a bond fund). You won’t get rich with it and you won’t go broke either. Pulls from a stable of nearly a dozen TRP funds and is run by forks who are generally ahead of the allocation game - sometimes so far out in front they look stupid. The generally 10-15% dose of an income producing equity fund (PRFDX) will boost returns longer term.
The above would constitute my largest fixed income holding at present (excluding cash). And DODLX would be my second largest hold.

DODIX.
30 corporates
25 agency mbs pass through
16 treasuries
5 agency mbs arm
5 asset-backed.
TTM 2.78%

What do you use as a core bond fund? I'm looking for options that help serve as ballast against equity downturns, not something that has big exposure to high yield. Many multi-sector and core plus bond funds ramp up their exposure to high yield (10-20%) as a means of boosting returns and yield. Other funds seems to use the mortgage sector as a way of sidestepping interest rate hikes, but what happens when those sectors go south? I guess I'm looking for something that successfully spreads its bets between corporates, treasuries and MBS without dipping heavily into high yield.

FYI: Within the broader equity market these days, there probably isn’t a sector that is more out of favor than Consumer Staples. As consumers have shifted their tastes away from brands that dominated the economy of their parent’s generation, the stocks in the sector have been big market laggards. The chart below shows the relative strength of the Consumer Staples sector versus the S&P 500 since 1980. A rising line indicates outperformance on the part of the Consumer Staples sector, while a falling line indicates underperformance. After dominating the market in the 1980s, Consumer Staples performed inline with the market throughout most of the 1990s until the Tech bubble where they fell out of bed on a relative basis. By March 2000, there wasn’t a lonelier place to be in the market than Consumer Staples
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/consumer-staples-an-epic-underperformer/
M* Snapshot XLP:
http://www.morningstar.com/etfs/ARCX/XLP/quote.html

Well, if you hold unspeakable things in portfolios how do you truly value things correctly? Isn't there a disclaimer in prospectus how NAV is calculated? One always runs the risk of this happening, especially in MM funds I would think which try to stay at $1 NAV.
@JoJo26 - Confused if you are saying reverse stock split is "revaluing". The total assets should stay the same it's only number of shares reduced and not have a higher NAV. Please tell me if I'm missing something. Penny stocks do this all the time to encourage institutional investors to take a look.
Frankly, I'm not really sure what all the fuss is about. Profunds does it constantly since both its leveraged fund and inverse funds can't do well at same time. Reverse splits are common as are normal splits.

Yup. And apparently w/o notice, thus freaking out many of their customers who saw massive losses on their positions heading into the weekend. Not cool, or customer friendly! ;/
The M* discussion of this item is @
http://socialize.morningstar.com/NewSocialize/forums/p/383436/3931553.aspx#3931553
MFO thread @
https://www.mutualfundobserver.com/discuss/discussion/40977/instant-heart-attack-fselx-has-10-1-split#latest

Last week they did a 10 for 1 revaluation on OTC and Retail funds last week and 8 more coming up next month.

FYI: This week, we speak with famed short seller Jim Chanos, founder and president of Kynikos Associates LP, the world’s largest exclusive short-selling investment firm.
Chanos has identified — and sold short — many of the past 3 decades best-known corporate disasters. His celebrated short-sale of Enron shares was dubbed by Barron’s as “the market call of the decade, if not the past 50 years.” He also made bets against Baldwin-United, Commodore International, Coleco, Integrated Resources, Boston Chicken, Sunbeam, Conseco, Tyco International, and most recently, Valeant Pharmaceuticals.
He explains why he believes Elon Musk’s first love is SpaceX, and that “Tesla is a zero.”
Chanos said that when he launched Kynikos, there were a few 100 hedge funds, only 20 or 30 of which generating alpha. He presently sits on a number of boards where he helps to allocate capital. Market participants have gotten better, the landscape has become more competitive, and the funds have turned into large 300-person businesses. Despite 11,000 hedge fund choices, today there are even fewer hedge funds outperforming.
He asks, via Julian Robertson, the all important question “What is your edge.” Most managers lack a sustainable edge — trading, research, deviant perception — as reversion to mean is such a powerful process.
Regards,
Ted
http://ritholtz.com/2018/05/mib-jim-chanos-edge/

In 1999, commission schedules were all over the map, but few charged extra for odd lots. (See survey cited below.)
My own recollection of Schwab and Fidelity is that they charged a flat rate up to 100 shares, and prices went up from there (though I don't recall their formulae).
For the lowest price, one could have used Brown & Co. It apparently charged a flat $5 rate for market orders, regardless of the number of shares or dollar value of the order.
That's like today's flat rate model. With either model (flat to 100 shares or flat, period), odd lots (under 100 shares) cost more per share than a round lot of 100 shares. Simply because you pay the same flat rate for fewer shares traded. Same arithmetic then and now.
AAII Journal, The 1999 Discount Broker Survey: A Guide to Commissions and Services
http://www.aaii.com/journal/article/the-1999-discount-broker-survey-a-guide-to-commissions-and-services
Surprisingly, restricting mutual fund transactions to whole shares is not just a thing of the past. Last year I converted a position at Merrill Edge from a traditional to a Roth IRA, and Merrill was unable to convert the fractional share. It converted the whole shares only. Then a few days later, it liquidated the fractional shares and converted the cash.
Clearly a system stuck, as you described, back in the '90s.

? - maybe the math and daily reconciliation are somehow easier (just idly speculating)
non-pdf list:
https://sponsor.fidelity.com/pspublic/pca/psw/public/library/designbenefits/Fidelity_funds_undergo_share_splits.html
certainly it looks cooler to be able to drop a bunch of $125 / sh funds to $12.50 / sh.

If I place an order for a buck and a quarter's worth of a $100/share fund, the fund company (or brokerage) will take my $1.25 and hand me a 0.012 shares, worth $1.20.
If I place an order for a buck and a quarter's worth of a $10/share fund, the fund company (or brokerage) will take my $1.25 and hand me 0.125 shares, worth $1.25.
Not a big deal, but a rational one.
Regarding whether the change is effective from a marketing perspective, this bogleheads Wiki page cites a 1999 paper saying that: "We find that mutual funds that do split experience significant post-split increases in net asset inflow and the number of shareholders. Our findings suggest that fund managers use splits to attract new money, and that fund managers regard splits as enhancing the marketability of mutual fund shares."
https://www.bogleheads.org/wiki/Mutual_fund_share_split
At least a couple of decades ago, fund buyers did respond to this marketing maneuver. So while one can say that investors' responses are irrational, given that they do (or did) respond to splits, a fund doing a split is acting rationally. At least if they want to increase inflows.

FSCSX also had a stock split.
Here is a list of Fidelity funds splitting:
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/mf-share-splits_apr2018.pdf

Checking my account at Fidelity this evening and saw that FSELX had dropped 90% today.
I checked my portfolio at Morningstar -- same story. Ditto at Marketwatch.
Figured it had to be a mistake, since I hadn't hear any news about Intel, Qualcom, etc going in the tank today.
Checked FSELX at Fidelity:
"Effective after the close of business on May 11th, 2018, Fidelity will execute a 10-for-1 share split on each Class of the Fund. As a result of the split, the number of outstanding shares has been multiplied by 10, with a proportionate decrease in the Net Asset Value (NAV) per share."
Whew -- I can start breathing again.
If they warned anybody ahead of time, I didn't hear it.
David

Now, I don't disagree about some of the outrageous prices for some drugs...the generics, the been around a long time and are still effective types. There valid concerns for U.S. pricing vs other countries, as in Canada, etc. I actually thought there may be a real plan, at least to a point of removing or modifying the "middle person, supply chain (geez, I hate this business term) and some other areas as allowing Medicare to negotiate pricing (nothing like high volume for price incentive); but, NOPE.
Apparently, the investment market sectors agreed without hesitation. I noted to @hank previous about being concerned how much bio, pharma and related might get the whack today after the speech....hell, prices soared to the positive.
Aside from direct investments into these sectors, most of you holding a U.S. equity fund will get an added positive bump to the extent of the fund's health related % holding.
Perhaps to many other things going on in D.C. to have enough time to formulate a plan, eh?
Ok......have a good one.
https://www.marketwatch.com/story/president-trumps-big-drug-price-speech-boosts-pharma-stocks-2018-05-11/print