Hi MikeM,
According to a test trade I just made, TIBIX appears to be available in Fidelity retirement accounts for a $500 minimum with a $49.95 transaction fee for the initial purchase.
Kevin

Hi Paul,
Mr. Marcus managed or co-managed Mutual Series funds for less than 2 years, so I doubt that he earned any "pedigree" during such a brief period. And if you look at the record of MEURX, the only fund he managed by himself, it trailed the category average until the last month of his tenure. So like many new funds, I usually recommend that folks watch until some track record develops and refrain from being an early buyer.
In the World Stock space, my short list of funds to consider would be DODWX, PGVFX, OAKWX and THOIX (per test trade, THOIX is apparently available in Fidelity retirement accounts for a $500 minimum with a $49.95 initial transaction fee).
Kevin

A brutal day today 7/31/2014:
Markets:
Dow -1.88%
Nasdaq -2.09%
S&P -1.98%
Russell 2000 -2.31%
EFA -1.67%
EEM -1.75%
GLD -1.15%
GDX -2.12.%
AGG -0.12%
Alternative Funds:
Whitebox Market Neutral Equity Investor WBLSX +0.09%
Whitebox Tactical Opportunities Investor WBMAX +0.55%
ASTON/River Road Long-Short N ARLSX -0.67%
BlackRock Global Long/Short Equity Inv A BDMAX +0.17%
PIMCO EqS Long/Short D PMHDX -1.53%
MainStay Marketfield I MFLDX -0.91%
Robeco Boston Partners L/S Equity Inv BPLEX +0.19%
Robeco Boston Partners L/S Rsrch Inv BPRRX -0.87%
RiverPark Structural Alpha Retail RSAFX -0.86%
RiverPark Long/Short Opportunity Retail RLSFX -1.38%
RiverPark/Gargoyle Hedged Value Retail RGHVX -1.59%
AQR Multi-Strategy Alternative N ASANX -0.30%
AQR Diversified Arbitrage N ADANX 0.00%
AQR Risk Parity N AQRNX -1.44%

The advisor just filed the closure notice.
There are two fairly narrow exceptions:
Institutional Shareholders:

• 401k plans with an existing position
  
• Automatic rebalancing of an existing position (as long as purchase amounts are de minimis, as determined by Grandeur Peak)

Retail Shareholders (Direct Shareholders Only):

• Retirement Accounts
  
• Education Savings Accounts
  
• Minor Accounts (UTMA/UGMA)
  
• Pre-established Automatic Investment Plans
  

The fund reports about $370M in assets and YTD returns of 11.6%, which places it in the top 10% of all E.M. funds. There are a couple more G.P. funds in the pipeline and the guys have hinted at another launch sooner rather than later, but the next gen funds are more domestic than international.
For what that's worth,
David

FYI: If Vanguard had a family tree, its roots would be Vanguard Wellington Fund. Now the nation’s largest balanced mutual fund¹, Wellington Fund began operations on July 1, 1929, 85 years ago this week.
Regards,
Ted
http://vanguardblog.com/2014/07/02/wellington-fund-and-the-vanguard-family-tree/print/

"has terminated the public offering of its shares and will discontinue its operations effective on or about August 1, 2014. Shares of the Fund are no longer available for purchase"
What's up with this?
Looks like the fund inception date was 5/30/2014
Wonder what made them change their mind.

(a little pricey, but...)
http://www.sec.gov/Archives/edgar/data/1208252/000111183014000530/cm_497e-0714_defensive.htm
497 1 cm_497e-0714_defensive.htm CM ADVISORS DEFENSIVE FUND - 497E
July 30, 2014
CM ADVISORS DEFENSIVE FUND
(CMDFX)
Supplement to the Prospectus dated May 30, 2014
Effective immediately, CM Advisors Defensive Fund (the "Fund"), a series of the CM Advisors Family of Funds (the "Trust"), has terminated the public offering of its shares and will discontinue its operations effective on or about August 1, 2014. Shares of the Fund are no longer available for purchase.
The Board of Trustees of the Trust, in consultation with the Fund's investment advisor Van Den Berg Management I, Inc. (d/b/a CM Fund Advisors) (the "Advisor"), determined at a meeting of the Board of Trustees of the Trust held on July 28, 2014 ("Board Meeting") to discontinue the Fund's operations based on, among other factors, the Advisor's belief that it would be in the best interests of the Fund and its shareholders to do so. Through the date of the Fund's liquidation, currently scheduled to take place on or about August 1, 2014 (the "Closing Date"), the Advisor will continue to waive fees and reimburse expenses of the Fund, as necessary, in order to maintain the Fund's fees and expenses at their current level, as specified in the Prospectus.
At the Board Meeting, the Board of Trustees directed that: (i) all of the Fund's portfolio securities be liquidated in an orderly manner not later than the Closing Date; and (ii) all outstanding shareholder accounts on the Closing Date be closed and the proceeds of each account be sent to the shareholder's address of record or to such other address as directed by the shareholder. In addition, the Board of Trustees decided to eliminate the Fund's redemption fee for all shareholder redemptions.
Shareholders may continue to freely redeem their shares on each business day during the Fund's liquidation process.
This transaction will be considered for tax purposes as a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
If you have any questions regarding the Fund, please call 1-888-859-5856.
Investors Should Retain this Supplement for Future Reference

Scott Minerd @ScottMinerd
Follow
#Fed says it will keep rates low even after employment & inflation meet targets. That says it all!
1:58 PM - 30 Jul 2014
July 30 2014
Despite a disconcerting, growing consensus among investors, the likelihood of a sudden increase in U.S. interest rates is fairly remote for now.
Global CIO Commentary by Scott Minerd
Most investors can agree that loose monetary policy and quantitative easing have caused overvaluation in some spheres of U.S. credit. Even Federal Reserve Chair Janet Yellen has said that some leveraged credit is showing signs of frothiness. But the palpable fear that the Fed’s eventual hiking of short-term interest rates will prompt a general upward shock in interest rates and an abrupt repricing of credit risk and U.S. Treasuries is getting overplayed and too much attention. The reality is that with international demand for U.S. Treasuries likely to increase and the size of incremental U.S. government borrowing expected to decline because of shrinking federal budget deficits, U.S. Treasury yields could move lower.
The likelihood that we are going to have a sudden, ugly increase in interest rates seems fairly remote for now. As for the long-run, well, the consensus view of interest rates normalizing will eventually come true. The problem with that thinking may lie in the definition of "long-run." As John Maynard Keynes wrote in "A Tract on Monetary Reform" in 1923, "In the long-run we are all dead."
http://guggenheimpartners.com/perspectives/macroview/normalize-to-what

Hey guys,
I was looking at Evermore Global Value and something seems amiss.
According to David's April update
http://www.mutualfundobserver.com/2014/03/evermore-global-value-evgbx-april-2014/
According to the post, David Marcus has substantial amounts of his own money in the fund. I was looking at the SAI and it states that he has between $100,000-$500,000. For a guy investing for so long and a former hedge fund manager, this doesn't seem like a lot.
The article goes on to state "The fund provides all of Mr. Marcus’s equity exposure except for long-held legacy positions that predate the launch of Evermore" All of his equity exposure (outside of legacy positions) is less than half a million?
By the way, thanks, David for the great post on this one.

FYI: Enough with the pessimism already. Byron Wien, a senior adviser at Blackstone Group LP, says the S&P 500 could rise another 17% this year.
Regards,
Ted
http://blogs.wsj.com/moneybeat/2014/07/29/blackstones-byron-wien-why-sp-500-could-hit-2300-this-year/tab/print/

Talked with Tom Schrager, Tweedy's president, this morning. Short version: they have no net inflows into Global Value but significant net inflows into Global Value II. As a result, the cash level at GV II is 26% while GV sits at 20% cash. While they've "invested recently in a couple of stocks," GV II's net cash level climbed from 21% at the end of Q1 to 26% at the end of Q2. They tried adding a "governor" to the fund (you're not allowed to buy $4 million or more a day without prior clearance) which didn't work.
Mr. Schrager describes the sudden popularity of GV II as "a mystery to us" since its prime attraction over GV would be as a currency play and Tweedy doesn't see any evidence of a particular opportunity there. Indeed, GV II has trailed GV over the past quarter and YTD while matching it over the past 12 months.
At the same time, Tweedy reports no particular interest in either Value (TWEBX, top 20% YTD) or High Dividend Yield Value (TBHDX, top 50% YTD), both at 11% cash.
For what interest it holds,
David

This is one of the few articles favorable to junk bonds that I've seen in months. She thinks there's a "buying opportunity" in junk now.
http://seekingalpha.com/article/2356565-recent-high-yield-dynamics?ifp=0
This hedge fund manager calls junk bond investors "fools" who don't realize the risk they are taking, then recommends shorting junk bonds by "directly shorting via futures, buying puts on junk grade bonds or even junk bond ETFs," which I guess he considers a low-risk strategy.
http://seekingalpha.com/article/2356765-the-worlds-most-crowded-trade?ifp=0

Up: DMCRX +0.51 (minor component), WAMFX +0.30, AQMNX +0.20, GLFOX +0.13, MAPIX +0.06.
Worst down TGLDX -0.93.

Noteworthy were BUFOX (+.52) and JAGLX ( +1.17) so guess biotech was positive. One fund that David told us about ---RGHVX was +.14 Unfortunately these three are all minor positions. The only major "up" position was OAKIX at +.15

....Not good today, though not a disaster. Which of your holdings served you well and was up today? At least your biggest one? Curious.
MAPIX, MACSX, MAINX were up. MAFSX was down by a penny--- but up 5.1% for me since I exchanged into it from MJFOX at the wrong time. Almost back to breaking even, now, on that score.

What stands out to me is he is negative over the past 1, 3, 5, and 10 years (HSGFX) Not exactly my idea of building wealth.

I agree with both Ted and scott.
But I hate to think of what scott mentioned.
I mean really, what ammunition does the Fed have left? They already have 4 billion dollars on the balance sheet, and Greenspan just said it will be one of the major problems addressing how to wind that down.
http://www.marketwatch.com/story/greenspan-worries-about-false-dawns-fed-exit-2014-07-24
If the economic recovery fails (or a "bubble" bursts), would they do, add another 4 billion to the balance sheet thru more massive QE?
The Federal Funds rate is zero to 0.25%
What do they have left in their bag of tricks, a negative Federal Funds rate?
I think somewhere in Europe already has that now.

I just had a fresh look at Hussman's record with what seems to be his most important fund, HSGFX
Actually, he did amazingly well from inception on 7/24/2000 thru the end of 2008.
His 2001 and 2002 performances were exceptional. Most funds were taken to the cleaners in 2002. The Vanguard S&P 500 index fund lost 22% in 2002, and lost 12% in 2001. For Hussman to have been up more than 14% in each of those years is really something.
From inception thru the end of 2002, unbelievable performance.
2003-2007, lukewarm.
2008: Exceptional, considering the S&P 500 went down 37%
From 2009 till the present: unbelievably bad performance.

What's so unique about Hussman is his academic credentials. It's one thing to hear a charlatan say the Dow is going to 6,000 and the sky is falling. It's a bit different when someone with a PhD in economics from Stanford, who had an exemplary mutual fund record for almost 9 years, writes the kind of stuff Hussman writes.

http://www.sec.gov/Archives/edgar/data/896975/000119312514283727/d761568d497.htm
497 1 d761568d497.htm TWEEDY, BROWNE FUND INC.
TWEEDY, BROWNE FUND INC.
TWEEDY, BROWNE GLOBAL VALUE FUND II — CURRENCY UNHEDGED (the “Fund”)
Supplement dated July 29, 2014
to the Prospectus dated July 29, 2014 (the “Prospectus”)
Effective August 11, 2014 at 4:00 p.m. Eastern Time, the Fund will close to most new investors until further notice.
The Fund will remain open to existing shareholders (up to certain daily limits) as follows:
• Existing shareholders of the Fund may add to their accounts, including through reinvestment of distributions.
• Existing shareholders of other Tweedy, Browne Funds may establish an investment in the Fund.
• Financial Advisors who currently have clients invested in the Fund may open new accounts and add to such accounts where operationally feasible.
• Participants in retirement plans utilizing a Tweedy, Browne Fund as an investment option on August 11, 2014 may also designate the Fund, where operationally feasible.
• Investors may purchase the Fund through certain sponsored fee-based programs, provided that the sponsor has received permission from Tweedy, Browne that shares may continue to be offered through the program.
• Employees of Tweedy, Browne and their family members may open new accounts and add to such accounts.
• Existing separate account clients of Tweedy, Browne may open new accounts in the Fund.
The Fund reserves the right to make additional exceptions or otherwise modify the foregoing closure policy at any time and to reject any investment for any reason.
This Supplement should be retained with your Prospectus for future reference.

It is beyond me why Janus Overseas gets any positive commentary. It's at the bottom of the heap over the last 3 and 5-year period. While I understand it has chosen to load up on emerging market stocks, my guess is that very few folks who own the fund, and certainly those who bought it years ago and for some strange reason still own it, understand this fact and the huge risks that come with it. It's one thing to have a 10-20% allocation to EM stocks like ICEIX, which has a remarkable record since John Maxwell took over the fund. But Janus, with a very cloudy history anyway, is going a completely different route. Interesting that M*, which is so quick to re-classify some funds (often incorrectly), has kept JAOSX in the Foreign Large Blend category, when it has been heavy EM for quite some time.