Try Ainsley Brae Sherry/Satuernes, if you want to save money and invest in SFGIX instead. Not quite 12 year old, but still a single malt and freaking good and dirt cheap.

Take a look at MSCFX from Mairs and Power. It hasn't failed me since my entry in the Spring of 2012. I scored with it in 2016, again. And as Dizzy Dean would say: I "slud" that profit into MAPOX on 01/01/2017. I did not want to look back and figure that I SHOULDA slud, and not do it, and be OUT by a heifer's step. I don't always remember to do it, but: "always take profits early." (Zurich Axioms.) This profit-transfer to the bigger balanced fund (MAPOX) is an annual tradition--- so far. :)
Slide right in to the 1hour, 20 minute and 35 second spot in this great old film, and you'll hear what I mean. I'm very confidential that you will. (Just less than a month and a half until Spring Training!) "THE PRIDE OF ST. LOUIS:"

Hey, guys. I was just checking my MATH, is all. I'm mathematically challenged. I'm holding, not adding. And for the New Year, THIS was a real find:
http://sr1.wine-searcher.net/images/labels/04/46/the-balvenie-doublewood-12-year-old-single-malt-scotch-whisky-speyside-scotland-10560446.jpg

LIBOR At 1% For First Time In 7 Years - A Significant Level For Leveraged Loans
Copyright © 2016 S&P Dow Jones Indices LLC
During periods of rising interest rates, the base rate will also increase, creating a coupon rate that keeps pace with current interest rates. Hence, the appeal of floating-rate loans in rising-rate environments.
Leveraged loans (also called bank loans or senior loans) are a particular type of floating-rate instrument. These are loans that are typically taken on by firms with higher existing levels of debt (hence the use of "leveraged" in the name). However, the loans are senior in the capital structure and are often secured by assets of the borrowing company.
Due to the floating-rate characteristics discussed previously, leveraged loans tend to perform well in environments of rising rates (or expected rising rates). http://seekingalpha.com/article/4033644-libor-1-percent-first-time-7-years-significant-level-leveraged-For the year, US junk bonds topped the list. Markit’s iBoxx Liquid High Yield Index surged 15.3% in 2016, beating the 12.8% increase for the number-two performer (US stocks via the Russell 3000) by a comfortable margin. The only loser among the major asset classes last year: cash (3-month T-bills), which inched down 0.1%.

src="https://staticseekingalpha.a.ssl.fastly.net/uploads/2017/1/2/saupload_gmi.02jan2017.png" />loanshttp://www.capitalspectator.com/major-asset-classes-december-2016-performance-review/

Hi Ron,
I agree that forecasting is folly and the trend is your friend. Trivial sayings but true nevertheless.
As J. Paul Getty said: "Bank on the trends and don't worry about the tremors". Getty is not a bad choice when accepting financial advice.
But it's not clear when a trend becomes a broken trend that demands some action. There are plenty of sources offering advice in that arena. Here is one such source:
http://www.investopedia.com/articles/active-trading/041814/four-most-commonlyused-indicators-trend-trading.asp
This is just one of many Links that summarize a host of candidate trading signals. I post it only as an example. I don't subscribe to any of them. I am basically a buy and hold investor, and typically make only 2 or 3 trades each year. These days they are coupled to my required mandatory withdrawals that are age related.
Again quoting Getty: "The big profits go to the intelligent, careful, and patient investor, not to the reckless and over eager speculator". I at least qualify as a patient investor. I'm not so sure about the other qualifiers.
Mark Twain wisely added this bit of wisdom: " There are two times in a man's life when he should not speculate: when he can't afford to and he can". But speculators help to make a market. More power to them.
And more power to you regardless of your investing philosophy. Thanks for your input.
Best Wishes.

A striking spread between VIG and DVY, 12% vs <22%, the other usual suspects mostly in between. CAPE >18%.

Some other taxable fixed-income mutual fund categories, not well represented in the AGG, with significantly different results per M* category return pages: multisector +7.6%, bank loan +9.2%, high yield +13.3%, emerging mkts +10.0%.
Short duration high yield funds (not a M* category): RSIVX +9.9%, OSTIX +11.0%.

I'm actually keen on getting back into broader global funds such as a GAVAX. I luckily got out it in my quest to hold all "single fund company" funds at Vanguard, then never bought it back because it kept steadily declining. Trying to figure it out right now with its excessive Japan stake, what this fund is doing. Watching EWJ as a hint to get back in.
Anyone continue to own this fund? Or sold already? :-D

Hate to rain on the proceedings, but Hussman had another Dire year. HSGFX was down 11.74%. $10,000 invested at the beginning of 2007 would be worth about $6,055 today.
http://funds.us.reuters.com/US/funds/overview.asp?symbol=HSGFX.O
Sad for those who've lost money. There have to be a lot of lessons to be gleaned from a once popular manager (way back in FA days). I'd say first - It's hard to time markets, and second, playing defense perpetually doesn't work. Am sure there's many more.

So I did some calculating of the returns. According to M* my entire mess was up 16.8% in 2016 (Brokerage: 18.6%, SEP-IRA: 12.1, Roth: 21.8). I'll take it.
To be fair, I don't invest much with mutual funds anymore mostly because I suck at selecting them or at least formulating a strategy around their selection despite all that Roy and David have tried to teach me. At this point I hold 6 funds which are on autopilot and I hardly ever look at them. I do use CEF's though so when the board discusses a mutual fund or fund category of interest I'll often look for a similar offering in the CEF pile.
What I do invest in mainly is a dividend growth strategy based portfolio containing 20-25 stocks. For a great example of what this entails see here: http://seekingalpha.com/article/4033646-dividend-growth-portfolio-2016-review-2017-preview?uprof=46&isDirectRoadblock=false
No this is not me or my exact portfolio but the idea, returns and many of the holdings are the same. I am overweight Reit's & Energy but not underwater on any of those positions. I'm looking to spread some of that into Tech and Industrial holdings if I can find the right positions. Healthcare related things were my biggest detractors to better results last year. Damn you Gilead, pull it out already!
My most valuable lesson learned was that the less I fiddled with things, the better I did. Honestly I don't trade this portfolio much unless a dividend gets cut (KMI got me) or I can swap a good one for a better one.

Good year, in 2016. I've been in it for a bit more than 4 years. Is it really up by about 15% in 4 years---or so? Double checking myself.

Are you really trying to buy in and out of active funds on an annual basis? IMO, that is a losing formula...

Dear friends,
Well, the Patriots have the NFL’s best record (14-2) and have outscored their opponents by a league-high 191 points this year, which is a pretty good signal that New Year’s is upon us and the January issue of the Mutual Fund Observer has launched. You can find it at http://www.mutualfundobserver.com/issue/january-2017/.
Highlights of our January issue include:
Snowball’s “publisher’s letter” shares a hard truth: despite everything you’ve heard in the past year, things are getting better. Distinctly better. Historically better. Globally better. He shares the evidence, offers you a chance to make a difference in the life of a child and presents “the 2% challenge.”
Leigh Walzer, president of Trapezoid LLC, looks at the role of investor activism in prying open the value locked away in closed-end fund portfolios; at base, the liquidation value of the funds routinely exceeds their market NAVs which leads more and more activists to look for quick gains through forced liquidations.
Ed Studzinski returns to the question of fund expenses. We celebrate expense reductions. Ed asks us to consider the cost of those reductions; when a fund dependent on talent fires its talent, who gains?
Bob Cochran reminds us that prediction is easy while getting it right is hard. Maybe impossible. That has distinct consequences for how you need to approach your finances. Bob lays out the case for humility for us.
Charles Boccadoro updates folks on developments at MFO Premium; the chief one is a reader-inspired change that eliminates the effect of loads on return calculations. That’s based on the observation that virtually all loaded funds are now available with waivers. See Charles for details.
Snowball also spends a moment trying to reason with the fund community, using the lens of an abandoned, sand-filled squatter toilet in the weeds behind a rural farmhouse as a way of focusing their attention. The question at the bottom line: are you stubborn enough to choose failure on your own terms to success that requires change? Cue Sinatra: “I did it myyyyyy …”
Dennis Barran completes an Intrepid trifecta with his extended profile of Intrepid International (ICMIX), a young fund that mirrors Intrepid’s absolute value, risk-aware, small cap value orientation.
One of the decade’s best emerging markets managers has re-emerged. Rajiv Jain, long-time star manager of Virtus Emerging Markets Opportunities (HEMZX), resigned from Vontobel Asset Management in March to start his own firm. On December 28, GQG Partners Emerging Markets Equity launched with Mr. Jain at the helm. It’s much like his previous charge, give or take the fact that he’s unambiguously in charge and is managing $30 million rather than $48 billion. We share a little detail in our first Launch Alert.
Our second Launch Alert focuses on Cognios Large Cap Value, which represents the strategy being the “long” portfolio at the five-star Cognios Large Cap Market Neutral Fund.
Last month we highlighted the launch of Rondure Global Advisors, a partnership between former star Wasatch manager Laura Geritz and her former Wasatch colleagues who launched Grandeur Peak. This month we provide first word about her two funds in registration which will be available to you in March.
But wait, there’s more! We detail a relatively modest 19 fund liquidations and Chip tracked down three dozen manager changes, one of which strikes us as quite odd. We found 16 funds in registration, including a suite from BNP Paribas and a couple other goodies. There’s other stuff, too.
If you prefer the long scrolling format, find it at http://www.mutualfundobserver.com/2017/1/
We hope you enjoy it all in the January Mutual Fund Observer at www.mutualfundobserver.com!

"While any time of the year can prove to be a worthwhile time to consider changes to your investments, the start of a new year typically seems to arouse the most interest for this kind of activity. It is at this time that it has become clear which investments excelled in the prior year and which didn't, perhaps suggesting the new year will follow suit."
Thanks for the read Ol'Skeet. I think most would agree that this is a good time to think over our allocation to various assets. You've linked a very in-depth article for those who care to read it.
I'd agree that valuations look cheaper abroad - but come not without risk. Recently opened a small position in PIEQX - an international equity index fund. It's gone nowhere for several years now and impresses me as perhaps a "sleeper" in the realm of fund opportunities. To some extent I'm betting the Dollar won't continue to strengthen against these other currencies much longer. Since the amount is small, won't lose any sleep over this one. If it drops 10-20%, might buy a bit more.
Regards

Has anyone had any thoughts on FOSCX since David's excellent write up, here: http://www.mutualfundobserver.com/2016/12/tributary-small-cap-foscx/
I am planning to finally bail on BRUSX, bridgeway's microcap quant fund, and am looking for an alternative. This is for a tax sheltered account.
In the small cap space I already own TDVFX but am nervous about adding to it after such a huge run-up.
So I owned one of the very best and one the very worst small value funds last year... Of course, as soon as I sell BRUSX, it will knock it out of the park like it used to.

Good year, in 2016. I've been in it for a bit more than 4 years. Is it really up by about 15% in 4 years---or so? Double checking myself.

Hi Rforno and Guys,
Indeed the average investor tends to buy high and sell low. The accumulated performance data supports that observation.
It seems to be a double-barreled negative finding that has been consistent over an extended timeframe. Mutual Fund managers on average fail to meet their Index benchmark, and also individual investors fail to match the returns that the Mutual Funds that they invest in register. It's a persistent double whammy.
We don't learn money making market rules very well. Our patience is limited, we often overreact, and we suffer herding instincts. It seems we're only comfortable when blindly following what the majority are doing.
Adam Smith's book "the Money Game" is an industry acknowledged classic. It was written in the late 1960s and updated in the 1970s. It is still relevant. I read it two decades ago, and am currently rereading it.
Although I'm not yet deeply into this classic, it appears that the author (believed to be George J.W. Goodman) has a low regard for both fund managers and individual investors, especially females. He characterizes these groups to be far too emotional which has no place in profitable investment decision making.
Although he believes fund managers are dedicated with an impressive IQ substantially higher than the 100 standard level, emotions negatively subtract from his investment decisions. He thinks even less of us far too emotional private investors.
Perhaps my current interpretations of the author's observations will change as I complete my rereading. Regardless, I do recommend that you get a copy of this excellent book. It just might impact your investing philosophy and decision making.
Best Wishes.

In this months edition of "Mutual Fund/ETF Research Newsletter," January edition, (linked below) Dr. Tom Madell, PhD discusses the prospects and his thoughts on the above subject titled newsletter. In addition, he offers up some new asset allocations for his Model Portfolios along with the whyfor changes.
http://funds-newsletter.com/jan17-newsletter/jan17-new.htm
Enjoy the read.
I wish all ... "Good Investing."
Old_Skeet

The link below will take you to a piece written by Brian Gilmartin of Trinity Asset Management about his thoughts for his retail account holders asset allocations for 2017. He has made post under the handle "fundmentalis."
http://fundamentalis.com/?p=6570
Enjoy the read ...
I wish all "Good Investing."
Old_Skeet

LOL. You forgot two:
1) "Average investor" also: probably buys high, sells low, and while they may read on their internet device they don't do serious due diligence before taking action in the markets.
2) "Average investor" = someone with some money in the markets who is ripe for 'expert' advice from 'broke-ers' and mass market newsletters advertising on late-night TV / website overlays.

I just love the term "average investor" - So damn precise.
Let's see ...
Most likely human (male or female)
Probably has a pulse with a body temp over 95 F
Probably possess some wealth (amount unknown)
Probably can read and write and/or operate an internet connected device
Probably assumed more investment risk during 2016 than bank CDs would afford
Got it. :)

After an early year scare, US equities fared well in 2016, especially since November 6th ... ending year up a handsome 12%.

Just about the opposite for US aggregate bonds. After a strong first half, they have given up much of their gains to close the year up 2.4%.