Hi, hank.
I was pondering that very point ("in a 100 years") on the drive in this morning. At least in terms of political culture, the last shift this disruptive might have been when Andrew Jackson came to power in 1829. Mr. Jackson represented a sharp break from both the policies and style of the dominant political culture.
There's a particularly interesting episode in Jackson's tenure; he triggered an economic boom by dismantling the Second Bank of the United States, which functioned as the era's regulator of financial markets. The surge of economic activity rolled on to wild excesses in the financial markets, defaults, eventually a strong government (over)reaction and collapse in the financial panic of 1837 - 44.
Just pondering,
David

The Second Bank of America only had a 20 year charter that expired in Jan 1836. During its tenure there were 4 recessions. The Panic of 1837 was caused by factors that began in 1834.
https://en.wikipedia.org/wiki/Panic_of_1837
While looking for parallels between Trump and Jackson might be made; the one with the Second Bank of America is not one of them. If you want to ponder something try this one: Why does Trump confound the elite, news media and Hollywood? His history and the things he said during the election and after would have mortally wounded any other politician.
http://www.history.com/topics/jacksonian-democracy
"It has confounded some scholars that so much of this ferment eventually coalesced behind Andrew Jackson..."
The real test of Trump affect on the future will be if he gets a second term. If he gets one term and a Democrat wins, his changes will be superficial and short term. The politicians will look at him as an exception and not a mandate for change. If he gets a second term then even his opponents will have to move closer to his positions.

Now only 7% of Bruce's FAIRX portfolio, but still...it's something. While it lasts.

Try Schwab.

Hi, hank.
I was pondering that very point ("in a 100 years") on the drive in this morning. At least in terms of political culture, the last shift this disruptive might have been when Andrew Jackson came to power in 1829. Mr. Jackson represented a sharp break from both the policies and style of the dominant political culture.
There's a particularly interesting episode in Jackson's tenure; he triggered an economic boom by dismantling the Second Bank of the United States, which functioned as the era's regulator of financial markets. The surge of economic activity rolled on to wild excesses in the financial markets, defaults, eventually a strong government (over)reaction and collapse in the financial panic of 1837 - 44.
Mr. Trump has endorsed with comparison, in part by hanging a picture of Mr. Jackson behind his desk in the Oval Office.
William Jennings Bryan (1900, 1908) might have been a similarly transformative if he'd won. Huey Pierce Long, likewise, if he hadn't been assassinated and had beaten FDR in the '36 primary.
Just pondering,
David

@David_Snowball

It's a relatively concentrated fund with just 38 stocks; that's high commitment for a small cap product. A number of their holdings had a decent day (1-2%) but their second largest holding (Blackbaud) rose 13.5% and their fifth largest (Tyler Technologies) rose 10%. No idea of why but I'm guessing that accounts for most of the jump.

Also interesting is that AGOZX, now managed by Amy Zhang, a past member of the BC team for 12 years, gained 3.07%, have these two companies in its own portfolio and 7 holdings among its top ten with that of BC as of EOY.

(From David's opening remarks): So why the rally? Mostly, I suspect, because people have become unhinged by the circus in D.C. Peggy Noonan, Reagan’s best speech-writer and doyen of the country-club Republicans, frets “we are living through big history and no one here knows where it’s going or how this period ends… Mr. Trump has overloaded all circuits. Everything is too charged, nothing feels stable. ‘Nothing is stable,’ [a prominent friend] replied” (“In Trump’s Washington, Nothing Feels Stable,” WSJ, 2/4-5/17). In such moments of great uncertainty, crowds surge. (I think about the news reports of people crushed to death against the doors of a burning theater as the crowd behind them rushes without thought or perception.)
---
Yep - A potential Supreme Court test case of Presidential Powers arising within the first month in office? Has to be some kind of record. All I would wish for would be to be around in 100 years to read the history books on this period.

Hi, Ben.
It's a relatively concentrated fund with just 38 stocks; that's high commitment for a small cap product. A number of their holdings had a decent day (1-2%) but their second largest holding (Blackbaud) rose 13.5% and their fifth largest (Tyler Technologies) rose 10%. No idea of why but I'm guessing that accounts for most of the jump.
David

CAPE crossed the $100 share price mark this week. Not meaningful, but rewarding if you own it.

FYI: Some alternatives, traditional equity, and fixed-income ideas from our Morningstar Prospects list.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=791893

FYI: With interest rates up from their record flows of 2016, the search for yield among investors isn't as intense as it was last year. Still, with rates at historically low levels even now, there's plenty of demand for high-yielding products.
Regards,
Ted
http://www.etf.com/sections/features-and-news/top-10-highest-yielding-etfs?nopaging=1

Just FYI, I entered order for BALFX for $250 at TIAA. Why? Because it clearly says for F1 shares, fund is NTF and minimum investment is $250.
Then they reject my order. Jokers! I'm already regretting opening account with them.

Don't know what they're smoking over there. But Price has muffed quite a few calls lately. Most glaring is a statement from the (now year-old) Annual Report for New Era (PRNEX). Anyone who's watched commodities over the past year must seriously doubt the report's claim that we were in the initial years of a commodities bear market. (It got the low in oil correct, stating it would go below $30. Doubt they had a clue it would than double to over $50 by the end of 2016.)
"As we have written in previous shareholder letters, we believe that we are in the initial years of a secular down cycle in commodities." (Annual Report T. Rowe Price New Era Fund December 31, 2015)
That's not to say they don't have the bond call correct. I simply don't know. I've been looking over their end of 2016 report for their target date funds and find myself in disagreement on several calls - especially their preference for domestic over international equities.

Here's the full paper. Note this came out in mid-Dec but Barrons is only now reporting it?
Postelection Asset Allocation Viewpoint
Four Headwinds to the “Trump Trade” the Stock Market May Be Missing
December 12 2016
https://www4.troweprice.com/gis/fai/us/en/insights/articles/2016/q4/the-trump-trade.market-scene.html

FYI: In a contrarian move, the asset allocation team at T. Rowe Price (TROW) is overweighting bonds. It’s the first time the team has made that recommendation since 2000.
The consensus among many investors is that interest rates will rise, crimping bond prices, while equities could continue to rally as the Trump administration ushers in pro-growth policies.
But T. Rowe’s David Giroux, Sébastien Page and Charles M. Shriver write in a new paper that they are concerned any upside to stocks from a strengthening economy is already priced in while downside risks are being ignored. They are making a “modest tactical shift” from equities to bonds as a way to make their portfolios more defensive and add some “dry powder” to deploy if stocks to fall from here.
Regards,
Ted
http://blogs.barrons.com/incomeinvesting/2017/02/09/t-rowe-price-overweights-bonds-for-first-time-since-2000/tab/print/

@davidmoran

Do you have thoughts why the DLEUX performance thus far (6w) has been worse than European indexes?

The underperformance mentioned was because the fund's four sectors lagged the MSCI Europe Net Return USD Index over such a short time period and can be expected to happen when the most undervalued sectors lag the broad market. The expectation is that the fund will outperform over time.
As of 2/8/17, DSEUX is outperforming the MSCI Europe NET Return USD Index (the benchmark) by 49 bps. The benchmark has returned 2.12%, and DSEUX has returned 2.62%.

FYI: After dropping below a third in the last two weeks, bullish sentiment on the part of individual investors saw a modest rebound this week, rising from 32.8% up to 35.8%, which is still an extraordinarily low level given where the market is. This week’s level also marks the 110th straight week where bulls have not been in the majority.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/individual-investors-slightly-less-depressed/

It has been the same doomsday commentary on the junk debt wall year after year after year. Here is the (same) commentary last year. A 12 months where the average junk fund was up 19% or so. The second link is a positive view of the upcoming debt wall. Better to make your decisions on the action of the markets instead of what you read here, there, and everywhere.
http://www.marketwatch.com/story/junk-bond-market-facing-record-refinancing-cliff-moodys-2016-02-16
http://www.peritusasset.com/2017/01/high-yield-market-upcoming-maturities/

@WallStreetRanter, Thanks.
While 3 D&C funds gained assets, that doesn't nearly equal the outflows from 3 others.
The increase in DODIX is however interesting. A lot is probably hot money chasing an outperforming fund. (Although the 2015 rankings suggest otherwise).
A small bit of that is money that I've gradually shifted in from DODBX over the past year.

@WallStreetRanter,
Thanks for commenting.
I looked up the ticker symbol for Bridge Builder Small/Mid Cap Value (BBVSX) and have linked its Morningstar report for those that would like to take a look. Indeed it has a good number of managers (19 listed). Interestingly, it stock positions total 1,972 under portfolio holdings. Click on the management tab to view a blurb about each advisor. In addition, from review of the fund in Instant Xray it looks more like an all cap fund, to me, with 17% in large caps, 46% in mid caps and 39% in small caps. Notice the percentages total 102% (I guess this is because of rounding).
http://www.morningstar.com/funds/XNAS/BBVSX/quote.html
Now, I am starting to wonder? Is this an all cap fund?
http://www.investopedia.com/terms/a/allcapfund.asp
Seems, to me, that it could indeed be one based upon the above defination.