Oops. Sorry @bee. I thought this was from Ted and initially blasted it. (He who giveth shall receiveth.)
Torpedo recalled.
Apologies @Ted also. I need to look before I leap.
@bee raises an interesting question re PRPFX. And I listened to all 15 minutes of the video expecting the gent would eventually get around to that fund. But I see no reference to PRPFX or its multi-asset investment approach in the linked video. Perhaps a different video was intended?
What this is is a lopsided pitch for gold using scare tactics. I won’t dispute that the gentleman injects some real financial issues into his pitch (excess liquidity, high valuations, high debt, etc.). If folks have takes on those issues I’d be most interested in hearing their thoughts. (And a lot of his pitch is taken from John Hussman’s playbook.) But the presentation seems very lopsided and designed mainly to spook people into owning gold.
Everybody has their own take on PRPFX. Depends on your temperament, philosophy, life experiences and a whole lot of other factors. Those who read my musings must note I’m pretty risk averse. So I look for every possible way to diversify. Having a small chunk of this fund (10-15% of total) is just one aspect of that diversification.
I’ve never viewed PRPFX as something you buy or sell depending on your outlook for the economy or the stock market. Actually, I’d tend to view it more as an all weather fund, suitable at anytime. A good fund for those who agree with the “TED” series speaker’s doomsday prophecy would be HSGFX. A better choice IMHO than loading up on gold.
Regards

It would be interesting to know his active share because for the last 10 years he's more or less hugged the S&P 500 the whole way. My guess is he has a reasonably high active share but his returns during the credit crisis were very similar and his upside since then has been the same. I guess we have to give him a decent amount of credit for only trailing the S&P by 24 basis points annually for those 10 years, and the big party he throws has to be worth something (if you're into that) but I think most of his outperformance was during the '90s. Since then I'm not sure he's been anything spectacular amid his ever growing stable of funds that have made him a billionaire.

One needs to a few exercise on tablet computers vs PC. Apple has a very helpful discussion forum. I learned by playing with my iPad and google for the answer.
Back to bonds, 2017 was disappointing and I believe it will be more challenging in 2018 with at least two or three rate hikes. For those income investors, where do you invest?

( I need to learn how to cut and paste articles on my I Pad).
Simple!
1) Press down against screen at the beginning or end of the passage to be extracted. Works best with a soft-tipped stylus.
2) A light colored (probably blue) dot appears on your screen at the point you are pressing against and a menu above will appear listing several options. Tap “select.” You’ll see a marker (probably blue) appear.
3) Slide the marker left or right and words will begin to appear within a highlighted zone as you make it longer or shorter.
4) Lift stylus from screen.
5) Watch for the word “copy” or “cut” to appear nearby (usually above) after you lift the stylus. Tap on “copy” or “cut”. That saves the highlighted words to the device’s memory.
6) Now, press your stylus against the screen again at the point where you want to paste the saved words. This can be within the document you are working on or an entirely different document.
7) Lift stylus from screen and watch for the word “paste” to appear. Tap on “paste.” The saved words should appear right where you want them.
Longer passages can be cut or copied by sliding your stylus upwards or downward against the screen.

I've own the Schwab robo for about the same time as this guy. I can't disagree with him. I also believe the complexity of the robo does not, or has not as of yet added total return value. The biggest concern I've had, and he stated, is having gold in the portfolio. I personally think gold is a bad investment over time. Certainly it has been over the time of his comparison.
The other thing I noticed, especially early on when I bought, was the robo seemed to have high international and EM exposure when you summed up equity, bonds and currency. Up until the 2017 that was not the place to be, so at least my robo suffered early on. Currency (like gold) in my mind is another complexity that adds little to no value.
I think I would recommend the robo to those that want absolutely no interaction with their portfolio, though as the author also notes, this can be done with a simple 1-fund retirement fund. I've been 50:50 in the robo and a self-managed portfolio. My plan is not to give up on the robo altogether, but to reduce it's weight in my over-all. Not exactly sure what I want that ratio to be yet.

Softball questions after this:
https://nytimes.com/2017/12/30/business/why-are-mutual-fund-fees-so-high-this-billionaire-knows.html

TED Talk Aug 2017:
Thinking about real assets as the "insurance" in your portfolio. Is PRPFX worth reconsidering?

FYI: Ron Baron started his mutual-fund firm in the 1990s and estimates he has generated $23.5 billion in investment profits since then.
He expects to double that number in the next five or six years. That’s not a market call, because the 74-year-old investor doesn’t make them. He expects to do what he has always done, which has involved beating the market long term at a point when most investors have given up on active management.
Regards,
Ted
http://www.cetusnews.com/business/Ron-Baron-Explains-His-Investing-Strategy--Company-Growth.HJXZ2rwx4G.html

FYI: Nearly three years ago, Schwab launched its free robo Intelligent Portfolio and today has over $10 billion in assets. Schwab did not disclose what was in it, so I bought one in order to write about it.
I was somewhat critical in my personal look at the Schwab Intelligent Portfolio as well as a follow-up revisit of Schwab months later. Though there have been some changes, it’s still a 16-fund sophisticated portfolio.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/simplicity-vs-schwabs-robo-portfolio

FYI: (Thank God, the Linkster has Dan Ivascyn as his bond fund manager!)
While U.S. stocks are now in an “accelerating phase,” billionaire investor Jeffrey Gundlach is predicting that the S&P 500 will post a negative rate of return in 2018.
Regards,
Ted
https://www.reuters.com/article/us-funds-doubleline/doublelines-gundlach-predicts-sp-will-post-negative-return-in-2018-idUSKBN1EY2R2
Gundlach Sees Commodities Outperforming In Late-Cycle Boom:
https://www.bloomberg.com/news/articles/2018-01-10/gundlach-says-commodities-set-to-outperform-in-late-cycle-boom

AS this thread is income/bond related......
Rumor, playing the markets or real? I sure don't know.
One will likely read or hear more about this today.
China to slow, or stop buying U.S. Treasuries??? One will likely read or hear more about this today.

https://www.fxstreet.com/news/china-officials-said-to-recommend-slowing-or-halting-treasury-buying-201801101038

Bond interest rates (high quality) will slowly drift higher until the equity markets stumble. After that, it becomes a “Fill In The Blanks” exam - since no one knows how badly equities will stumble or for how long. I could make a case for slowly edging into (high quality) bonds as rates tick up as a hedge against an equity rout (but suspect few would buy that notion).
Just a guess, but when the 10-year goes over 3% (which I’d expect to see this year) I’ll also be watching for some fireworks to begin in the equity markets - if they haven’t already started.
Don’t know anything about Gundlach’s operating style. But with Gross (also sounding bearish on bonds Tuesday) what he says is often quite different from what he thinks. That’s his way of moving markets a bit one way or another to bolster his position. BTW - Bloomberg was citing Gundlach today as calling for a negative return on the S&P this year. Take that for what it’s worth (I know ... not very much).

@Junkster-noticed that LSFAX is available ntf, load-waived for $100 minimum, with expense ratio 25 basis points higher than LSFYX.

@bee. That is a tough one. Junk corporates do well when rates are rising. But with credit spreads already so tight not sure how that would work this time around. If we have a weak dollar in 2018 world and emerging markets bonds should do well. I really can’t see where the bond returns will come from this year - but I feel that way early in every year. I will be real curious how I am positioned end of month. So far this year junk corporates have been my best performer. I like the steady eddy bank loan sector but a rout in stocks and junk corporates would impact bank loans. I wish I had access to LSFYX there but at Scottrade only available if working with an advisor. An equity might bring Treasuries back to life and junk munis. So many scenarios and can’t wait to see how this month unfolds. ( I need to learn how to cut and paste articles on my I Pad)

I agree with @Junkster about that solid return number.
Here is a broad based search (below bold, skip the first top box dated July, 2017) related to the recent action of Bank of Japan and their bonds. Pick your story for info.
Are all the big central bankers really trying to back down from QE? Kinda reminds me of an over supply of vehicles and all the major companies are trying to unload and at least break even for their efforts.
Fun times still ahead, eh?
While about 75% equity here, our house still holds the remainder in investment grade bonds. Our portfolio may have entered the "between a rock and a hard place time frame".
https://www.google.com/search?source=hp&ei=ynFVWo6aMMTEjwS28r-ADw&q=bank+of+japan+reducing+bond+buying&oq=Bank+of+Japan+reducing+bon&gs_l=psy-ab.1.0.33i22i29i30k1l9.9520.46395.0.50606.37.25.8.4.4.0.296.2639.12j12j1.25.0....0...1c.1.64.psy-ab..0.35.2679...0j0i131k1j0i131i46k1j46i131k1j0i22i30k1j33i160k1j33i21k1.0.jbBYQYzEtoE
Have a restful remainder of your evening.
Catch

@Junkster,
Quote from Jeff G:

Gundlach singled out a few key levels for investors to watch — 2.63% on the 10-year Treasury yield and 3% on the 30-year.
Gundlach says that if these levels are breached, they will be breached together and that yields are going go to a lot higher from there. This move would also mark the end of what he called the “ancient” bond bull market that has been with many investors for the duration of their investment careers.

As a bond guy (with a lot of experience) , how would you position yourself for the beginning of the this next bond cycle?

A +0.46% quarterly return is considered “solid” ?? 2018 looks to be a real challenging year in Bondland.

FYI: EXECUTIVE SUMMARY
Fixed income funds posted a solid return for Q4 2017 (+0.46% on average),
but overall the performance was slightly off from Q3’s result (+1.11%).
Regards,
Ted
http://lipperalpha.financial.thomsonreuters.com/wp-content/uploads/2018/01/Fixed-Income-Q4-2017-v2-In-Design.pdf

This quarter's WSJ Investing in Funds & ETFS demonstrates the paper's reduced coverage. "Category Kings in 16 Realms" no longer lists the 10 top performing funds in their categories, only the top 5. Maybe I'm the only traditional subscriber left and the only one who cares. I used to enjoy perusing the top 10 lists, but top 5 lists are meh. Come to think of it, my subscription this year is costing me $20 more than last year. I'm not getting much more than fire starter these days, a role that Barron's used to play in my household.

Bar maid at the local pub the other night was chirping about how her IRA has grown since she started investing 18 months or so ago. She was also Trumpeting the virtues of the current Pres. - who as I recall was publicly rather reticent about the equity market at half these levels - but who now foresees DJ 30,000 on the horizon.