FYI: he post-election surge in individual investor optimism continued this week as AAII Bullish Sentiment increased from 46.7% up to 49.9%. So after finally breaking above 40% for the first time in 54 weeks last week, now it is testing 50%! This week’s increase in bullish sentiment is the highest weekly reading since January 2015 and the largest three-week increase (26.25 percentage points) in over six years. Think about it this way — in the last three weeks, bullish sentiment has more than doubled!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/bull-camp-expands-for-third-straight-week/
AAII Website:
http://www.aaii.com/sentimentsurvey

searching is a pain. anyone have link to 2014 article?

FYI: t's no surprise to note that John Bogle, founder of Vanguard and inventor of the index fund as we know it, is among the most influential investors of the past half-century. Bogle's savvy wisdom is often distilled in quotable things he's said and written. Today I'll look at nine such quotes and add my (mostly favorable) comments.
Regards,
Ted
http://www.marketwatch.com/story/the-genius-of-john-bogle-in-9-quotes-2016-11-23/print

There is also a very good article in the January 2014 MFO on cash rich funds, with the market hitting new highs these funds mandate a close look. Good luck, Lukemon

The purchase of an equal weighted blend of small cap value, emerging small cap, and large cap value or mid cap growth from the Nov 1 to May 1 period, then switched to utilities, Long U.S. treasuries, or cash ( depending on risk model heuristic ) from May 1 to Nov1 has produced risk adjusted median rolling 15 year total return periods > 1600% tinyurl.com/hh3ymn8 ( or 22.4% CAGR vs. 14.8% for Berkshire Hathaway since 1986 ) since 1954.
Would rather examine and trust 60+ years of repeatable empirical data as evidence vs. a couple weeks of post election event market behavior and anecdote !

FYI: Let’s talk about your new book, "Your Complete Guide To Factor Investing.” Why did you decide to write a book on smart beta?
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/new-swedroe-book-your-complete-guide-factor-investing?nopaging=1

FYI: On a tear before the election, the average fund is down 4.4% after it because of president-elect's rhetoric about countries like Mexico and China
Regards,
Ted
http://www.investmentnews.com/article/20161123/FREE/161129965/emerging-markets-sink-after-trump-victory

@claimui. Isn't ARTGX doing well because it has some US stocks? higher dollar is what is killing international stocks. One would expect ARTKX to underperform ARTGX.

To clarify, I meant that they are doing well compared to their respective categories. ARTKX is in the top 5-10% for the "foreign large blend" category; ARTGX is in the top 10-20% for the "world stock" category.
You are correct that ARTGX is doing better than ARTKX (presumably because of the better performance of US stocks) on an absolute basis, but ARTKX is doing better than ARTGX when compared to their categories/benchmarks -- although both are doing well in general.

Another fan here of ARTKX and its mgmt. Holding it since 2006. I also held ARTGX for a few years and but then sold it to reduce redundancy between the two. I have numerous other US based funds and I need them for their international expertise.
Tempted to split the money into ARTJX in the last 1-2 years, but never took the step.

@MFO Members Great new, there are simply too many mutual funds. In the United States, there were more than nine thousand mutual funds in 2014, managing assets worth approximately 15.85 trillion U.S. dollars. Domestic equity funds constituted 42 percent of the fund market in the United States. The second most popular were bond funds, with 21 percent of the market share.
Regards,
Ted

https://www.sec.gov/Archives/edgar/data/1611894/000114036116087676/form497.htm
497 1 form497.htm CORSAIR OPPORTUNITY FUND 497 11-22-2016
Corsair Opportunity Fund
(THE “FUND”)
SUPPLEMENT DATED NOVEMBER 23, 2016 TO THE FUND’S
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 27, 2016
On November 22, 2016, the Board of Trustees (the "Board") of the Fund approved a Plan of Liquidation and Termination (the "Plan"), whereby the assets of the Fund would be liquidated and the Fund subsequently dissolved.
In light of the Board's decision, shares of the Fund are no longer being offered.
As a result of the Fund's liquidation, each shareholder of the Fund as of the close of business on December 15, 2016 will be entitled to receive a distribution in an amount equal to the net asset value of his/her shares as of December 15, 2016, to be received prior to December 22, 2016. The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event. You should consult your personal tax advisor concerning you particular tax situation. A notice concerning the Plan and the liquidation and dissolution of the Fund will be mailed to shareholders.

Here's the actual GAO report.
While some of what it says may be sound and even useful, there are enough things that pop out to suggest one not read a news report without looking at the GAO report itself.
The report starts: "GAO’s nongeneralizable survey ..." Much later it amplifies: "The participants’ responses and our analysis of their accuracy are not generalizable.."
"Our web-based survey was an opt-in panel [self-selecting participants] and open to anyone who received a link to the survey ... [including] plan sponsors and other plan professionals who assist plan sponsors ... On the basis of our application of recognized survey design practices and follow-up procedures, we determined that the data were of sufficient quality for our purposes."
While the report says that people average 11 jobs over the thirty year period between ages 18 and 48, it notes that these jobs may be held simultaneously. Also, half of these (5+) are held before age 25 (Table 4). Where and how is that accounted for when looking at the savings lost by starting jobs that require a one year waiting period before contributing to a 401(k)?
On the one hand, the waiting period for all these early jobs may be more costly than the same waiting period at the later jobs. That's because the early job money that would have been contributed but for the waiting period would have grown for more years than later job contributions. On the other hand, early career wages are lower, so fewer 401(k) dollars may be lost by having to wait. Perhaps even no retirement dollars at all are lost. This is because at starting wage income levels, people might be able to put all these dollars into IRAs without maxing out.
It doesn't seem that the report is this sophisticated. It seems to use hypotheticals that it considers average, but I've taken just such a quick cursory look that all I've got are questions.
The report may hang together. The GAO did use some actual labor statistics. But it seems hard to tell from a very quick first glance. As an employee, I want to get everything I can from my employer - immediate participation, immediate vesting, large match. As an employer, I want to be able to retain employees, especially in the more mobile 21st century. The best way to do that is still to provide a work environment where people want to stay.

FYI: The Scout Mid Cap fund has returned an annualized 10% over 10 years, beating 99% of its peers.
Regards,
Ted
http://www.barrons.com/articles/todays-top-5-stock-picks-durable-growth-1479905281?mod=BOL_hp_highlight_1
M* Snapshot UMBMX:
http://www.morningstar.com/funds/XNAS/UMBMX/quote.html
Lipper Snapshot UMBMX:
http://www.marketwatch.com/investing/Fund/UMBMX
UMBMX Is Ranked #32 In The (MCB) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/mid-cap-blend/scout-mid-cap-fund/umbmx

FYI: Many company 401(k) retirement savings plans could use a swift kick into the 21st century, according to a new report from the U.S. Government Accountability Office.
Regards,
Ted
http://www.investmentnews.com/article/20161122/free/161129973?template=printart

@expatsp What would you choose to replace this fund in your portfolio if you need another in the international multi-cap value space and have some degree of confidence that it would perform as well or better?
I get it that nothing lasts forever. However, as claimui says, ARTKX has beaten its EAFE value benchmarks from inception with top decile performance. Moreover, as shown at MFOP, it has beaten its peers significantly during all types of markets with superior RAR throughout its 14-year history. The empirical evidence is compelling, and if its PMs are correct that closing the fund will help keep the performance competitive by shutting the cash window, then that too is a positive.
Also, the fund usually has some domestic portfolio component, which is a diversifying characteristic in an otherwise international fund that has been often geographically allocated to Europe, which we know has struggled, and to the U.K. whose forecast growth rate continues to be lowered for 2017-2018, making it hard for fund owners to forebear.
But If any fund in the Artisan "culture" needs to be evaluated on its own merits, this one deserves it. I'd persevere along with Samra -- and with the cash he has to put to work.
Happy Thanksgiving!

BAM is a marketing machine. I read Swedroe's books and have tracked his portfolios in those books as for anticipated outcomes. Maybe if you have 50 years you can reach the returns he projects. Much data mining and public relations fizz promoting DFA and claiming they add 3% benefits to you with their advice. Its part of the risk equation when you sign with an advisor for a particular set of funds DFA in this case. DFA uses the age old marketing ploy of exclusivity with its advisors. Madoff also used exclusivity, its marketing and advertising 101.

@claimui. Isn't ARTGX doing well because it has some US stocks? higher dollar is what is killing international stocks. One would expect ARTKX to underperform ARTGX.
Once again, stock picking prowess is not non-existent, but way overrated.
@expatsp You got me thinking. Need to take closer look this weekend at Artisan et.al. It is very difficult to distinguish between good managers and inception date of fund luck. I need to see consistent upside / downside captures. Instead of comparing 1,3,5 year returns, need to compare them against charts of other funds over exact periods.

Am wondering if the time is coming to get out of artkx. Had a great run, but nothing lasts forever, and if the parent company is losing its culture, could be time to take profits

ARTKX has been in the top 10% of its category almost every year. After a poor 2015 and a mediocre start to 2016, Morningstar now has it in the top 10% YTD, and in the top 5% for all other periods. ARTGX, run by the same managers, is also doing well.
Artisan may be going through some changes, but I think you'd be hard-pressed to find a worthy alternative to ARTKX.

How come Swedroe never mentions Medallion Fund which has crushed the market year after year with very active management-
https://www.bloomberg.com/news/articles/2016-11-21/how-renaissance-s-medallion-fund-became-finance-s-blackest-box

Speaking of the pathetic state of journalism, you might think about (but largely avoid reading) the current U.S. News article, "This book obliterates active management." The book is another of Larry Swedroe's shots at active management; smart guy, he's probably 99% right.
My beef? The article is written by a member of Swedroe's staff: "[t]he book was written by my colleague Larry Swedroe." The author is "director of investor advocacy for the BAM ALLIANCE and a wealth advisor for Buckingham." Which is to say, he's a marketer. He "travels the country educating advisors and clients alike about changing their lives for the better." Swedroe, on the other hand, is one of the firm's principals, a board member and member of the executive team.
Why isn't this "article" presented as what it is: an ad for Swedroe's 13th book (what is it that he hadn't covered in the prior 12 that required an entire new book?) by a guy with a vested interest in it.
David

Could not agree more. A marketeer in a class of his own. I think he is up to 15 or 16 books now.