Thanks @Ted,
From the article:

Last year, the White House’s annual economic report of the president (under President Barack Obama) forecast an 83% chance that automation will take a job with an hourly wage below $20, a 31% chance automation will take a job with an hourly wage between $20 and $40, and just a 4% chance automation will take a job with an hourly wage above $40.

Technology (in this case AI) is always deflationary. Said another way (using the above forecasts), 83% of low wage jobs will be tasked by automation that does not depend on wages to "live". These goods and services will be ever more affordable (Tech is deflationary), not only for these displaced workers, but for the world at large. Technology brings efficiencies to a system and impact the further growth of human opportunities everywhere.
Answering the question of what it means to be human is an interesting opportunity to have.
Again from Ted's article:

“I don’t care what my kids major in, but I want them to learn three skills: creative intelligence, technological acumen, and emotional intelligence,” he said. “Thinking creatively is the top requirement for a ton of jobs today, everything from chefs to engineers. Social skills -- things involving perception and empathy—will arguably be the most important skill in the future, and it can’t be automated away.”

Interesting Tech Trend Website:
https://technologyreview.com/

FYI: Stephen Barnes suffered damage from Hurricane Irma even before it hits Florida.
He owns Stone Ridge Reinsurance Risk Premium Interval Fund, a mutual fund that dropped 11 percent last week as the hurricane wreaked havoc in the Caribbean. In calmer times, Barnes has enjoyed solid returns uncorrelated with stocks and bonds while accepting risks that the fund that may be on the hook when disaster strikes
Regards,
Ted
https://www.bloomberg.com/news/articles/2017-09-08/irma-batters-reinsurance-mutual-fund-as-hurricane-nears-florida

FYI: (This is a follow-up article in case you missed his thoughts from the M* ETF Conference))
Joe Davis, Vanguard’s global chief economist, argues that a burgeoning technological revolution is a big risk factor for the market
Regards,
Ted
http://www.marketwatch.com/story/vanguards-chief-economist-says-artificial-intelligence-automation-stymieing-market-forecasters-2017-09-07/print
M* ETF Conference:
http://news.morningstar.com/articlenet/article.aspx?id=823831

The old Bull Moose Growth Fund, more memorable for its name than its performance. After it changed to the Roosevelt Anti-Terror Multi-Cap Fund, I figured it hadn't really gotten the Bull out, and stopped following it.

https://www.sec.gov/Archives/edgar/data/1199046/000119312517282865/d287623d497.htm
497 1 d287623d497.htm UNIFIED SERIES TRUST
ROOSEVELT MULTI-CAP FUND
Supplement to the Prospectus
And Statement of Additional Information
dated March 30, 2017
Supplement dated September 12, 2017
The Board of Trustees has determined to cease operations of the Roosevelt Multi-Cap Fund (the “Fund”) due to the adviser’s business decision that it does not want to continue to manage the Fund because it is no longer economically feasible.
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective November 15, 2017. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to November 15, 2017 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated March 30, 2017 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (877) 322-0576 or visiting www.rooseveltinvestments.com.

Hi @catch22 and thanks!! My $54MM was calculated in a ridiculous way that I didn't think much about at the time. As of a few months ago the BOJ owned roughly $144BN of equity securities. My $54MM would be less than 4 basis points as an expense ratio and you're right it's not a big number in terms of what they hold but its still a lot of money.
One interesting thing I read is that the BOJ's balance sheet is the same size as the Fed, but their GDP and population are about 30% of the US. They also didn't start this process until years after the Fed did and they're still going strong. So far I haven't read anything suggesting they're ready to stop printing money. I think we have to be a little worried about what might happen when the Fed starts reducing their balance sheet but I don't think I want to be anywhere near an investment in Japan when the rumors start. I've owned MAPIX for a pretty long time and been very happy with it but with 30% of the portfolio in Japan I might need to make it a smaller part of my portfolio.

Hi @Maurice
Appears there is not any defined reason for bump in this sector. 'Course it is more than just banks, eh?
Maurice, I'm making no presumption about your use or familiarity with StockCharts; as there is way too much one may play with at the site, and for my limited available time, I have not dug too far into everything in the tools department at their site.
***Below, from your original list of financials; I changed the time frames using the "slider ends" within the 200 day area. Their charts always default for a 200 day time frame. Once either of the sliders are moved for a different time frame, scroll down a tiny bit and "find" the "Permalink" icon. Click upon this and then you will see a "box" just below this "highlight" in blue. The changes you made in the graph time frame will now be part of the link to show the graph and your changes. Right click upon the blue highlighted link and select copy. You may now paste this here or where ever you choose.
--- Feb. 10, 2017 to current.
http://stockcharts.com/freecharts/perf.php?BAC,WFC,SYF,V,C,JPM,BLK,MA&n=147&O=011000
---July, 2014 to current. Note WFC vs Visa for the time period (total return % at far right of graphic.
http://stockcharts.com/freecharts/perf.php?BAC,WFC,SYF,V,C,JPM,BLK,MA&n=786&O=011000

Bonds appeared to hiccup Monday, after hitting absurdly, rediculously and insanely low yields last week. That had weakened financials. So a rebound was coming in financial companies like banks, which benefit from higher yields. Among my income-focused (bond heavy) funds, the following fell Monday: DODIX, RPSIX, OUSGX, PRFHX, DODLX. On the other hand, DODBX, holding many of the same bonds as sister-fund DODIX, had a decent day (+.41%) because its equities are heavily weighted towards the financial sector. Gold also reversed course on the higher rates, falling about $15. The 10-year is off slightly again this morning, it's yield inching up to 2.15%.
Bonds at these low rates may resemble Irma's approach. Sunshine and warm sea breezes right up until all hell breaks loose. Than, run for cover.

A follow-up from my post about 1 year ago and BOJ's buying of the country's etf's and the ultimate "plunge protection program" from a powerful central bank of the world's third largest economy. I recall that a special etf class was "built" for similar purchases.
https://etfdailynews.com/2017/09/12/the-bank-of-japan-absolutely-dominates-domestic-etf-purchases-ewj/

Is not available at Scottrade yet; but can get many of the other Driehaus retail shares for a initial minimum investment of $100.

Meet Erica.
https://www.nytimes.com/2017/09/06/arts/design/taylor-wessing-photo-portrait-prize-do-androids-dream-of-being-featured.html

@golub1
TD:
DVSMX 10K regular, 2K IRA.
DNSMX 500K regular, 500K IRA.

My totally clueless guess is that we will continue to see more and more of these smaller shops disappear as many of today's investors shovel money into index funds. I'm also guessing than M&N doesn't have a significant presence in company 401k plans. It's unfortunate because I agree with your statement that the company is/was one of those hidden gems.

Hi @Maurice
Financials have had some thumps to the downside recently, eh? Could be a plain "oversold" and/or some folks think that yields on bonds are going higher and will stay; which eventually may allow banks to earn a bigger spread and profits.
Here are two random examples starting Feb. 2017 when many financials were are a short term "high". Wells Fargo has other problems, too; eh?
http://stockcharts.com/freecharts/perf.php?BAC,WFC&n=139&O=011000

https://www.sec.gov/Archives/edgar/data/751173/000119312517281360/d453777d497.htm
497 1 d453777d497.htm MANNING & NAPIER FUND, INC.
MANNING & NAPIER FUND, INC.
(the “Fund”)
Emerging Markets Series – Class S and I
(the “Series”)
Supplement dated September 11, 2017 to the combined Prospectus and the Summary Prospectus for the Series dated May 1, 2017 (the “Prospectus”)
This supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.
The Board of Directors of the Fund has voted to terminate the offering of shares of the Emerging Markets Series and instructed the officers of the Fund to take all steps necessary to completely liquidate the Series. Accordingly, the Series will be closed to new investors and to additional investments from existing shareholders as follows:
For discretionary investment clients of Manning & Napier Advisors, LLC and its affiliates: The Series will be closed to new investors and to additional investments from existing shareholders effective immediately.
For other shareholders: Effective immediately, the Series will be closed to new investors. Effective October 6, 2017, the Series will stop selling its shares to existing shareholders and will no longer accept automatic investments from existing shareholders.
The Series will redeem all of its outstanding shares on or about November 10, 2017 and distribute the proceeds to the Series’ shareholders (subject to maintenance of appropriate reserves for liquidation and other expenses).
As is the case with other redemptions, each shareholder’s redemption, including a mandatory redemption, will constitute a taxable disposition of shares for those shareholders who do not hold their shares through tax-advantaged plans. Shareholders should contact their tax advisors to discuss the potential income tax consequences of the liquidation.
As shareholders redeem shares of the Series between the date of this supplement and the date of the final redemption, and as the Series increases its cash positions to facilitate redemptions, the Series may not be able to continue to invest its assets in accordance with its stated investment policies. Accordingly, the Series may not be able to achieve its investment objectives during the period between the date of this supplement and the date of the final redemption.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

TALKING TO A BROKER or insurance salesman? Here are 10 things you’ll likely never hear:
1. 'Wow, your 401(k) has great low-cost institutional funds. There’s no way you should roll that money into an IRA."

I had to double check that the date of this column really was after Jun 9, 2017. 'Cause that's when the DOL fiduciary rule kicked in for IRA rollovers.
Maybe you won't hear a broker saying that you should keep your money in a 401(k), but you won't be hearing brokers recommending IRA rollovers if they can't demonstrate that a rollover would be in the best interest of the customer.
From American Funds:
https://www.americanfunds.com/advisor/tools/policy-spotlight/dol-best-interest-contract-article.html

Under the DOL fiduciary rule, which took effect June 9, financial advisors who recommend that a client roll over a 401(k) into an individual retirement account (IRA) are considered fiduciaries. [Brokers who offer advice on rollovers are considered advisors here, and are thus held to the fiduciary standard.]
Fiduciary Requirements for Advisors Recommending 401(k) Rollovers
Under the fiduciary rule, which took effect on June 9, advisors must recommend a rollover only if it is in the client’s best interest. As part of this responsibility, advisors will need to consider:

• Fees and expenses associated with both the plan and the IRA
  
• Available investments under both
  
• Whether the employer pays some or all plan expenses

Here's one projection of the impact on rollovers, from Investment News Sept. 8, 2016:
"DOL fiduciary rule could cause half of potential IRA rollover assets to stay put: Report"

Great Stuff. @Ted, @catch22. Thanks.
Here an interview with Ray on how the 2017 economic machine works:
https://youtu.be/z9K6WhPUyUI

FYI: In my 36 Obvious Investment Truths, number 24 stated:
24. Most backtests work better on a spreadsheet than in the real world because of competition, taxes, transaction costs and the fact that you can’t backtest your emotions.
Regards,
Ted
http://awealthofcommonsense.com/2017/09/the-front-test/

FYI: TALKING TO A BROKER or insurance salesman? Here are 10 things you’ll likely never hear:
Regards,
Ted
http://www.humbledollar.com/2017/09/unheard-of/

FYI:
Regards,
Ted
http://ritholtz.com/2017/09/ray-dalio-book/
"Principles: Life and Work: MFO Amazon Link:
https://www.amazon.com/Principles-Life-Work-Ray-Dalio/dp/1501124021/ref=sr_1_1?ie=UTF8&qid=1505123283&sr=8-1&keywords=ray+dalio+principles