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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Fidelity Global Balanced Fund to close to new investors
    Various Fidelity funds have been closed from time to time. I don't have a good way to find them, but if you've got a guess, you can go to the "Composition" tab on Fidelity's web site and look near the bottom of the page for "Historical Fund Information".
    For example, Low Priced (FLPSX) has been closed five times:
    3/6/92 - 5/29/92
    2/9/93 - 9/19/93
    4/3/98 - 3/16/99
    5/18/02 - 11/18/02
    12/31/03 - 12/15/08
    Obviously the last one was the most significant, and it took the great recession to get Fidelity to reopen it.
    I also recall New Millennium (FMILX) closing. Fidelity confirms: closed 5/15/96 - 5/1/07
  • Fidelity Global Balanced Fund to close to new investors
    https://www.sec.gov/Archives/edgar/data/354046/000137949117005298/filing694.htm
    497 1 filing694.htm PRIMARY DOCUMENT
    Supplement to the
    Fidelity® Global Balanced Fund
    December 30, 2016
    Prospectus
    Effective the close of business on August 11, 2017, new positions in the fund may no longer be opened. Shareholders of the fund on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of the fund on August 11, 2017, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 11, 2017, 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included the fund as a core investment option by August 11, 2017, 3) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since August 11, 2017, 4) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, 5) by a portfolio manager of the fund, and 6) by a fee deferral plan offered to trustees of certain Fidelity funds, if the fund is an investment option under the plan. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted.
    GBL-17-02
    1.855563.122 August 1, 2017
  • Pimco Has A Manager Who Tops Dan Ivascyn. His Name? Dan Ivascyn
    FYI: Investors in Daniel Ivascyn’s Pimco Income Fund have enjoyed stellar returns. Those who put money in his much smaller closed-end fund have gotten those gains on steroids.
    Regards,
    Ted
    https://www.bloomberg.com//news/articles/2017-08-01/pimco-has-a-manager-who-tops-dan-ivascyn-his-name-dan-ivascyn
    PDI: 17.09% YTD
    PONAX: 5.62% YTD
  • Technical Analysis Tip of the Month for August, 2017
    @Tony,
    Thanks for posting your views and thoughts. I'll experiment a little using SPY in my already established chart matrix. By no means am I a technical analysis expert; but, the things you have noted in your recent post(s) have been enlightening.
    Additional comment of August 2, 2017.
    After using the standard code (12,26,9) I substituted both the daily charting option code that you suggested (12,26,0) and weekly charting code (4,9,0). Both were interesting.
    My weekly charting code, thus far, for the MACD have been (1,65,0) for the Elder Impluse System (intermediate term signal). This might be something for others to look at along with the others you noted. I have also used (1,13,0) for the short term signal. But, the (1,65,0) seemed to provide the 65 day sell trigger that Elder recommended for the weekly chart setting. And, the sort term MACD code of (1,13,0) was determined by (65/5=13).
    Any thoughts and/or comments?
    Skeet
  • Technical Analysis Tip of the Month for August, 2017
    Don't be afraid to alter an indicator's values to suit your needs and chart time frame.
    Say that you're familiar with the MACD indicator and are using its standard values of (12,26,9) on daily charts. First, if you're using the MACD line zero crossings just to tell you when the 12-day EMA crosses the 26-day EMA, you can eliminate the 9-day EMA "signal line" by switching to (12,26,0). Then, suppose you want to use weekly charts instead of a daily ones. You'll find that on a weekly chart, values more like (4,9,0) are needed to provide about the same timing of MACD line zero crossings as (12,26,0) on a daily chart.
  • T. Rowe Price Global Technology Fund to close to new investors
    @MFO Members: I suspect there will be other tech funds doing the same thing considering how well the Nasdaq has done this year up over 17% and the Q's 21%.
    Regards,
    Ted
  • Fund Manager #@$%*! Fired as Trump's Communications Director
    @Sven- Sorry about that- I looked at the top of the page on my browser, and there you were. Failed to notice that it was page 2, not page 1. I get the dummy award for today!
    OJ
  • T. Rowe Price Global Technology Fund to close to new investors
    https://www.sec.gov/Archives/edgar/data/1116626/000111662617000007/gtfstatsticker8117-may2.htm
    497 1 gtfstatsticker8117-may2.htm
    T. Rowe Price Global Technology Fund
    Supplement to Prospectus Dated May 1, 2017
    In section 1, the information under “Purchase and Sale of Fund Shares” is supplemented as follows:
    Effective at the close of the New York Stock Exchange on Friday, September 29, 2017, the T. Rowe Price Global Technology Fund will be closed to new investors and new accounts, subject to certain exceptions. Investors who already hold shares of the fund at the close of business on Friday, September 29, 2017, will be permitted to continue to purchase additional shares.
    In section 3, the information under “More Information About the Fund and Its Investment Risks” is supplemented as follows:
    Subject to certain exceptions, the fund will be closed to new investors and will no longer accept new accounts, effective at the close of the New York Stock Exchange (normally 4 p.m. ET) on Friday, September 29, 2017.
    After September 29, 2017, purchases will be permitted for participants in an employer-sponsored retirement plan where the fund already serves as an investment option. Additional purchases will also be permitted for an investor who already holds fund shares in an account directly with T. Rowe Price; however, purchases will be limited to that account and the investor may not open another account in the fund. Additional purchases will generally be permitted if you already hold the fund through a financial intermediary; however, you should check with the financial intermediary to confirm your eligibility to continue purchasing shares of the fund.
    After September 29, 2017, new T. Rowe Price IRAs in the fund may be opened only through a direct rollover from an employer-sponsored retirement plan. If permitted by T. Rowe Price, the fund may also be purchased by new investors in intermediary wrap, asset allocation, and other advisory programs when the fund is an existing investment in the intermediary’s program. Investors may convert from one share class of the fund to a different share class of the fund, provided the investor meets the eligibility criteria for the new share class.
    The fund’s closure to new investor accounts will not restrict existing shareholders from redeeming shares of the fund. However, any shareholders who redeem all fund shares in their account after September 29, 2017, will not be permitted to reestablish the account and purchase shares until the fund is reopened to new investors. Transferring ownership to another party or changing an account registration may restrict the ability to purchase additional shares.
    The fund reserves the right, when in the judgment of T. Rowe Price it is not adverse to the fund’s interests, to permit certain types of investors to open new accounts in the fund, to impose further restrictions, or to close the fund to any additional investments, all without prior notice.
    The date of this supplement is August 1, 2017.
    F132-041 8/1/17
  • Tobacco Stocks Are Flaming Out
    @MFO Members: In 2011 a doctor stood at the foot of my hospital bed and said, "Ted if you don't quit smoking you'll be dead within a year." As a 3 pack a day smoker for over fifty years that was quite a wake-up call. The long-term effects leave me with CHF coupled with COPD that thankfully are manageable.
    Regards,
    Ted
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    I taught at Humboldt State University in the early 1970s, and even then spent some time on weekends in what was then a rather small-potatoes Sonoma-Napa wine country. But ever since then, I have visited on a somewhat regular basis. What a transformation there. Even though I have had the privilege of traveling through much of Western Europe's wine regions, I still gravitate to Northern California because of its familiarity. We belong to a number of wine clubs (Robledo, Wilson, Seghesio, Domaine Carneros, Geyser Peak, etc), mostly in Sonoma, and like others here enjoy wine almost every night with dinner. We have a group of friends that has gathered every Thursday night for more than 30 years to share some very good wine and conversation. Good friends, good wine, good food, good conversation. The world could use a lot more of that.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    Just discovered Aldi grocery stores on the west coast. Quality wines with attractive price -$8-15 a bottle.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    Not quite following your point but sense your defensiveness. Not luck and not lucky.
    Just go exploring at Total and/or Costco and you'll see. TJ is fine and d'Alba etc and others from Sicily and southern Italy can be similarly fine, sure. Have not bought a daily-drinking bottle over $10 in any quantity for years, if ever. Those I buy selectively.
    Just slogged though a couple dozen gifted 1950s-1990s reds, perfectly stored but 80% over the hill, sad story. Some only slightly sherried, bordeaux and burgundies and barolos and NoCal cabs, so drinkable, and lots of finesse, but muddy by the end.
    Was glad to be back to my large cheap cellar of ~~6yo 2000s, all of them under $8 tops. I see some Totals in NoCal unless you're up near Eureka :) , then Costco.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    I would agree that there are lucky finds under $10, but if you explore this price range consistently you will drive up the average price considerably, as of necessity you purge the undrinkables. In our area at least, the grouping between $12 and $20 gives the best results for relatively consistent and predictable quality. But there are certainly exceptions- the under $5 at Trader Joe's for the Epicuro group of red wines from southern Italy being an example. We are stocking some four cases of these at this time.
    For over thirty years we have kept approximately 40 cases of wine on hand in a small air-conditioned room- nothing fancy, I assure you- but we have a fair amount of experience in selecting relatively inexpensive wines of decent quality.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    @OJ,
    Costco, Total, and the occasional lucky twofer bin in the front of your local packy have good reds, sometimes, Costco often, for well under $15 and often under $10.
    Hard to find, takes some taste-testing, suffering duds.
    But for everyday we drink and serve (and have done so for years) good-enough chiantis (principally sangiovese, sometimes nebbiolo-mixed), riojas (principally tempranillo but sometimes garnacha-mixed), malbecs, the rare pinot noir, lots of montepulcianos, and when lucky modest bordeaux, all in the $6.50 - $10 range. Blends, of course, though you have to go through a lot of sketchy stuff.
    Hard to find in that range good cabs, merlots other than bordeaux, zins, and shirazes but probably doable. The herbaceous and/or grapy-jammy weaklings wind up going to the cooking deglaze bottle.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    Haven't tried those two, but have had some perfectly decent Clos du Bois whites from Trader Joe's- $12-$15 sounds about right. Don't worry about where where you find decent wine at a decent price- grocery store or not. When you do find a good deal, but a case and stash it in a reasonably cool place. Reds should hold up for at least five years, whites for maybe one or two.
    Edit: "Good" wine is what you like, nothing more, nothing less. There is absolutely not a direct correlation between price and quality, once you get above, say maybe $20 or so. The price/quality curve is usually fairly well correlated up to $18-$20 or so, and from the on up it really flattens out, to a point where you are paying for an "ego trip", bragging rights, or maybe collectivity, to give Gundlach the benefit of the doubt.
    There are exceptional specialty wines of course- limited harvests from a small vineyard plot, and that type of thing. But for everyday use with dinner, $12-$15 should be just fine.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    I'll concede to your experience Old Joe.
    I'm only a few years into wine. But, always find both the Red Rouge and Cab from Clos du Bois (Senoma County) pleasant. Retails for $12-$15 and can be had for $10. I realize this is grocery store level stuff and may have come from anywhere before they branded it. But, to my inexperienced taste, it's pretty decent.
    If you've heard of the brand, your (always) blunt appraisal is appreciated. :)
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    We drink wine every night with dinner. Personally, I've done so since I was eight years old. (Yes, that's "eight",not "eighteen".) I must mildly disagree with the $10/"decent" threshold mentioned above... IMHO it's closer to $15 for good wine (at least here in northern CA), though some decent reds from southern Italy can be found at Trader Joe's for under $5.
  • DoubleLine's Gundlach Sues California Wine Merchant Over Bogus Bordeaux
    Not so fast. Gundlach's pretty bright and probably bought the wine as an investment.
    http://www.wineinvestment.com/wine-investment/alternative-investments/
    "The term ‘alternative investments’ is relatively loose, and includes tangible assets such as precious metals, art, wine, antiques, coins and stamps, plus some financial assets such as property, venture capital, funds and trusts.
    "Investing in wine, whether that be a rare bottle, a case of highly-regarded First Growths or an entire cellar, has consistently yielded decent low-risk returns. In fact, for the last 50 years the fine wine market has remained stable, despite the world’s economic crises ..."

    Agree with @Mark. Wine around here's often on sale at 20-30% below list. Some stores offer an additional 10% off if you buy 4. You can almost always find decent tasting Californias for around $10.