It does not appear that this article has been posted.
http://knowledge.wharton.upenn.edu/article/vanguards-ceo-on-the-future-of-investment-management/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2017-03-30

FYI: BlackRock shook the world of active management on Tuesday when it announced that it had fired five of its 53 stock pickers. BlackRock will also move $6 billion of the $201 billion invested in traditional active management to quant strategies.
The announcement may not sound earth-shattering, but it augurs a larger trend: Traditional active management is dying, but perhaps not for the reason you might think.
Regards,
Ted
https://www.bloomberg.com/gadfly/articles/2017-03-30/even-best-stock-pickers-can-t-beat-the-smart-beta-bots
MarketWatch Article:
http://www.marketwatch.com/story/blackrocks-robot-stock-pickers-are-more-of-a-tweak-than-a-game-changer-2017-03-30/print

FYI: Fund News !
Regards,
Ted
http://www.mfwire.com/common/artprint2007.asp?storyID=55976&wireid=2

FYI: The California State Teachers' Retirement System (CalSTRS) announced on Thursday that its funding level had dropped and its unfunded liability had increased, following a drop in the fund's expected investment returns.
The public pension plan voted in February to lower its annual expected return rate from 7.5 percent to 7 percent by 2018. As a result, CalSTRS unfunded liability grew to $97 billion from $76 billion, and its funding level dropped from 68 percent to nearly 64 percent.
Regards,
Ted
http://www.reuters.com/article/california-pensions-calstrs-idUSL2N1H71DC

FYI: The U.S. Financial Industry Regulatory Authority announced a new rule on Thursday that allows brokers to pause disbursements from client accounts if they suspect a client is suffering from dementia or being influenced by caregivers or scam artists.
The rule, which will go into effect in February 2018, will also require brokerages to collect the name and phone number of a "trusted contact person," which the brokerage will call if a withdrawal raises such concerns.
Regards,
Ted
http://www.reuters.com/article/us-finra-regulation-elderly-idUSKBN1712YT

There is an article in the 3/30/17 Wall Street Journal, titled "Bullish Investors Binge on Loans." It starts off, "Margin debt climbed to a record in February..." Peaks over (an admittedly back-fitted range) of, say, 50 to 60 in Figure 4 of Yardeni Research's "Stock Market Indicators: Margin Debt" may have some value as prior indicators of bear markets.
http://www.yardeni.com/pub/stmkteqmardebt.pdf

@Bud: Thank for the link ! Murata said,"We don’t see this as an issue anytime soon. The $100 trillion global fixed income investment universe is immense and we believe we have ample room to find attractive opportunities." This is reassuring as a Pimco Income Fund holder.
Regards,
Ted

Invesco Multi-Asset Income = PIYFX (M* classify it as Multi-Sector Bond fund).
Holds:
40% Equity, mostly in Real Estate.
33% Bonds (short 1/3),
21% "other"
9% cash.
Almost a 5% yield.

Mr Ivascyn and Mr Murata discuss their strategy on Pimco Income Fund. In one of the previous threads a question came up about asset bloat which they answer.
https://www.pimco.com/en-us/insights/investment-strategies/strategy-spotlight/income-strategy-10-years-of-meeting-the-income-challenge

FYI: After two straight weeks where individual investor sentiment saw some improvement, this week’s survey from AAII, showed that individual investors returned to their bearish ways. In last week’s survey, bullish sentiment reached as high as 35.28% (which is still low by historical norms), but this week nearly all of the last two weeks of improved sentiment was erased as bullish sentiment barely held on to 30%, falling just over five percentage points to 30.22%. For those keeping score at home, it has now been 117 weeks since more than half of individual investors were in the bullish camp.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/individual-investors-turn-sour-again/

I think emerging markets up like 25 - 30% in last 6 months. Whatever rudimentary understanding I have, unless $USD breaks down meaningfully I don't see any point in overweighting emerging markets. I have some positions which I'm looking to reposition into others and possibly add. Hopefully I'll have opportunity to sell and then buy at lower prices.
I think in a "diversified" portfolio, if we think 30% allocation should be international, then 20% of that perhaps should be emerging markets. So as an example, out of a $100,000 portfolio, $6,000 should be in emerging markets.
Do any of us have more in emerging markets, now or at any other point? I have some money in MALOX and PASDX in my retirement accounts that's meaningful. I own some GPROX and PLMDX also. My meaningful positions are MACSX and MAPIX. I don't think I'm even 3% in emerging markets. Need to check.

@Willmatt72,
I have owned BAICX for the past couple of years and I am pleased with its performance along with its ability to position. I hold BAICX in my income sleeve. I also kicked NWQAX to the curb a few years back due to its high volatility for a 15% to 30% equity allocation fund; but, I can not knock its performance. Some of my recent adds to my hybrid income sleeve are APIUX, DIFAX and PMAIX. Recently, I sold some equity funds and have been putting the money to work in my hybrid income sleeve.
My current possitions in my income sleeve are as follows: BAICX, CTFAX, FMTNX, GIFAX, LALDX, LBNDX, NEFZX, THIFX & TSIAX. In my hybrid income sleeve they are as follows: APIUX, CAPAX, DIFAX, FISCX, FKINX, ISFAX, JNBAX, PGBAX & PMAIX.
In the income area of my portfolio I have recently gone from 12 funds to 18.
Skeet

ooh, am I the first?
this is some major lolz:
https://www.nytimes.com/2017/03/29/business/dealbook/valeant-bet-was-a-huge-mistake-hedge-fund-chief-ackman-says.html

Very new, from 11/15/2016. Yield, 2.53%. Monthly div. .023 cents.
I compared it quickly to MWTRX and DBLTX. Those other two have a history. Rated highly by Morningstar. Anyhow, the yield on the MetWest fund and its dividend are paltry. I see that the actual NAME of the fund does not jive with where M* puts it--- into the Interm. Bond category. Hmmmmm.
DBLTX has a respectable yield: 3.61%. And its monthly div is .0314 cents.
So, what do we think about PTTFX? In fact, like MWTRX, M* puts PTTFX into the Interm. Bond grouping. I love it when this crap happens... Final check: ALL THREE are categorized as Interm. Bond funds by M*. I thought "Total Return" actually MEANT something. Growl.

Also global: PRSNX. In the EM bonds portion of my portfolio, I've held PREMX since summer of 2010. I'm more than pleased. The PRSNX has proven to be a good partner, for my fixed income slice.

ep1, did your question get answered?

FYI: With interest rates rising in the U.S., income investors might want to look abroad, where a rally in higher-yielding emerging-market bonds is delivering outsized gains, said Jack McIntyre, a portfolio manager at Brandywine Global Investment Management.
Regards,
Ted
http://www.marketwatch.com/story/for-the-best-bonds-travel-to-emerging-markets-says-brandywine-fund-manager-2017-03-29/print
M* Snapshot GOBAX:
http://www.morningstar.com/funds/xnas/gobax/quote.html
Lipper Snapshot GOBAX:
http://www.marketwatch.com/investing/fund/gobax
GOBAX Is Unranked In The (WB) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/world-bond/legg-mason-bw-global-opps-bd/gobax

Just trying to understand. I should give POA to my wife and she to me? And then together we should give POA to someone else?
I've designated my children as beneficiaries of my 401k, IRA ater my wife, that is not enough?
And then if I have a WILL too, what overrides instructions in what? Unlike number of investments, I'm actually thinking 1 proper instruction is better than several which can cause conflicts unless I get the verbaige exactly right.
My problem is this. WTF do I have to do 6 things to make the same thing happen?

@BobC. Come on now. :-)
I think Gross is allowed to have an ego, however gross that might be to others. If PIMCO was oh-so-righteous, they should not have settled. Settling for money might be excused for not wasting money in protracted legal battle in the best interests of themselves and shareholders. Having Gross name permanently at PIMCO is an acknowledgement.
I know I'm in the minority here. I'm not saying Gross walks with Angels, but in the cauldron of sins, I still think his has 1 less than PIMCO's.

Years ago when I ask if any of our 403(b) vendors acted as my fiduciary the answer was, "No, why is that important to you?" or "Hmmm...let me get back to you." I took the issue it up with the teacher's union and they had no clue what a "fiduciary" was.
It's an uncommonly used word, wonder why?
Here's wiki's write up of Fiduciary:
https://en.wikipedia.org/wiki/Fiduciary
We, as teachers, fought for 403(b)(7) offerings (primarily Vanguard) which help lower costs, but still these plans were not held to fiduciary standards.
I believe all 401(k) plans are required by law to be held to fiduciary standards, why not 403(B) plans?
Consistency, fairness and Rule of Law matter.