Just noticed. ON FIRE. +10.92, YTD, 2/23/2017. PRMSX. Don't own it. I do own SFGIX, and it lags PRMSX these days. But look back 5 years: SFGIX wins, hands-down. SFGIX is closed, anyhow. If you're not already in, I'd say PRMSX deserves a look. Eh?

VSCIX. It's a passive index fund. Since MSCFX is closed to new investors, these days. But look to see if/when it may re-open. VSCIX is a Vanguard fund. Wife's 403b. So you might not qualify for that particular CLASS of shares. Anyhow, you'll enjoy the miniscule fees over at Vanguard. Look at VSMAX. But it requires $10,000.00 to get in, at first. Same with VSGAX. Surely less required if in an IRA or 401k/403b.

Besides, I want Parnassus to buy small cap stocks for me assuming they are capable. That's what I meant by waiting for them to start one. I don't see one in their line up right now.

I wouldn't hold my breath. Dodson used to run a small cap fund, PARSX, which Parnassus merged out of existence (into PARMX) in 2015.
Another hat tip to Shadow for bringing that info to the board at the time ...

FYI:Fee wars continue. On Friday, Vanguard cut expense ratios for 68 mutual fund and exchange-traded fund shares, as if it wasn’t already one of the lowest-cost investment product providers out there. This would make it round three of fee reductions, bringing the total cumulative savings of $143 million across 124 fund shares over the last three months.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2017/02/24/vanguard-cuts-fees-again/tab/print/
Vanguard Reports Third Round Of Expense Ratio Reductions Resulting In $143 Million In Cumulative Savings For Investors:
https://pressroom.vanguard.com/news/Press-release-Vanguard-Reports-Third-Round-Of-Expense-Ratio-Reductions-022417.html
Vanguard Expense Ratio Changes Fact Sheet:
https://pressroom.vanguard.com/nonindexed/Expense-Ratio-Changes-Fact-Sheet-February-2017.pdf

If OJ had wanted to hijack the thread, he could have said that W created this market. That would have been backward looking, as opposed to describing the market conditions at the time.
My issues with the article are threefold:
1. Anecdotal - it doesn't demonstrate much of anything. To suggest that this shows buy-and hold works would require (a) many different samples, and (b) comparisons with trading examples (which would likely also show abnormally high rates of returns simply due to the market rally).
2. Related to #1, the article contains the assertion that "Index funds tend to do best in bull markets". If we're going to use this anecdotal data, what we see is that all the non-index funds (there's one) beat all the index funds (there are four). That's all the more impressive given that the Primecap investment was for nearly the shortest length of time (one of the index fund investments was for a week longer).
3. Unverifiable - sale dates were not provided (only original purchase dates).

Hotchkis & Wiley High Yield I HWHIX February 2017
Portfolio Manager Ray Kennedy discussed the factors driving our view of the high yield market as well as top reasons to invest in high yield in 2017. The following summarizes his discussion:
Fundamentals appear positive ..
...high yield market has grown to $2 trillion with increasing liquidity
..near-term refinancing requirements are manageable for the borrower.
..issuance was lower in 2016 and may be subdued in 2017 as companies reduce
leverage.
..risk profile of the high yield market is lower as fewer CCC rated credits, as a percent of total new issuance, have been issued since the financial crisis.
investment in high yield securities invested since the high yield index’s inception in September 1986 ..would be worth.significantly more than other fixed income investments.*through 12/31/2016
http://www.hwcm.com/assets/documents/Marketing-Pieces/HY-Conf-Call/HW-High-Yield-Strategy-Feb-2017-Webinar-Recap.pdf
Henderson High Yield Opportunities Fund Class A Shares HYOAX
Jan 31 Monthly comments continue to note demand based on low Global Gov't bond yields, sees levered loan valuations a bit stretched.
https://az768132.vo.msecnd.net/documents/22438_2017_02_17_08_42_37_440.gzip.pdf

One of top families on MFO Fund Family Scorecard ...
Here are stats through January from fund inception:

Three are MFO Great Owls and two are on Honor Roll.

@Edmond

I opened a toe-hold in PARWX several weeks ago -- just to foreclose the possibility it might do a close in the future. I only noticed it after reading some article about it on M*.

FWIW: Six weeks ago, I asked Parnassus about its capacity regarding PARWX AUM, and their response was that they felt they could manage 30B.
I noticed that at EOY they had 5.4% in GILD, and now as of EO Jan., it's 7.2 and its the number 1 holding. I follow GILD closely.
Part of Dodson's annual commentary about PARWX states:
"Quite often, people will ask me why the Parnassus Endeavor Fund has done so well. There are really two sets of answers."
I'll refer to the second answer:
"The other set of issues involves valuation. At the Parnassus Endeavor Fund, we calculate the intrinsic value of a company, and we won’t invest in a company unless the stock price falls to one-third below its intrinsic value. This gives us an enormous margin of safety. Of course, there is always some negative event that causes the stock price to go down so much, so it’s emotionally difficult to invest in a stock after the company has suffered a big setback. That’s why most investors aren’t able to invest, when the stock drops by that much. I admit that it’s also difficult for me to do that, but I’m a pretty even-tempered person most of the time, so I have good control of my emotions. The three steps, then, are (1) knowing enough about finance to calculate the intrinsic value of a company, (2) determining if a company’s difficulties are temporary or permanent and (3) having the emotional wherewithal to invest when the stock is down."
He goes on to say that GILD is an absolute value. Let's hope he's right.

@VintageFreak: And the sagging continues...

:-D
M* Still has no clue. Shows down 2.83 today. Like Yesterday never happened. BUT YTD it shows it is still 12% up.
Why only FAIRX has this problem on M*. I think M* is waiting to publish a seriously negative comment on FAIRX. They were in love with SEQUX and still are. I think they have had a falling out with Berkowitz especially after they published their analysis. Berko is not happy, and even expressed in last conference call "5 years back M* thought I was great...." etc.
Anyways, like I said, I'm in Vegas and playing with the house's money. So I'm taking a chill pill.

I literally was about to post this very link with some caustic comments. Like do financial writers ever get it right?? Saying HYG and JNK are up roughly 13% the past year is so out of touch with reality - the reality being they are up (before today) 19.07% and 21.02% respectively. With junk bonds you look at total return (including dividends) NOT just price!!! As for Marty Fridson, what else is news? He has been warning of the overvaluation in junk bonds seemingly the past 12 months along with a bevy of other experts. Junk bonds ARE overvalued but so far the market seems not to care. They are due for a correction, maybe a very imminent correction. From being top heavy in bank loans coming into the year now 100% in junk bonds - IVHIX and MNHYX. As usual always on a short leash. At this point in my financial life want as little drawdown as possible. When you have won the game quit playing seems to be the buzz phrase with a lot of older investors ( 70 years+) thanks to the relentless bull of the past 8 years. I certainly concur!

But junk bonds are extremely overvalued, according to Marty Fridson, chief investment officer of Lehmann Livian Fridson Advisors. In fact, in his latest article on LCD News, a division of S&P Global Market Intelligence, Fridson calls the high-yield market “nearly as overvalued as it has been at any point since the Dec. 31, 1996 introduction of option-adjusted spread (OAS) data on the BofA Merrill Lynch US High Yield Index.”

http://blogs.barrons.com/incomeinvesting/2017/02/23/warning-to-yield-chasers-beware-junk-bonds/
Junk is up 23% in the past year:
https://ycharts.com/indicators/us_high_yield_master_ii_total_return_index_value

Here's that graphic:

Credit Suisse Global Investment Returns Yearbook 2017 where graphic resides:
publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=B8FDD84D-A4CD-D983-12840F52F61BA0B4

FYI:
U.S. markets hit all-time highs again, with the DJIA closing at 20,624.
The best-performing fund so far for 2017 is BlackRock Latin America I (MALTX).
India Equities is the best month-to-date performing mutual fund subcategory.
Regards,
Ted
http://mutualfunds.com/news/2017/02/23/mutual-funds-weekly-roundup-feb-23-2017/

FYI: Relative Sizes of World Stock Markets, 1899 vs 2016.
Regards,
Ted
http://ritholtz.com/2017/02/relative-sizes-world-stock-markets-end-1899-vs-end-2016/

At the Valeant peak, Valeant was 32% of SEQUX portfolio.
As of 11/30/2016, Freddie and Fannie were 35% of FAIRX portfolio.
These managers took huge bets.

I am fascinated by Eric Cinnamonds blog. I wonder if he has a future as a journalist. He is prolific as well, posting almost daily. I do struggle to come away with actionable advice from him though. I can't sit there in 100% cash. Especially when there are solid companies that could be had at decent values. I think he is looking for deep value and I can live with avoiding over valued stuff.

I agree. Whenever I see an adviser that writes a lot I question its value. They say so much you really can't figure out what they are saying.

FYI: (Click On Article Title At Top Of Google Search)
The Prudent Speculator has more than tripled the broad stock market since 1980. What’s its secret?
Regards,
Ted
https://www.google.com/#q=The+Little+Newsletter+That+Crushed+the+Market+Barron's