Hi @VintageFreak
Checking with StockCharts for total return and I find that from 10-9-2007 ($298/share, just shy of the high price for 2007) through 3-2-2009 ($177/share) indicates a drawdown of 40.6%.
Note: We don't own BRUFX.
Regards,
Catch

@VintageFreak You can do some homework @ the link below.My largest holding.Often some deep value and thinly traded securities in portfolio.In times like '08-'09, value can get a lot deeper and if few want your IBM shares who's going to buy your Alanco Technologies, Inc. shares.Yes that was an extreme draw down for a M* moderate allocation fund but the long term performance is exceptional.Father/Son managed fund,Consider age and experience?
One of Ted's favorite links:
http://www.marketwatch.com/tools/mutual-fund/screener?FundType=0&FundValue=0&ReturnFundPeriod=11
Management’s Discussion and Analysis REPORT TO SHAREHOLDERS 1
BRUCE FUND, INC.
Annual Report
June 30, 2009 ( Bold added)
The Bruce Fund (the “Fund”) shares produced a total return of -24.31% for the six months ended December 31, 2008,
compared to a total return of -28.48% for the S&P 500 Index for the same period. The first six months of our fiscal year
were dismal. While we thought we were prepared for the onslaught, we were wrong. Positions in low rated convertible
bonds dropped precipitiously with no support from interest payments. Likewise our common stocks were punished,
much worse than we anticipated. The U.S. Government bonds showed appreciation in the period and the cash balances
remained above normal.
The outlook for capital appreciation is muted. The economy could be weaker for much longer than most believe.
Preservation of capital is job one. Gains will be hard fought.
Bear markets do several things; they wash out inefficient companies and create values. There will come a time to be
more aggressive and we hope we will be ready. Management will continue to screen investment opportunities for their
capital appreciation potential and profile that against the risks the investment might present. Areas of recent interest
have been various bonds selling at discounts to par value offering reasonable yields. The bonds as well as the stocks in
the portfolio encompass significant investment risks, which are again outlined in the prospectus
Footnotes to some of BRUFX holdings
(a)
Non-cash income producing security.
(b)
In default.
(c)
Private Placement and restricted security under Rule 144A of the Securities Act of 1933.
(d)
Variable rate securities; the money market rate shown represents the rate at June 30, 2009.
(e)
This security is currently valued according to the fair value procedures approved by the Board of Directors.
(f)
This security has no expiration date, it will convert to common stock at a future date
http://www.thebrucefund.com/document-library.aspx

Like I also said elsewhere, WGRNX Max DD number seems wrong. Just 16 percent is not correct. It should be more like 40 percent may be.

I wanted to add it is possible BRUFX Max DD data may not be correct while I do see it dropped a lot. Why do I say that? Look at WGRNX Max DD number. It says it is just 16. WGRNX dropped a whole lot in the 2008 crisis.
Bottom line, data MFO receiving from Lipper is suspect.

Many things are at/near 5 year lows, including emerging-market equities (EEM), emerging-market debt in local-currencies (EMLC), most commodities (DBC), MLPs (MLPI). Looking at a 5-year chart, without doing anything else, and drawing inferences as to the investment merit of an asset is... foolhardy.
AU/USD, like most of the investment classes cited above are a function of the strength of the USD. --- I say this, because AU, while down in USD terms, is NOT down across all currencies. Its down vs. USD, GBP, SFR over 5 years. AU is also down vs CNY -- but then CNY's is (usually-) manipulated to track the USD. However AU is UP vs the CAD$, Yen, rand, rupee, AU$, ruble and MXP. AU is (essentially) flat vs. EUR.
The strength in the USD is itself a function not of American economic strength, but of our economy being the "cleanest dirty shirt", and of waning commodity demand from China. No one can foresee when these trends will reverse, but I suspect, they will reverse/mean-revert at some time. I suspect AU will still experience a "capitulation panic", however, generally assets are best bought when they are cheap, not dear. US equity enthusiasts should keep that in mind, as we are now in the 7th year of a very, VERY high-return equity bull. No tree grows to the sky.
AU can be first/foremost thought of as portfolio insurance -- providing diversification of returns over long periods of time. During the past 5 years, US equities have done wonderfully. So US equity investors were rewarded, while their AU holdings declined. OTOH, during the 2000-2010 period, equity returns languished/were lousy, but bullion holders were well rewarded.
For anyone dis-enchanted with their bullion holdings, I have a standing offer: contact me, and I will be happy to haul away any of your unwanted bullion, and I won't charge you a fee for the service, not a dime.

+1 for Lipper categories, which are more "granular" (in the terminology du jour) than M*, e.g., the all-cap equity categories vs. the M* "what's the cap average" approach that lumps all-caps and mid-caps together.

Mairs & Power
http://www.mairsandpower.com/news-and-updates/208-2015-capital-gains-and-dividends
"The Medtronic acquisition of Covidien earlier in the year created a taxable event for all Medtronic shareholders, including the Mairs & Power Balanced [& Growth] Fund. "

FYI:ETF investors have lately been seeking out safe, sound and stable stocks as the market turned more volatile. Stocks likely to make the whiz-bang moves are getting a lot less love.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjA5MjA0MDI=
Enlarged Graphic;
http://news.investors.com/photopopup.aspx?path=webLV111315_1K.gif&docId=780668&xmpSource=&width=1000&height=696&caption=&id=780569

Maybe there are many money managers taking a look down the road they imagine and not much liking what they imagine could happen. And so, having made some very good money for themselves, some are concluding they just don't want to play that rough game anymore. It isn't just the greybeards. Just saw a blimp about Brett Lynn, manager of Janus Overseas, about to walk away from his charge at the end of 2015. He's still a young guy, hitting his prime years, yet he's had enough.
Just wondering. Given the number of liquidations being reported by The Shadow, there should be no shortage of possible replacements.

Not much new here, about which most on the discussion board are fully aware. With one exception (see last line of synopsis):
http://www.cnbc.com/2015/11/12/gundlachs-doubleline-winning-at-pimcos-expense.html
"(Ron) Redell [president of DL funds] said the firm plans on launching 14 new products in the first quarter of 2016."
14? Uh-oh. Doesn't seem to me that the current state of affairs suggests it's an optimal moment to be getting all bold and adventurous.
Well, we'll see.

I'm not sure I would wait for Smead to falter.....you could be waiting a very long time......of course, anything can happen

One thing I have learnt is to be patient. I'm okay if I never buy it in my lifetime. But no more buying fund and hoping for dear life it will work. Buy and Hold only works in hindsight for those who have bought at a market bottom and then held on. I might never be able to buy SMVLX or EGFFX. What is more important here is that I avoided SEQUX and GOODX because of the same patience and did not re-enter WGRNX.

What made you get out of AKREX, Akre Focus fund?

I got out of AKREX because it was a great performer for me. I had lot of capital gains and I needed to sell something to offset loses elsewhere. Lack of manager succession planning decide me. I sold MXXVX and AKREX after buying them in the dumps after the great recession.
My "when you buy more important than what you buy" mantra kept me out of both. I regretted selling AKREX, but that is more like a mosquito bite. There have been times I haven't sold when I felt like I should have and felt like I was punched in the face. I believe money is not made until you sell. I keep rotating assets in funds I like after they have run up.
SEQUX, GOODX were on my list. WGRNX, MXXVX, SMVLX are on my list now. WGRNX, MXXVX have started to falter. I will be patient, and even more so with SMVLX.

FYI: When a stock you hold shows up on the list of 52-week lows, it is never a good feeling, but when it drops to a 5-year low depression starts to set in as half a decade has been wasted holding on to this loser of a stock. Gold is closing out the week at 5-year lows, and while not an equity, you can trade it using an ETF (GLD). Also, given the fact that GLD briefly overtook SPY as the largest in the world back in 2011, it probably takes up a spot on the portfolio holdings page of many investors out there.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/gold-closing-out-the-week-at-five-year-lows/
GLD Performance: http://performance.morningstar.com/funds/etf/total-returns.action?t=GLD&region=USA&culture=en_US

Here is the info from the Wasatch Funds website:
WAEMX
Current Share Price (NAV): $2.43 as of 11/12/15
0.00% (Daily % Change)

I'm saying, I smell a rat.

Here is the info from the Wasatch Funds website:
WAEMX
Current Share Price (NAV): $2.43 as of 11/12/15
0.00% (Daily % Change)

I followed GOODX for a while after inception, but gave up. Looks like they had a decent 2012 and an okay 2013 and then fell off a cliff in '14 and '15, so now they come in at the bottom of the category.
If I recall correctly, the now-#1 holding, Walter Investment, has been high in the portfolio forever. It had a hot 2012, but since then has averaged -37% a year for the past three. Apparently the latest macro portfolio move has been to load up on commodity energy and materials.
Imho, the Goodhaven guys need to go in for comprehensive testing for value trap-itis.

FYI: Vanguard Group Inc., the world’s largest mutual fund company, said two long-time managers of the firm’s funds, Lucius T. Hill and Karl E. Bandtel, will retire as of June 2016.
Regards,
Ted
http://www.bloomberg.com/news/articles/2015-11-12/two-vanguard-mutual-fund-managers-to-retire-by-middle-of-2016

Some interesting background details behind the resignation of the two independent directors from Sequoia SEQUX: http://www.nytimes.com/2015/11/13/business/huge-valeant-stake-exposes-rift-at-sequoia-fund.html?_r=0
One point that I hadn't heard before is that SEQUX bought an additional 1.5 million shares in Valeant sometime in the summer (the fund's official portfolio holdings list hasn't been updated since June 30). Also, apparently the remaining independent directors have insisted that the managers can't buy any more shares of Valeant.

"However, you simply can’t find this unique bond strategy in an ETF at this time, which is why we have continued to stick with the marginally more expensive mutual fund strategy. "
Doubleline has an ETF, TOTL.

TOTL ER = 0.65% (0.55% after temporary waiver)
BOND ER = 0.55%
DBLTX ER = 0.47%
DBLTX is marginally more expensive than what etf exactly?