agree about idiot fines, except not for Hulbert

Well, Hulbert can be fined 1/10. Other's can be fined 10/10.

With respect to the tax case (previously reported and discussed, see for example, link below) reported in Philly paper - which claims that "Vanguard has no legal justification for charging its mutual funds artificially low management fees that reduce its reported profits and tax obligations" - it seems that one strategy [?] might be to just wait-it-out.
As reported here - http://tinyurl.com/blkrk-schwab-cuts - others are now charging around 3 bps or so for broad-based ETFs. Once others charge next to nothing, it seems (to this non-lawyer) that this might improve Vanguard's position.
Philly.com: http://articles.philly.com/2015-09-24/business/66826472_1_washington-tax-journal-tax-law-lee-sheppard

On a recent tear for sure, and that family group (GLRBX folks). Makes me reconsider WEMMX, which bests it till recently ....

Me too, doing homework last night on this. Staying put with WEMMX for now. Like James (hold the GldnRainbow) but couldn't get past that 13% out performance over the past year, reeks of mean reversion potential...and also explains the general out performance of JMCRX. Also worth noting that James only holds 43 stocks, virtually unheard of in the true microcap space. Yes, WEMMX has been disappointing over the past year or so, but every time I've looked elsewhere I elected to stay put...again, for now.

Valeant should mean Valiant aka Brave. Another twist to the tale
http://finance.yahoo.com/news/valeant-ackman-must-face-u-013040755.html

Ok let up guys. Im talking about for income. My taxable portfolio is my smallest portion of total (Retirement portfolios is 70% of total). Stock portfolio is well diversified, but hold individual bonds which do not vary much like a bond funds do. One of the bonds comes due in june 2016, will look to replace some of the income. Getting over 4% on them, (munis) hate to just stick it in a low yielding bond when it matures.

Bridgeway: http://knowledge.wharton.upenn.edu/article/why-bridgeway-capital-gives-away-half-of-its-profits-to-charity/
Still maintaining its 7:1 salary ratio (top to bottom) for full time employees.
Nice podcast from Knowedge@Wharton.

Wish there were more people like Montgomery in this world. Wonder why no one calling him socialist / communist yet. I think he would be disqualified for a job at Goldman Sachs.

Bridgeway: http://knowledge.wharton.upenn.edu/article/why-bridgeway-capital-gives-away-half-of-its-profits-to-charity/
Still maintaining its 7:1 salary ratio (top to bottom) for full time employees.
Nice podcast from Knowedge@Wharton.

Decision Moose over last 20 months or so has gone from high of $1,203,581 to current value of 1,008,249. A total loss of 16.23%.
http://www.decisionmoose.com/Moosistory.html
I just took some HSGFX off the table today, like I also did last year (each year regretting why I didn't take more off, but then you never know...). By contrast over the same period HSGFX lost 13.65%.
ADANX (people love AQR so much, I don't get why) lost around 10% over the same period.
Pretty much everyone else did better I guess.

TFS Funds
http://www.tfscapital.com/wp-content/uploads/2015_Distribution_Estimate-11.11.15.pdf

"But [ I ] am considering PNM as a bond equivalent in my taxable portion when one of my bonds cashes in mid 2016. "

slick, PNM is a stock that fell -28% in '07 and another -50% in '08. From the M* graph it looks like it took almost 7 years to come back to it's '07 peak value. Bond equivalent??? My goodness.

Thanks Ted,
Also discussed here:
mutualfundobserver.com/discuss/discussion/comment/71065/#Comment_71065

FYI: Over the past year, small-company value funds
have provided little value for their shareholders. On average, funds that focus on cheap small-capitalization stocks lagged both the small-cap Russell 2000 index and Standard & Poor’s 500-stock index, which tracks big-company stocks. One small-cap fund
that bucked the trend was James Micro Cap (JMCRX), which whipped the category average by nearly 11 percentage points.
Read more at http://www.kiplinger.com/article/investing/T041-C009-S002-james-micro-cap-wins-with-tiny-companies.html#QI3AOtuUv7DztvMr.99
Regards,
Ted
http://www.kiplinger.com/article/investing/T041-C009-S002-james-micro-cap-wins-with-tiny-companies.html#
JMCRX Is Ranked #13 In The (SCV) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/small-value/james-micro-cap-fund/jmcrx

"But [ I ] am considering PNM as a bond equivalent in my taxable portion when one of my bonds cashes in mid 2016. "

You've got to be kidding.

FYI:
Regards,
Ted
http://news.investors.com/photopopup.aspx?path=WebMFperf111115.gif&docId=780140&xmpSource=&width=1000&height=562&caption=&id=780142

@Old_Joe
Including the bond side of life, I'm leaning more towards.....
3.14159265359
Now go have a piece of "pi". Free to veterans today.
Lastly, I'm still pondering negative swap rates in bondland; and wondering if a good butt kicking is ahead on the road to successful investing.
Take care,
Catch

@Sven +11111111111111111111

Well, ask and sometimes the World hears you.
http://www.ft.com/intl/cms/s/0/e86a211e-847f-11e5-8e80-1574112844fd.html?siteedition=intl
"US interest rate swaps, popular derivatives that track government bond yields, have experienced a spectacular collapse this month with an array of reasons being suggested by traders. [...] Analysts at Deutsche Bank say the recent swap spread tightening reflects 'tighter macro prudential regulation, higher capital requirements and reduced dealer balance sheet capacity.' Also playing a role is swapping activity from companies selling debt.
Some say swaps are a broken market... Under normal market conditions the current inversion should be swiftly reversed, but thanks to tougher bank capital regulation, derivatives trading appears to have entered a new era. Currently, no one appears willing to normalise the relationship between swap rates and Treasury yields.
Trading Treasuries and swaps relies on funding via the repurchase or repo market. Thanks to balance sheet constraints, the use of repo by dealers is shrinking, another factor sustaining negative swap spreads."
So, as I read it, the consequences for us would be that our bond/income fund managers, for the time being, have just had a hedging tool taken out of their toolkit. And, once again, we see that the repo market is involved, a part of the shadow banking system that remains largely under-regulated because of humongous efforts by the global financial players to keep it that way.

I think I've commented on this particular writer before. So many writers come in with a cliche point of view but fail to martial their facts.
"The expenses are higher (and returns lower) for other share classes of the [PIMCO] Total Return fund, such as B-share class (PTTCX)"
He's writing about something that doesn't exist (anymore). PTTBX (not PTTCX) vanished around the end of 2014, when the last of the B shares automatically converted to A shares. (Nov. 2009 prospectus closed this share class, and the shares purchased in the years preceding that closure converted 5 years from purchase. That's why Shadow won't - I think - find any explicit termination of PTTBX.)
"Looking at performance, ABNDX loses to the index in the one-, three-, five-, 10-, and 15-year returns.
"Furthermore, the holdings for ABNDX average out to be intermediate-term bonds with an A credit rating. This type of bond fund fills the space of a core holding, which is the same for VBMFX.
"Why not just hold a bond index fund?
Perhaps because looking at performance, VBMFX loses to ABNDX in the YTD-, three-, and five-year returns? Or perhaps because, as John Bogle points out, bond index funds hold too much in treasuries?
I'm not saying that one couldn't reach the same conclusions in spite of the amended facts I provided. Just that there are lots of financial "writers" who seem more intent on making points (or filling space) than backing them up with accurate facts.

@VF: read the press release... very slooooooow 12+ months transition to start including China smaller cap stocks. i think they learned their lesson with a rapid move from MSCI to FTSE and losing half the AUM in the process.

yeah well, that slooooo transition could still yield lot of taxable durations next year. I'm going to hold off. It was on my list to buy but general waiting on dollar to guy before adding more to EM.

@VF: read the press release... very slooooooow 12+ months transition to start including China smaller cap stocks. i think they learned their lesson with a rapid move from MSCI to FTSE and losing half the AUM in the process.