Thanks MJG. There is a saying sitting next to my computer that reads "In Prosperity Be Prudent. In Adversity Be Patient." That's a similar message. It would be interesting to see the chart and graph extended to take in 100 years so the 1929 and 1937 declines could be included. That would provide a more complete picture of the kind of patience that doing nothing occasionally requires! And, its not clear to me central bankers will be able to keep that kind more extended decline from a prior peak from happening again.

@MJG: I seldom, if ever link anything from the Fool.Com. I find the Gardner boys nothing more than fools !
Regards,
Ted
https://www.google.com/search?q=tom+gardner+motley+fool&biw=1280&bih=585&tbm=isch&imgil=LmzzvQIxIgb85M%3A%3B1BwhOrTajLfMSM%3Bhttp%253A%252F%252Fwww.consciouscapitalism.org%252Fcc2013%252Fspeakers%252F498%252Fitem%252F523&source=iu&pf=m&fir=LmzzvQIxIgb85M%3A%2C1BwhOrTajLfMSM%2C_&usg=___pxvJSLqoxq4m-uXQ8msFYVZJm4=#imgrc=_&usg=___pxvJSLqoxq4m-uXQ8msFYVZJm4=

Hi Guys,
Morgan Housel has just released an article titled “What Happens Next?”
Nobody has the definitive answer to that question, but Housel does a terrific job at examining the statistics from several perspectives.
If Ted already posted this Link, I apologize. Regardless, it is so informative that it is worthwhile repeating for emphasis. Here is the Link:
http://www.fool.com/investing/general/2015/08/24/what-happens-next.aspx?source=iaasitlnk0000003
One main takeaway is that patience and a cool head are well rewarded historically. We always rebound well. Enjoy!
Best Regards.

FYI:
Regards,
Ted
WSJ Slant:
http://www.wsj.com/articles/signs-of-stability-in-global-markets-despite-chinese-stocks-tumbling-again-1440488999
Bloomberg Slant:
http://www.bloomberg.com/news/articles/2015-08-25/u-s-stock-index-futures-slide-after-s-p-500-rebound-evaporates
Reuters Slant:
http://www.reuters.com/article/2015/08/26/us-markets-stocks-usa-idUSKCN0QV12320150826
MarketWatch Slant:
http://www.marketwatch.com/story/us-stocks-on-track-to-rise-as-china-tries-fresh-stimulus-2015-08-26/print
WSJ Markets At A Glance:
http://markets.wsj.com/us
Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures: (Very Positive)
http://finviz.com/futures.ashx

As I try to avoid thinking about my 2:30 class, here are the one month returns for liquid alts and the alts to liquid alts.
Ultra-short term bond funds (0.08%)
Best: Oppenheimer Ultra-Short (OSDIX), up 0.15%
Worst: PIMCO Short Term (PSHDX) (0.41%)
Short-term bond funds (0.16%)
Best: US Global Investors Ultra-Short Term Gov't Bond (UGSDX), up 0.54%
Worst: Kinetics Alternative Income (KWINX) (4.42%)
Managed futures (0.50%)
Best: LoCorr Long/Short Commodity Strategy (LCSAX), up 6.57%
Worst: Catalyst Time Value Trading (TVTAX) (14.77%)
Market neutral funds (0.90%)
Best: Hussman Strategic Growth (HSGFX), up 8.0%
Worst: PSI All Asset (FXMAX) (11.67%)
Retirement Income (3.15%)
Best: Wells Fargo DJ Target Today (STWRX) (0.94%)
Worst: Deutsche LifeCompass Retirement (SUCAX) (5.05%)
Conservative allocation (3.57%)
Best: a handful of weird special use funds
Worst: Federated Managed Volatility (FVOAX) (8.30%)
Long/short equity (4.82%)
Best: Otter Creek L/S (OTCRX), up 2.4% with BPLEX close behind
Worst: Giralda (GDAMX) (12.96%)
Moderate allocation (6.12%)
Best: Avondale Core (COREX) (1.10%)
Worst: HCM Tactical Growth (HCMGX) (14.67%)
David

Lumping the alts together like these articles do is not the best journalism either. In any case alt funds are good as a diversifier for a portfolio at around 6-12%.
I would not expect a long short fund to outperform this past week but multi asset income and some other have done relatively very well.

To note from the write:
"The long-term bond fund category declined by 14 basis points on Monday, while the Barclays U.S. Aggregate Bond Index declined by 3.03%."
Uh, I think not on the "declined by 3.03%, for apparently AGG".
Well, just an observation; as I am still seeking perfection, too.

FYI: It's been a long time coming, but alternative-strategy mutual funds are finally getting their day in the sun as the dark clouds gather over the traditional investment strategies
Regards,
Ted
http://www.investmentnews.com/article/20150825/FREE/150829950?template=printart

http://www.marketwatch.com/story/a-dow-theory-sell-signal-is-upon-us-2015-08-20?link=MW_popular
http://thedowtheory.com/resources/traditional-dow-theory/complete-dow-theory-record/
Record is OK, beats buy and hold. Sell signals only occur every few years. I wonder if any asset allocation funds use this or death cross signal to move from low to high stock allocation.

I've always said RPHYX is not a good cash substitute primarily because it has never been tested during a bear market in junk bonds. I don't care what the fund manger may say, this fund will get hurt in a junk bear market and we have seen how it has over the past month where it has lost almost 1%. Much better than the average junk bond fund but not exactly what many investors have been lead to believe. Still, YTD it is outperforming cash and has done well as a cash substitute since its inception. However, a continued decline in junk bonds will turn this fund negative for the year. So goes energy, so goes junk bonds the rest of the year.

Goldberg didn't say what he meant by getting excited:
Here's what happened to the four outstanding Grandeur Peak funds yesterday (8/24/15):
GPRO 11.81 -0.57 (-4.60%) -
GPGOX 3.01 -0.14 (-4.44%) -
GPIOX 2.93 -0.14 (-4.56%) -
GPEOX 9.19 -0.53 (-5.45%)
Are you excited enough yet??

GP is not an absolute return manager. These funds held up just fine on a crazy day for global equity markets. Also.... one day of performance is really how you're going to evaluate a manager?

If I knew or had more conviction, I'd have a newsletter. Frankly, I think we're heading down further until late September or early October. I may buy some on the way though. I don't mind being a tad early if I can avoid some early carnage.
We hit <10% pretty easy....looks like some more pain short term.
Just my opinion though.

Just checked overall portfolio: it held up pretty well with a -0.2% loss against the S&P @ -1.35%. (Yes, I know the S&P isn't a valid benchmark for the portfolio.)

It's my take that they keep it pretty much 60/40. So why not just buy VWINX?
Although, IMHO, I would not at this time.
I like VEIPX, and VDIGX. As well respected as Vanguard is, I can't see buying anything with bonds in it. Keep cash or very short term stuff. Hey, maybe we'll go back to the late 70's when I used to go down to the bank and get 14% CD's...LOL. The problem then was I didn't have the wits to buy up good stocks that absolutely nobody wanted with that kind of immediate cash in their eyeballs.

You're likely to get as many opinions as responses. And everyone's response will be very personal according to their situations. I have given your question a great deal of thought as I am caught between a 401K rollover.
For me, fund purchases will simply be for funds who I had previously identified as best of breed in their specific allocation areas IMO. I don't think the market has been selectively rewarding/punishing areas to any great degree based on whether they are growth or value to this point. For international, I am steering away from China, with the exception of foreign funds with a broad mandate...the Seafarer Fund as example.
I am also targeting blue chip divi payers...as this is a golden opportunity for a 4-5% dividends from good companies...there are several funds who do this if you don't like individual holdings. I also think this may be where the money will track.
I am not smart enough to know what gold will do...many people have lost alot of money trying to figure this out.
As for biotech...many here are buying into GILD, but I have quite a bit of HC in several of my funds and prefer gambling on dice. I am going to toss some funny money to ETNHX as discussed in the monthly newsletter. A basket of bios seems a good way to play this.
But....your more difficult question involves when to put money in play. Today was a sucker's rally. Big money bought during the fire sale yesterday AM, and then sold today during the rally. With the rally over the past few years and no correction, the market's default direction appears to be down. The next 6 weeks may be a bit nerve wracking. I may buy into carnage, but just at 25% bursts of available funds.
press

I hope this will help as I found the equity allocation: 2015 (36%) ... 2014 (37%) ... 2013 (38%) ... 2012 (37%) ... & 2011 (36%). From this, I am thinking the bond allocation will be about 60% plus or minus a couple of percent and cash will most likely be the residual.

A bit confusing today for me as well. Perhaps the late dump didn't catch all stocks? PBE was up as well as AIOIX which was up 2.71%. Being an international fund I expected much worse.
A lot of pumping going on in this market to make any gains for the big boys.

Does anyone have the stock/bond split of Vanguard's Wellesley Income Fund over - say - the last 5 (or more?) years?
(I thought I could get this from the Morningstar PDF's - I have Premium access - but the PDF appears to be missing.)
Reason: I am playing around with "synthetic" Wellesley Fund construction/performance, using Vanguard's VEIPX for stock portfolio, and bond-fund-to-be-figured-out-later for the bond portfolio.
Thanks - in advance.
Example: Looking for answer like this:
2010: 30% stock, 70% bond [or whatever]
2011: xx% stock, xx% bond [etc...]
...
2015: xx% stock, xx% bond

Market down 1.35% today; Healthcare generally down 0.72%, but GILD managed about a 2% gain. Not sure what to make of that. Must have been thought really oversold, perhaps.