Pop Tart, if you are amenable to ETFs, I would also take a look at RPG and SCHG.
And a compelling case may be made to own a 50/50 mix of RPG and RPV as detailed HERE.
In our portfolio, we cover our domestic LC needs with a combination of VOO, PRWCX, POAGX and PRHSX.
Kevin

A Vanguard ETF is simply another share class of a Vanguard mutual fund.
The table that I linked to shows for all funds with December prospectuses the ERs for all their share classes. Investor, Admiral, Institutional, Institutional Plus, and ETF. Regardless of whether a share class's fees changed.
For example, Vanguard Russell 1000 Growth Index Fund - the ETF share class ER dropped, but the Insitutional share class did not. Both figures are in the table.

Hi Guys,
The pantheon of exceptional financial article writers is not populated by an especially large number of souls. That limited number is greatly reduced if only currently active writers are considered.
In my opinion, two members of this distinguished group are Morgan Housel and Barry Ritholtz. Of course there are others.
I mention Ritholtz because of this most current contribution. It is a superb summary of investment rules-of-the-road that should benefit any investor who conscientiously and persistently practices them.
I mention Housel because his thinking and writing style are similar to the Ritholtz model. His many overarching rules lists should profit any investor who consistently applies them.
It is a challenge to write definitive articles on a regularly scheduled basis. These two guys mostly succeed with an occasional misstep that crosses into trivial territory. Given the difficulty of the task, it is easy to forgive when these rare exceptions occur. That’s particularly true given the present holiday season.
Since it is so demanding to develop original subjects on a strict timetable basis, I suspect these writers often look to each other for subject ideas. Frequently, the topics seem to cluster together on a time scale.
I believe that’s likely to have happened with Ritholtz’s present presentation. I referenced an article by Housel a few days ago that topic-wise is similar to the Ritholtz piece. Here is the internal MFO Link to that article:
http://www.mutualfundobserver.com/discuss/discussion/17880/rules-and-forecasts
I like both lists; they’re good stuff. They reinforce each other. For seasoned investors these references really do not provide anything we have not heard many times over and over again. Yet they are useful reminders of a successful time-tested investment process. These reminders help us to stay the course and to recover market-like rewards.
I read Ritholtz and Housel whenever possible. What do you do? I’m somewhat surprised and disappointed by the poor readership the present Ritholtz reference has received from the MFO Board regulars to date. Perhaps, it’s the holiday season?
Best Wishes for a Happy New Year.

@Tampabay: "VEWLX? must be old.... " inception date 7/1/29.
Regards,
Ted

@msf: They also reduced fees on their ETF's
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/17878/with-new-fee-cuts-vanguard-ties-fidelity-for-cheapest-sector-etfs-from-15-to-12#latest

Vanguard published a comparison table of old and new ERs for funds that issued updated prospectuses this month.
The broadest change is a drop of 14% across their sector funds, from 0.14% to 0.12%. A smattering of other funds will see drops in ERs; none are going up.
https://personal.vanguard.com/us/insights/article/expense-ratio-changes-122014

Many funds have lagged this year. I've lagged as well. Suspect the 50% tumble in oil and hit to producers has a lot to do with it. Some funds like OAKBX like to hedge overall equity risk with positions in energy. Can go either way - but in 2014 that really hurt.
Those with oracle-like powers may wish to offer a prediction here. On December 1, 2015, will the price of WTI be closer to: (1) $40 (2) $60 (3) $80 ?
* It's nice to see David get the recognition. He always makes a great deal of sense to me.

FYI: Look around you: This is the time of year when the pages of newspapers and magazines are filled with predictions and lists and all manner of money-losing nonsense. I have pushed back against much of this silliness in these pages over the years.
Regards,
Ted
http://www.ritholtz.com/blog/2014/12/the-basic-simple-truths-of-investing/print/

@Derf: Happy New Year !
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/17907/jason-zweig-when-funds-insult-their-investors-mfo-s-david-snowball-comments#latest

Hi all,
I am adding an additional comment to this thread which reads ...
As of Friday December 26th market close Morningstar's Market Valuation Graph is reporting that stocks, in general, are selling at about six percent above their fair value. At these levels, I think I'll still continue with my plan to unwind my spiff and sell about another four to five percent of my equity allocation off over the coming weeks. In short words, I plan to reduce my allocation to equities by about ten percent during the first and possibly second quarter of 2015 as long as stocks remain well overbought.
I have provided a link below to the graph for those that would like to reference it.
http://www.morningstar.com/market-valuation/market-fair-value-graph.aspx
And, yes, I think now is a good time, for me, to rebalance and raise a little cash as I am now overweight equities within my asset allocation. I am not adding to my bond allocation as I have been studying my balanced and my asset allocation funds and, for the most part, they seem to be reducing thier bond allocation. Lately, I have been wanting to keep my overall allocation to bonds at about 25% within my portfolio; however, due to asset movement in my balanced and asset allocation funds my overall allocation to bonds has now dropped to about 22% within my portfolio.
Perhaps, this asset movement by some fund managers from fixed income securities to equity securities explains, in part, the current equity market rally propelling equities well into overbought territority.
Old_Skeet

Regards,
Ted
Closing NAV $39.46; -(1.71): -4.15%
Dividend $0.27900: 12/24/2014(Record Date) 12/26/2014 (Reinvest Date) 12/29/2014 (Payable Date)
ST Cap Gain $0.20100: 12/24/2014 (Record Date) 12/26/2014 (Reivest Date) 12/29/2014 (Payable Date)
LT Cap Gain $1.30100: 12/24/2014( Record Date) 12/26/2014 (Reinvest Date) 12/29/2014 (Payble Date)

@MFO Members: I agree with DlphcOracl that we are still in a secular bull market, and my forecast of a 15% return, made last February, in 2014 for the S&P 500 is right on (2,215) target. For 2015, I predict the S&P 500 will close at 2,401 a 13% rise for the year.
Regards,
Ted

In a word, "No."
We are still in secular bull market, albeit probably in the late innings, and just entering the strongest quarter for stocks. Why play games to avoid a potential shallow 4-6% pullback lasting 1-2 weeks that you cannot time anyway.

No. I'll add some more to a handful of things that I own next year and will bring back 1 or 2 things that I'd gotten out of as long-term holdings.

>> not many funds have beaten the SP500 3% annualized for the past 20 years.
Correct, not many, though you mean 19y, right?
FLPSX is one. There may be some Vanguard likewise.
One thing that is interesting is that it began its 08-09 dive a full year prior, oddly. It is since the bottom (spring 09) that it has raced past everyone. Even FLVCX, amazingly. But that is only 5.5y.

Hi mcmarasco,
Raising cash as I unwind my special equity spiff position that I built through most of October as we move into the 1st Quarter of 2015. For those that have been following my recent post then you know of my strategy in doing this.
I wish all … “Good Investing.”
Old_Skeet

Here's some decent Vanguard information by another Market watch writer: FWIW...tb
“Quietly, Vanguard’s actively run funds have outperformed their more-famous index siblings,” said Morningstar researcher John Rekenthaler in a recent column, pointing to returns over the past 15 years. That’s a particularly striking result, since in general, most active funds aren’t able to beat their benchmarks consistently.
What’s Vanguard’s secret to success? It includes making sure its active funds are low-cost, as well as outsourcing the stock-picking to fund managers who go through an extensive screening process.
“We think we have a very good process for selecting managers,” Vanguard CEO Bill McNabb told MarketWatch. He also said: “If you’re going to take active risk, your best chance of preserving any outperformance is to have a low-cost portfolio.”

I was just wondering in anyone is raising cash come the New Year?
I am planning to sell a couple of investments in early January to have some "dry powder" for the "impending" correction. Or so the belief is!
What are your thoughts on a down January (maybe February) considering the run-up the markets have had here late in 2014?
Thanks,
Matt

REPEAT:
Upcoming Correction
Tampabay
September 15 in Off-Topic Flag
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” – Peter Lynch