As of about 10 AM CT, major averages are below/at/near late-January lows. Only R2000/IWM is well above (it had been beaten down quite badly already). Is this the "flush" that the current Barron's mentioned? Stay tuned.
https://stockcharts.com/h-perf/ui?s=$SPX&compare=$COMPQ,$INDU,$TRAN,IWM&id=p74263540530

For information on M* Interactive Charts, check out this link. Basically, they work with NAVs and work fine for mutual funds/OEFs and ETFs, but not for CEFs (unless one is looking into CEF NAVs, not prices).
https://ybbpersonalfinance.proboards.com/thread/256/interactive-charts-newer

Putin is into 2 "independent" Ukraine regions for "peacekeeping" and the world is reacting with limited sanctions. This is a start of something bad.
Futures started out deep in red Monday evening but started turning around 1:30 AM CT.

Not a big Zweig fan. But this one’s pretty good - provided the link pulls it up. I’ve found I can sometimes access a complete article on the first try - but that repeated attempts often fail. Published in the Wall Street Journal February 19, 2022 (but extracted elsewhere for posting). Note: Contains some discussion of John Hussman and HSGFX.
“ Don’t look at me. … That’s just about every investor’s motto when something goes wrong. In the old days, you could blame your stockbroker or fund manager for losing your money. Now that your stockbroker is your phone and your fund manager is an index, it’s a lot harder to point your finger at somebody else.”
https://www.livemint.com/market/stock-market-news/stock-market-got-you-worried-write-a-d-day-note-11645261228704.html

Early Monday evening Dow futures are off more than 400 points (about 1.4%). S&P futures are off 1.6% , NASDAQ futures down 2.25%. Gold well above $1900 at the moment, it’s highest level in a year. Asia’s down big of course. Bonds gaining. U.S. 10 Year treasury now at 1.87% - just slightly ahead of the 5 year (1.77%).
Rate inversion coming?
Still too early to dip in equities?
Tuesday may be a day only Hussman could love.

When a fund house (VG) can tumble from #3 to #43 in a year there’s something wrong with the gage being used.

When the cause of that decline is laid (in part) at the foot of VPMAX, there's more wrong than just the gauge.

Vanguard's drop occurred, in part, because of weaker relative performance in two of its three biggest funds, the $72 billion Vanguard PrimeCap (ticker: VPMAX) and the $59 billion Vanguard International Growth (VWILX).

At the end of 2020, the fund had $70B in assets (per quarterly filing), so its weighting didn't change much.
Its one year performance in 2020 put it at the 93rd percentile of LCG funds (per M*). Its one year performance in 2021 put it at the 88th percentile of LC Blend funds. M* changed its category in 2021, but its portfolio had been blend since 2018. If it had been ranked against LCG fund in 2021, it would have been ranked at the 54th percentile (same 2021 performance as BLYRX).
No matter how you slice it, Primecap's relative performance in 2021 matched if not exceeded its relative performance in 2020. So, rather than pulling Vanguard's 2021 ranking down, Primecap should have either had little effect or raised Vanguard's 2021 position. Poor performance both years, but slightly less poor from a ranking perspective in 2021.

@hank - do you know what happened to DraftKings. That was quite an owiee they took Friday.

DKNG? I’d averaged in (3rd time) at around $21 early in the month. Became concerned as it began to swing up and down by 5-10% daily. Sold out at $22.33 Monday. On Friday it was down 15% before the market opened. And finished the day off 18-20%.” Current price: $17.29 - No plans to reacquire.(Probably should knock it out of my tracker before end up buying again).
Why did it tumble? The ostensible reason was their earnings report released early Friday. While revenue was OK, new users acquired were lower than anticipated. And the cost of incentives (cash give-always to attract new users) had reached epic amounts as these firms fight for market share. I think it’s deeper than that. (1) Nobody thinks they can be profitable until about 5 years out. So they’re bleeding cash. (2) Firms like this rely on cheap funding to keep growing. With interest rates rising that’s bad news (3)Taxes imposed by states are high already (over 50% in NY) and it’s likely that when states need additional revenue they’ll turn to the online gamers first.
There’s a body of opinion suggesting DKNG is a good takeover candidate. An offer could overnight lift the price by $5 - $10 per share. Suspect that’s true. But I’m not in the merger / arbitrage business.

Thanks. The source of imported oil changed significantly from Middle East to Canada. So there is less geopolitical risk in that region.

To the degree the U.S. does still import oil, more of it is coming from our closest ally. Canada was the source of 51% of U.S. petroleum imports in the first 10 months of 2021, compared with 8% from the Persian Gulf.

expectations
https://messaging-custom-newsletters.nytimes.com/template/oakv2?campaign_id=116&emc=edit_pk_20220218&instance_id=53626&nl=paul-krugman&productCode=PK&regi_id=22268089&segment_id=83212&te=1&uri=nyt://newsletter/6ea057b2-dbc2-5aed-aaa2-666856b0fe39
and related optimism
https://www.nytimes.com/2022/02/17/opinion/biden-economy-inflation-growth.html

Growth will return again when the valuation becomes more reasonable. The shorting position in S&P 500 among the D&C stock and balanced funds are paying off this year.
I over-stayed the welcome on int’l small cap growth fund and now they are road-killed.

Some here may have access to private-equity-like TIAA Real Estate Account VA (QREARX) within the 403b and special TIAA IRA. TIAA provides liquidity guarantee for withdrawals of any amount once/quarter.
https://www.tiaa.org/public/investment-performance/investment/profile?ticker=41091375

The diagram from @hank's link. Tagging @catch22.
https://www.psia-nw.org/wp-content/uploads/Blooms_Taxonomy-600x516.jpg
(Crap, I thought the image itself might appear, not just the link.)
It makes perfect sense, of course. And the process reminds me of similar charts and metrics along the way, which were more subject-specific, in my school DAZE.
It also calls to mind that business labelled as "iNtuition (sic) in the Myers Briggs universe. For the record, iNtuition is my "dominant function." I can cut to the heart of the matter and not be able to explain very well how I got there to anyone else. It's not just a hunch, a feeling; it's synthesizing and being able to apply tools/insights/patterns in new ways. Creating new information I had not been aware of, before. The Bloom item is excellent stuff.
So, Grantham is super-educated and knowledgeable. Maybe if the Markets had been left alone without Fed and Gov't intervention, Grantham would be more right than wrong. But ... When you cry "wolf" ALL the time, it wears thin.

Sonders is smart AND gorgeous.
...I'm glad, particularly now, that I've been overweight in bonds. But not very happy about my timing, initiating a spot in HY TUHYX (TRP.) Yes, my stuff is down, but it could be a lot worse. Bank Loans (PRFRX) are almost at "even-steven." Just below the zero-line, by a fraction. Meanwhile, divs get paid, still. This past Friday, I moved the lion's share of my PRIDX (smid-cap foreign) into PRFRX for protection. (PRIDX = down -13.48% ytd.) I've managed to do very well over the past 5 years in PRIDX. Up over +11% in that time period, annualized. so, ya: the portfolio is down, but if I were invested in a way to directly track the major markets, the bleeding would be much worse.

@davfor, which "VIX"?

S&P 500 VIX. I follow it daily at Yahoo Finance together with my individual stock investments.
CBOE Volatility Index (VIX)

@davfor, which "VIX"?
There are "VIX" for SP500 [VIX], Nasdaq 100 [VXN], small-cap Russell 2000 [RVX], emerging markets [VXEEM], oil [OVX], gold [GVZ].
Precede these tickers with ^ at Yahoo Finance, $ at Stockcharts.

Interview from Schwab's chief investment officer, Liz Ann Sonders.
https://news.yahoo.com/investors-shouldnt-bottom-fish-based-on-stock-declines-strategist-195923273.html

@MikeM said “If I found that over the years I was substantially behind a benchmark I would just buy the benchmark.”
Ditto … When folks like Mike (and many others) who’s been posting here and at Fund Alarm for perhaps 15 years explain what they do and why they do it, it’s worth listening. One might assume they haven’t been “beating their head against a brick wall” all those years without any incremental advantage … over a single fund approach

@MikeM : " We trail because humans tend to be undisciplined and move in and out of funds at the most inopportune times."
I'll be the first two admit to the above sentence as it's rained down on me more than once ! I'm currently holding to much cash to bench mark unless I grouped cash & bonds into the same pile. I'd be 30-35 equity 70-65 C&B's
Thanks for your comments, Derf

From above post :
"A number of posters have referenced possibly investing 100% in their chosen benchmark fund. Not a bad idea. "

@Derf - Since you’ve quoted from my post I should say here (1) “Not bad” doesn’t necessarily mean “good” and (2) I enumerated 5 specific reasons why I chose not to do that.
That said, folks need to make their own decisions based on needs, risk tolerance, health, etc. Hopefully this discussion will help some.