Added vanguard 2045 and wellington fund.
Paying uncle Sam -2019 taxation after attained Sept 1st Divs...Ouch

“ For the bears... what might trigger the correction?”
I’d take exception to the wording. Of course, any market can “correct” (financial stocks, technology, emerging markets, gold, real estate). Let’s assume you are talking about the broad U.S. stock market as represented by the S&P 500 and other indexes. One need not be a bear to expect a stock market correction at some point. They are healthy and necessary to efficiently functioning markets. And, “correction” should not be confused with “crash”. The former tends to be quite temporary. The latter can set investors back for several years.
This question is nearly impossible to address. I don’t worry about corrections. Some markets saw a 30% correction only a few months ago. It turned out to be a good buying opportunity. A “crash” is an entirely different matter. It can result in sector losses of 50% or greater, grind on for years (occasionally decades) , and seriously damage many investors. Crashes tend to cause significant changes in investor psyche and this alone becomes a factor in how valuations are perceived.
What might cause a crash?
- Interest rates across the spectrum rising.
- Reactionary belt-tightening by Congress and the Executive branch - a slashing of federal spending combined with higher taxes (highly unlikely in a Pres. election year).

Hi, guys.
We posted our September issue late on the evening of September 1st, as usual, but decided to delay this announcement until this morning. We were thinking that you’d rather get the reminder when you were fresh in the morning, rather than late at night. As Derf notes in a separate thread, I'd be curious to hear folks reflection on the decision.
My publisher’s letter celebrated the start of the college year, my Propaganda class, the propaganda that you’re being bombarded with, the rising influence of frantically trading young stock investors (uhh, 20-25% of daily volume!), strategies to consider for managing a weak dollar environment and a sort of buyers guide for face masks. It’s a fairly busy missive.
We face uncertain times, and so we shared stories of three funds whose managers have seen many years and many market adventures. They seem like the sorts of people you’d want at the helm just about now.

• Jim Callinan manages the five-star Osterweis Emerging Opportunities Fund (OSTGX) now, but his career encompasses the frantic '90s and a Morningstar manager of the year award. We profile the fund.
  
• Eric Cinnamond and Jayme Wiggins manage one of the two top-performing small value funds, Palm Valley Capital Fund (PVCMX), up 15% YTD which is about 30% above their peers. That success shouldn’t surprise anyone who’s been following their absolute-value strategy back 20 years. Palm Valley just became available through TD Ameritrade. We explain why I just added PVCMX to my portfolio.
  
• Mark Oelschlager managed the very fine Pin Oak Equity Fund (POGSX) until he and Tina struck out on their own. They’re now replicating his Pin Oak strategy in their new all-cap Towpath Focus Fund (TOWFX). We share a belated Launch Alert of the youngster.

I think a conversation between the three would be fascinating if only because their views of the markets and investing are so dramatically different.
Complementing those individual fund-focused pieces, both Lynn Bolin and I take on the question of alternative funds that are demonstrably worth keeping around. Lynn’s piece is the broader of the two, “Alternative and Global Funds during a Global Recession.” I stuck close to my knitting with “The Long (and Short) of It: Top-Tier Long-Short Options" and starts with a short eye-roll in response to the WSJ observation that "most" long-short funds are a disappointment. (Duh.)
Ed Studzinski offers a surprising recommendation of “Where Not to Invest.” Hint: he’s not worrying you about stocks.
Charles Boccadoro takes inspiration from Warren Buffett’s recent comments about the meaning of "long-term".
In a mini-T. Rowe Price fest, I explain the decision to add T. Rowe Price Multi-Strategy Total Return (TMSRX) to my portfolio and we offer a Launch Alert for the active, low-cost ETF version of four of T. Rowe Price’s large-cap funds.
And, as always, Chip’s compendium of manager changes, plus funds in reg (Dodge & Cox is about to hit the emerging markets and T Rowe Price is launching active ETF versions of huge funds), liquidations, and other industry news.

Hi @MikeM, vaccine disappointment would definitely be #1 on the list!
Other possibilities:
2. This V shaped recovery turns into a W, either because stimulus peters out or we get a second wave like the Spanish flu.
3. A disputed result in the presidential election leads to chaos and disorder in November, crippling both stimulus and virus-fighting actions (if those are indeed still needed)
4. A banking crisis, maybe starting in emerging markets or one of the weaker Southern European countries, and stimulus-weary governments don't act fast enough to snuff it out.
5. Hints emerge that a Biden adminstration is going to make Elizabeth Warren Treasury Secretary and / or adopt an aggressive antitrust policy regarding the tech giants
6. Fed starts dialing back the QE a little too soon.
I don't think any of these are all that likely, but that's what I come up with.

@MikeM, Good points. I understand there’s a difference between miners and the metal. They do tend to run together - but the mining stocks / funds are more volatile, as you’ve noted before. I’ve messed around off and on with OPGSX - one of the better mining funds - because I happen to invest at that house. I bailed 100% from it a month ago at a NAV of $30.08. I’ve since made a couple small token buys back in as it fell quite a bit after I sold. Today it closed at $3.12 . I don’t have any predictions for the metal or the fund. Might nibble more on a big pullback.
As for gold itself, here’s a 10 year price chart. Notice how erratic the price has been. The article I linked was very vague. I suppose we must assume they bought the metal in some form. While 5% doesn’t sound like much, gold tends to be so volatile that I’d call 5% a pretty good sized slug. I linked the story, of course, just to portray this recent trend in investing. As others here have noted, if the Ohio pension fund had been more prescient they’d have bought their gold a year ago for 30 or 40% less.
Chart covers gold’s price the past decade. Looks like it began this year around $1500-$1550. Today, it’s just shy of $2,000. I think it’s the very low interest rates that have investors looking for alternatives of all types. Also, some think the approaching election turmoil / possibly shooting in the streets, will propel gold to new highs. Ughh ...

https://www.fedsmith.com/2020/09/01/32-return-one-tsp-fund-in-5-months/
. stocks just finished their best month since April. The monthly returns for August continued an extraordinary rally fueled by stimulus money pouring from the federal government, signs of economic revival and apparent progress toward a coronavirus vaccine.
Best TSP Returns for August
The C Fund in the Thrift Savings Plan (TSP) advanced 7.19% and the S Fund went up 7.20% in August. The 7.20% return is the best return for August among all of the TSP Funds.
This is the fifth month in a row that the C and F Funds have provided positive returns for investors. The C Fund has ranged from a return of 12.81% in April (after falling 12.4% in March) to its lowest monthly return of 1.99% in June.
Imho - Maybe reasonable just add more index or tsp funds /spy qqq, these appears doing quite well compared to most hefty high fees active managed funds

@tmadell,
Thanks. I didn’t realize yours was a free site. I also suspect the question you were addressing might have been abbreviated in print either to protect the identity of the investor or for journalistic reasons. I’ll assume you were aware in addressing the questioner of more tangibles than revealed in the published version posted here (things like other sources of income, other assets owned, health, marital status, goals, etc.) The 65/35 might well be appropriate for the investor depending on the larger picture.
There’s a school of thought today that with interest rates so low, the traditional equity / bond allocation may be ill-suited for many investors. Specifically, many of us are / have been looking at including some form of “alternative” investments in the blend to replace some of that traditional bond exposure. Price’s TMSRX has lately received a good deal of favorable mention in that regard. But there’s a whole universe of funds that attempt to circumvent (or at least supplement) that traditional bond / equity allocation. I was a bit surprised that wasn’t part of your advice.
We’ve kicked around here a lot the issue of “overlapping” funds that have similar goals and hold the same types of securities. I know I’m in the minority here on that point and may rub you the wrong way as well. Here’s my bottom line: A good fund - is a good fund - is a good fund. If I owned a dozen funds all as good as PRWCX has been for decades now, my results would be the same as if I’d only owned only one such fund. The duplication didn’t affect my long-term results in either direction. So, aside from the complications of tracking everything, I’m not as concerned as you (and many here) about duplication - although I do understand the advice is offered as an expedient towards a more diversified portfolio (also perfectly logical).

The markets expectation is that a vaccine will be available if not by late this year early next and that it is effective to at least 50-60%. Any other scenario could be another pretty big fall. I think we are priced for success in the vaccine arena.

Not the greatest timing ! Or is it ?

“To be, or not to be, that is the question ... “
Dunno @Derf. I’ve asked myself that question a lot lately. Wouldn’t you have to be a little nuts to throw $$ at a mining fund that’s already gained 50+% in the past year? However, some pretty smart people are saying “buy!” Would the experts here please weigh in?

@40 50% probably best...have changed mama portfolio based in many MFOers here @40s% stocks and rest in fixed incomes cash 16 months ago, never been happier

https://www.sec.gov/Archives/edgar/data/836487/000110465920100504/a20-27131_3497.htm
497 1 a20-27131_3497.htm 497
Prospectus and Summary
Prospectus Supplement
August 31, 2020
Morgan Stanley Institutional Fund, Inc.
Supplement dated August 31, 2020 to the Morgan Stanley Institutional Fund, Inc. Prospectus and Summary Prospectus dated April 30, 2020, as amended May 11, 2020
Global Opportunity Portfolio (the "Portfolio")
Effective at the close of business on December 31, 2020, the Portfolio will suspend offering Class I, Class A, Class C, Class IR and Class IS shares of the Portfolio to new investors, except as follows. The Portfolio will continue to offer Class I, Class A, Class C, Class IR and Class IS shares of the Portfolio: (1) through certain retirement plan accounts, (2) to clients of certain registered investment advisors who currently offer shares of the Portfolio in their asset allocation programs, (3) to directors and trustees of the Morgan Stanley Funds, (4) to Morgan Stanley affiliates and their employees and (5) to benefit plans sponsored by Morgan Stanley and its affiliates. The Portfolio will continue to offer Class I, Class A, Class C, Class IR and Class IS shares of the Portfolio to existing shareholders. The Portfolio may recommence offering Class I, Class A, Class C, Class IR and Class IS shares of the Portfolio to new investors in the future. Any such offerings of the Portfolio's Class I, Class A, Class C, Class IR and Class IS shares may be limited in amount and may commence and terminate without any prior notice.
The Portfolio has suspended offering Class L shares to all investors. Class L shareholders of the Portfolio do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.
Please retain this supplement for future reference.
IFIGOPSUMPROSPT 8/20

Found this brief tidbit from a July 15, 2015 newsletter:
An excerpt from a sentence:
"...guardian portfolio managers (Robert, Blake, & Randy) providing oversight and asset allocation." They probably provide insight to those overseeing/managing the funds.

“Investor: I am 69 years old and consider myself a moderate risk investor. About 80% of my portfolio is in stocks/stock funds, 17% is in bonds, and 3% in cash.”
Hmmm .... Suppose some of this depends on what specific stock funds are owned. But, by what standard is 80% in equities considered a moderate risk allocation?
Interestingly, Mandell’s main recommendations are to go to a 65/35 portfolio and try to eliminate sector duplication in the portfolio by eliminating overlapping funds. Geez - I hope he doesn’t change people money for such lame advice.

See also the earlier thread on this topic, especially the last comment by @zenbrew
https://mutualfundobserver.com/discuss/discussion/56500/new-labor-department-guidance-takes-aim-at-esg-investing

I'm cashing out almost anything with a gain YTD at the moment (not much unfortunately) overall portfolio down .50 YTD (and actually thankful for that). I can't figure this market out. I get the "new" economy and Covid stocks but I can't bring myself to buy anything up 100% YTD let alone 1000% over the past year (TESLA). The things I like to buy everyone hates. After due consideration I'm going to hold my nose and buy DON in the coming weeks/months. The midcaps get overlooked in these types of environments. DON is down 19% ytd. I think it's a good bet to outperform next year.

I'd like to see the board move away from politics ... and, hopefully open more discussion on investing topics.
The big question for me is whether this market can keep up the momentum? Below is what one expert thinks.
“Obviously these things are difficult to pinpoint, but a 2%-3% decline sometime in the next couple of weeks wouldn’t be at all surprising to me. I continue to believe that the SPX SPX, -0.21% [S&P 500] can reach 3,700 (+14.5%) by year-end, but probably not without three or four small pullbacks along the way,” he told MarketWatch in an interview and follow-up email.
Read more about this by clicking the provided link; https://www.marketwatch.com/story/heres-what-could-trigger-more-stock-market-pullbacks-this-year-says-schwab-trading-expert-2020-09-01

The bull "market" is extremely narrow. The equal weight S&P 500 index ETF (RSP) is still down on the year. What's leading the market higher is tech, especially large cap tech. ...

I have been tracking, and find appealing, EQAL. You?
But then, you know, I look at VONE (forget VONG).

https://www.marketwatch.com/news/story.asp?guid={21004575-02D4-D4B5-4572-D283723A90B1}&siteid=rss&rss=1
U.S. corporate debt soars to record $10.5 trillion
Published: Aug. 31, 2020 at 8:58 p.m. ET
By Joy Wiltermuth
Who owns U.S. company debt? Everyone...
Anyone concerned about total Usa Corp debt...will bubble burst soon. Think as long as fed keep pouring kool-aid the party will continue!? Jnk and LOQ Kept rising

“Growing uncertainty surging through global financial markets is helping to shine a spotlight on the gold market as more generalist investors and funds look for safe-haven assets.According to media reports, the Ohio Police & Fire Pension Fund (OP&F) approved a 5% allocation into gold in a move to diversify its portfolio and hedge against the risk of inflation. The fund currently holds about $16 billion in assets under management. The gold recommendation was made by the fund's investment consultant, Wilshire Associates,”
Story

@mona. All funds including all Admiral class Vanguard funds are available at Firstrade NTF. When researching be aware that without an account open , the fund count is smaller. All funds are listed in the research function if you have an account open. I can't remember exactly but about 500 Vanguard funds are available .I decided to go with Firstrade because they do not convert Admiral shares to investor shares in the funds that require a 50K minimum. Vanguard does this after discussing this with multiple CSR's .I was able to buy Admiral funds at Wellstrade with less than 50K (about 2/3 of this amount) and wish to still hold them ,but cringe at paying the higher ER.