It seems to me that one of the main problems with this type of discussion is that some participants seem to classify fellow citizens as either "100% self-made men" (whether true or not) and "everyone else", who by definition are therefore no-good lazy scumbags. Interestingly, these folks invariably classify themselves as the 100% self-made type. The dictionary defines "selfish" as: "lacking consideration for others; concerned chiefly with one's own personal profit or pleasure". I leave it to others as to whether that particular definition is appropriate to the type of individuals I've mentioned.
Perhaps my observations for the past 75 years are not typical, but it has been my experience that there many more than just two types of individuals; rather there is a very broad spectrum of people, with hugely varying degrees of human assets: inherited assets, mental ability, physical ability, and plain old luck. Sure there are no-good bums out there who have chosen not to contribute their fair share to their personal good, to say nothing of the common good. BUT I DO NOT FOR A MOMENT BELIEVE THAT THEY ARE THE MAJORITY of those who need some sort of assistance to allow them to survive.
To suggest that all it takes for anyone in America to succeed is a little hard work is totally fatuous. This concept of rugged individualism, wherein someone feels that they have absolutely no obligation to spend one tax dollar on anything that isn't a direct immediate personal benefit to them is, in my opinion, just plain sick. I say this as half of a married couple who have no children, but have cheerfully voted for over fifty-five years to support our public schools, common infrastructure, and where reasonable, public assistance to the less fortunate. Does that mean that there is no place for alternatives, such as charter schools? Not at all: depending on the effectiveness of the local school system, alternatives may be a very good thing.
Additionally, anyone who thinks that our younger people have the same advantages of relatively inexpensive higher education, employment and retirement stability that we older folks enjoyed is living on some other planet.
I'm under no illusion that this commentary will change one single mind, but at least some things have been said that needed saying.

Hi Wilmatt72
Thanks for the question. I learned a lot too, especially from Rono's explaination of why these things run in cycles. Best I've heard.
One additional observation: You'll find some of these funds with significant holdings in trailor parks and self-storage facilities. Reason? Current income and, more importantly, appreciation of the underlying land.
Regards

ESL (Equity Lifestyle Properties) is a REIT that focuses on RV parks, resort/retirement communities and the like. It's not terribly exciting on the surface (although RVs have become big again, it seems.) However, it sits on a ton of waterfront/near water land.

Hi David.
I love you man.
I agree.
15 years is about the most we can hope for with single manager.
But I do not know for sure...our database does not account for category drift...or, manager drift, sad to say...past performance, numbers only.
Here are some of the 10 year funds with top-quintile risk-adjusted performance across the past 10, 5, 3, and even 1 year evaluation periods through Dec 2014. (I left off most of the sector funds and munis.)
Access Capital Community Investment I (ACCSX)
American Century Mid Cap Value Inv (ACMVX)
AMG Chicago Equity Partners Bal Instl (MBEYX)
Artisan International Value Investor (ARTKX)
Buffalo Discovery (BUFTX)
First Trust Value Line Dividend ETF (FVD)
GE Instl Premier Growth Equity Inv (GEIPX)
Guinness Atkinson Global Innovators (IWIRX)
Hennessy Equity and Income Institutional (HEIIX)
Homestead Small Company Stock (HSCSX)
iShares Morningstar Large-Cap (JKD)
iShares S&P 500 Growth (IVW)
JPMorgan Mid Cap Value Instl (FLMVX)
Metropolitan West Total Return Bond M (MWTRX)
PIMCO Intl StksPLUS AR Strat (USD-Hg) A (PIPAX)
PIMCO StocksPLUS Absolute Return Instl (PSPTX)
Pinnacle Value (PVFIX)
Principal MidCap R2 (PMBNX)
RidgeWorth Conservative Allc Strat I (SCCTX)
SEI Moderate Strategy Allc A (SAAT) (SXMAX)
SEI US Managed Volatility A (SIMT) (SVOAX)
Shelton Nasdaq-100 Index Direct (NASDX)
T. Rowe Price Diversified Sm Cap Growth (PRDSX)
T. Rowe Price Global Technology (PRGTX)
T. Rowe Price Instl Mid-Cap Equity Gr (PMEGX)
T. Rowe Price Instl Small-Cap Stock (TRSSX)
Vanguard Target Retirement 2015 Inv (VTXVX)
Vanguard Target Retirement 2045 Inv (VTIVX)

Think you should be more concerned if a fund changed Managers, and no longer performed as before, little concern if a new manager takes over and continues with past successful performance, something going right with these funds long term and multiple managers not an issue...
example: check Vanguard Healthcare..... stronger than ever after long time manager retirement, past assistant even better as current manager... ..go Jeanie baby....

http://www.sec.gov/Archives/edgar/data/1527446/000116204415000043/hagin497201501.htm
497 1 hagin497201501.htm
HAGIN KEYSTONE MARKET NEUTRAL FUND
A series of Cottonwood Mutual Funds
Supplement dated January 14, 2015
to the Prospectus and Statement of Additional Information
each dated June 30, 2014 (as supplemented from time to time)
The below information was provided to shareholders of the HAGIN Keystone Market Neutral Fund (the “Fund”) on or about December 30, 2014. Effective January 14, 2015, the closing date of the liquidation of the Fund is changed to January 23, 2015. All references in the below information to December 30, 2014 and/or January 15, 2015 (the previous liquidation dates) are hereby replaced with January 23, 2015.
* * * * * * * *
The Board of Trustees (the “Board”) of Cottonwood Mutual Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the HAGIN Keystone Market Neutral Fund (the “Fund”), effective December 16, 2014. HAGIN Investment Management, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 30, 2014. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.877.257.4240.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated June 30, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated June 30, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1.877.257.4240.

http://www.sec.gov/Archives/edgar/data/1577406/000089418915000147/loeb_497e.htm
LOEB KING ALTERNATIVE STRATEGIES FUND
LOEB KING ASIA FUND
each a series of Loeb King Trust
(together, the “Funds”)
January 13, 2015
Supplement to the
Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”)
each dated December 19, 2014
Effective immediately, the Funds will not accept any new investments and will no longer pursue their respective investment objectives. The Funds have begun liquidating their portfolios and will invest in cash and cash equivalents, such as money market funds, until all shares have been redeemed. Prior to closing, any capital gains will be distributed as soon as practicable to shareholders in the form of reinvestment in additional shares, unless you have previously requested payment in cash. Shares of the Funds are otherwise not available for purchase. Each Fund is expected to be closed and liquidated within approximately thirty (30) days (the “Liquidation Date”).
Prior to the respective Fund’s Liquidation Date, you may redeem your shares, including reinvested distributions, in accordance with the Funds’ Prospectus. As is the case with any redemption of Fund shares, redemption proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account, such as an IRA or 401(k), the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax advisor for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation. Please refer to the “Distributions and Taxes” section in the Prospectus for general information.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF A FUND PRIOR TO THE FUND’S LIQUIDATION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS, SUBJECT TO ANY REQUIRED WITHHOLDINGS, WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUNDS AT 1-855-722-4550.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodial Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
Please retain this Supplement with your Summary Prospectus, Prospectus and SAI.

Class I shares are the typical retail offering for general investors.
Class II shares are for corporate retirement plans like 401K.

http://insights.schwab.com/retirement/when-markets-dip-dont-drop-out
or following other guidelines buy when blood in street and sell when sentiments are at high levels [??? starting to sell slowly now???]

SEC filing concerning closing:
http://www.sec.gov/Archives/edgar/data/29440/000119312515002005/d828215d497.htm
497 1 d828215d497.htm FORM 497
LOGO
SUPPLEMENT DATED JANUARY 6, 2015
TO
STATUTORY PROSPECTUS DATED MAY 1, 2014
Effective as of the close of trading on January 16, 2015, the Dodge & Cox International Stock Fund will be closed to new investors. Accordingly, the International Stock Fund Statutory Prospectus is updated as follows.
The following is added to the beginning of the section titled “Summary of Other Important Information About Fund Shares – Purchase and Sale of Fund Shares” on page 26 of the Statutory Prospectus:
The Dodge & Cox International Stock Fund will be closed to new investors as of the close of trading on the New York Stock Exchange on January 16, 2015, with certain limited exceptions. For more information, see the “How to Purchase Shares” section of the Prospectus.
The following is added to the end of the section titled “How to Purchase Shares” on pages 42-44 of the Statutory Prospectus:
Information Regarding Purchases of the Dodge & Cox International Stock Fund The Dodge & Cox International Stock Fund will be closed to new investors as of the close of trading on January 16, 2015 (the “Close Date”), with certain limited exceptions. Your investment must be received (not postmarked) by the Fund’s transfer agent, Boston Financial Data Services, or an authorized agent or sub-agent, in good order, before the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the Close Date.
In addition, you will not be permitted to exchange shares of other Dodge & Cox Funds for shares of the Dodge & Cox International Stock Fund unless you are an existing shareholder of the International Stock Fund.
After the Close Date, purchases of shares of the Dodge & Cox International Stock Fund must qualify under one of the following exceptions:
Existing Shareholders — An existing shareholder of the Fund (either directly or through an intermediary) as of the Close Date may:
(i) add to the shareholder’s account through the purchase of additional Fund shares, either with cash or through the reinvestment of dividends and cash distributions;
(ii) open a new UGMA/UTMA account for which the shareholder is the custodian; or
(iii) open a new account that is registered in the shareholder’s name or has the same taxpayer identification or social security number assigned to it, including a new account opened in connection with a distribution or roll-over from an individual retirement account, 401(k) plan or other defined contribution retirement plan that is invested in the Fund. This exception applies only to individuals or institutions opening accounts for their own benefit and does not apply to institutions opening accounts on behalf of their clients. Institutions that maintain omnibus account arrangements with the Fund are not allowed to purchase shares of the Fund in their omnibus accounts for clients who do not currently own shares of the Fund unless the client is eligible to open an account under one of the other criteria listed herein.
Retirement Plans — A defined contribution retirement plan (for example, 401(k) plans, profit sharing plans and money purchase plans), 403(b) plan or 457 plan that offers the Fund as of the Close Date may open new participant accounts within the plan. Participants in a plan may not open a new account outside of the plan under this exception.
Gifts — An individual may receive shares of the Fund as a gift from a family member who is an existing shareholder of the Fund.
Charities — A charitable foundation or trust may receive shares of the Fund from an existing shareholder of the Fund.
Financial Intermediaries Using a Model Portfolio — A registered investment adviser, broker-dealer, insurance company, or bank and trust company that held the Fund in a model portfolio prior to the Close Date may open new accounts within that model for new and existing clients. Approved or recommended lists are not considered model portfolios.
Institutions that have Selected the Fund — An institutional investor that has notified Dodge & Cox in writing that it has selected the Fund for investment by the Close Date may invest in the Fund within one year of the Close Date.
Certain Dodge & Cox Affiliates — Current trustees or officers of Dodge & Cox Funds, employees of Dodge & Cox, or a member of the immediate family of any of these persons may invest in the Fund.
Once an account is closed, additional investments will not be accepted unless you meet one of the specified criteria above. Management reserves the right to: (i) make additional exceptions that, in its judgment, do not adversely affect its ability to manage the Fund; (ii) reject any investment or refuse any exception, including those detailed above, that it believes will adversely affect its ability to manage the Fund; and (iii) close or re-open the Fund to new or existing shareholders at any time. An investment is subject to management’s determination of your eligibility to buy shares of the Fund and you may be required to provide additional documentation or otherwise demonstrate eligibility before an investment is accepted.
The Dodge & Cox International Stock Fund’s closing does not restrict you from redeeming shares of the Fund. The Dodge & Cox Stock, Global Stock, Balanced, Income, and Global Bond Funds remain open to all investors.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

@equalizer said;
I can't believe on TDAmeritrade, that you have to sign a PDF and FAX or mail it for recurring mutual fund investments!!
I've had success calling TD reps to set up A I Ps without the paperwork and their stated $150 minimum. You can also make manual Mutual Fund trades in some funds with no minimum,@ least in retirement accts. A good option for small or young investors.

maxed out in roth and retirement accounts, just need to reinvest in fun money

Few comments and I'm done with Football/investing analogies:
MJG "But I didn’t expect the harsh nature of your highly charged replies. I suppose football does cause such sharp reactions from...
I'M always surprised, by super sensitive posters on blogs sites that post opinionated information, and when they get a reaction (repost) THEY are surprised and "shocked" someone would Dare react, Sorry but that what these sites are for, otherwise what good is it for me to say how smart you are or what great after-thought information you provide?
"I also ran a small consulting firm after retiring as the head of a major research operation. The lesson here is to not make wild guesses or false assumptions. You never know who is on the other end"
I'm sorry sir but running a "small retirement business" and working for someone else's pay check in a research lab".....
Gives you NO insight to what it is like getting up every morning, out the door, to develop a business( as owner), pay your bills, provide for your family, have Fun, and secure a future....When you have done that in your life you are BEST able to comment on the "Dangerous" of Business, otherwise not... ....all in my lifetime experienced OPINION....
Sincerely Tampabay

@Charles,
In all fairness, it represents only about 25% of my retirement portfolio, where i have most of my equity exposure. Have no bonds in the IRAs, I hold them in taxable account. That means 75% of my equity exposure (which includes some stocks) did not beat the S + P. I use etfs for some sector additional exposure, hold no S + P or total market indexes. I prefer managed funds despite the odds agains them consistently beating the index

Hi Guys,
I agree with the many earlier posters.
As a generic rule of thumb, the 4% retirement drawdown is an excellent departure point. But like all general rules, it depends. Adjustments must be made depending on specific circumstances like age, wealth, lifestyle, inflation, flexibility, expected market rewards, and portfolio asset allocation comfort zone.
Let’s put the 4% withdrawal recommendation in its proper historical perspective.
The original work is called “The Trinity Study" because it was completed by three Trinity University professors: Philip L. Cooley, Carl M. Hubbard and Daniel T. Walz . The title of a 6-page readable summary is “Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable”. Here is a Link to this now classic work:
http://209.31.88.154/journal/article/retirement-savings-choosing-a-withdrawal-rate-that-is-sustainable
The Trinity study contains market data through 1995. It manipulated the historical market return outcomes in the sequence that it was actually recorded using different starting times to test portfolio survival rates. So it has definite limitations with respect to all market possibilities.
To a large extent, modern random Monte Carlo simulations address these limitations. They can do thousands of possible Market outcomes in a matter of seconds using statistical distribution data sets.
Monte Carlo methods were developed to support the design of the Atomic bomb in World War II. The uncertainties of market returns are precisely what Monte Carlo was designed to handle.
I suggest, if you are even slightly interested in retirement portfolio survival likelihoods as a function of expected returns, inflation, asset allocation, and time scale, that you give Monte Carlo computer codes a try. It’s a super tool to add to your investment toolkit.
Here is a Link to an easy to use Monte Carlo simulator from the Portfolio Visualizer website:
https://www.portfoliovisualizer.com/monte-carlo-simulation
Here is a Link to a similar Monte Carlo formulation from the MoneyChimp website:
http://www.moneychimp.com/articles/volatility/montecarlo.htm
Please do some what-if scenario test cases on both resources. Inputs are easy and results are almost instantaneous. It’s fun and you’ll learn something with each case examined. Since these are Monte Carlo analyses that use randomly selected numbers, results will vary with each completed exploration, but the trendlines are firm. Good luck.
Some folks will be happy with a 95% portfolio survival rate while others will be uncomfortable with a 97% survival projection(a 3% portfolio failure probability). Like almost everything else in life, it all depends.
Best Wishes to all for the coming year and beyond.

FYI: For the last 20 years there has been a steadily consistent rule of thumb by America's financial planners when it comes to retirement — the 4% rule.
Regards,
Ted
http://www.usatoday.com/story/money/columnist/brooks/2014/12/30/retirement-401k-pension/20774021/

http://www.sec.gov/Archives/edgar/data/1527446/000116204414001548/hagin497201412.htm
497 1 hagin497201412.htm
HAGIN KEYSTONE MARKET NEUTRAL FUND A series of Cottonwood Mutual Funds Supplement dated December 30, 2014 to the Prospectus and Statement of Additional Informationeach dated June 30, 2014 (as supplemented from time to time)
The below information was provided to shareholders of the HAGIN Keystone Market Neutral Fund (the “Fund”) on or about December 16, 2014. Effective December 30, 2014, the closing date of the liquidation of the Fund is changed to January 15, 2015. All references in the below information to December 30, 2014 are hereby replaced with January 15, 2015.
* * * * * * * *
The Board of Trustees (the “Board”) of Cottonwood Mutual Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the HAGIN Keystone Market Neutral Fund (the “Fund”), effective December 16, 2014. HAGIN Investment Management, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 30, 2014. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.877.257.4240.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated June 30, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated June 30, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1.877.257.4240.

http://www.sec.gov/Archives/edgar/data/1215881/000141304214000349/birmiwalcls497.htm
497 1 birmiwalcls497.htm
Birmiwal Oasis Fund
(BIRMX)
Supplement dated December 30, 2014 to the Prospectus dated August 1, 2014
____________________________________________________________________________
The Board of Trustees of the Birmiwal Investment Trust, on behalf of the sole series of the Trust, the Birmiwal Oasis Fund (the "Fund"), has concluded that due to the relatively small size of the Fund, it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all remaining outstanding shares on January 30, 2015.
Effective December 30, 2014, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
Prior to January 30, 2015, you may redeem your shares, including any reinvested distributions, in accordance with the "Instructions For Selling Fund Shares" section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, any redemption is subject to tax on any taxable gains. Please refer to the "Taxes" section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO JANUARY 30, 2015, WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-417-5525 or the Fund’s adviser, Birmiwal Asset Management, Inc., at 1-206-542-7652.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated August 1, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated August 1, 2014, have been filed with the Securities and Exchange Commission, and are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-417-5525.

Dear MJG,
As you know, I don’t practice traditional diversification. So, for me,
this has been a good year – just being long the market.
Recently I read some adviser’s comments regarding this year’s
market active that echoes this article. He said something like -
“If a portion of your portfolio is not losing value, you’re not diversified.”
(Since that’s not a direct quote, I don’t know if it needs parentheses.
One of these days, I’ll have to learn that.)
While this philosophy may satisfy the average low-information
retirement investor, to me it seems a bit like a circular
firing squad or antiperistalsis.
As to your previous posting regarding Rotholtz -
I don’t take exception to “universal rules” and don’t believe that
these congeries are wrong or irrelevant.
However, a summation of these rules and others like them always
proves to be the traditional advice - be a conservative, diversified,
long-term investor.
To me, diversification is like making an “exotic” wager at the
house track.
In this case, your portfolio is your bet.
“Exotic wagers allow you to make multiple bets on multiple horses
in a single wager. Exotic wagers are generally much more difficult
to win than straight wagers, require an advanced degree of skill
and knowledge in horse picking, and are more expensive.
However, the payoffs on exotic wagers are much greater
than straight ones.”
Yes, the potential rewards can be greater – but the odds are against you.
So, I prefer taking the odds rather than laying them.
Or, as my brother-in-law says, “You may have three balls in the air
at the same time, but that doesn’t mean that you’re juggling.”
As to the long-term, I prefer to manage the short term and
let the long term take care of itself.
All of which means that I’ve been touting indexing to my students
for nearly 20 years and ETFs for maybe 10 years. And, of course,
moving averages.
While I still have your attention, I want to thank you for your
high standard of comments over the years.
Best wishes,
Flack

@Skeeter:
Good call Skeet. I remember it. I hope I gave no advice back than. It would have been wrong - in the near-term anyway.
My thinking remains that, as alternative strategies go, these guys have a good longer term track record and should be given some slack. I don't like or invest in these go-anywhere funds - but if I wanted one as a longer term hold (measured in decades not years) I'd select this one. When money washes out in torrents, as it has with this fund, it distorts the investing process for the managers and amplifies the losses. In the end, the blame falls on the managers for not restricting inflows. I wish there was a way to quantify the degree of impact on a fund such "hot" money has both on the incoming side and the outgoing side. I'd think it's a substantial impact.
-
BTW: The board represents a wide variety of investing styles and philosophies. I learn from all. We're much more focused on not losing $$ than on making it. We're nearly 20 years into retirement and pull distributions directly from our "mishmash" of mutual funds. Over the years we've gravitated more and more to the conservative hybrids like TRRIX- but still make occasional small sector bets as I've done on energy/natural resources this year. Stability is very important and we view diversification as key to protecting our nest egg - though it sometimes means sacrificing near term performance.
-
Thanks for all your great contributions over the year Old Skeet. I very much respect that you have a plan founded on fundamentals that works for you and are willing to share with the rest of us.
My New Year's Resolution? ..... Not to give any investment advice!
:)

BINGO!
Among alternative strategy funds, HSGFX may boast the most consistent performance. 9% annual losses 3 years running. Negative for 10+ years. Try funding your retirement on that.
Definition of Insanity: Doing the same thing over and over - and expecting different results.