I'm a D&C fan, but find Tony Thomas's evaluation anything but a masterpiece ... it's just a drive-by.
More thoughtful commentary on board, like here:
https://www.mutualfundobserver.com/discuss/discussion/45550/all-dodge-cox-funds-trending-down#latest
c

@Art,
Fwiw. Your mileage will probably vary.
I have been with Fido for nearly 50y and have not had or found a reason to switch. (Owning both their funds and others'.) V good c/s at our levels, which by this time are nonsmall, I suppose. (As I have written before, with some non-Fido funds, once you hit a given (nonlow) $ level, you can move to a cheaper share class at no charge or fee. This may not be just a Fido thing, though.)
We also are with Merrill, having been w/ BoA and its predecessors for almost 50y. Again at our nonsmall level their treatment is good, zero-commish trading and responsive c/s. Rinky-dink in some respects --- their fractional cleanup settlement is lame, general account sweeping likewise, cash holdings worthless as to interest, and finally they do not permit purchase of some desirable entities. There are often other amateur-hour signs as well. Low speed to their account events, sell then buy, that sort of thing. But convenient and of course integrated w BoA.
Some family members are w Vanguard and Schwab and are not notably happy with either, and these are not picky financial people either. I have been w E-trade and a couple other places in the past, not as slick an experience.
The happiest relative is one who has all her moneys w a UBS guy, I believe, and gets top-tier individual treatment, breaks and discounts, sound advice, management, planning, executions, etc., also sometimes free tickets and whatnot. I do not want to know what she pays for all this and am too cheap to do that kind of thing myself.
Other happy campers have individual indy managers, CFP types, I think.

We use TD Ameritrade since 2011 because at the time they were the only brokerage where you could get TRP funds with no transaction fees. TRP funds are 80% of our investments currently.
Before moving to TDA, we were primarily invested directly through TRP and would not hesitate to do that again. But, currently I don't see any benefit to it as we have easy access to non TRP funds with lower minimums than required by TRP's brokerage.
Also, closing our 5 TDA accounts would trigger account closing fees which TRP would not compensate us for despite the amounts involved. The fees TRP pays to TDA for our TRP funds would easily be paid back to TRP in savings in a fraction of a year.

I have no familiarity with Fidelity or Vanguard other than they have some pretty good fund and ETF options. But for the most part you can get any of those options through Schwab if you wanted. Same for TRP funds. But, that probably doesn't stand out as unique to other big brokerages, like Fidelity, Vanguard and TRP.
All my experience is with Charles Schwab where I rolled most of my 401k and pension-lump to an IRA when I left my long time employer. That was about 5 years ago. At the time I wavered keeping everything in my employer's 401k at TRP or transferring everything to an IRA at TRP or transferring to CS. I chose CS for a few reasons:
1- maybe the biggest reason was they had a local office. I much prefer a human, 1 on 1 sit down than phone or computer contact. I ended up being linked to a very nice guy who has gained my trust. He is often just my sounding board for ideas I have. He calls or emails about every 6 months or so to check in and see how things are going. And best of all, I don't pay a dime for the advice, feedback and help! Schwab does offer many different options for paid advisory including a very low cost advisory service linked to their robo portfolio. I do have money in the robo, but at this time I haven't gone the advisor route. They also offer the standard 1% fee where they manage everything in your financial life. Not for me but maybe for some.
2- the product selection, everything from 1000's of funds, ETFs, banking products like MMs, CDs, credit cards, checking and savings accounts, numerous managed portfolio options.
3- the option to have multiple accounts at one place. My mind tends to like "buckets" or separating money for different purposes. A separate 3 year retirement withdrawal account with MM, CDs, treasuries that is linked to my credit union checking account is an example.
4- the online and local learning seminars to just hear new ideas or learn different skills and options (I'm not great at it, but I like to dabble or "play" in stocks and there was plenty of info on that along with a trading platform to manage buys and sells).
Just some personal reasons for where I ended up. At 65 I'm still working full time but will probably go part time or quit altogether soon. Good luck Art.

FYI: Ample resources, a valuation-driven process, and an excellent track record earn Dodge & Cox Stock a Morningstar Analyst Rating of Gold.
Regards,
Ted
https://www.morningstar.com/articles/935013/a-contrarian-masterpiece.html

I think that David was comparing the fund houses, not the brokerages. Fidelity has done a good job at improving its bond funds, and it has the occasional fine equity fund. But overall, and especially for equity/hybrid funds, I would go with T. Rowe Price over Fidelity.
Here's M*'s latest set of reports on target date fund series by some of the largest families. (Premium membership required).
https://www-prd.morningstar.com/articles/847110/morningstar-targetdate-fund-series-reports.html
I think anyone can access the reports it links to; here are the links for reports on three different series of target date funds:
Vanguard: https://news.morningstar.com/pdfs/STUSA04OVV.pdf
Fidelity: https://news.morningstar.com/pdfs/STUSA04OLH.pdf
T. Rowe Price: https://news.morningstar.com/pdfs/STUSA04OMN.pdf
And a more detailed report on the T. Rowe Price Retirement Target Date Funds; however this report is three years old.
https://mpera.mt.gov/Portals/175/documents/EIACPacket/20170126/V.d.Morningstar_Addendum.pdf
Note that T. Rowe Price has two different series of target date funds, which it calls Retirement Funds and Target Date Funds. The former are more aggressive.
https://www.troweprice.com/content/dam/fai/Collections/DC Resources/Target Date Solutions/GlidePathComparison.pdf
You're asking about brokerages though, and that's a different question. A nice thing about Fidelity's brokerage is that you can now get both Fidelity funds and T. Rowe Price funds NTF.
As far as brokerage services are concerned, Fidelity is way ahead of the others. Vanguard's comes in for its share of criticisms, but they've improved over time. It seems reasonably competent though not first tier in variety of services or quality or even hours of operation. I haven't used T. Rowe Price's brokerage, and I dare say few have unless they're primarily Price fund investors. It's more of a convenience offering by Price for its fund investors than it is a full fledged brokerage.
Fidelity is especially suited for decumulation, because you can pay a one time transaction fee to set up your position in a cheaper institutional share class of a fund, and you pay nothing to sell shares periodically. (Schwab has a similar pricing structure).
Vanguard is of course better if you want Vanguard open end funds. Many Vanguard funds are not available through Fidelity, and those that are cost $75 to buy (as opposed to Fidelity's customary $49.95 charge for most transaction fee funds). Also, Vanguard provides access to some institutional class shares with lower minimums than at Fidelity. Finally, if you have over $1M in Vanguard funds, you get 25 free transactions per year, which you can use to buy and sell transaction fee funds of other families through their brokerage.

Here's a (free) Barron's profile of BIAWX dated April 12, 2019:
http://webreprints.djreprints.com/56146.html

https://www.sec.gov/Archives/edgar/data/319676/000094039419001007/cmssupp.htm
497 1 cmssupp.htm CMS CALVERT ULTRA-SHORT DURATION INCOME NEXTSHARES
CALVERT ULTRA-SHORT DURATION INCOME NEXTSHARES
(a series of Calvert Management Series)
Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information each dated February 1, 2019
The Board of Trustees of Calvert Management Series (the “Trust”) on behalf of its series, Calvert Ultra-Short Duration Income NextShares (Nasdaq: CRUSC) (the “Fund”) has approved the liquidation of the Fund, which is expected to take place on or about August 1, 2019 (“Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers. All capitalized terms used but not defined in this Supplement shall have the meanings ascribed to such terms in the prospectus and statement of additional information.
Suspension of Sales. Effective prior to the open of business on July 25, 2019, the Fund will no longer accept Creation Unit purchase orders. The last day of secondary market trading of shares for the Fund on The NASDAQ Stock Market LLC (“Nasdaq”) will be on or about July 25, 2019.
Beginning when the Fund commences liquidation of its portfolio, the Fund may not pursue its investment objective, comply with its investment limitations or engage in normal business activities, except for the purposes of winding up its business and affairs, paying its liabilities, and distributing its remaining assets to shareholders. During the time between market close on July 25, 2019 and the Liquidation Date, the Fund’s shares will not be traded on Nasdaq and there can be no assurance that there will be a market for the purchase or sale of the Fund’s shares.
Mechanics. In connection with the liquidation, any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed as of the close of business on the Liquidation Date without the imposition of any customary redemption transaction fees. The proceeds of any such redemption will be equal to the net asset value of such shares after a Fund has paid or provided for all of its charges, taxes, expenses, and liabilities, including certain operational costs of liquidating the Fund. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all shareholders of a Fund of record at the time of the liquidation. Additionally, the Fund must declare and distribute to shareholders any realized capital gains and all net investment income no later than the final liquidation distribution. Calvert Research and Management (“CRM”), the Fund’s investment adviser, intends to distribute substantially all of the Fund’s net investment income at the time of, or prior to, the liquidation. CRM will bear all administrative expenses associated with the liquidation, if any.
Shareholders of the Fund may sell their shares of the Fund on Nasdaq until the market close on July 25, 2019 through a broker in the standard manner. Customary brokerage charges may apply to such transactions.
U.S. Federal Income Tax Matters. Although the liquidation is not expected to be a taxable event for the Fund, for taxable shareholders, the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as a sale that may result in a gain or loss for federal income tax purposes. Instead of waiting until the Liquidation Date, a shareholder may voluntarily sell his or her shares on Nasdaq until the market close on July 25, 2019, and Authorized Participants may voluntarily redeem Creation Units prior to the Liquidation Date, to the extent that a shareholder wishes to realize any such gains or losses prior thereto. Please consult your personal tax advisor about the potential tax consequences of the liquidation.
If you have any questions regarding the liquidation, please contact the Fund at 1-800-368-2745.
Please retain this Supplement for future reference.
July 3, 2019 32463 7.3.19

I notice Morningstar has DSENX listed as a large blend now

Yes, see @msf's first post of June 25 for a thorough review of holdings and valuations; including his opinion that "a fund that maintains a steady 50% exposure to technology and healthcare (combined) is no value fund."

Hi, guys.
Well, yes. His strategy is fundamentally different than this peers. That would have been clear to anyone who read either the prospectus or his voluminous writings. He trailed his peers because he had up to 85% cash, which is consistent with his discipline and his long record. Relative value guys adjust, in the sense of buying the best of a bad lot if that's what's available. Absolute value guys are paid to stick to the discipline: buy if and only if there's a sufficient discount. Since every market goes through a period of overvaluation (the current one arguably since 2011), absolute value guys always have a period of radical outperformance and a period of radical underperformance. On the entire cycle, they typically come out ahead on total return and risk-adjusted return.
We're in the longest bull market in history, with the longest period of elevated valuations, and so the longest period of underperformance by value (generally) and absolute value. That's why there are only a handful of absolute value managers left in business.
As to investors losing money, he was in the black every year until 2014. In 2014, he posted a 2% loss while his peers posted a 3% gain. In 2015, he posted a 4% loss while his peers posted a 6.75% loss. In 2016 they liquidated mid-year with a small gain. The record from inception to liquidation was 4% or so.
When the market tanks, he'll do well. 2019? 2020? 2050? I don't know. Sadly, when the market tanks, average investors panic and run away. They don't invest in funds like Cinnamond's until a year too late when he's beaten the market by 2000 - 3000 bps which means they miss the major gains and are closer to the point that he'll begin moving back to cash.
As ever,
David

The reason to write about it now, responding to the OP, is that for almost 6y it has consistently behaved differently from (similar to but better than) SP500 vehicles, ditto for CAPE, and also differently from actively managed (stockpicker) LV funds.
Presumably, weasel word, if past is any guideline. in a bear market it will do similarly.
In other words, when you graph ($10k growth) of it vs CAPE and VFINX for the six months from last Sept 20 to last March 20, it tracks that sharp decline exactly but slightly worse, meaning the Christmas low point is down almost $2k to $8k (20 bucks short), whereas the CAPE loss was slightly less and VFINX went to $8124 only, not quite as bad.
Then for the comeback it lagged slightly until February, and by March 20 both DSEEX and CAPE pull ahead of VFINX, a little, with DSEEX slightly ahead of CAPE.
Breakeven for all back to $10k was around April 4.

updated again 7/2:
https://www.sec.gov/Archives/edgar/data/1486174/000143510919000310/chou497.htm
497 1 chou497.htm
CHOU AMERICA MUTUAL FUNDS
Chou Opportunity Fund (CHOEX)
Chou Income Fund (CHOIX)
Supplement dated July 2, 2019 to the Prospectus dated May 1, 2019, as supplemented
This Supplement supersedes and replaces in its entirety the Supplement dated July 1, 2019 to the Prospectus dated May 1, 2019.
Background: Fund Liquidation, Rescission of In-Kind Redemption to Affiliate, and Continued Ability of Shareholders to Redeem for Cash Prior to the Liquidation Date
On June 28, 2019, the Board of Trustees (“Board”) of Chou America Mutual Funds (the “Trust”):
1) approved an Amended and Restated Plan of Liquidation and Dissolution (the “Amended Plan”) for the Chou Opportunity Fund and the Chou Income Fund (the “Funds”), in order to amend and restate in its entirety the Plan of Liquidation and Dissolution originally adopted by the Board at its June 5, 2019 meeting (the “Original Plan”); and
2) rescinded the proposed redemption-in-kind of the 1.75 Lien Term Loans (the “Exco Loans”) of Exco Resources, Inc. (“Exco”), by a company that owns shares of each Fund and that is owned and controlled by Francis Chou, the Portfolio Manager to the Funds and the chief executive officer of the Adviser (such company, the “Chou Affiliated Shareholder”).
In anticipation of their liquidation, the Funds stopped accepting purchases on June 5, 2019. The Funds are in the process of winding up and are no longer pursuing their respective investment objectives and strategies. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
Shareholders will be permitted to redeem from the Funds prior to the Liquidation Date (as hereinafter defined), according to the ordinary procedures for redemptions from the Funds described in this Prospectus. Mr. Chou intends for the Chou Affiliated Shareholder to retain its shares in each Fund until the liquidation is completed, so each Fund expects to have sufficient cash to pay any redemptions by the other shareholders.
The Exco Reorganization and Risks to Shareholders
As previously disclosed, Exco is involved in an insolvency proceeding in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) and each Fund has determined that the Exco Loans constitute illiquid investments. On June 18, 2019, the Bankruptcy Court approved a Plan of Reorganization of Exco Resources, Inc. that, when implemented, will result in cancellation of the Exco Loans in return for newly-issued common stock of Exco (the “New Exco Shares,” and together with the Exco Loans, the “Exco Investments”). According to the Disclosure Statement for the Plan of Reorganization, New Exco Shares will not be listed on or traded on any nationally recognized market or exchange and there can be no assurance that an active trading market for the New Exco Shares will develop. In the absence of a trading market for the New Exco Shares, the Funds’ expect that they will need to continue to calculate their net asset value per share (“NAV”) based on the Board’s good faith determination of the fair value of the New Exco Shares.
As of July 1, 2019, the Exco Loans represented approximately 23.88% of the net assets of CHOEX with the remaining portfolio assets represented by cash. As such, any changes in the NAV of CHOEX will derive almost entirely from changes in the value of the Exco Investments.
As of July 1, 2019, the Exco Loans represented approximately 11.78% of the net assets of CHOIX. CHOIX expects to complete the liquidation of its other portfolio holdings shortly, after which time any changes in its NAV will derive almost entirely from changes in the value of the Exco Investments.
The Funds anticipate that they may have difficulty reducing their holdings of the Exco Investments prior to the Liquidation Date (a) in the absence of a market for the Exco Investments and (b) due to the rescission of the redemption in kind by the Chou Affiliated Shareholder.
As redemptions from the Funds continue to occur prior to the Liquidation Date, the Exco Investments will represent an increasing proportion of the Funds’ net assets. Consequently, if redemptions continue, any changes in the value of the Exco Investments will have an increasing effect on the Funds’ respective NAVs and total performance.
The Amended and Restated Plan of Liquidation
Under the Amended Plan, the Liquidation Date will be the first day on or after July 31, 2019, on which the Funds can reasonably transfer such shares to any remaining Shareholders following the receipt by the Funds of the New Exco Shares.
Unlike the Original Plan, the Amended Plan will require Shareholders to receive their liquidating distributions in the form of a pro rata interest in (1) the New Exco Shares and (2) the cash remaining in the applicable Fund. However, if there are any restrictions on the transferability or ownership of the New Exco Shares that would prohibit a distribution of those shares to a Shareholder or make it impracticable, the Shareholder will, without election, receive the cash equivalent of the value of such shares.
You should consult with your own adviser or attorney to discuss whether any such restrictions may apply to you, and whether any tax or other considerations may apply to your receipt of the New Exco Shares upon the liquidation of the Funds.
The New Exco Shares could be subject to market and other risks, and Shareholders that receive the New Exco Shares could incur increased transaction fees and other costs, including brokerage costs, upon any eventual sale or other transfer of those shares. As noted above, there can be no assurance that an active trading market for the New Exco Shares will develop. Shareholders can find more information regarding Exco and its plan of reorganization at the following website:
https://dm.epiq11.com/case/EXCO/info
After the Funds receive information regarding the number and form of the New Exco Shares they will receive and have completed arrangements for the distribution of the shares, they will distribute to Shareholders instructions for providing directions for the delivery of their pro rata interest in the New Exco Shares. The instructions will also specify the date by which such directions must be provided and the expected Liquidation Date.
Any Shareholder who does not wish to receive the New Exco Shares must redeem its shares in the Funds prior to the Liquidation Date.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * * *
For more information, please contact a Fund customer service representative toll free at
(877) 682-6352.
PLEASE RETAIN FOR FUTURE REFERENCE.

Hi, NumbersGal.
You might look at the Launch Alert for Palm Valley Capital in our July issue.
MikeM's recollection of ARIVX in 2009 is incorrect. Here's a snippet on his asset allocation from our profile of the fund.

He’s at 85% cash currently (late April 2016), but that does not mean he’s some sort of ultra-cautious perma-bear. He has moved decisively to pursue bargains when they arise. "I'm willing to be aggressive in undervalued markets," he says. For example, his fund went from 0% energy and 20% cash in 2008 to 20% energy and no cash at the market trough in March, 2009. Similarly, his small cap composite moved from 40% cash to 5% in the same period. That quick move let the fund follow an excellent 2008 (when defense was the key) with an excellent 2009 (where he was paid for taking risks). The fund's 40% return in 2009 beat his index by 20 percentage points for a second consecutive year. As the market began frothy in 2010 ("names you just can't value are leading the market," he noted), he began to let cash build. While he found a few pockets of value in 2015 (he surprised himself by buying gold miners, something he’d never done), prices rose so quickly that he needed to sell.

There are two things that are true about Mr. Cinnamond: (1) he's a spectacular stock picker and (2) he's incredibly picky. When you adjust his fund's performance for cash level, you find his stock picks - on whole - beating the market by 10:1; that is, a fund that goes up 5% when it's 5% stocks and 95% cash implies the stocks rose by 100% while the cash stayed at zero. In normal markets, Morningstar observed that Mr. Cinnamond's funds "trounced nearly all equity funds."
But markets have ceased being normal. The market's become addicted to the Fed put; that is, to the willingness of the Fed to move heaven and earth to keep things propped up. Here's a thought experiment: unemployment is low, the economy is growing, corporate taxes have been slashed, the market's at record highs, CEO comp is at record highs equity valuations are at their second-highest levels ever. What would happen if Powell announced that the Fed was taking the punch below away and normalized the fed funds rate? That would be rise of about a 1% rate to 3.5%, mid-range in their preferred 2-5% window. My guess is blind panic on Wall Street and Pennsylvania Avenue and a 50% adjustment in equity prices.
Absolute value investors, like gold investors, are horrified and find very few values in such markets. So, they hold cash and get derided as idiots. If you think that the current conditions are permanent, value will continue to lag and absolute value will lag dramatically.
David

Updated again:
https://www.sec.gov/Archives/edgar/data/1486174/000143510919000308/chou_497e.htm
497 1 chou_497e.htm
CHOU AMERICA MUTUAL FUNDS
Chou Opportunity Fund (CHOEX)
Chou Income Fund (CHOIX)
Supplement dated July 1, 2019 to the Prospectus dated May 1, 2019
Background: Fund Liquidation, Rescission of In-Kind Redemption to Affiliate, and Continued Ability of Shareholders to Redeem Prior to the Liquidation Date for Cash
On June 5, 2019, the Board of Trustees (“Board”) of Chou America Mutual Funds (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Chou Opportunity Fund and the Chou Income Fund (the “Funds”) will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Funds will be distributed to shareholders.
Each Fund will seek to complete the liquidation on or around the close of business on July 31, 2019 (the “Liquidation Date”). Shareholders will be permitted to redeem from the Funds prior to the Liquidation Date, according to the ordinary procedures for redemptions from the Funds described in this Prospectus. Francis Chou, the Portfolio Manager to the Funds and chief executive officer of the Adviser, owns and controls a company that owns shares of each Fund (the “Chou Affiliated Shareholder”). Mr. Chou intends for the Chou Affiliated Shareholder to retain its shares in each Fund until the liquidation is completed, so each Fund expects to have sufficient cash to pay any redemptions by the other shareholders.
In anticipation of their liquidation, the Funds stopped accepting purchases on June 5, 2019. The Funds are in the process of winding up and are no longer pursuing their respective investment objectives and strategies. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
On June 28, 2019, the Board of the Trust rescinded the proposed redemption-in-kind of the 1.75 Term Lien Loans (the “Exco Loans”) of Exco Resources, Inc. (“Exco”) by the Chou Affiliated Shareholder.
The Exco Reorganization and Risks to Shareholders
As previously disclosed, Exco is involved in an insolvency proceeding in the United States Bankruptcy Court for the Southern District of Texas United States (the “Bankruptcy Court”) and each Fund has determined that the Exco Loans constitute illiquid investments. On June 18, 2019, the Bankruptcy Court approved a Plan of Reorganization of Exco that, when implemented, will result in cancellation of the Exco Loans in return for newly-issued common stock of Exco (the “New Exco Shares,” and together with the Loans, the “Exco Investments”). Shareholders can find more information regarding Exco and its plan of reorganization at the following website:
https://dm.epiq11.com/case/EXCO/info
According to the Disclosure Statement for the Plan of Reorganization, New Exco Shares will not be listed on or traded on any nationally recognized market or exchange and there can be no assurance that an active trading market for the New Exco Shares will develop. In the absence of a trading market for the New Exco Shares, the Funds’ expect that they will need to continue to calculate their net asset value per share (“NAV”) based on each Fund’s Board’s good faith determination of the fair value of the New Exco Shares.
As of June 28, 2019, the Exco Loans represented approximately 23.85% of the net assets of CHOEX with the remaining portfolio assets represented by cash. As such, any changes in the NAV of CHOEX will derive almost entirely from changes in the value of the Exco Investments.
As of June 28, 2019, the Exco Loans represented approximately 11.57% of the net assets of CHOIX. CHOIX expects to complete the liquidation of its other portfolio holdings shortly, after which time any changes in its NAV will derive almost entirely from changes in the value of the Exco Investments.
The Funds anticipate that they may not be able to reduce their holdings of the Exco Investments prior to the Liquidation Date due to (a) the absence of a market for the Exco Investments and (b) the rescission of the redemption in kind by the Chou Affiliated Shareholder.
As redemptions from the Funds continue to occur prior to the Liquidation Date, the Exco Investments will represent an increasing proportion of the Funds’ net assets. Consequently, if redemptions continue, any changes in the value of the Exco Investments will have an increasing effect on the Funds’ respective NAVs and total performance.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * * *
For more information, please contact a Fund customer service representative toll free at
(877) 682-6352.
PLEASE RETAIN FOR FUTURE REFERENCE.

FYI: The S&P 500 rose more than 17% in the first half of 2019. That’s not just a good first-half return, it’s a great annual return. The average annual return for the S&P 500 for the last 87 years, excluding dividends, is about 8%.
Going into the second half of the year, investors have a lot to worry about: a slowing global economy, Federal Reserve decisions on interest rates, a still-simmering trade war, and a presidential election that is starting to heat up. With all that happening, and after such strong gains, maybe investors should take their profits and run.
That isn’t the best idea though, historically speaking. History says investors should actually get more greedy and expect positive returns in the second half of 2019.
Regards,
Ted
https://www.marketwatch.com/articles/the-stock-market-has-been-on-a-tear-history-says-its-time-to-get-greedy-51561971600?mod=barrons-on-marketwatch

DSEEX up 2.9% above SP500 the first half of this year, in a crazy-strong period thus far (over 18.5%);
1.6% above CAPE alone;
and even a percent or so above TRBCX and FCNTX.
A hair under FLVCX, of all things, which is otherwise not good at all, and even a hair over QQQ.
So again wow, so far.

None of the male members in my familial roots ever lived to the break even point where waiting would have been beneficial Ergo, neither did I.
How do I calculate my Social Security break-even age?

He doesn't even have the guts to mention the disaster that was ARIVX in this little blurb on their new site! That fund was bad because of very poor decisions made by the manager, Eric Cinnamond. My memory is that the only value he seemed to find was PM miners who were in a nosedive and a complete value trap at the time. Also remember him being 20-50% cash when the market took off in 2009 until it closed in 2016. I think it was in the 99th percentile when he closed. I don't think there were many investors left to keep it open. No thanks...
From the People tab on this link:

Eric Cinnamond and Jayme Wiggins met in 2002 when Eric returned to his alma mater, Stetson University, for an alumni event. Jayme learned under Eric as a small cap analyst for the next several years in Jacksonville Beach, Florida, where Eric had managed small cap portfolios since arriving from Evergreen Funds in 1998. Eric implemented an absolute return process while managing the Intrepid Small Cap Composite from 1998-2010 and the Intrepid Small Cap Fund from 2005-2010. Jayme managed high yield bond portfolios, including the Intrepid Income Fund, from 2005-2008, when he departed to earn his MBA at Columbia Business School.
In 2010, Eric started a new small cap fund. The bull market beginning in 2009 elevated small cap valuations to never-before-seen levels. Eric returned capital to investors in 2016 because he did not believe there were compelling investment opportunities. Jayme took over the Intrepid Small Cap Fund upon Eric’s departure in 2010. He managed the fund using the same absolute return investment strategy until September 2018, when his firm decided to pivot to a more fully-invested posture.

Social Security benefits are guaranteed to keep up with inflation and last for life. That’s important when half of all 65-year-old American women can expect to live past age 86, according to Social Security estimates. The average life expectancy for U.S. men who are currently 65 is age 84.

What about the half of women who don’t live that long? The most important number no one can know for sure is his/her life expectancy. If you are not physically healthy and/or longevity doesn’t run in your family taking Social Security early makes sense. Also many people don’t have the retirement savings to time their taking of the benefit perfectly like this story suggests, yet they may still be sick of working and not want to work till age 70 before retiring. In other words, the answer to when to take the benefit is complex and this constant assumption that Americans are stupid and don’t know how to maximize their retirement by the financial services sector is getting pretty old.

FYI: The world of retirement savings recently reached a significant milestone that has important implications for workers and retirees: For the first time, assets in defined-contribution savings plans represent more than 50% of all retirement plan assets globally, according to Willis Towers Watson.
While some defined-benefit pension plans still exist, many more workers today have to rely on defined-contribution plans (think: 401(k) and IRA accounts) to fund their retirements. With today’s defined-contribution plans, workers have to assume the responsibility for making all the complex savings and investment decisions that will significantly affect the amount of money they will have available once they stop working and retire.
While recent innovations in defined-contribution retirement plans, such as the use of auto-enrollment, are making it easier to save, the focus now must shift toward a more-comprehensive approach to help individuals make those savings last.
Increasingly, workers expect their retirement plans to not only help them save, but also help them to generate and manage income through retirement. A recent report by the Georgetown University Center for Retirement Initiatives, “Generating and Protecting Retirement Income in Defined Contribution Plans”, looks at how different approaches can meet individual goals for doing just that.
Regards,
Ted
https://www.marketwatch.com/story/the-retirement-plan-of-the-future-turning-that-pot-of-money-into-monthly-income-2019-06-28/print