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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

DoubleLine Equities Growth Fund "N" shares to be converted to "A" shares
http://www.sec.gov/Archives/edgar/data/1566671/000119312514319875/d779073d497.htm
Excerpt:
"Supplement dated August 25, 2014 to the Prospectus for Class I (DBEGX) and Class N (DLEGX) shares of DoubleLine Equities Growth Fund (the “Fund”) dated July 1, 2014 (the “Prospectus”) and the Fund’s Statement of Additional Information dated July 1, 2014 (the “SAI”). This Supplement updates certain information contained in the above-dated Prospectus and SAI. Please review this important information carefully.
Effective October 1, 2014, the Fund’s Class N shares will be re-designated as Class A shares (the “Re-designation”). Accordingly, if you hold Class N shares of the Fund at the time of the Re-designation, those shares will become Class A shares of the Fund. There will be no change in net asset value per share of your shares of the Fund as a result of the Re-designation. In addition, as described in more detail below, the fees and expenses related to holding, purchasing, and selling Class A shares are not expected to differ from such Class N shares fees and expenses for holders of Class N shares of the Fund at the time of the Re-designation.
As of October 1, 2014, the following changes to the Fund’s Prospectus and SAI will be in effect:
1. Except for references to the Fund’s Class N shares specifically relating to a period prior to October 1, 2014, all references to the Fund’s Class N shares are replaced with references to Class A shares..."

TheShadow August 2014 in Fund Discussions
Check-Up On Biotech, Internet Groups
@LLJB: Yes, Biotechs have had a nice rebound. IBB had a nice day, up 2.33% and 19.85% YTD.
Regards,
Ted

Ted August 2014 in Fund Discussions
How crazy would it be to implement this portfolio?
I backtested your two fund portfolio by creating three distinct portfolios using your two funds in differing percentages. The starting balance was $10,000.
Portfolio 1 - POAGX =20% & PIMIX =80%
Portfolio 2 - POAGX =40% & PIMIX =60% (your suggestion)
Portfolio 3 - POAGX =80% & PIMIX =20%
Using this portfolio tool I was able to compare these three portfolios (from 2008-2013). What I found interesting is that for all years except 2013 the 20/80 (portfolio one) provided the highest end of year balance.
Here's a small part of the results:

bee August 2014 in Fund Discussions
Check-Up On Biotech, Internet Groups
FYI: Earlier this year in late February and early March, the two groups that did best in 2013 -- Biotech and Internet -- threw hissy fits and went into their own bear markets. Below is a check-up on their chart patterns now that six months have passed since they last hit all-time highs.
Regards,
Ted
http://www.bespokeinvest.com/thinkbig/2014/8/25/check-up-on-biotech-internet-groups.html?printerFriendly=true

Ted August 2014 in Fund Discussions
Are Small Cap Stocks Waving A Warning Flag
FYI: Most years, the performances of the two indexes track each other fairly closely. However, since late March the Russell has drifted lower while the S&P 500 has moved higher. As a result, the Russell is down 4.2 percent for the year, while the S&P is up 4.1 percent, so small caps have some work to do if they are to outshine the big boys.
Regards,
Ted
http://www.dallasnews.com/business/columnists/will-deener/20140803-are-small-cap-stocks-waving-a-warning-flag.ece
As Of 8/22/14:
S&P 500 7.58% YTD
Russell 2000 0.50% YTD

Ted August 2014 in Fund Discussions
Bonds. The Intense Discussion Thread.
Are ya wondering whether there is or is not any really silly stuff taking place from and with central banks, and continuing to attempt to prop up soft economic numbers in most places, globally???
In spite of what or who one reads about growth here and there; the central bankers are still worried and will; one way or another, continue to place more crutches of support, wherever they find a need.
I am sure Dan Fuss and many other superior bond managers are wringing their hands every day wondering when a crutch may bend too far and break.
I'm not really thrilled about the prospects of higher rates (for whatever reason) and the impact upon some bond funds; "BUT" equity investors should also remain alert, too; as the removal of easy money will affect this area, as well.
The below graph is for Euroland and the U.S. Look at the 10 year rates for Italy, Portugal and Spain. Ya, right ! Compare the current to one year ago.
current yields
A re-do, of a previous posted link; from May of 2010.....European Debt Crisis.....one of my all-time favorites, and still valid.
Our largest bond holdings continue to be LSBDX and PIMIX; and dedicated HY; for reason of economic softness in the under bellies of economies.
If nothing else, have fun with your investing time.
Catch

catch22 August 2014 in Fund Discussions
How crazy would it be to implement this portfolio?
With hindsight it looks great!! I'm a big fan of POAGX and its my largest single position so I've been very happy with its performance in the last few years. The Primecap folks have a fantastic record with the Vanguard funds they sub-advise for as well as their own Odyssey funds. I'm not sure I'd invest in anything from PIMCO now, but it certainly would have worked out over the past 6.5 years.

LLJB August 2014 in Fund Discussions
Ouch Funds 2014
MFLDX Down 5.56 ytd !!
Derf

Derf August 2014 in Fund Discussions
How crazy would it be to implement this portfolio?
40% PRIMECAP Odyssey Aggressive Growth POAGX
60% PIMCO Income Instl PIMIX
Since 1/1/2008 ~12.5% annual return vs S&P ~7% annual return
2008 return -17% vs S&P -38% return
Beat S&P 5 out of 6 years 2008-2013, YTD about even
.55% expense ratio
POAGX holds 30% Large/Giant Cap, 30% Mid Cap, 40% Small/Micro Cap, 14% non-US
FWIW, POAGX is Morningstar 5 star Gold fund, PIMIX is Morningstar 5 star Silver fund

JedClampett August 2014 in Fund Discussions
Is Janus On The Mend ?
FYI: This fund company is trying to right the ship.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=662475

Ted August 2014 in Fund Discussions
Bonds. The Intense Discussion Thread.

@expatsp: EDV has a duration of 24.9 years! So if you are in that fund and interest rates go up 2%, the net asset value of that fund goes down by 50%. That's some serious stuff.......for that reason, I would never invest in anything like that.......well, unless we had a repeat of September 8, 1981, when the 10-year Treasury had a yield of 15.59%......remind me then, and I'll buy an extended duration Treasury!
You can buy short term Treasuries, Intermediate term Treasuries, Long term Treasuries, etc. Or you can buy individual Treasuries at any place from less than one year all the way out to 30 years.
I wouldn't count on people getting interest rate calls right, or any other predictions right, at least not on a consistent basis. They can certainly get a lucky one or two.
Another option for fixed income money is to go with an online FDIC insured bank and accept anywhere from 0.87% at Ally Bank to 0.95%, and have instant access to your money, and total safety. Of course, that's all you are going to make. But it does diversify a portfolio that is 85% stocks.

rjb112 August 2014 in Fund Discussions
The Moose's New Signal
The Moose’s New Signal
The Moose has made a new call to EDV from ILF. By my math, ILF produced a positive return of about 5.4% for those that might have followed it.
http://decisionmoose.com/Moosignal.html
http://decisionmoose.com/Moosistory.html
And, here is a news blurb form Bloomberg on emerging markets ...
http://www.bloomberg.com/news/2014-08-25/most-emerging-stocks-fall-as-samsung-drops-while-sinopec-gains.html
Have a grand day … and, most of all … I wish all … “Good Investing.”
Old_Skeet

Old_Skeet August 2014 in Fund Discussions
The 'Investor's Dilemma': Everything Is Expensive
FYI: Investing these days is like shopping at Neiman Marcus: Almost everything is expensive.
U.S. stocks are hitting records. So are India’s and Argentina’s. U.S. junk-bond prices are high and rising. And it isn’t just risky investments that are up: So are the prices of conservative U.S. Treasury bonds.
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=the+investors+dilemma+everything+is+espensive&oq=the+investors+dilemma+everything+is+espensive&gs_l=hp.3...1590.21855.0.22213.45.44.0.1.1.0.126.2026.43j1.44.0....0...1c.1.52.hp..14.31.1213.PEsUXvelbps

Ted August 2014 in Fund Discussions
The Breakfast Briefing: U.S.- Europe-Asia
FYI: The U.S. Breakfast Briefing will be up around 5:30 AM CDST
Regards,
Ted
U.S. http://blogs.wsj.com/moneybeat/2014/08/25/morning-moneybeat-record-highs-are-nothing-to-fear/tab/print/
Europe: http://blogs.wsj.com/moneybeat/2014/08/25/morning-moneybeat-europe-draghi-speech-to-prompt-gains/tab/print/
Asia: http://blogs.wsj.com/moneybeat/2014/08/24/morning-moneybeat-asia-yellen-gives-the-market-little-to-trade-on/tab/print/

Ted August 2014 in Fund Discussions
Bonds. The Intense Discussion Thread.
I owned Fuss's LSBRX 2006-2013....but I wanted my bond fund to provide ballast, to go up when my stocks when down.......
I sold my stake in LSBRX and bought SUBFX. So far that has been a poor decision, but my hope is that SUBFX will hold up well if the markets crash, and that's what I want from a bond fund. (I'm 85% equities, so I really need the bond funds in my portfolio to be bulletproof.)
Then again, with its negative duration, I am beginning to fear that SUBFX will not provide much protection if the economy stalls and interest rates drop yet further, though I suppose its 50% cash stake will provide a cushion. Can anyone who understands bonds better than me comment on this?
@expatsp, your thinking process was very sound. When you are 85% equities and looking for ballast, you don't want a fund like Loomis Sayles, because it doesn't accomplish your stated intent. On the other hand, if you were 85% Treasuries and looking for more risk and return, Loomis Sayles would have been a great choice.
Below investment grade bonds can add diversification to a portfolio consisting primarily of investment grade bonds, like Treasuries, or the total bond market index. The same below investment grade bonds do NOT add diversification to a stock portfolio.
Take a look at bond market performance during the financial crisis, say 2008. Stocks and below investment grade bonds both did terrible and were highly correlated. Treasury bonds did great. Look at the big recovery year, 2009. Stocks and below investment grade bonds again performed in sync.
For your stated purpose, a reasonable choice would have been a Treasury bond fund. The highest quality bonds are the ones most likely to do what you stated, "to go up when my stocks when down." In a financial crisis there is a "flight to safety", and safety means Treasuries.
However, now we have an extra issue to think about: interest rate risk. If a fund has a 6 year duration, then if the interest rate on those bonds goes up 2%, the fund will lose 12% in NAV, then add back in the yield to get the total return.
But you comment is quite correct, "with its negative duration, I am beginning to fear that SUBFX will not provide much protection if the economy stalls and interest rates drop yet further"
Let's wait to you read this to see if we want to continue....

rjb112 August 2014 in Fund Discussions
Hesitating On The High Board Of Investing
In 35y I have never had conservative well thought-out plan (maybe cuz I ever had one?) be preferable to all-in. Unless you need the money soon, forget it, just do it and don't look back. Looking back causes all the heartache.

davidrmoran August 2014 in Fund Discussions
Why Its So Difficult To Raise Kids-And Save For Retirement
FYI: My youngest daughter was born 21 years ago this week. At the time, I called an economist named Mark Lino from the U.S. Department of Agriculture, who told me to expect to spend as much as $300,000 to get her to age 18; toss in college costs, and it was well past $500,000 to get her to adulthood.
Regards,
Ted
http://www.marketwatch.com/story/why-its-so-difficult-to-raise-kids-and-save-for-retirement-2014-08-22/print

Ted August 2014 in Fund Discussions
Scott Burns: The Five Secrets To 'Happy Money'
@PRESSmUP I've been linking Scott's article for years, he was big fan of Roy Weitz and FundAlarm. Here's what he had to say back in 2005
Regards,
Ted
http://assetbuilder.com/scott_burns/an_interview_with_mr_fund_alarm

Ted August 2014 in Fund Discussions
Ouch Funds 2014
I have two funds underwater YTD out of 28 open end funds and ETF's that are on my crowded portfolio. Bringing up the rear are RYSEX at -1.36% and PRSVX at 0.99%. My top two are BRUFX at 15.25% and PRHSX at 16.28%. All these funds I've owned for several years.
This year I started trimming some funds to keep my AA closer where I want it to be, which is 55% stock funds. I am an old guy at 64, retired, living off my investments. The trimming has been very gradual and gentle.
Best wishes,
Dave

DaveSch August 2014 in Fund Discussions
Ouch Funds 2014
No. Got nothing down 5%! One is down. That's QRAAX, a "commodities futures derivatives" fund as best I understand it. It's down 1% this year. It won't do well until raw materials reverse their lethargic trend. And yes, I've added to it recently, but the investment is still very small - about 5% of total. (At $2.95 you can buy a lot of shares. A bit like having a fat wallet stuffed with $1s.)

hank August 2014 in Fund Discussions