FYI: U.S. stocks broke a five-day run of fractional moves and staged a micro-rally to close at record levels. Sentiment was boosted by stronger housing data in the U.S. as well as widely anticipated news of a snap election in Japan and better-than-expected data from Germany.
Regards,
Ted
http://www.marketwatch.com/story/sp-500-dow-rise-to-record-levels-2014-11-18/print
Reuters Slant: http://www.reuters.com/assets/print?aid=USKCN0J21A020141118
Bloomberg SlanT: thttp://www.bloomberg.com/news/print/2014-11-18/u-s-index-futures-little-changed-after-s-p-500-extends-record.html
Markets At A Glance: http://markets.wsj.com/us
IBB up 2.22% http://etfs.morningstar.com/quote?t=IBB

While politics does have an effect on investments (especially some sectors), one should be able to separate politics from broad investment choices, although I think some can't when it comes to their party versus the other.
Rodriguez should read Hugh Hendry's letter.
http://www.zerohedge.com/news/2014-11-18/hugh-hendry-i-believe-central-bankers-are-terrified#comments
"However, I clearly confused everyone with my choice of language. What I should have said is that investors are perhaps misconstruing rising equity prices as a traditional bull market spurred on by revenue and earnings growth, and becoming fearful of a reversal, when instead the persistent upwards drift in stock markets is more a reflection of the steady erosion of the soundness of the global monetary system and therefore the rise in stock prices is something that is likely to prevail for some time. There is more to it of course, as I will attempt to explain, but not much.
This should be a great time to be a macro manager. It is almost without precedent: the world's monetary authorities are targeting higher risk asset prices as a policy response to restoke economic demand. Whether you agree with such a policy is irrelevant. You need to own stocks. And yet, remarkably, the most contentious thing you can say in the macro world today is “I’m bullish”."
"October is simply another example. US stocks fell over 10%. I don't really know why. Was it the threat of the end of QE or a global pandemic or more misgivings as to the state of affairs in Greece and Europe's enduringly weak economy? It doesn't really matter. Such is the perceived risk in the financial system that enough investors now anticipate a policy response whenever the S&P falls more than 10%. This ensured that shorts were covered and volatility sold in mid-October. The fixed income market's expectations for hawkish future Fed rate hikes evaporated with stock price weakness and other risk markets soon rallied; the S&P is now back to its all-time high.
Pity the macro manager then who had to stop loss mid-month; that used to be me. But I widened my tolerance for loss. We have no desire to lose money but unless something tangible happens to challenge our narrative we are less willing to automatically reduce our risk taking in response to modest, if rapid, short term market gyrations. Making money requires making the right calls of course but just as importantly it necessitates that we provide trades with enough breathing space to develop and hopefully prosper.
So why all this enthusiasm for upside equity risk?
To my mind the current period is analogous to the Plaza Accord of 1985 when central bankers agreed to intervene in the currency market to drive the value of the dollar lower. The fast moving world of FX was deemed a more expeditious way of correcting for the huge US current account deficit than the laborious and slow process of waiting for the totality of countless micro wage and productivity deals to rectify the yawning trade gap. No one really knew for sure how high the yen or Deutsche Mark should trade back then but this didn’t stop macro managers from being very long such positions."
etc etc

Perhaps M* isnt the only one with reporting issues. Yesterday, after 8:00 pm PST, I updated my spreadsheet using Google Finance. I happened to check Google again a few minutes ago, and look at the discrepancies! I also happened to download the same report from M* yesterday, again after 8:00pm local. Note that yesterday's M* agrees with "today's" Google posting:

Was:	Now:		M*
ABNDX 	12.76	12.76	OK	12.76
AIBAX 	13.53	13.54	Error	13.54
AHITX 	11.11	11.04	Error	11.04
ABALX 	25.96	26.04	Error	26.04
ANCFX 	55.23	55.32	Error	55.32
SMCWX 	49.73	49.35	Error	49.35
CWGIX 	47.01	46.99	Error	46.99
ANEFX 	39.85	39.85	OK	39.85
TAFTX 	17.74	17.73	Error	17.73
AMHIX 	15.46	15.45	Error	15.45
AMCPX 	29.71	29.58	Error	29.58
ACMVX 	17.75	17.74	Error	17.74
TWSMX 	7.58	7.57	Error	7.57
ABHIX 	6.08	6.05	Error	6.05
BUFBX 	14.81	14.87	Error	14.87
PRBLX 	40.92	40.92	OK	40.92
VVPSX 	19.53	19.29	Error	19.29
GABAX 	67.72	67.73	Error	67.73
MAPIX 	15.69	15.62	Error	15.62
LSBRX 	15.42	15.45	Error	15.45
SFGIX 	11.53	11.45	Error	11.45
MFLDX 	16.56	16.43	Error	16.43
GASFX 	31.11	31.01	Error	31.01
ARTGX 	15.89	15.95	Error	15.95
RSIVX 	10.24	10.25	Error	10.25
RPHYX 	9.94	9.95	Error	9.95
WAFMX 	3.24	3.23	Error	3.23
GPROX 	12.82	12.71	Error	12.71
SCHD 	40.01	40.1	Error	40.01

WTF!!

@Junkster: You don't understand, he's a legend in his own mind. FPPTX Is Ranked #60 In The (MCV) Fund Category By U.S. News & World Report.
Regards,
Ted
http://money.usnews.com/funds/mutual-funds/mid-cap-value/fpa-capital-fund/fpptx

And what a difference a month and a half makes. His three year annualized return is now 10.64% vs. the 15%+ shown by U.S. News through 9/30. That compares to 21.42% in the S&P and 20.48% in FPPTX's benchmark.

"What’s your forecast for the stock market in 2015?
Lower! It will be easily 20% or 30% lower from what it is now."
Mr. Rodriguez, meet Mr. Clements.

Hello,
It is now about 8:35AM EST as I write.
For what it is worth ...
I contacted M* at about 8:15 AM EST and went through the pricing concerns again with their represemtative. This review lasted for about ten minutes as I had them access the thread itself. Finally, it was acknowledged that they had mispriced the security and would forward this on to the department that would be responsible to deal with this. They could not dispell the documentation that rjb112 provided. I asked that a copy of and note of the call be sent on to Carling Spelhaugh in Corporate Communications. By the way ... Joe@Morningstar is an email address to their customer service dept.
Hopefully, things will be improving.
Old_Skeet

Howdy,
Yeppers, the basic bullion ETFs are taxed as collectibles at 28%. This is very much an ouch and limits these funds, at best, to deferred or exempt accounts.
For taxable accounts, the Central Fund of Canada CEF is taxed normally. It contains, last I looked, 55/45 gold to silver in real hands on bullion in Canada.
Part of the issue with the bullion ETFs is that the crazy hoarders want hands on physical bullion and even some of the more rational investors prefer CEF or one of the Sprott funds for various reasons. In addition to counterfeit ingots showing up here and there, there is the issue of more paper bullion than has ever been mined and lastly, some folks just don't trust them.
peace,
rono

Hello all,
I strive to keep about 20% to 35% of my equity allocation from a style orientation set to mid caps within the growth area of my portfolio. My current style allocation within the growth area is about 60% large caps, 25% mid caps and 15% small caps.
Thus far, I have found this to be a good allocation.
I wish all ... "Good Investing."
Old_Skeet

FYI: Midcap stock mutual funds have outrun the S&P 500 in much of the past 15 years, led by value funds
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MTg2NzI4Nzk=
Enlarged Graphic: http://news.investors.com/photopopup.aspx?path=111814weblv.gif&docId=726808&xmpSource=&width=953&height=1014&caption=&id=726809

I agree with most of the posters on this. The market does not NEED to drop 25%. Indeed it COULD drop 25%. Unlikely, but it could. Just because I did not have everything in the S&P 500 the last five years does not mean I want a big sell off. My below-market returns (because of my wide diversification) are still in my NEED range for future retirement. This was not one of Mr. Clements best moments.

FYI: (Click On Article Title At Top Of Google Search): Folow-Up Article
Rise and Fall of GLD Exchange-Traded Fund Mirror’s Metal’s Appeal.
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=the+fund+that+reshaped+the+gold+market+wsj&oq=the+fund+that+reshaped+the+gold+market+wsj&gs_l=hp.3...1579.16608.0.16930.42.42.0.0.0.0.88.2336.42.42.0....0...1c.1.58.hp..24.18.1138.HOX8IT
oZSmQ
Link On GDL From 11/16/14:
http://www.mutualfundobserver.com/discuss/discussion/17079/spdr-gold-trust-is-having-a-bummer-of-a-birthday#latest

@Old_Skeet and others:
Looks like they have now updated the price.
They are still not off the hook. This isn't an issue of a delayed quote. The bigger issue is that they attached today's date to Friday's quote. "As of 11/17/2014" is the bigger problem. Would have been much better had it showed Friday's price with Friday's date.

Good grief.
So disheartening to see M* continuing to tout front loaded funds.
Half of these carry max front loads of up to 5.75%.

From the First Eagle website

It appears that Morningstar is reporting Friday's closing price, which incorrectly indicating that it is for today.
@Old_Skeet and MFOers, are we going to have to double check Morningstar's quotes with another source before we know the correct price? Old_Skeet went to the source itself, the First Eagle website....but that is time consuming if you want to know quotes from many different companies.

@Old_Skeet, here's documentation of what you reported.

Hello,
It is now about 8:45 PM EST.
I was hoping M* had fixed their pricing concern. However, this evening, I again report a pricing concern with SGGDX. As I write M* is reporting in both their fund quote report and in their portfolio manager report incorrect pricing for SGGDX for end of day pricing at $14.38 while the fund company themselves are reporting $14.52 as being the correct price. Interestingly, Yahoo Finance is reporting this correctly.
I am providing links to the First Eagle Site …
https://www.feim.com/individual-investors/overview
To the Yahoo Site …
http://finance.yahoo.com/q?s=SGGDX
And, to the Morningstar’s quote report …
http://quotes.morningstar.com/fund/f?t=SGGDX&region=USA
Notice, that both Yahoo First Eagle are reporting 11/17/2014 closing price at $14.52 while Morningstar is reporting it at $14.38.
Seems their pricing of mutual funds leaves a lot to be desired.
I have made copies of these reports just in case I get called out on this.
Have a good evening.
Old_Skeet

@hank;
Regards,
Ted
Incepton Dates:
A Shares: 5/27/14
I shares: 12/27/13
y Shares: 12.27/13

@Shadow: Boy that didn't take long, inception date 5/27/14, with a little over $1 Million AUM. Fund down -(12.98)% YTD.
Regards,
Ted

http://www.sec.gov/Archives/edgar/data/889366/000089271214000828/bmo497egnr.htm
497 1 bmo497egnr.htm PROSPECTUS SUPPLEMENT
Filed pursuant to Rule 497(e)
Registration No. 033-48907
BMO FUNDS, INC.
BMO Global Natural Resources Fund
Supplement dated November 17, 2014 to the Prospectus dated December 27, 2013,
as supplemented May 27, 2014, July 29, 2014, and September 12, 2014 and Summary
Prospectus dated December 27, 2013, as supplemented May 27, 2014
On November 5, 2014, the Board of Directors of BMO Funds, Inc. (the “Board”) approved a Plan of Liquidation (the “Plan”) for the BMO Global Natural Resources Fund (the “Fund”), subject to shareholder approval, upon the recommendation of BMO Asset Management Corp. (the “Adviser”) to liquidate the Fund. After considering a variety of factors, the Board concluded that it was in the best interests of the Fund and its shareholders that the Fund be closed and liquidated.
Shareholders of record on December 8, 2014 will receive a proxy statement discussing the Board’s decision to recommend liquidation of the Fund and requesting that shareholders vote to approve the Plan at a special meeting of shareholders on December 22, 2014. If the Plan is approved by shareholders, the Fund will be liquidated on or about December 23, 2014. You may continue to purchase and redeem shares in the ordinary course, or exchange your shares for shares of other BMO Funds, until the date of liquidation. Any shareholders who have not redeemed their shares prior to the close of business on December 23, 2014 will have their shares redeemed in cash and will receive a check representing their proportionate interest in the net assets of the Fund as of December 23, 2014. Shareholders (other than tax-qualified plans or tax-exempt accounts) will recognize gain or loss for tax purposes on the redemption of their Fund shares in the liquidation.
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 may 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.
Thank you for your investment in the BMO Funds. Please contact BMO Funds U.S. Services at 1-800-236-FUND for additional information.
Please retain this supplement with your Prospectus for future reference.

Cheated by Diversification?
Mr. Clements has found the enemy – and it is he.
“The long rally has done wonders for my portfolio’s value.
But it also means stocks are now more richly valued—
and expected returns are lower. Unless you never again
plan to add to your stock portfolio, you should have
mixed feelings about the market’s heady gains.”
All along Mr. Clements has been telling us common folks
in his suavity-dripping manner how we should invest.
Now he’s somewhat unhappy with his returns and uneasy
about future returns.
Gosh, authorial intent seems to be a tricky business.
I’m guessing that he’s not upset by a lack of diversification,
but rather too much diversification – wishing he had held
more equities during this Bull Run.
So, now he wants a 25% pullback – essentially, another chance.
Hey, why not call for a 50% drop?
Sorry Mr. Clements, it was your own hand that failed to meet
your expectations (read: greed).