FYI:
Regards,
Ted
http://www.cnbc.com/id/101523545

FYI:
Regards,
Ted
http://www.cnbc.com/id/101531821

Sure, there are some stocks that appear to be expensive, but there are other sectors that remain at low multiples and just coming into their own. Financials continue to do well. Some cyclical stocks starting to break-out, like AA.
So, I remain cautiously optimistic. Hopefully with spring thaw comes continued real earnings growth.
Here is M*'s latest market barometer...2% above fair value:

FYI:
Regards,
Ted
http://online.barrons.com/article/SB50001424053111903536004579463153799149682.html#printMode

Hi rono,
Consumer Staples seem to hold a number of autonomies. US and Golbal Consumer Staples etfs are reviewed in this article:
top-10-u-s-and-global-consumer-staples-etfs

I skimmed the prospectus far enough to get to the 5.75% load. Site has nice graphic design motif, not necessarily a good sign. I would expect the big dogs to get the profits from likely IPOs seeking "late stagefunding," whatever that is meant to include. I don't do very well with concepts I think I understand. Since I don't think I really understand this one (I'm pretty clear on 5,75%, tho), believe I'll stay on the porch.

I think for most workers (not necessarily the people who visit this site)target funds are just fine.Problems occur if the target funds have a high er but in that case there is unlikely to bea good choice other than perhaps an S&P 500 fund.

Interesting article. There is one error in the article though. The article states:
"In 2005, target date funds held less than $100 million in total assets. After several years of double-digit growth — in some cases as high as nearly 50% annually — target date funds reached more than $500 million in assets as of 2013, according to a report by Morningstar Inc."
The Vanguard Target Retirement 2020 fund alone has 25 billion dollars of assets.

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000261352&play=1

Saw that, too. Country-specific? I have tracked IRL (CEF) for many years, just on account of a family connection over there. Just curious to see how it does. I've got some responses in here about it, too. Is Ireland not in the earliest stages of a secular upswing with the rest of the EU, though? Halting, in fits and spurts, but real. "The Economist" says that Portugal is on the way out of its bailout arrangement without (as with Ireland, too) a "backstop." Yet acc. to "The Econ," Portugal is worse-off..... I was rather amazed to read that 65% of those aged mid-20s to mid-60s in Port. did not finish high school. Holy rancid socks!

From Asia Confidential:
"Indonesia one of the world’s best performing markets year-to-date, up 23% in US dollar terms. The big question is: will the out-performance continue? The odds would seem to be against it. Risks from a China economic bust are likely under-estimated. As are the difficulties facing the incoming president in implementing reform. And with Indonesia trading at 15x this year’s earnings, a 32% premium to Asia ex-Japan, there appears to be plenty of room for disappointment."
A few etfs to follow Indonesia = IDX and IDXJ (sml cap)
Article link:
investors-fall-for-indonesia

Trading restrictions and fees on mutual funds have steered me to commission free etf offerings. No fee to buy, no fee to sell and no restrictions on trading. As always, nothing is free so read the fine print and understand the limitations.
The downside to "free" etfs
The flip side to "free" etfs
Limits to Free
Some no fee etfs:
etfdb.com/type/commission-free/vanguard
https://fidelity.com/etfs/ishares
When it comes to mutual funds that I need to trade more often than quarterly I call first and request an exception to the trading restriction. Recently, I became aware that my mutual fund company allows the privilege to exchange out of any fund and into one specific fund (usually a "cash like" fund) no restrictions. This has helped me exchange portions of a momentum position over shorter time durations without harming my future trading privileges.

@STB65, the thing I don't like about Fidelity is that their frequent trading policy is not first in first out. So, if you have $100k long term in a fund and you have even a minimum buy at some point, the entire amount becomes locked in the 30 Day round trip policy. This is something I have tried to get them to change but with no success.
But the letter you got applies only if you have several of those roundtrips in the same fund or across multiple Fido funds, definitely not the first one. You get a warning but not a block on further buys until you reach that multiple limit.

Its a fine link but one should investigate minimum balance fees.It would not be good to havea $10-$25 fee taken out of a small account As they say one ought to read the prospectus

I remember posting the SEC 485APOS on the fund when it was registered. The fund did not last long.

http://www.sec.gov/Archives/edgar/data/1006783/000110465914022553/a14-8775_4497.htm
497 1 a14-8775_4497.htm 497
TURNER FUNDS
TURNER EMERGING MARKETS FUND
Supplement dated March 25, 2014
to the Prospectus dated January 31, 2014
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
On March 25, 2014, the Board of Trustees (the “Board”) of the Turner Funds determined to close and liquidate the Turner Emerging Markets Fund (the “Fund”), effective on or about April 15, 2014. This decision was made after careful consideration of the Fund’s asset size, strategic importance, current expenses and historical performance. In connection with the pending liquidation, the Fund will discontinue accepting orders for the purchase of Fund shares or exchanges into the Fund from other Turner Funds after the close of business on March 26, 2014.
On or around the close of business on April 15, 2014, the Fund will distribute pro rata all of its assets in cash to its shareholders, and all outstanding shares will be redeemed and cancelled. Prior to that time, the proceeds from the liquidation of portfolio securities will be invested in cash equivalent securities or held in cash. During this time, the Fund may hold more cash, cash equivalents or other short-term investments than normal, which may prevent the Fund from meeting its stated investment objective.
BECAUSE THE FUND WILL BE CLOSED AND LIQUIDATED ON OR ABOUT APRIL 15, 2014, WE RECOMMEND THAT YOU CONSIDER SELLING OR EXCHANGING YOUR SHARES PRIOR TO THAT DATE. You may exchange shares of the Fund for any other Turner Fund open to new investors. You may sell or exchange shares on any business day by contacting us directly by mail, telephone (1-800-224-6312) or via our website (www.turnerinvestments.com). If you invest through a financial institution, you should contact the financial institution for more information on how to sell or exchange your shares. If you still hold shares of the Fund on or about April 15, 2014, we will automatically redeem your shares for cash and remit the proceeds to you (via check or wire) based on the instructions listed on your account.
The sale, exchange or liquidation of your shares will generally be a taxable event. You should consult your personal tax advisor concerning your particular tax situation.
Please contact the Turner Funds’ Investors Services team at 1-800-224-6312 for more information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
TUR-FS-30-02

http://www.sec.gov/Archives/edgar/data/1420040/000091047214001296/lcg497.htm
497 1 lcg497.htm 497
DUNHAM FUNDS
Dunham Large Cap Growth Fund
Class A (DALGX
Class C (DCLGX)
Class N (DNLGX)
Supplement dated March 25, 2014 to the Summary Prospectus dated February 28, 2014
Effective the close of business on March 28, 2014, the Fund will no longer sell shares to new investors or existing shareholders, including through exchanges into the Fund from other funds of Dunham Funds. The Fund will be liquidated on or about April 29, 2014, although this date may be changed without notice.
Investors Should Retain This Supplement For Future Reference
DUNHAM FUNDS
Dunham Large Cap Growth Fund
Class A (DALGX
Class C (DCLGX)
Class N (DNLGX)
Supplement dated March 25, 2014
to the Prospectus dated February 28, 2014 (the “Prospectus”)
This Supplement updates and supersedes any contrary information contained in the Prospectus
The Board of Trustees of the Dunham Funds (the “Trust”) has approved a Plan of Liquidation for the Dunham Large Cap Growth Fund (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about April 29, 2014 (“Liquidation Date”). This date may be changed without notice at the discretion of the Trust’s officers.
Suspension of Sales. Effective the close of business on March 28, 2014, the Fund will no longer sell shares to new investors or existing shareholders, including through exchanges into the Fund from other Dunham Funds. Also, as of March 28, 2014, the Fund will no longer pursue its investment objective and will invest in cash equivalents such as money market funds until all shares have been redeemed.
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. The proceeds of any such redemption will be equal to the net asset value of such shares after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all shareholders of the 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. Dunham & Associates Investment Counsel, Inc., the Fund’s investment adviser (the “Adviser”), intends to distribute substantially all of the Fund’s net investment income prior to the Liquidation. The Adviser will bear all expenses in connection with the Liquidation to the extent such expenses exceed the amount of the Fund’s normal and customary fees and expenses accrued by the Fund through the Liquidation Date, provided that such accrued amounts are first applied to pay for the Fund’s normal and customary fees and expenses.
Other Alternatives. At any time prior to the Liquidation Date, shareholders of the Fund may redeem their shares of the Fund and receive the net asset value thereof, pursuant to the procedures set forth under “HOW TO REDEEM SHARES” in the Prospectus. Shareholders may also exchange their Fund shares for shares of the same class of any other Dunham Fund, as described in and subject to any restrictions set forth under “HOW TO EXCHANGE SHARES” in the Prospectus.
U.S. Federal Income Tax Matters. Although the Liquidation is not expected to be a taxable event for the Fund, for shares held in a taxable account, the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as any other redemption of shares (i.e., as a sale that may result in gain or loss for federal income tax purposes). Instead of waiting until the Liquidation Date, a shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that the shareholder wishes to realize any such gains or losses prior thereto. See “TAX STATUS, DIVIDENDS AND DISTRIBUTIONS” in the Prospectus. Shareholders should consult their tax advisors regarding the tax treatment of the Liquidation.
If you have any questions regarding the Liquidation, please contact the Fund at (888) 3DUNHAM (338-6426).
Investors Should Retain This Supplement For Future Reference

FYI:
Regards,
Ted
http://blogs.marketwatch.com/thetell/2014/03/25/river-of-money-will-flow-from-biotech-to-these-hot-sectors-strategist/tab/print/

FYI: Copy & Paste Barron's 3/25/14: Teresa Rivas
Regards,
Ted
The JPMorgan Value Advantage Select Fund (ticker: JVASX) has outperformed Warren Buffett since its inception nearly nine years ago, a streak that portfolio manager Jonathan Simon would very much like to keep alive.
Though Simon has not been in the game quite as long as the Oracle, he's got more than a quarter of a century of stock-picking under his belt. He has displayed a conservative bent and a penchant for companies with quality management teams focused on growing underlying value. The Value Advantage Select Fund earns a five-star rating from Morningstar and falls into the highest and second-highest percentile of its category for the past five- and seven-year periods, respectively, as well as since its 2005 inception. While the rising tide has lifted all boats over the past five years, Simon's stock-picking has added significant value: The fund has returned an annualized 28.5%, compared with a 23.8% gain for the Standard & Poor's 500, and a 22.4% average return for its pee
.
Today, Simon has some contrarian picks among retailers and a space once anathema to value investo
Simon: There is one particular area of the portfolio that's been doing really badly recently and is quite contrarian: the specialty retailers. On the one hand, it's the area causing me the most pain because that's where we've suffered the biggest losses recently. But on the other hand, it could be the biggest opportunity. The holiday season was not great for anybody, except for maybe Michael Kors (KORS), and there were fewer shopping days between Thanksgiving and Christmas than there were the year before. The weather was probably a factor, and I suspect we are in for some more bad news there. But that's fine; we'll recover from that. A really disappointing one has been Bed Bath & Beyond (BBBY), but it is a company that has always proven itself long term. They've had a temporary setback, but they'll figure out how to [improve] themselves. They have a very strong entrenched real-estate position, with cash flow on the balance sheet and merchandising expertise, so Bed Bath & Beyond is probably going to be fine over the long run.
Q: There are a number of large health-care names in your top 10 holdings.
A: A few years ago Pfizer (PFE) became a big holding because the management team really started to understand that they had to simplify the businesses, focus their research and development on really promising pharmaceutical development — as opposed to just spending lots of money — and spin off peripheral businesses. So Pfizer has been a big holding because management has focused the company, and they've spun off the animal health business, Zoetis (ZTS), in a very tax-efficient way. Now Merck (MRK) is going down a similar path; its management team is going to use very similar strategy and there is opportunity there. Finally Johnson & Johnson (JNJ), on the pharmaceutical side has one of the more promising pipelines of new products. With J&J there is more diversification, with the medical technology business and the consumer business. So really those three names are almost sort of core of the health-care weighting in the portfolio: We probably have 6% or 7% of the portfolio in those three names. All obviously have good dividend yields, they trade at low- to mid-teens earnings multiples, and we think that the management teams are doing a great
.
Q: The fund has a lot of financial exposure, and names like Capital One Financial (COF) and Wells Fargo (WFC) are among your top holdings.
A: Wells Fargo has been doing what it is supposed to, which is to be the big, high-quality blue chip of the banking sector. I still think Wells Fargo has significant earnings power over the next three years, particularly as interest rates normalize. There has been concern about all the money they made on mortgage originations when there was the massive [refinancing] boom, as that is not happening anymore. But I think there are enough other levers in the Wells Fargo arsenal to offset the decline in mortgage-related earnings. I like Wells Fargo a lot. It is still a core holding. It is still a massive overweight top 10 holding.
Capital One is a bit different. I'd say it has taken a bit of a breather recently. Capital One to me has a great combination of a high-yielding loan portfolio, because of credit cards and auto-related loans, combined with cheap deposits both through the branch system and also through the online deposit [business] they acquired from ING. To me that is a very powerful business model that Rich Fairbank, the CEO, has put together over the last two years; he really took advantage of the distress in the downturn. People get concerned that Capital One is not growing its loan portfolio at the moment. But really they've bulked up so much that they are really shrinking down to a more solid core, and I think the story is going to be a lot about stock buybacks and dividends.
We have other regional banks, and one of the laggards has been M&T Bank (MTB), which has been trying to buy Hudson City Bancorp (HCBK). The regulators keep making them jump through more and more hoops on the compliance side of things, and it's taking forever. My belief is that they will ultimately close that transaction, and there will be a lot of benefits to M&T. The stock has been out of favor now for about a year. But as you know I'm patient, so that's a name that I think is going to generate strong returns for the firm over the next two years.
.
Q: Any other relatively new names you wanted to mention?
A: One timber REIT called Rayonier (RYN) is a contrarian pick. The company made an announcement toward the end of last year about its expansion. It was spending a lot of money in expanding one of its manufacturing facilities down in Georgia, and we were a little worried that maybe they were adding too much capacity to the global market. Lo and behold, they said yes, they expected their pricing and margins to be under pressure for the next year or so -- the stock was punished pretty badly. We did an analysis, and we thought that in the long term it would work out and so built it into a decent size position. It has a real-estate section although it is partly forest products as well, and they announced at the beginning of this year they were going to split the company in two. The stock went down a little bit on the announcement. But we still think there is great value there, so it is a name we are going to hang on to. We think that sum of the parts will be greater than you have at the moment. The other oddball thing I did this year -- I actually invested in an airline. I missed the big run-up, but we started to accumulate Delta Air Lines (DAL). So that's highly unusual, but things have really changed in the domestic airline industry. It has really consolidated down into three or four main players: American Airlines (AAL), United Continental (UAL) and Delta, and then Southwest Airlines (LUV) as well and JetBlue Airways (JBLU), which is quite a bit smaller. I think those companies are maybe not delivering the greatest customer experience, but they are delivering good value and much better service. That is translating into much better returns and profit margins for the industry. And as long as they remain disciplined, I think that the stock is relatively inexpensive still, relative to earnings. So even though I missed the first leg or so, there is still more to come.
Q: Thanks.
M* Snapshot Of JVASX: http://quotes.morningstar.com/fund/f?t=JVASX&region=usa&culture=en-US
.

FYI:
Regards,
Ted
http://www.kiplinger.com/printstory.php?pid=12263