There was a good article about Peter Lynch on Yahoo Finance yesterday.
"Lynch headed up one of the most lauded mutual fund successes in history. During his tenure, Fidelity’s Magellan fund racked up a 29.2% average annual return for those investors who held the shares throughout. In other words, if you invested $1,000 in Magellan on May 31, 1977, and held on until May 31, 1990, that small investment would have ballooned to around $28,000. It was the best-performing mutual fund in the world under his watch, climbing from around $18 million in assets to over $14 billion with over a million shareholders. 'One out of every 100 Americans was invested in Magellan at the time of my tenure,' he said."
Link
Amazing results and he had the good judgement to get out while on top (unlike Bill Miller).
His books were pretty good too! ;-)

It depends. Someone who mostly buys and holds and what most should do, has no issues. Trading markets since Covid started is harder. Risk/volatility is elevated, market changes have been faster. I changed too because of it. I trade more often, think weeks instead of months. I stay more in MM. But, volatility makes it easier to trade. Sideways is harder.
Basically, I tell investors to stay within their skills. If trading worked for you which means, you look at your portfolio risk-adjusted performance over 3-5-10 years and it's better than the indexes, keep doing it. Otherwise, stop. Most should just use only 3-5 funds with a mix of indexes and managed funds and hardly do anything.

Regarding PARWX...
Jerome Dodson managed PARWX from inception (04/29/2005) until he retired on 12/31/2020.
Billy Hwan became a PARWX comanager on 05/01/2018 and the sole manager in 2021.
Mr. Dodson took a contrarian approach which resulted in an elevated risk profile.
Mr. Hwan takes a relative value approach and stated that he wanted to reduce the fund's beta vs. the S&P 500.
Past PARWX performance may not be very indicative of future performance.

Turnover is also a lot lower under Hwan than it often was under Dodson. I held it for a while in the early 2010's and got rid of it due to the high turnover. I probably should have held my nose. Whatever replaced PARWX in my portfolio probably didn't do as well.
IIRC they didn't even market it as a value fund until they started thinking about the transition. It was just Dodson's project.
I think Hwan gets some credit for the three year alpha of 4.53. Eight of the top ten holdings were bought under his watch, as were most of the top 25.
OTOH, they are no longer fully independent since their partnership with AMG. And their funds after PARWX and PRBLX are run of the mill.
Buying actively managed funds requires a lot more leg work, that's for sure. Given the OP's comments, he could also look at funds like DODGX and VEIRX as alternatives in the active space that would take him in different directions from growth.
For etf's I would add SCHD and RWL if they haven't been mentioned before.

[snip]
The more you diversify, the chances are your portfolio will not beat the indexes and why Buffett said "Diversification is a protection against ignorance".
[snip]

Warren Buffett speaking to MBA students:
"If you are not a professional investor; if your goal is not to manage in such a way that you get a significantly better return than the world, then I believe in extreme diversification.

I believe that 98 or 99 percent —maybe more than 99 percent—of people who invest should extensively diversify and not trade.
That leads them to an index fund with very low costs.
All they’re going to do is own a part of America.
They’ve made a decision that owning a part of America is worthwhile.
I don’t quarrel with that at all. That is the way they should approach it."

Why not use the full quote, which is exactly what you said " Buffett said "Diversification is a protection against ignorance". Other than that, Buffett recommended the SP500
BTW, I held several funds in the past that beat the SP500. During 2000-2010, the SP500 lost money, I owned each of the following about 8-9 years SGIIX/SGENX,FAIRX,OAKBX, see (https://schrts.co/Cwpbphqk). I also owned PIMIX which beat the SP500 for several years too, see (https://schrts.co/eFdkpeJf)

M* Bill Baranyk confirmed on this thread (login required) that M* portfolio will be around for 2023.
https://community.morningstar.com/s/question/0D53o00006SL6RiCAL/m-discussions-forum-links

Regarding PARWX...
Jerome Dodson managed PARWX from inception (04/29/2005) until he retired on 12/31/2020.
Billy Hwan became a PARWX comanager on 05/01/2018 and the sole manager in 2021.
Mr. Dodson took a contrarian approach which resulted in an elevated risk profile.
Mr. Hwan takes a relative value approach and stated that he wanted to reduce the fund's beta vs. the S&P 500.
Past PARWX performance may not be very indicative of future performance.

Received this email today from GP:
June 20, 2023
Dear Fellow Shareholder,
Thank you for your assistance with our recent proxy vote. The Grandeur Peak Funds proxy proposal easily passed, and we are now able to move the Funds’ back office service provider from SS&C (formerly ALPS) to Ultimus Fund Solutions.The date of this conversion has been changed to the weekend of July 22-23, 2023.
Below is important information that affects Grandeur Peak Funds’ direct shareholder accounts after this transition:
-Your existing account number(s) will remain the same.
-For those utilizing online account access, the online account system will be changing. --To continue to access your account online following the transfer agency conversion, visit grandeurpeakglobal.com and click “LOG IN” as you normally would. This will take you to the new Grandeur Peak Funds account access site where you will need to register as a new user by selecting “Sign up for Online Access.” You will need your account number, date of birth, email address, and social security number to re-establish your online account through the new system. If you have any trouble, please call us at the Shareholder Services number below. NOTE: As part of the transition, online account access will be unavailable during the weekend of the transition (July 22-23).
-Our Shareholder Services telephone number will remain the same, but the service hours will change slightly:
1-855-377-PEAK (7325)
7:00 a.m. to 5:00 p.m. MT Monday - Friday
-Our shareholder mailing addresses will change to:
Overnight:
Grandeur Peak Funds
c/o Ultimus Fund Solutions, LLC.
4221 N 203rd St., Suite 100
Elkhorn, NE 68022
US Mail:
Grandeur Peak Funds
c/o Ultimus Fund Solutions, LLC
P.O. Box 541150
Omaha, NE 68154-9150
-Instructions for automatic investments into the Funds and systematic withdrawals out of the Funds will be transferred and will continue as normal.
-Account statements and tax forms: As part of the service provider change, statements and tax forms from January 1, 2020 to present will be migrated and remain available for online access. If you would like to retain copies for prior periods, you may download them from the current shareholder portal prior to the conversion date. Otherwise, documents prior to 2020 can be requested by contacting Shareholder Services.
-Confirmation of non-taxable reorganization: The transaction and transfer of your account(s) will not be taxable, nor will it impact the number of shares you own, the market value of your account, or the cost basis of your shares. You can expect to receive a transaction confirmation reflecting the transfer, which will be processed after the close of business on the conversion date.
Thank you for the trust you place in us. We are undertaking this transition because we believe it will better align with our goal of providing you with outstanding shareholder servicing. We will work with Ultimus to ensure the transition is as seamless and easy for you as possible.
Questions or comments?
Call us:
1-855-377-PEAK (7325) 7:00 a.m. to 5:00 p.m. MT Monday - Friday
or
Email us:
[email protected]
Best Regards,
Eric Huefner

Fidelity reports the amount of interest you receive from a bond issuer, whether the US Treasury or anyone else. No more, no less. Welcome to the world of bond investing.
Five months interest was paid in your name that belonged to the seller. You are the "nominee" for this payment. Declare the full amount on Sched B, line 1, and at the bottom of that line you subtract the accrued interest paid to the seller as a "Nominee Distribution".
https://www.irs.gov/instructions/i1040sb#en_US_2022_publink100059769

@mcmarasco, check out PARWX if you are comfortable with Parnassus. Maybe you have access to its institutional equivalent.
SPGP will bend you away from growth, and large caps, but it's still the 500 universe.

First, 60/40 is just an idea, an investor can be in 50/50 and all the way 100/0. It depends on someone's age and goals.
PRWCX is a unique go-anywhere fund. It's not your typical 60/40. PRWCX excels in risk-adjusted performance and can be measured by the Sharpe ratio. Most investors don't have the patience to hold funds for many years. Another good idea is to use only 3-5 funds. The more you diversify, the chances are your portfolio will not beat the indexes and why Buffett said "Diversification is a protection against ignorance". Other than that, Buffett recommended the SP500, not even 5 funds.
BTW, PRWCX beat 60/40 (SPY/PIMIX) since volatility peaked up in 2018. It had better performance, Sharpe, Sortino + close SD. see results (link).

It's easy to beat PRWCX on a raw return basis. VOO/VFIAX will do. The question is whether you can do it with an only moderately volatile investment.
VOO beats BRK.A over ten years with less volatility. Thus a better Sharpe ratio (higher returns divided by lower volatility).
PRWCX beats both of them on risk adjusted return (as measured by Sharpe ratio or Sotrino ratio).
Comparison at Portfolio Visualizer

By Sharpe and Sortino, QQQ is the winner.
I like to look things up. :)

@WABAC, from the general description, it seems to be that your wife had an OLDER, dedicated TIAA plan (with TIAA handling all aspects) that was CONVERTED to a NEWER, more flexible TIAA plan that has TIAA only as its recordkeeper. In the flexible plan, funds from various firms are available - but your wife has that funds portions in a m-mkt now.
As a firm, TIAA has certain focus and its advice is tailored for that; other firms do that too (Fido, Schwab, Vanguard).
Details of the various flavors of TIAA TRADITIONAL (SV annuity; varying restrictions; among the best around) can be found here, https://ybbpersonalfinance.proboards.com/post/1050/thread

I was just looking at my 2022 Fidelity Form 1099 and noticed that Fidelity has included the "Accrued Interest Paid on Purchases" on secondary market purchases in the interest I earned for 2022. e.g.; I bought UNITED STATES TREAS NTS NOTE 2.75000% 11/15/2023 (CUSIP: 912828WE6) in the secondary market on 10/15/2022 and paid five months of the accrued interest to the seller. Coupon is paid every six months on Nov 15 and on May 15. I was expecting Fidelity to report on my 2022 Form 1099 a one month interest (i.e., six month coupon I received on 11/15/2022 minus the five months of accrued interest I paid to the seller) but Fidelity reported the full coupon I received on 11/15/2022 as "Interest on U.S. Savings Bonds and Treas. Obligations" on line 3 of my 2022 Form 1099-INT. Worse case, I would have been fine Fidelity accruing and reporting 2.5 months of the interest income (10/15 -12/31/2022) on my Form 1099.
(The Note is not an OID bond and I did not make any elections w/r/t market discounts and premiums with Fidelity.)
I would appreciate forum members sharing their experience of how their brokerage reported on their Form 1099-INT w/r/t Treasury Obligations with coupons purchased on the secondary market. (I plan to dispute Fidelity's reporting but wanted to check with you guys about your experience.)
Also, if anybody had purchased Treasury notes / bonds (not Bills) with market discount mature in 2022, please share with us if Fidelity reported the receipt of the par amount minus the principal you paid to purchase the Treasuries as an additional interest income or as capital gain. (Capital gains can be subject to State income tax while interest income on Treasury obligations is exempt from State income tax.)
(I am assuming Fidelity is reporting interest income correctly on (zero coupon) Treasury Bills.)
Thank you.
A

@WABAC - I’m with ya on that front. It’s challenging to part with 5%+ in mmkt and t-bills, with Mad Magazine’s “what, me worry?” investing tactic.

I don't even have to think about taking dividends or cap gains from the taxable, or drawing down the IRA's. What to do with wife's TIAA? Time to think about that too.
I keep thinking it's going to be rough for equities. That's what people used to say.

@Roy,
If you are adding to your fixed income holdings and are concerned about inflation,
you may want to consider TIPS. The upcoming auction on Thursday, 06/22 seems attractive.
"The U.S. Treasury on Thursday will offer $19 billion in a reopening auction of CUSIP 91282CGW5, creating a 4-year, 10-month Treasury Inflation-Protected Security."
"This TIPS had its originating auction on April 20, 2023, when investors got a real yield to maturity of 1.32%. Its coupon rate was set at 1.25%. CUSIP 91282CGW5 now trades on the secondary market and at the close Friday it had a real yield to maturity of 1.81% and a discounted price of $97.43 for $100 of value."
"If the real yield holds above 1.8% through Thursday’s auction, it would be the highest auctioned real yield for a TIPS of this term since October 2008."
Link

It's easy to beat PRWCX on a raw return basis. VOO/VFIAX will do. The question is whether you can do it with an only moderately volatile investment.
VOO beats BRK.A over ten years with less volatility. Thus a better Sharpe ratio (higher returns divided by lower volatility).
PRWCX beats both of them on risk adjusted return (as measured by Sharpe ratio or Sotrino ratio).
Comparison at Portfolio Visualizer

Someone on Big Bang! recently started a thread titled "How can we match or beat PRWCX?"

.
Looks like Berkshire has managed to beat it. I’m getting average annual returns for 10 years as follow: +11.53% for BRK.A / +11.43% for BRK.B / +10.79% for PRWCX. Double-check my numbers before buying. They’re from different sources and could be based on somewhat different time spans or criteria. Each has a unique set of risks of course. With the former you could move in and out pretty much at will (tax deferred accounts anyway), possibly skimming profits on the high end. With the latter you get much broader diversification but are limited to an extent by TRP’s prohibitions against frequent trading as well as any restrictions / fees your brokerage may impose in that regard.

I haven't opened a position in TCAF as of yet, though I had fully intended to. Doesn't mean I won't, but with us coming to within 5 years or less until retirement I find myself not wanting to add to risk assets and am considering adding to our fixed income holdings to bring our equity allocation down from its current ~57%---even though inflation is still an issue eating away at purchasing power.

My Roth IRA is mostly with T Rowe Price but I’ve gradually been moving from TRP to Fidelity funds. I’m ticked at TRP for not letting me invest in PRWCX even though I’ve invested with them for 30+ years.

A very long time ago (more than 30+ years), there was a Winston cigarette jingle: It's not how long you make it (30+ years), it's how you make it long (building assets in T. Rowe Price).
PRWCX is open to investors who have more than $250K invested with T. Rowe Price.
https://www.troweprice.com/personal-investing/about/client-benefits/index.html

This isn't the only board where folks are fond of PRWCX.
Someone on Big Bang! recently started a thread titled "How can we match or beat PRWCX?".
Link