I’m in my 3rd year of retirement - during the 2000-2002 and 2008-09 years I was working and simply continued to dca into my/our 403bs and IRAs. I kept my head down and ran with it as buying opportunities. This time (for me) is different. With a 35/63/2 (equity/bonds/cash) allocation prior to CV-19 and feeling flush, I drank the koolaid with mad money to DSEEX, JMUTX, PIGIX, PIMIX, PCI, OPTAX, ORNAX with approximately 6% of PV. Still holding PIMIX, PIGIX, PCI, and DSEEX. I’ve looked at the loss as a learning opportunity, and will sell the others if/when they recover. My allocation sits at 30/59/11 (E/B/C) and I’m slowly deploying the cash to VBILX, VWIUX, VIG, and VTI.

>> I’ll go by those reported closing prices - and I gets what I gets.
Per M*, your conclusion is erroneous, and from close 3/20 to close last Fri it is up ~21.57%. ~$155 lower than SP500 on $10k.
Suggest learning to enjoy this:
https://quotes.morningstar.com/chart/fund/chart.action?t=dodgx
Although perhaps it's wrong somehow.

@FD1000 - But you misunderstand. I’m not attaching “blame”. He just happened to be the guy standing watch when the ship began sinking. I still think it a convenient label. :)
Addendum: Attaching blame is difficult. Like I said, the virus provided the ignition. But investor buying habits, computer driven algorithms, debt, greed, fear, trade tensions and more played a part. Surely, you did not miss the NYT article posted here a day or two before the downturn began that “Mom and Pop investor” had returned to the markets “big time”. What a coincidence.
Maybe somebody else has time to dig that one up. A classic.

Mom and Pop is one of my favorite threads online since I was on Compuserve.
Presidents always get the credit, or blame, for the markets. Adherents skew it one way, deranged opponents another. It's more predictable than the weather. Not quite as predictable as the tides.
As far as plans go . . . If the rally continues I'll rebalance my IRA to about 45-45-10. If things get crazy good . . . I might look at harvesting some tax losses and reallocating some sector investments in my taxable account. The recent changes to the tax code may have altered some of my assumptions. But I need to break out the arm garters and green eye-shade first.

@davidrmoran. Thanks for the reasoned response. Sorry for any sparks directed in your direction. I thought the board could use some livening up this morning - but it was a bit over the top. No idea why your sources and my numbers disagree. I’ll go by those reported closing prices - and I gets what I gets.
BTW - I’d been offloading DODIX back at the time because I felt with the 10 year somewhere around 0.50% it no longer made sense to include it in my “cash” sleeve where I’d been using it. Was down to “pennies” (figuratively speaking) in DODIX on March 20 and decided to lob the remainder into DODGX - a fund normally well outside my risk tolerance zone. It’s treated me well since the 20th of March. In no hurry to unload it.

As I've mentioned several times over the past few months I have confined myself to mostly "selling" into strength. My belief is that it is not the institutions or family funds (i.e. big money) which are buying but rather the Joe Six-pack folks. I guess we'll see. You might also note that the BIG-5 (Apple, Amazon, Google etc.) make up about 20% of the S&P and are the top 5 holdings. Same holds for QQQ. We also haven't seen the last of the bankruptcies and the rest of the fallout soon to come our way. That party is just beginning.

I have no idea which direction the market's going and neither does anyone else. The S&P 500 crossed its 200 day moving average, potentially signaling more market gains. IF these gains hold, small caps have traditionally done well coming out of recessions. I've been dca'ing into WAMCX which has been one of the few small caps funds to do well this year. I've also continued dca'ing into PRGTX, PRMTX and AKREX. Best of luck John!

https://www.thestreet.com/markets/stock-market-nasdaq-new-york-stock-exchange-dow-jones-052620
hello
Do you folks think this is a new fierce-bull market rally or just a W recovery in hiding, will DOWS JONES reach 15k by end of summer, or 26.3k???
We did bought more/added today SPY, QQQ, vong, vanguard2045. If it continue to come down, maybe think of DCAs and buy more next 6 12 months...
My friend from working thinking of bailing out, even though that person has > 15 yrs until retirement, think got too anxious and does not want to loose more money.
I do think maybe good time to go for more cash + fixed incomes if nearing retirement and if DOWS reach 27 or 28k levels
For our household, still 90/10 in tsp distributions, no changes probably until few yrs until retirement in ~12 yrs [after considerations and careful discussions w/ Wifey-Boss]
thankyou for any suggestions...

I have discussed D&C inferior risk/reward. I would not select any of their funds.
Why would I look what DODGX did since the bottom?
YTD...VFIAX(SP500) is at -7.8% while DODGX is at -20.2%
One year...VFIAX 5.5%...DODGX-10.9%
3 year........VFIAX 9.4%...DODGX 1.4%
VFIAX continues to beat DODGX for 5-10-15 years and with better SD, Sharpe,Sortino. See 15 years PV(link). How long can you underperform + have higher volatility and claim that you are OK because you can't compare DODGX to the SP500?
For moderate allocation, I would look at PRWCX,VLAIX. VLAIX has more mid-cap and higher rated bonds so owning both is a good choice.
For conservative allocation, VWIAX/VWINX is a good choice.

No math required. Just go to
https://quotes.morningstar.com/chart/fund/chart.action?t=dodgx
as long as it is still active, and put in any start and end dates you like --- including multiple 10y periods too! No math required. It shows what I posted:
\\\ M* old-style graph from 3/20 to date shows $10k rising to $12,157 vs SP500 $12,312 vs VONG $12,935.
For which to me the only surprise is how meh it remains. So I could not understand what you wrote. Still can't.
No misrepresentation either; honest puzzlement at "But when they rocketed back to the top of the herd beginning in 2009, they became the golden boys once again." I am not seeing it for that event. That's all, nothing more.
And again, yes, I almost never look at 10y periods alone; every time I post, about, I have looked at and mentioned 9-8-7-6-5-4-3-2y performance, also longer, also with earlier endpoints than the present.

I'm less concerned about a bear market than about having maybe missed my chance to deploy my dry powder. When I decide to stop waiting and pull the trigger, I'll let you all know -- it'll be a sign that we've hit the top.
Jason Furman, Obama's former top economist, says the early data is showing a V-shaped recovery, though of course that would change if we have a second wave. On his Twitter feed, he also notes that federal stimulus so far has been equal to 30% of GDP.

@davidrmoran - Here’s what I get this morning looking at Yahoo Finance (cross-checked NAV with MarketWatch). My mathematical skills are always suspect, so others may have a better way to compute DODGX’s gain.
Closing price DODGX 3/20/2020: $122.40
Closing price: Friday, May 22, 2020: $151.57
Increase in NAV: +23.81%
Dividend paid March 26: $2.80 per share
Increase including dividend: Approximately 26%
If the above doesn’t satisfy, try running the numbers from the next trade-date, Monday March 23, when DODGX closed at $118.38
https://finance.yahoo.com/quote/DODGX/performance/
-
@Davidrmoran said: “Second, what's the goldenness from early Jan 09 onward ” They lag SP500 hugely to date “ David, I’m not sure whether you purposely misrepresented my remark or perhaps, I needed to add some additional qualifiers to the statement. I thought that within the context, it was concrete enough. As you are no doubt aware, comments like that need to be considered in light of the context in which they appear.
The whole point I was making is that D&C funds tend to have erratic (roller coaster) patterns of performance. So, my comment “when they rocketed back to the top of the herd beginning in 2009, they became the golden boys once again” was meant to refer to another sharp reversal in performance which lasted several years. Obviously, that “golden boys” moniker no longer applied in recent years. If it had, we wouldn’t be discussing a remark like @Shostakovich‘s “in light of some of the controversy here around D&C funds”. You don’t see that during the hot performance periods.. More likely, people are asking whether thay can buy D&C funds NTF.
“S&P 500”? Where did that come in? I thought we were discussing actively managed funds.
No dispute that if you could buy past performance, the S&P500 would be a better investment than most actively managed funds - at least since sometime in the ‘90s. I suspect by now that’s included in high school history books.

Second, what's the goldenness from early Jan 09 onward?

He used a standardized period starting July 1, 2009. Perhaps that was not crystal clear in the text, but he compared 10 year performance ending, as indicated in the chart, on June 30th. That was the latest standardized period as of the date of the column, Sept 6, 2019.
Standardized periods are used (and mandated by the SEC for advertising) to eliminate cherry picking. Of course a single time frame would still be subject to luck of the draw - a fact you recognize below in looking at multiple periods.
There's another part of what he did that you didn't mention or question. Why 10 years? Conventional wisdom is that one should not invest in equity for shorter time periods. Because of random market cycles, recessions, etc., it can take that long to work through a 1-3 year "glitch" in the markets.

They lag SP500 hugely to date, of course, with this latest plunge + partial bounceback ... so lemme check prior endpoints. Nope. Some spans lag, some outperform, the 5y point (1/14) may be the most marked, but still meh if one held on.
Are we looking at the same graphs?

Sometimes I wonder :-). I looked at all rolling 10 year periods (calendar aligned) since VBINX began in late 1992. That means periods starting with 1993-2002 inclusive, and ending with 2010-2019.
DODBX so outperformed VBINX prior to the 2000-2002 decline that it maintained its superior performance (over rolling 10 year periods) even incorporating this timespan until 2008 came along. One can see that work its way through the figures, as VBINX showed better 10 year performance figures for five periods, 2003-2012 through 2007-2016.
But DODBX's superior up market performance gradually won out, as it had a better 10 year period 2008-2017. That still included the 2008 market and illustrates why it helps to have patience in the market. Of course DODBX did markedly better in 2009-2018 once 2008 dropped out of the 10 year span. It also had measurably better performance than VBINX in 2010-2019.
Here's a link to the M* chart I used. Just shift the starting and ending years back by the same amount to get each of the time rolling 10 year periods.

Ending	DODBX		VBINX			DODBX	VBINX	Vanguard
better
2002	$31,694.86 	$24,760.51 		12.23%	9.49%		
2003	$33,110.62 	$24,338.11 		12.72%	9.30%	
2004	$36,910.11 	$27,029.50 		13.95%	10.45%	
2005	$30,731.67 	$21,988.23 		11.88%	8.20%	
2006	$30,192.64 	$21,240.21 		11.68%	7.82%	
2007	$25,702.73 	$18,639.66 		9.90%	6.43%	
2008	$16,013.00 	$12,314.30 		4.82%	2.10%	
2009	$18,324.21 	$13,022.55 		6.24%	2.68%	
2010	$17,795.19 	$14,986.11 		5.93%	4.13%	
2011	$15,883.06 	$16,019.47 		4.74%	4.82%	
2012	$19,437.25 	$19,811.94 		6.87%	7.08%	    *
2013	$20,042.23 	$19,476.41 		7.20%	6.89%	    *
2014	$19,204.01 	$19,557.82 		6.74%	6.94%	    *
2015	$17,511.22 	$18,767.06 		5.76%	6.50%	    *
2016	$17,927.61 	$18,363.16 		6.01%	6.27%	    *
2017	$19,768.25 	$19,622.84 		7.05%	6.97%	
2018	$28,627.38 	$24,767.53 		11.09%	9.49%	
2019	$26,333.86 	$24,696.26 		10.17%	9.46%	

I went to all cash before the crash when I was up several %. Then, for about 5 weeks I traded successfully several times stocks and CEFs and then was back to be invested at 99+% in bond OEFs. I find myself trading my bond more than usual because the market changes directions more often. In the last several weeks the market in calmer and going up.

I morphed into a plan over the years though I admit every time it's tested, like in March, I still get nervous.
The plan, the plan...
- 1/2 my retirement savings is in the Schwab Intelligent Portfolio at about an equity:bond:cash allocation of 45:35:10. I can't screw it up, which is good :)
- over the past year I set up a 3 year expense withdrawal bucket in anticipation of cutting back to part time semi-retiring or retiring altogether. I wanted the option.
- The remainder of the savings is my self managed account which went into March at about 56:25:12 and about 7% gold. I'm most disappointed in the bond portion of this where I held IOFAX, MAINX and HY munis. That plan changed. I sold IOFAX and MAINX and the new plan is to be very lean in bond funds going forward. For some reason I can accept an equity fund dropping 25% but I just can't accept a bond fund dropping 20+. I've actually put a lot of the bond sale proceeds into an alternative fund MNWAX.
- I'm 66 and trying to hold off SS as long as I can.

Hi @kings53man,
Just wondering what your overall asset allocation might be? Cash 10% ... Fixed (income) ? ... Equity (stocks) ?
I have been retired now for more than five years. My basic asset allocation is 20/40/40 which I can overweight the income area and equity area by 5% each should I feel warranted. Currently, I'm at 15% cash, 40% income and 45% equity. Since, the yield on cash is in the 1% range (or less) I'm thinking of raising my income allocation to 45% and reducing cash to 10% as my CD's mature. The last CD I had mature, a week or so ago, I rolled into three good generating income funds with a package yield of a little better than 4%. The three fund package consisted of BLADX, FLAAX & PFANX.
Here is more on how I roll now in retirement.
Old_Skeet's All Weather Asset Allocation.
My all weather asset allocation of 20% cash, 40% income and 40% equity affords me everything necessary to meet my needs now being in the distribution phase of investing. The benefit of this asset allocation is that it provides sufficient income, maximizes diversification, minimizes volatility, and provides long-term returns.
The 20% held in cash area provides me ample cash should I need a cash draw over and above what my portfolio generates plus it can provide the capital necessary to fund a special investment position (spiff) should I choose to open one during a stock market pullback. In addition, cash helps stabilize a portfolio during stock market volatility. Example of investments held in this area are cash, money market mutual funds and CD's.
The 40% held in the income area provides me ample income generation to meet my income needs in retirement. It is a well diversified area that incorporates a good number of income generating type funds. Some examples of investments held in this area are BAICX, FLAAX & PONAX.
The 40% held in the equity area provides me some dividend income along with some growth, that equities generally provide, that offsets the effects of inflation, over time. Some examples of investments held in this area are IDIVX, NEWFX & SPECX
Generally, for my income distributions, I take no more than a sum equal to what one half of my five year average total return has been. In this way, principal grows over time. And, as principal grows the amount available for distribution does as well.

"For me, on a risk adjusted basis muni's are currently offering up good value and there is space within the sleeve to add more, which I plan to do.".
I'm catching-up with this thread. I just checked my own stuff. I'd have thought that there'd be more munis within my stuff, but:
PTIAX 26.42% is in munis, and the fund is less than 9% of my total.
OTHERWISE, M* shows me that PRSNX holds .52% (21.22% of total)
and RPSIX holds just .01%. (27.26% of total.)
SURPRISE! And of course, as soon as I move to deliberately go after more munis, they'll tank. I continue to take monthly baby-steps, dollar-cost-averaging into PTIAX. I can't see WHEN I'll ever cut that off...

Will maintain current strategy as I learned from this down cycle. There is, however, another risk beyond cornoavirus such as trade war with China as it is gaining momentum. If it repeats as in late 2018 another double digits loss can resulted.
https://cnbc.com/video/2020/05/22/us-china-trade-tensions-are-a-bigger-risk-than-coronavirus-invesco.html
I don't agree with Hooper that the coronavirus risk is neutralized by QE's by the Fed. The current 14.7% unemployment number could go even higher even as lockdown eases across the country. Mails are open and there are few customers as many fear to venture out.

@hank
>> You might be surprised if you looked at how DODGX has performed since the market bottomed on / around March 20. (thru last Friday +26%)
Huh? What's the surprise? Did I miss something, or did you mean meh meh ?
M* old-style graph from 3/20 to date shows $10k rising to $12,157 vs SP500 $12,312 vs VONG $12,935.
Second, what's the goldenness from early Jan 09 onward? They lag SP500 hugely to date, of course, with this latest plunge + partial bounceback ... so lemme check prior endpoints. Nope. Some spans lag, some outperform, the 5y point (1/14) may be the most marked, but still meh if one held on.
Are we looking at the same graphs?
I love Rekenthaler's analyses and digging, and I am slowly coming around to embracing Vanguard more, but D&C still remain well off any lists of mine.

related
Where to look for higher yields without taking on unintended risk
johnN
5:37PM in Fund Discussions
https://www.azcentral.com/story/money/investing/2020/05/24/looking-higher-yields-try-convertible-securities-covered-calls/5251111002/
Where to look for higher yields without taking on unintended risk
NANCY TENGLER
As if we didn’t have enough economic trouble, unemployment has hit its highest rate since the Great Depression, small businesses are hanging on for dear life, and real (after inflation) interest rates are negative. This creates serious problems for savers and retirees who are relying on investment and savings income to live.
Couple of interesting ideas regarding HY vehicles discussed- stocks options, securities, bonds...
Thinking maybe add more JNK or ExxonMobil /GAP

https://seekingalpha.com/article/4349851-100-high-yielders-down-big-4-are-worth-considering
100 High Yielders Down Big: These 4 Are Worth Considering
Summary
While the tech-heavy Nasdaq 100 nears all-time highs, select big dividend stocks remain attractively priced.
This report shares data on over 100 high yield stocks that are down big this year, including property REITs, mortgage REITs, BDCs and preferred stocks.
We highlight four opportunities in particular that are interesting and worth considering.
nice summary of many HY stocks/etfs listed