If you play with this chart:.......FLPSX,IJH,NAESX.....
https://stockcharts.com/freecharts/perf.php?FLPSX,IJH,NAESX
FLPSX performed well PRIOR to 2005 but after that, for the last 15 years, it has been an index hugger.

You may want to correct the embedded link to stockcharts, as I've done above.
That aside, the annual differences in performance between FLPSX and NAESX over the past 10 years, per M* are:
2010: -7.02% (FLPSX underperformed)
2011: 2.75%
2012: 0.45%
2013: -3.30%
2014: 0.29%
2015: 3.22%
2016: -9.39%
2017: 4.57%
2018: -1.32%
2019: -1.55%
2020 YTD: -2.61%
Portfolio Visualizer shows correlation dipping after 2014. Click on the Rolling Correlation tab for the graph showing this divergence.
https://www.portfoliovisualizer.com/asset-correlations?s=y&symbols=FLPSX,NAESX,IJH&startDate=01/01/2005&timePeriod=2&tradingDays=60&months=36
FWIW, M* classified FLPSX as midcap blend 2010-2013, and midcap value 2014 to the present.

https://www.advisorperspectives.com/articles/2020/09/07/bob-rodriguez-we-are-in-a-rolling-depression
Worth reading, although you can argue Rodriguez's best days are behind him. Hard to think bonds will do much other than loose less than stocks but if inflation picks up they will be toast.
Diversification, although I doubt many of us can follow Mr Rodriquez and buy one of the 400 odd houses on the shore at Lake Tahoe

I've had a hard time finding a similar fund. The closest I could come was PGVFX. The two funds tracked well 2015-2020, but diverged substantially in March.
Tillinghast had one of the shortest hiatuses on record (4 months).
https://www.reuters.com/article/us-fidelity-tillinghast/star-fidelity-manager-tillinghast-to-take-leave-idUSTRE76C6C520110713
Prospectus, September 29, 2011:
"Effective September 6, 2011 the following have been named interim portfolio managers of the fund while the fund's portfolio manager, Joel Tillinghast is on a leave of absence from the firm. Mr. Tillinghast is expected to return in the first quarter of 2012."
Same prospectus, As Revised January 9, 2012
No mention of leave of absence, just this sentence: "Joel Tillinghast is lead portfolio manager of the fund, which he has managed since December 1989." That was followed by a list of co-managers who had managed the fund "since September 2011."
For several years, FLPSX was a small cap fund, e.g. from 1997: "Exceptional stock selection has been a hallmark of Fidelity Low-Priced Stock, the biggest fund not only among this select threesome [FLPSX, Royce Low Priced, and Robertson Stephens Global Low Priced] but also among all funds that buy small stocks."
https://www.nytimes.com/1997/11/30/business/mutual-funds-is-there-a-pound-of-wisdom-in-a-pennywise-strategy.html
It did have an auspicious start, albeit as a low-load (3%) fund. (See 1994 prospectus). "The fund, which celebrates its first birthday this week [Dec 23, 1990], was down 3.1 percent at the end of November. That compared to an 8.9 percent drop for the 77 small-company stock funds tracked by Morningstar Inc."
https://www.sun-sentinel.com/news/fl-xpm-1990-12-23-9003040100-story.html
The 1997 NYTimes article cited above adds that "several weeks ago it raised the price it is willing to pay to $35 for a share from $25. When the fund began in 1989, its price limit was $15 a share."

Interesting perspective. I skipped the “machine learning” aspects, but they are saying that value funds contain very little new tech companies, very little FAANG+M stocks.
https://sparklinecapital.files.wordpress.com/2020/08/sparkline_value_investing.pdf

Executive Summary
Value investing has a long and distinguished pedigree but is currently in a deep thirteen-year drawdown. We believe this is because value has rotated into a massive losing bet against technological disruption.
*****
...look at the companies you actually get when you buy a value portfolio. Exhibit 4 shows the sector composition of Russell 1000 Value and Growth....Value investors are making an epic 34.7% short bet against the technology sector. Moreover, this bet is more than fully explained by their underweight to the FAANG+M companies. Value has a meager 1.4% position in FAANG+M compared to Growth’s 39.4%. Not only are value investors short tech, but they are short Big Tech. And in a big way. Once we neutralize its anti-disruption bet, we find that value’s lost decade disappears. Value’s drawdown is fully explained by its big bet against disruption.
Buffett gradually evolved his approach beyond that of his mentor. With the help of his partner, Charlie Munger, he realized that Graham’s “cigar-butt” investment style was neither scalable nor sustainable. Meanwhile, the economy was evolving, marked by the rise of the great American consumer brands, such as Coca-Cola, which enjoyed loyal customers and wide moats. Buffett embraced a more holistic focus on brand and management quality. His new blueprint: “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.”
Conclusion
Value investing has rotated into a massive bet against technological disruption. This position cuts across diverse industries but can be isolated using machine learning. The anti-tech bet explains value’s ongoing drawdown. We suggest that value investors evolve their framework to accommodate the rising role of technology in our economy. Meanwhile, we believe allocators must invest in developing an informed view on technological trends in order to truly underwrite their value managers.

This concurs with my opinion that big tech is flying towards the sun and if we wait long enough it will crash back to earth. And the Liz Ann Sonders piece Charles referenced recently.
href="http://"https://advisorservices.schwab.com/content/high-hopes-sp-500-hits-all-time-high-amid-pandemicrecession

https://www.marketwatch.com/story/this-50-year-old-vanguard-mutual-fund-is-holding-its-own-against-younger-rivals-2020-09-04
This 50-year-old Vanguard mutual fund is holding its own against younger rivals
By Mark Hulbert
Vanguard Wellesley Income Fund shows how a blended stock/bond portfolio can make investors money
Good fund indeed to consider adding to your portfolio for long term. Low fees, reasonable long term returns, may do better than peers...

You can coax 20 year data (or any other performance data you want) out of M* by using its charts and selecting the desired start and end dates. This works with both the legacy charts and the new ones. The granularity is one day.
To find a legacy chart for a fund, use the link below, replacing FLPSX with your fund's ticker.
http://quotes.morningstar.com/chart/fund/chart?t=FLPSX
Here's the 20 year legacy chart (9/7/2000 through 9/6/2020) for FLPSX.
It shows that $10K grew to $71,588.68. That's 7.158868 x the original value. To annualize, just take the 20th root (and subtract 1 to get the percentage increase). If you prefer, in Excel that would be EXP(LN(71588.68/10000)/20) -1. That's 10.34%.
You can do the same thing with the new M* pages, but it's a little harder to set the dates, and one can't link to the chart.
No M* login, not even basic, is needed to get these charts.

https://m.benzinga.com/article/17371269?utm_referrer=https://www.google.com/&utm_source=https://www.google.com/
The S&P 500 and the SPDR S&P 500 ETF Trust (NYSE: SPY) have been on a tear since the stock market bottomed back in March. BofA Securities analyst Savita Subramanian said Thursday that investors should be prepared for the S&P 500 to give back some of those gains as it enters what could be a volatile final four months of 2020.
BofA's Year-End Projection: BofA has set a year-end S&P 500 target of 3,250, suggesting roughly 8.2% downside from current levels.
I remembered reading articles like this late 2009, 60% of them are wrong..
Anyone buying more if continues this level or lowered?

https://news.yahoo.com/7-best-balanced-funds-pick-193106242.html
U.S.News & World Report
7 Best Balanced Funds to Pick Right Now
Barbara Friedberg
September 1, 2020, 2:31 PM CDT
The best balanced mutual funds for simple investment diversification.
As markets reach new highs, an all-stock portfolio might be too risky for some. The alternative is to own diverse assets. Choosing one balanced mutual fund with stocks and bonds will likely temper any large swings in the portfolio's value. So if the stock market declines, you'll have fixed assets to prop up returns. The benefit of investing in a balanced fund is simplicity and diversification. Balanced funds normally rebalance back to a target stock/bond mix, saving investors time and the stress of portfolio management. As life becomes more and more complicated, a balanced mutual fund can streamline investment decisions. Most of these balanced funds have reasonable expense ratios, and some are sensitive to the tax consequences caused by excessive turnover. There is a mix of passive index fund choices along with several actively managed picks. Here are seven of the best balanced funds to invest in now.
Vanguard Wellesley Income Fund Investor Shares (VWINX)
-- Vanguard Balanced Index Fund Admiral Shares (VBIAX)
-- Vanguard Wellington Fund Investor Shares (VWELX)
-- Fidelity Freedom 2045 Fund (FFFGX)
-- Vanguard LifeStrategy Moderate Growth Fund (VSMGX)
-- American Funds American Balanced Fund (ABALX)
-- Dodge & Cox Balanced Fund (DODBX)
We have wellington and dodgecox. Both great for long terms imho
vgstx us another to consider

https://markets.businessinsider.com/news/stocks/mohamed-el-erian-warns-us-stock-market-decline-another-10-2020-9-1029562738
El-Erian: Stocks 'Could Have Another 10% Fall, Easily'
Investment guru Mohamed El-Erian warns that the stock market could easily continue to tumble, adding to Thursday’s drastic selloff.
Could be another 10% haircut, anyone adding more equties?

Romick is featured in the recent M* podcast.
Steve Romick: ‘We Think Defensively’
August 26, 2020
https://overcast.fm/+R6uKNCVl4

I am sure more details will come out over time. It is too early to see how the pieces of the puzzle will come together with Bragg Capital/Queens Road funds.

https://www.sec.gov/Archives/edgar/data/924727/000110465920102657/tm2030240-1_497.htm
497 1 tm2030240-1_497.htm 497
(may wish to click link to see all information)
FPA Funds Trust
FPA Crescent Fund
Institutional Class (FPACX)
Supplement dated September 4, 2020 to the
Prospectus dated April 30, 2020
This Supplement amends information in the Prospectus for the FPA Crescent Fund (the “Fund”), a series of FPA Funds Trust, dated April 30, 2020. You should retain this Supplement and the Prospectus for future reference. Additional copies of the Prospectus may be obtained free of charge by visiting our web site at www.fpa.com or calling us at (800) 638-3060.
Effective immediately, the current single class of shares of the Fund is hereby renamed Institutional Class shares, and all references to the current single class of shares of the Fund in the Prospectus are hereby superseded and replaced with references to Institutional Class shares. In addition, the following changes are made:
The section titled “Fees and Expenses” on page 2 of the Prospectus is hereby deleted in its entirety and replaced with the following:
Fees and Expenses of the Institutional Class
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund’s Institutional Class. The table and example below do not reflect commissions that a shareholder may be required to pay directly to a broker or other financial intermediary when buying or selling shares of this class.
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) None
Redemption Fee (as a percentage of amount redeemed on shares held 90 days or less) 2.00 %
Exchange Fee None
Annual Operating Expenses of the Institutional Class of Shares (expenses that you pay each year as a percentage of the value of your investment in this class)
Management Fees1 1.00 %
Distribution (12b-1) Fees None
Other Expenses (Before Short Sale Dividend and Interest Expenses) 0.07 %
Total Expenses (Before Short Sale Dividend and Interest Expenses) 1.07 %
Expense Reimbursement2 0.02 %
Total Operating Expenses Before Short Sale Dividend and Interest Expenses 1.05 %
Short sale dividend and interest expenses 0.16 %
Total Annual Operating Expenses 1.21 %
1 The Management fees include both the advisory fee of 0.93% and class-specific administrative service fee of 0.07%. For additional information about the administrative service fee please see the section titled “Management of the Fund.”
2 First Pacific Advisors, LP (the “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for operating expenses in excess of 0.05% of the average net assets of the Fund, excluding management fees, administrative service fees, short sale dividend expenses and interest expenses on cash deposits relating to short sales, brokerage fees and commissions, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business, through September 4, 2021. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement...

I’ll repost this when the transcript is available but the most recent MIB podcast spoke to the benefits of holding dry powder. Obviously I didn’t retain the specifics but it was worth a listen or a quick read when the transcript is available.
https://ritholtz.com/2020/09/10-friday-am-reads-290/
https://ritholtz.com/2020/09/10-friday-am-reads-290/
“Be sure to check out our Masters in Business interview this weekend with Morgan Housel, former writer for Motley Fool and WSJ, and partner at Collaborative Funds. His new book, The Psychology of Money: Timeless lessons on wealth, greed, and happiness, will be out September 8th.”

https://www.sec.gov/Archives/edgar/data/99188/000110465920102469/tm2030154-1_497.htm
497 1 tm2030154-1_497.htm 497
FPA Capital Fund, Inc. (FPPTX)
Supplement dated September 4, 2020 to the
Prospectus dated July 29, 2020
This Supplement updates certain information contained in the Prospectus for FPA Capital Fund, Inc. (the “Fund”), dated July 29, 2020. You should retain this Supplement and the Prospectus for future reference. Additional copies of the Prospectus may be obtained free of charge by visiting our web site at www.fpafunds.com or calling us at (800) 638-3060.
At a meeting held on August 28, 2020, the Board of Directors (the “Board”) of the Fund approved the reorganization (the “Reorganization”) of the Fund into the Queens Road Small Cap Value Fund, a series of the Bragg Capital Trust (the “Acquiring Fund”).
The Reorganization is subject to a number of conditions, including approval of the Fund’s shareholders and the terms of the agreement and plan of reorganization approved by the Board.
If the Reorganization is completed as proposed, each shareholder of the Fund would become a shareholder of the Acquiring Fund. The Acquiring Fund is an existing series of Bragg Trust with a substantially similar investment objective and similar principal investment strategies as the Fund, with certain differences, as described in the combined proxy statement and prospectus on Form N-14 (the “Proxy Statement/Prospectus”). It is currently expected that prior to the Reorganization, shareholders of the Acquiring Fund will be asked to approve the transition of the Acquiring Fund to the FPA Funds platform. In connection with this proposed transition, subject to approval by shareholders of the Acquiring Fund, FPA will serve as the investment adviser to the Acquiring Fund and Bragg Financial Advisors, Inc., the current investment adviser to the Acquiring Fund, will serve as the Acquiring Fund’s sub-adviser. Also subject to approval by shareholders of the Acquiring Fund in connection with this proposed transition, the persons currently serving on the Fund’s Board will serve as Trustees of the Acquiring Fund in replacement of the Acquiring Fund’s current Trustees.
It is expected that the Reorganization will qualify as a tax-free reorganization for federal income tax purposes, and no commission, redemption fee or transaction fee will be charged as a result of the Reorganization.
The Board’s decision to reorganize the Fund is subject to shareholder approval, though no shareholder action is necessary at this time. Shareholders of the Fund will receive a Proxy Statement/Prospectus that contains important information about the Reorganization and the Acquiring Fund in which they would own shares upon closing of the Reorganization, including information about investment strategies and risks; fees and expenses; and potential tax consequences of the Reorganization. Prior to the Reorganization, Fund shareholders may continue to purchase, redeem and exchange their shares subject to the limitations described in the Fund’s prospectus. If shareholders approve the Reorganization and other closing conditions are met, the Reorganization is anticipated to close in the fourth quarter of 2020.
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Fund or the Acquiring Fund, nor is it a solicitation of any proxy. When it is available, please read the Proxy Statement/Prospectus carefully before making any decision to invest or when considering the Reorganization. The Proxy Statement/Prospectus will also be available for free on the SEC’s website (www.sec.gov).
Please retain this supplement for future reference.

https://www.forbes.com/sites/ebauer/2020/09/02/forget-pension-obligation-bonds-two-cities-areno-jokeleasing-their-streets-to-fund-pensions/#2703c9a12233
Forget Pension Obligation Bonds. Two Cities Are - No Joke - Leasing Their Streets To Fund Pensions.
It sounds preposterous, and the headline of a recent article here at Forbes by Marilyn Cohen is certainly eye-catching: “The Lunacy Of Using City Streets To Collateralize New Municipal Bond Deals.” And these aren’t just any municipal bond deals — two cities in California are issuing bonds with their own city streets as collateral to pay down their unfunded pension liabilities.
New novel ideas perhaps...others may find unique ways to pay for continuing increasing cities debts

I see the US market really "priced for perfection" and to stay up a lot of things have to go right.
I think only about a third of the SP stocks are up for the year and most of the gains are FAANMG. Consequently if anything happens to get people to stop paying 50 to 300 times earnings for these things, it will be all downhill.
The market is up because 1) Federal reserve says it keep rates at zero for years, therefore increasing the market multiple ( currently at dot.com levels) 2) Stimulus bill kept consumer buying up 3) Belief that an effective vaccine is soon to come
For this to continue we have to see
1) Earnings meet the baked in assumptions of $165 S&P 500 2021 earnings
and $185 2022
2) No delayed, double-dip recession ie no resurgence of Covid this fall with the flu. I think this requires a vaccine that is at least 70% effective and most people get it. This is unlikely by December. Still it will be years before Hotels and airplanes are back at 2019 levels.
3) Low inflation and continued Fed easy easy money. What if they finally wise up to the fact that zero interest rates do not increase employment, just inflate stock prices, leaving millions in the dust ? Look at "taper tantrum"
4) No major second Black Swan. Candidates shooting war in China, massive defaults in Chinese banking system ( all very possible) or something totally unexpected ie 9.0 earthquake Major hack taking down electrical grid etc etc
5) Major fight over close election with Trump getting support form the military to stay in office and blood in the streets, or military having to remove him in shooting war with right wing nuts

Bankruptcy and unemployment. It is commonly said that consumer spending drives seventy percent of the economy.

the economy so far has replaced only about 9 million of the 22 million jobs lost to the coronavirus pandemic.
[ellipses]
Ranked by assets, bankruptcy filings this year have already surpassed the financial crisis year of 2008, according to BankruptcyData, which tracks business bankruptcies.

Like clockwork this week, as soon as the New York trading session has gotten underway, 30-year Treasuries have jumped.
Despite barely budging during the Asia and London trading sessions -- home to some of the bigger buyers of longer-dated Treasuries -- 30-year yields have dropped an average of five basis points each day this week between 7 a.m. and noon New York time.

A Red-Hot Treasury Trade Starts to Unwind Every New York Morning
traders-betting-on-steeper-treasury-curve-cash-out-in-new-york
and,

The Treasury yield curve steepened to the widest in two months after Federal Reserve Chairman Jerome Powell announced a shift to a more relaxed approach on inflation.
Powell said Thursday that the central bank will seek inflation that averages 2% over time, a level officials have failed to attain consistently in recent years. He said the move reflects “our appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities.”

Bond Traders See ‘Green Light’ to Keep Driving the Curve Steeper
treasury-curve-steepens-as-powell-announces-new-inflation-tactic

One short excerpt that speaks to current market conditions:

When money costs almost nothing, or even less than nothing, it perverts price discovery. If there is no cost of capital, then one theoretically can pay an infinite price for assets, which creates a difficult backdrop for investors such as ourselves who insist on a margin of safety.

https://fpa.com/docs/default-source/funds/fpa-crescent-fund/literature/fpa-crescent-fund_semi-annual-report_6-30-20_web-ready.pdf?sfvrsn=4