As of market close March 13th, according to the metrics of Old_Skeet's stock market barometer, the S&P 500 Index remains extremely oversold with a reading of 175. This is on the high side of the barometer's scale. A higher barometer reading indicates there is more investment value in the Index over a lower reading. For the past two weeks, the short volume has averaged 64% of the total volume for SPY. The VIX (which is a measure of volatility) has moved from 36 to 53 which reflects volatility has been high. The the stock Index's valuation lost ground during the week moving from a reading of 2972 to 2711 for a -8.8% loss and off it's 52 week high by 19.9%. From a yield perspective, I'm finding that the US10YrT is now being listed at 0.98% while at the beginning of the year it was listed at 1.92%. With the recent stock market swoon the S&P 500 Index is currently listed with a dividend yield of 2.15% while at the beginning of the year it was listed at 1.82%. As you can see there is now a good yield advantage for the stock Index over the Ten Year Treasury. With this, I'm favoring equity income over fixed income due to this yield spread. I also feel that the stock market is somewhat oversold and bonds are somewhat overbought.
For the week, I was a buyer of equity income at the 19% and 27% decline marks with also having bought equities earlier during this swoon at the 8% and 13% decline marks. I most likely will continue to buy equities as long as they remain in bear market territory and there is a fit for them within my asset allocation. Otherwise, I will simply sit tight and enjoy the upward equity ride when it comes.
It is interesting how my asset allocation has moved with the changes that have taken place within the capital markets. Both my cash and income percentages have risen (acting as stabilizers), during this stock market swoon, while my equity allocation percentage has fallen due to the decline in equity values. With this, Old_Skeet has been busy buying equities during the stock market swoon thus keeping my equity allocation on bubble. This equity buying caused a cash draw. As I write, I am 18% cash, 42% income and 40% equity.
From my perspective the advantage of my buying during the swoon means I should get back to even quicker when the upswing comes. Plus, I increased my portfolio's income generation as the equity income funds that I bought have a yield of about 3% to 4% while the cash used to make these purchases was yielding about 1%.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

All ratings have been updated on MFO Premium, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, and Fund Family Scorecard. The site now includes several analysis tools, including Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
You are very welcome.
Can read a bit more about the month here.

http://www.wicz.com/story/41895546/heres-what-could-really-sink-the-global-economy-19-trillion-in-risky-corporate-debt
/Here's what could really sink the global economy: $19 trillion in risky corporate debt
Posted: Mar 14, 2020 2:32 AM CDT
By Julia Horowitz, CNN Business
Companies have spent the years since the global financial crisis binging on debt. Now, as the coronavirus pandemic threatens to push the world into recession, the bill could come due — exacerbating damage to the economy and feeding a meltdown in financial markets./
We may have to monitor the junk bonds closely, value declined significantly few wks. Difficult tell if they recover in short terms especially oil energy sectors

I'd give the generic answer that Vanguard is better at running index funds - often holding less cash, trading with an eye to tax implications, etc. But there's an additional reason that Vanguard index funds are more tax efficient. They usually have an ETF share class.
This means that should the fund generate any cap gains, like any ETF fund it is able to purge those gains. You can see the difference by comparing the cap gains distributions of VFIAX and SWPPX.
Take a look at Schwab's web page for SWPPX:
https://www.schwab.wallst.com/schwab/Prospect/research/mutualfunds/summary.asp?symbol=SWPPX
Under Fund Performance, click on the Dividends & Distributions link.
You'll see green (cap gains divs) for 2015, 2016, 2017, 2018, and 2019.
Now look at Schwab's web page for VFIAX.
https://www.schwab.wallst.com/schwab/Prospect/research/mutualfunds/summary.asp?symbol=VFIAX
No green - no cap gains dividends.

https://www.sec.gov/Archives/edgar/data/1355064/000158064220001192/catalyst497.htm
497 1 catalyst497.htm 497
Catalyst MLP & Infrastructure Fund
(the “Fund”)
CLASS A: MLXAX CLASS C: MLXCX CLASS I: MLXIX
March 13, 2020
The information in this Supplement provides new information beyond that contained in the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the Fund, dated November 1, 2019, as supplemented January 24, 2020. It should be retained and read in conjunction with that Prospectus, Summary Prospectus and SAI.
______________________________________________________________________________
REVERSE SHARE SPLIT
On March 25, 2020, the Fund will implement a 5:1 reverse share split (“Reverse-Split”) of the issued and outstanding Class A, Class C and Class I shares of the Fund. As a result, although the value of the shares you own will not change, the number of shares you own will decrease. For example, if you currently own 5 shares of the Fund, after the completion of the Reverse-Split, you will own 1 share of the Fund. Shareholders of record at the close of business on March 25, 2020, will participate in the Reverse-Split, and the adjusted net asset value of your shares will be calculated as of that date. The Fund will complete the Reverse-Split after the close of the securities markets on March 25, 2020.
Shares of the Fund will be offered, sold, and redeemed on a Reverse-Split-adjusted basis beginning March 25, 2020. The total dollar value of your investment in the Fund will not change. The Reverse-Split is not anticipated to be a taxable event, nor will it have an impact on the Fund’s holdings or its performance. Because the Fund pays distributions on a per share basis and the number of shares of each Class will be reduced, the dollar amount of the distributions will not change as a result of the Reverse-Split, but dividends or other distributions will be adjusted in the same proportion...

Thank you @Old_Joe for the WSJ overview
The below link is from a report about noon on Friday. Most Treasury issues prices remain negative at 3pm, and in particular the 30 year stuff which is -2 to -3%. Yields moving UP. So, I still don't understand what is happening. Sure as hell, something is broken somewhere in the financial system.
The fully and totally beaten up corp. bond market is shining so far today, which are at about a +5%. Trading like an equity and may crash and burn before the end of the market day.
Treasury Buying issues starting with 30 year bond

The Leuthold Group's "chart of the week" showed the gap between the S&P 500 yield and the 10-year Treasury yield. The S&P has outyielded 10-year Treasuries five times: approximately 1957, 2009, 2012, 2016, 2020.

Chart 1 documents the spread between the S&P 500 dividend yield and the 10-year Treasury yield since the S&P was launched in 1957. As of March 12th, the S&P 500’s yield exceeded the 10-year Treasury by a record 1.64%; a virtual fountain of cash in an era starved of current income.

And yes, I think they were smirking when they typed the "virtual fountain" description.
David

https://www.fool.com/investing/2020/03/11/stocks-are-plunging-heres-what-you-need-to-know.aspx
/Stocks Are Plunging -- Here's What You Need to Know
We have an update on real estate and some promising REITs to put on your watchlist.
Matthew Frankel, CFP
The stock market is plunging, with the S&P 500 down by more than 18% from its all-time highs reached earlier this year. While this can certainly seem scary, Industry Focus: Financials host Jason Moser and Fool.com contributor Matt Frankel, CFP are here to help make sense of things./
Maybe selective look at your portfolio and consider starting positions or add to stocks etf mf that you really liked or have on watch list

https://www.nytimes.com/2020/03/12/business/coronavirus-401k-bonds.html
https://www.google.com/amp/s/www.nytimes.com/2020/03/12/business/coronavirus-401k-bonds.amp.html
Incognito search
https://www.google.com/search?source=hp&ei=HgtrXsKdJ8_LtQa97JHQBg&q=Should+I+put+my+401k+in+bonds&oq=Should+I+put+my+401k+in+bonds&gs_l=mobile-gws-wiz-hp.3..0i324j0i22i30l3.3590.3590..6493...0.0..0.129.129.0j1......0....2j1.......0.-5FE9fU-Vd4
Should I put my 401k in bonds
If near retirement maybe large portions
If far away from retirement, not a good idea

https://money.usnews.com/investing/bonds/slideshows/best-tax-free-municipal-bond-funds
/7 Best Tax-Free Municipal Bond Funds
Municipal bonds are loved because they let investors keep more cash.
U.S. News & World Report
Line your pockets with municipal bonds.
Municipal bonds, issued by government entities such as states and counties, enjoy a special place in the hearts of income investors for one simple reason – they let investors keep more cash. Municipal bonds are typically exempt from federal taxation, and if issued within your state, the interest will also be state tax exempt. An investor in the 24% federal tax bracket would need a nearly 4% yield in a normally taxed bond to get the same take-home yield as a 3% municipal bond. The best provide steady income and balance out a risky stock portfolio. Mark Marinella, fund manager at Capital Group, prefers “actively managed, long-term strategies.” As volatility roils the stock market, here are seven of the best municipal bond funds for tax-exempt income.
Best tax-free municipal bond funds:
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM)
Tax-Exempt Bond Fund of America (AFTEX)
Columbia Multi-Sector Municipal Income ETF (MUST)
Putnam Municipal Opportunities Trust (PMO)
iShares Ibonds Dec 2022 Term Muni Bond ETF (IBMK)
Nuveen High Yield Municipal Bond Fund A (NHMAX)
Vanguard Tax-Exempt Bond ETF (VTEB)/
Will these vehicles also bankrupt/dry up due to limited funds

Copy of GP email that I received yesterday:
March 11, 2020
Dear Fellow Shareholders,
In light of the COVID-19 outbreak and resultant market turbulence, we are reaching out to share our current plan of action. While we cannot predict the outcome of the current volatility, we do know that market corrections have historically rewarded long-term investors who are able to maintain a steady hand. We recognize the current pain being experienced by market participants, but we strongly believe that our thoughtful, active approach in the face of volatility is what sets us apart. Our research team is using this time to increase communication with our companies, conduct other forms of due diligence and modeling of our companies, comb through our watch lists, and do additional screenings of our investment universe. We are using this environment as an opportunity to meaningfully upgrade the quality of Grandeur Peak portfolios.
We have been impressed with the confidence that our fellow shareholders have had in us, as demonstrated by very limited redemptions. We share your confidence and have recently invested more of the firm’s balance sheet into the funds. As you may have seen in a press release earlier this week, due to the sell-off, we announced the upcoming launch of the US Stalwarts Fund on March 19. A few of our funds will be moving from hard to soft close, allowing investors the opportunity to buy in this period of market weakness (clients in those specific funds will receive separate communication detailing the changes). Please check www.grandeurpeakglobal.com for the most current fund status.
Finally, we are taking the health of our team and business very seriously. As a firm, we have suspended all business travel and are converting scheduled meetings with companies and clients to calls or video conferences. We have asked that any employee who has traveled to a Level 2, 3, or 4 country in the last 14 days to self-quarantine. We are also insisting that any employee who has a fever, flu or cold symptoms, or if any family member has symptoms, that the employee stay at home for the duration of the illness and 24 hours after.
Every one of our employees is set up to work remotely, and we are very used to doing so. We have a thorough business continuity plan that is continuously evaluated and regularly tested. As a lengthier test, all Grandeur Peak employees will be working from home on March 16 and 17. These days, and those leading up to them, are an opportunity for our team to gain 100% confidence in our ability to work off-site for an extended period of time if necessary.
Thank you for being an investor in the Grandeur Peak Funds. If you have any questions, do not hesitate to reach out to our team.
Best Regards,
Mark Siddoway, CFA, CAIA, MBA
Todd Matheny, CAIA
Amy Johnson, MBA, CFP®

@catch22- @davidmoran just posted a link to a current NYT article. Seems that you're not the only one wondering what's happening. Here's an excerpt:

Wednesday was an unsettling day on global financial markets, and not just because the stock market fell sharply enough to bring a decade-plus bull market to an end.
Underneath the headline numbers were a series of movements that don’t really make sense when lined up against one another. They amount to signs — not definitive, but worrying — that something is breaking down in the workings of the financial system, even if it’s not totally clear what that is just yet.
Bond prices and stock prices were moving together, not in opposite directions as they usually do. On a day when major economic disruptions resulting from the coronavirus pandemic appeared to become likelier — which might be expected to make typical market safe havens more popular — many of them fell instead. That included bonds of all sorts and gold.
And there were reports from trading desks that many assets that are normally liquid — easy to buy and sell — were freezing up, with securities not trading widely. This was true of the bonds issued by municipalities and major corporations but, more curiously, also of Treasury bonds, normally the bedrock of the global financial system.
People, it is fair to say, are worried about bond market liquidity.

Everything red today, no where to run even tgd funds
/Bear market
Logo
Chart Advisor | Focus on the Price
By Gordon Scott, CMT
Wednesday, March 11, 2020
1. Volatility pricing at foreboding levels
2. Some target funds look ugly right now
3. A remote portfolio
Market Moves
Stocks fell to their lowest close of the year so far and fell by a larger amount than any other day this year (besides Monday). Today's roughly five percent drop has only been bested a handful of times in the last decade on any of the major market indexes. State Street's S&P 500 index ETF (SPY), and Invesco's Nasdaq-100 ETF (QQQ) have both hit this mark no more than five times. Perhaps that's why stocks staged a sucker's rally yesterday, since each previous time it did so was near a short-term swing low. However, this time it might be different.
That's because almost none of the previous occurrences coincided with the kind of pricing shown today in the options of the CBOE's Volatility Index (VIX). The chart below gives a visual representation of the pricing of options on the VIX. Based on the pricing, these ranges represent just over a one-standard-deviation range of probability for each given expiry. What stands out is that the pricing of all of these ranges puts them above 30 for the next six months. Option market makers are basically saying they think that the market is going to remain crazy and generally trend lower for the foreseeable future. The fact that the Dow Jones Industrial Index (DJX) slipped into bear market territory only confirmed what they fear.
There is one other possibility, and that is that these prices are simply overdone, the market correction is over, and all will soon return to normal. Seems like a slim chance. More specifically a fifteen percent chance of avoiding a bear market. At least that's the way options were priced today at the close.
Image
Some Target Funds Look Ugly Right Now
If you hate the idea of having to watch charts and look at stocks, you're probably not reading this right now. That simply says you aren't like most people. Most people would rather set their retirement choices up once and walk away and forget them. That's why target funds were invented. You pick a fund that matches your planned-for retirement year (or thereabouts) and simply put all your eggs in that basket. The fund will diversify for you and change that diversification over time.
The chart below shows how a comparison of two such funds (from Vanguard) and compares them with a couple bond-heavy funds. Younger individuals using such a fund and targeting retirement in 2050 probably won't want to look at their portfolio today. It has likely dropped about 15 percent in value over the past two weeks. Retirement hopefuls targeting five years out have had to endure significantly less volatility, but even these kinds of funds have dropped about ten percent recently. By comparison, funds that are 80 percent or even 100 percent composed of bonds are up for the year. That likely sounds attractive, but if you think about the way the bond prices collapsed over the past three days, such funds may have more volatility than desired in the days ahead.
That's why looking at these funds over the course of a full year can help. It's true the drop lately has been precipitous, but over the past year, the 2050 fund has only lost 3.9% and the 2025 fund is nearly unchanged. These amounts can easily be compensated for in any subsequent upward trend of the stock market./

The below article link, written late today, expresses some reasoning as to yield increases today. Nothing really defined to me; and I will monitor for other writes about this subject that may offer definitive reasoning or examples.
ARTICLE

Morningstar today ran an analysis of which funds have the best downside capture ratio during the current panic, which they date as 2/19 - 3/9/2020.
Slightly surprising:
Best: Matthews Asia Growth & Income (MACSX), 69.5%
2. First Eagle Overseas (SGOVX), 70.7%
3. Matthews India (MINDX), 71.4%
4. FPA International Value (FPIVX), 71.6%
5. Matthews Asia Dividend (MAPIX), 74.1%
One almost would have suspected that being at the heart of the storm - i.e., Asia - would have sunk the Matthews folks. Nope.
Best US equity funds?
Royce Special Equity (RYSEX), 63.5%
Yacktman Focused (YAFFX), 69.7%
Yacktman (YACKX), 71.6%
First Eagle US Value (FEVAX), 77.0%
FMI Common Stock (FMMIX), 77.4%
Royce. Hmmm. A lot of cash in the portfolio and an averse to leveraged (i.e., debt ridden) companies helps. The others keep cropped up on our "best of" screens.
As ever,
David

https://www.sec.gov/Archives/edgar/data/852254/000174177320000504/c497.htm
497 1 c497.htm IAM STICKER
T. Rowe Price Institutional Africa & Middle East Fund
Supplement to Prospectus and Summary Prospectus Dated March 1, 2020
At a Board meeting held on March 9, 2020, the fund’s Board of Directors approved the closure and liquidation of the fund. The closure and liquidation are expected to occur on May 8, 2020 (“Liquidation Date”). Prior to the Liquidation Date, the assets of the fund will be liquidated at the discretion of the fund’s portfolio management and the fund will cease to pursue its investment objective. In anticipation of the closure and liquidation, effective April 27, 2020, the fund will be closed to new investors or existing shareholders to purchase Fund shares. At any time prior to the termination, we welcome you to exchange your shares of the fund for the same class of shares of another T. Rowe Price fund. After the fund is closed and liquidated, the fund will no longer be offered to shareholders for purchase.
The date of this supplement is March 11, 2020.
E171-041 3/11/20

D&C have good funds but many of them are riskier and it shows at market stress such as 2008 and many times when stocks go down at least 10%. This is why when volatility increases, such as the last 3 years, their funds lag.
I have never owned their funds because I found better choices.
DODBX-->I used to own PRWCX. In the last 3-5 years, DODBX ranks in its category at 90 and 50. 90 means it's in the bottom 10%. JABAX is much better too.
DODIX-->is probably their best fund but I still owned PIMIX for several years, I know, it's not the same category. DODIX is really Multi sector light and why yesterday it lost -1% while most core plus did better.
DODGX--->SP500(VFIAX/VFINX) has better performance for 5-10-15 years. This is PorVis(link) for 15 years that shows that SP500 had better performance, SD, Sortino.
DODFX has a negative performance for 3-5 years and ranks in its category at 77,78 which is pretty bad. Very easy to find better funds such as AFCNX.
D&C funds have low expenses which is nice but only one part of the puzzle.

While I agree performance is only one piece of the puzzle, it's not reasonable to compare a value shop like D&C (DODFX) to a growth shop like AC (AFCNX). Growth has been a major tailwind for folks like American Century, WCM, etc.

I'm always curious to learn and, in particular, learn about who's managing well across different environments since those strike me as candidates for long term holdings (though certainly not sure things). I ran a quick screen at Morningstar looking for funds that have top 15% returns over the past month (through 3/9/2020) and over the past three years as well.
Here's the code: fund / category / 4 week percentile rank / 36 month percentile rank / 36 month APR. In each category I took the fund with the lowest combined rank: a fund in the 1st percentile and 4th percentile would beat out a fund in the 5th percentile and 1st percentile (total 5 versus total 6). With more time, I would have done something more sophisticated.
Columbia Thermostat / 15-30% equity / 3 / 2 / 7.2%.
Madison Conservative Allocation / 30-50% equity / 1 / 9 / 5.3%.
Walden Balanced / 50-85% equity / 9 / 3 / 6.5%
PIMCO Stocks Plus Long Duration / 85%+ equity / 1 / 1/ 20%
ATAC Rotation / tactical allocation / 1 / 2/ 10.8%
Voya Global Perspectives / world allocation / 7 / 2 / 5.6%
iShares Edge MSCI Minimum Volatility USA / large blend / 4 / 1/ 10.9%
Akre Focus / large growth / 1 / 3 / 18.5%
BMO Low Volatility Equity / large value / 1 / 1 / 7.3%
ABR Dynamic Blend Equity & Volatility / long-short equity / 1 / 1/ 10.5%. Ummm ... up 20% in the past four weeks?
Infinity Q Diversified Alpha / multi-alternative / 1 / 2 / 7.7%
Government Street Mid-Cap / midcap blend / 5 / 2/ 6.6%
T Rowe Price New Horizons / midcap growth / 1 / 2 / 18.2%
Virtus KAR Mid-Cap Growth / midcap growth / 2 / 1 / 21.2%
Jensen Quality Value / midcap value / 3 / 2 / 4.0%. A sad reflection on the state of value investing
Calvert Small-Cap / small blend / 5 / 3 / 3.3%
Wasatch Ultra Growth / small growth / 5 / 2 / 21.3%
Camelot Excalibur Small Cap / small value / 1 / 5 / -0.4%. Eeek.
The ABR fund invests in the S&P500, VIX futures and cash. In low vol markets, it increases equity and in high vol markets, it increases exposure to the VIX. Expensive but it's sort of worked.
Akre is amazing. New Horizons, likewise. Columbia Thermostat keeps cropping up. Government Street Mid-Cap is tiny but excellent. The Virtus KAR folks are mostly closed, mostly really good.
Just some thoughts on what's been working a bit.
David

"This is why when volatility increases, such as the last 3 years, their funds lag."
Volatility decreased for DODFX and in foreign markets.
Std dev Jan 2014 - Jan 2017
DODFX: 14.81%
EFV: 12.97% (iShares MSCI EAFE Value, used as proxy for foreign large cap value market)
VEU: 12.58% (Vanguard FTSE All-World, ex-US, used as proxy for foreign market)
Std dev Jan 2017 - Jan 2020
DODFX: 14.13%
EFV: 12.12%
VEU: 11.80%

D&C have good funds but many of them are riskier and it shows at market stress such as 2008 and many times when stocks go down at least 10%. This is why when volatility increases, such as the last 3 years, their funds lag.
I have never owned their funds because I found better choices.
DODBX-->I used to own PRWCX. In the last 3-5 years, DODBX ranks in its category at 90 and 50. 90 means it's in the bottom 10%. JABAX is much better too.
DODIX-->is probably their best fund but I still owned PIMIX for several years, I know, it's not the same category. DODIX is really Multi sector light and why yesterday it lost -1% while most core plus did better.
DODGX--->SP500(VFIAX/VFINX) has better performance for 5-10-15 years. This is PorVis(link) for 15 years that shows that SP500 had better performance, SD, Sortino.
DODFX has a negative performance for 3-5 years and ranks in its category at 77,78 which is pretty bad. Very easy to find better funds such as AFCNX.
D&C funds have low expenses which is nice but only one part of the puzzle.