@young,
Glad to hear you found folks’ suggestions helpful. Not sure what you’re looking for or where you are in the investment cycle. While it doesn’t seem like it today, an ability (disposition) to withstand the inevitable market shocks both here and abroad is one consideration. Doesn’t do any good to own a top performer if the first 35% spanking is going to find you standing out on a ledge mumbling incoherently to yourself (figuratively of course).
An overlooked fund that’s not a category leader, but would be a nice middle of the road growth fund, is Price’s PRSGX (Spectrum Growth). I happen to believe there’s a margin of safety in numbers. This one invests in about a dozen different TRP funds - several of them top flight. And, unexpectedly, it’s got 36% in foreign holdings. Lipper has it middle of the pack (3/5) on return. But it leads its Lipper’s category for capital preservation.
I realize most here will shun a fund like that. But if you’re more of a “set-it-and-forget-it” type - or just too busy to pay a lot of attention, I think it’s a great long term pick. One reason it lags its Lipper peers is the substantial foreign weighting (higher than the peers it’s being ranked against). But that will turn one of these days. Just a thought since you like TRP. I like them also for many reasons.
Hope you get a response on the TCW question.

@johnN
How does your Trump/GOP 2020 statement connect to this thread topic?

@MFO Members The thrust of the article was to focus on a fund in the healthcare sector that had outstanding yield with reasonable capital appreciation. The poster chose to compare GRX strictly on capital appreciation bases totally is unfair !
Regards,
Ted
P. S. GRX yield has been income with no capital gains or ROC for the last two years.

Part of this CEF distribution in 2017 was return of one's own capital invested.
Being curious....., the below 3 healthcare related were chosen, for about 5.5 years of compare.
GRX FSPHX FHLC FSMEX compare chart starting Oct. 2013
GRX has performed well during the past 3 week healthcare whack. It appears they are able to use a percent of the money for derivatives functions; and have it right at this particular time frame.
However, we remain a total return investor; not for the yield/distribution function.

Here is an update for Old_Skeet's market barometer (which follows the S&P 500 Index) for the week ending April 18, 2019 along with my thinking. It was a short week, in the markets, due to Good Friday Holiday along with 1Q19 earning season has now begun.
Old_Skeet being a retail investor provides this information for information purposes only. It simply reflects what I am seeing in the markets, my thinking, along with what has worked best within the Index and within my portfolio for the past week. My thinking, my positioning, or my comments, should not to be taken as investment advice.
For the week Old_Skeet's market barometer closed with an overbought reading of 138 which is up from last week's extremely overbought reading of 128. Generally, a higher barometer reading indicates that there is more investment value in the Index over a lower reading. Short interest in the Index remained at 1.8 days to cover. The yield on the US10YrT moved from 2.57% to 2.56% while the yield for the Index (SPY) remained at 1.85%. The 500 Index moved downward from 2907 to 2905 for a slight loss. Trading volumes are below their averages as investors ponder stocks. There will be close to 100 companies reporting earnings this coming week, within the Index, so it will be interesting to see how the coming week progresses. The three best performing sectors, for this past week, were Industrials +1.59%, Technology +1.44% and Consumer Staples +0.96%. For Old_Skeet, I'm not presently putting new money to work in either my stock or bond funds while I await a higher barometer reading indicating a better investing climate for stocks; and, I'm also awaiting better yields from bonds. Clearly, by the metrics of the barometer, stocks are overbought.
For the week my three best performing funds (all having a global perspective) were LPEFX +1.59% ... TIBAX +1.44% ... and, DEQAX +1.44%.
In addition, I'm pondering another portfolio rebalance as I had a couple of large cash draws coming from my portfolio's cash area the past week to pay Federal & State Income Taxes owed plus I made a contribution to my church's capital fund drive campaign. This has now left my portfolio's asset allocation skewed and cash light. Since, I am equity heavy I'll be trimming equities and raising cash by a like amount in the near term. My late father had a saying, back in his day, "When the yields get thin, it's time to trim." Within the past six months, or so, the yield on the US10YrT has moved from 3.23% down to 2.56% while the yield for S&P 500 Index has moved from about 2.1% down to 1.85%. I'm thinking, the yields are now thin; and, also based upon historical seasonality trends (that he also followed), it is indeed time, for me, to trim equities.
From my perspective, investing is not an exact science and relies a lot on skill centering around the art of making a call. It's the many different investment perspectives of investors that make the markets. This is why I feel it so important to be well diversified and follow modern portfolio theory. And, furthermore, investing is really quite simple. In order to get the average return of the market you have to invest at its average price. Want above average returns? Then put new money to work at below the market's average price. This is where my market barometer helps me find good value and the better times, for me, to put new money to work. This is why buying the dips have become a popular investment strategy. Thus a phrase was coined ... "Buy the Dips and Sell the Rips." Coming off the Christmas Eve and December low the Index is up about 25%. Seems, this qualifies as a "Rip." And, for me, it's time for another rebalance.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

https://www.sec.gov/Archives/edgar/data/1326544/000089418919002203/wintergreen_497e.htm
497 1 wintergreen_497e.htm SUPPLEMENTARY MATERIALS
WINTERGREEN FUND, INC.
(the “Fund”)
April 17, 2019
Supplement to Prospectus and Summary Prospectus each dated April 30, 2018, as amended.
At a meeting held on April 15, 2019, the Board of Directors (the “Board”) of Wintergreen Fund, Inc. (the “Fund”) approved the liquidation and dissolution of the Fund. Effective immediately at market close on April 17, 2019, the Fund has suspended most sales of its shares pending the completion of the liquidation and the payment of liquidating distributions to its shareholders. The Fund expects to make the liquidating distributions and cease operations on or shortly after June 3, 2019 (the “Liquidation Date”).
In limited circumstances, such as sales to certain retirement plans and sales made through retail omnibus platforms, the Fund will continue to offer its shares for a limited time, but no offer or sale of Fund shares will be made after April 30, 2019.
Shareholders should be aware that the Fund will convert its assets to cash and/or cash equivalents before the liquidating distributions are made to shareholders. After the Fund converts its assets to cash, the Fund will no longer pursue its stated investment objective or engage in any business activities except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.
In connection with the liquidation, the Board approved the immediate suspension of the Fund’s distribution and/or service (Rule 12b-1) fees. The Board also approved a waiver of the redemption fee of 2.00% imposed on shares redeemed within 60 days of purchase for redemptions of Fund shares that occur after the date of this supplement.
If a shareholder has not redeemed his or her shares prior to May 30, 2019, then the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder’s address of record.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date.
The Fund expects to make one or more distributions of income and/or net capital gains prior to the Liquidation Date in order to eliminate Fund-level taxes. The Fund must declare and distribute to shareholders realized capital gains, if any, and all net investment income no later than the final liquidation distribution. The Fund currently expects to pay a capital gains distribution prior to the liquidation of the Fund. As with any other distribution, such pre-liquidation distribution by the Fund will be taxable unless you hold shares in a tax-advantaged account, such as an IRA or a retirement plan.
Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
Important Action Required for Direct Shareholders with IRA Accounts
As an IRA account shareholder holding an account directly with the Fund, you should contact a shareholder service representative at 1-888-468-6473 to arrange a transfer of your Fund assets to another IRA custodian.
Please respond by May 30, 2019. If we do not receive a response by May 30, 2019, your investment in the Fund will be liquidated as an age-based distribution with 10% federal withholding on the Liquidation Date. Please also note that state withholding may also apply. Checks will be mailed to your address of record. You may have a limited time, typically 60 days, to reinvest proceeds to avoid tax consequences.
* * * * * *
YOU SHOULD RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUS AND
SUMMARY PROSPECTUS FOR FUTURE REFERENCE.

Interesting read that counsels lightening up on equities before a predicted earnings recession sets in. Is this in contrast to Black Rock Chief Executive Larry Fink's pondering about a possible coming stock market melt up (see short article linked below)? Or, perhaps this is just the sequence of events that gets to unfold over the next few months as animal spirits shine for a while longer before being crushed.
From this Morgan Stanley GIC Weekly:

It is appropriate that risk premiums have readjusted for the change in Fed policy, but valuation multiples are now at the high end of their range....We believe the headwinds from a weakening Europe, a strong US dollar, rising labor costs, higher oil and industrial metals prices, increased capital costs and above-average inventories will cause an earnings recession and further disappointment....Consider taking profits in the tech sector, where valuations are rich and negative operating leverage on profits may be most severe

From the short article linked below:

“Despite where the markets are in equities, we have not seen money being put to work,” Fink said. “We have record amounts of money in cash.”...Fink said the dovishness of central bankers creates a shortage of “good assets,” which could serve as a trigger for a global melt-up in equity prices.

https://www.marketwatch.com/story/blackrocks-fink-says-stock-market-at-risk-of-a-melt-up-not-a-meltdown-2019-04-16

FYI: Causeway Capital Management LLC today announced that the Board of Trustees of Causeway ETMF Trust has approved the liquidation of Causeway International Value NextShares ($4.5 million in net assets) and Causeway Global Value NextShares ($4.8 million in net assets), each a series of Causeway ETMF Trust, on or about May 13, 2019.
Effective the close of business on April 15, 2019, the funds will no longer accept creation unit purchase orders. The last day of secondary market trading on NASDAQ in the funds’ shares is expected to be after markets close on May 6, 2019.
Regards,
Ted
https://www.businesswire.com/news/home/20190412005005/en/Causeway-ETMF-Trust-Liquidate-Exchange-Traded-Managed-Funds

Possibly a graduate of The Bernie Madoff School of Accounting?
Haven’t watched entire video. From the mentioned discussion point it seems he’s attempting to demonstrate that an equal probability of risk (ie loss) can be achieved by investing 8X the amount of money in 2-year T Bills as in stocks. And at the same time he seems to be suggesting that the potential gains would be 8X higher with his bond position as for stocks with only equal amounts of downside risk. Be suspicious of his claim that “everybody in the business knows this”. (Get the feeling you’re being talked down to?)
The analysis is incomplete / faulty on many levels. His 16% assumption about the “average” stock market sell-off / gain is out of thin air. He cites a 16% sell-off last December as some sort of proof. Obviously, a stock sell-off / gain can be of greater or lesser magnitude (and not necessarily equal). He claims treasury bonds were the only asset class to increase in value in December 2018. Misses completely that gold climbed 5% during the month.
He seems to imply that a half-percent cut in the fed rate would translate into a 2% increase in the value of 2 year Treasury. That might be true, I can’t find any charts or calculators that might prove or disprove the assumption. But I also doubt that the correlation is as direct as he suggests.
His case rests on the assumption that by multiplying the bond term (2 years) X 8 you come up with a risk quotient equal to that magical (probable) 16% gain or loss in equities. Somehow this is supposed to translate into 8X the gain potential in 2 year treasuries as for equities. Makes no sense (he’s comparing entirely different concepts). However, it’s impossible to analyze precisely without at least knowing how much the value of that 2-year bond would be affected by a half-percent drop in rates.
Confuse, offucsate and misdirect - Maybe no one will notice. :) Possibly Mack didn’t understand - or it’s equally possible she decided to let the idiot’s words speak for themselves.

The reason to own long-term investment assets is because they thrive when the world does.

This analysis confuses general economic wellbeing with increases in investment capital when the two aren't necessarily correlated. In other words, a company can lay off employees and its stock price will go up as a result. If anything, the correlation between investment well being and economic well being has declined significantly with improvements in technology, i.e., productivity and the advent of companies like Google and Netflix which can produce oodles of money while not employing that many people. If one compares for instance the amount of employees at Netflix versus Blockbuster at its prime, you can see how much fewer employees Netflix needs to do a better job at renting video than Blockbuster.

Investing is an act of faith.

This is true. But the faith is not that investing produces happiness and wellbeing for the world. It is faith that the rich will always find new and more creative ways of exploiting the poor. This has been true throughout human history and is the fundamental reason why in the long run stocks tend to go up. The more profits companies can squeeze out of their employees and consumers, the better it is for investors and the wealthy rentier class in general. There are some benefits to this exploitation--better iphones for instance--but the realities of capitalism are more like this than Rekenthaler claims:

FYI: Akre Focus Fund (AKREX) takes buy-and-hold investing to heart, often holding the same small group of stocks for years at a time.
The $9.8 billion mutual fund, which was up more than 19% in the first quarter of this year, currently has 22 holdings that the fund managers believe compound shareholder capital at above-average rates of return. Investments are made based on four criteria, says John Neff, one of the fund’s portfolio managers.
Regards,
Ted
https://www.wsj.com/articles/a-funds-long-time-frame-forever-11554688920
M* Snapshot AKREX:
https://www.morningstar.com/funds/xnas/akrex/quote.html

In addition, REITs are now somewhat more attractive to own outside of tax shelters, because they get a Section 199A 20% reduction in taxes. That is, whatever income they pass through, you get to deduct 20% of that. So if you're in the 22% tax bracket, you'll owe a net 17.6% (80% x 22%).
Still higher than the 15% cap gains rate, but not by very much. Something to consider if you're looking to generate income, or if you've already filled your IRA with bonds that are taxed at a higher rate.
http://www.2ndmarketcapital.com/reits/reit-benefits/ (quick and dirty summary)

...
(With nonretirement-account losses able to 'detax' any gains for years to come, I have been pondering recently, as I raise cashflow from both rollovers and Roths per ORP, whether the taxfree future of my Roths really matters.)

Different ways of viewing it for sure. In pure dollars and cents the linked article probably makes sense. Did 3 conversions. First & biggest in March ‘09. Motivation was primarily to reduce by at least 50% the RMDs that would be coming down the road in a few more years. (And there are years when the only distribution comes from the traditional.)
While they’re invested conservatively (like the traditional IRAs) I vowed never to keep a cash position in any of the Roths. That has probaby made the biggest difference in their outperformance. Also, I avoid holding newer untested funds in the Roths. Deserve a bit extra care.

Doing it for you, with the same conclusion (spread, anyway):
https://www.i-orp.com/bequest/index.html
(With nonretirement-account losses able to 'detax' any gains for years to come, I have been pondering recently, as I raise cashflow from both rollovers and Roths per ORP, whether the taxfree future of my Roths really matters.)

FYI: For investors who followed a “sleep-easy” portfolio balanced between stocks and bonds, the twin-barreled rally in both assets in the first quarter of 2019 has delivered close to double-digit returns.
Yet market participants say these gains have led equities and debt yields to send wildly contradictory signals over the U.S. economy’s health, with the rise in equities indicating the recent slowdown will only remain a soft patch, even as the rise in bond prices and slide in yields imply a more pessimistic outlook for the rest of the year. This divergence between equities and yields goes against textbook finance theory, drawing questions of how long this benign environment for both risk and haven assets can last.
“The truth could be somewhere between what stocks and bonds are saying. But it’s unsustainable,” Franck Dixmier, head of global fixed-income at Allianz Global Investors, told MarketWatch.
Regards,
Ted
https://www.marketwatch.com/story/will-an-unsustainable-rally-in-stocks-and-bonds-extend-a-soaring-quarter-for-sleep-easy-portfolios-2019-04-06/print

Here is an update for Old_Skeet's market barometer (which follows the S&P 500 Index) for the week ending April 5, 2019 along with my thinking and plan.
Old_Skeet being a retail investor provides this information for information purposes only. It simply reflects what I am seeing in the markets, my thinking; and, my plan of action along what has worked best within my portfolio for the past week. It should not to be taken as investment advice.
For the week Old_Skeet's market barometer closed with an overbought reading of 135 which is down from last week's overvalued reading of 141. Generally, a higher barometer reading indicates that there is more investment value in the Index over a lower reading. Short interest in the Index, for the week, remained at 1.8 days to cover. The yield on the US10Yr moved from about 2.4% up to just short of 2.5%. The 500 Index moved upward from 2834 to 2893 for about a 2.1% gain for the week as money has now begun to flow back into stocks as some investors sold bonds and bought stocks. Perhaps, some investors are just too optimistic about the upcoming first quarter earnings reporting season that soon begins. For Old_Skeet, I'm not presently putting new money to work in either my stock or bond funds while I await a higher barometer reading indicating a better investing climate for stocks; and, I'm also awaiting better yields from bonds.
For the week my three best performing funds were all found in the Growth & Income Area of my portfolio. They were DWGAX +3.05% ... FDSAX +3.03% ... and, EADIX +2.56%.
I am invested in what I call an "all weather" asset allocation which consist of about 20% cash, 40% income and 40% equity. The benefit of this asset allocaton, with me being in the distribution phase of investing, is that it provides sufficent income, maximizes diversification, minimizes volatility, and provides long-term returns.
I most likely will add to the equity side of my portfolio during the next good stock market meltdown as I can tactically overweight my equity allocation by up to +5%. Before overweighting equities, with a special investment position (spiff), I'll need to see a sizeable rise in my barometer reading as a higher barometer reading indicates there is more investment value in the 500 Index over a lower reading. Currently, by the metrics of the barometer, stocks are overbought. And, if corporate earnings and revenues disappoint a sizeable pullback in stocks most likely will be coming.
I'm also thinking that most of the gains have already taken place, for stocks, with the Index being up thus far this year by 15.4%. My target for the S&P 500 Index, before year end, is somewhere around 3,000. This will only add about another 4% of gains from the present level ... and, we've got nine more months to go before year end. So, a lot can happen.
For now, though, I'm in a plain old just sit back and watch "the action" mode. I'm thinking big money has run stock valuations upward so they can cut and run ... book some profit in the process ... and, then buy the market again at better prices as the weaker investor begins to sell during the anticipated stock market downdraft. Hey, this has happened many times before as it seems to be part of many investor's reactions to stock market declines. Naturally, it may take some time for this thinking and my plan of action to play out; but, I look to see it take place sometime during the year.
For me, I've got some dry powder while I sit, I watch ... and, I await for a good buying opportunity to open a special equity mutual fund "spiff" position.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet
Trailing Comment: For those that would like to reference the March Barometer Report along with my prior weekly comments just click on the below link. You can also view my weekly fund leaders. Interestingly, in most weeks something different lead although there were a couple of repeats.
https://mutualfundobserver.com/discuss/discussion/47961/old-skeet-s-market-barometer-report-thinking-march-1-2019-a-3-29-update#latest

FYI: Global stocks made modest gains Friday after President Trump struck an upbeat tone about the continuing U.S.-China trade talks but failed to set a date for a final summit with Chinese leader Xi Jinping.
European gains were muted, with the pan-continental Stoxx Europe 600 inching 0.1% higher in the opening minutes of trading. Gains were led by the index’s basic resources sector which climbed 0.7%. Those gains however were balanced by a 0.5% decline for the index’s real-estate sector.
Markets in Asia turned in a more mixed performance, with a number of major indexes closed for holidays. Japan’s Nikkei climbed 0.3%, lifted by gains for Sony and Nintendo and a softer yen, while Australia’s ASX 200 dropped 0.8%. Stock markets in Hong Kong, mainland China and Taiwan were closed.
In the U.S., futures pointed to opening rises of 0.2% for both the Dow Jones Industrial Average and the S&P 500.
Germany’s DAX index lagged behind its counterparts in Paris and London as positive data on the nation’s industrial production failed to allay investors’ concerns about country’s economy. The index was flat while the U.K’s FTSE 100 and France’s CAC 40 made gains of 0.1%.
Separate figures released Thursday showed orders for Germany’s manufacturing sector slumped 4.2% in February, increasing the likelihood that Europe’s flagship economy could contract in the first half of 2019.
Investors were awaiting data due Friday on the state of the U.S. labor market. Concerns about signs of slowing growth across the world have weighed on investors this year, with data from China and Europe pointing to slowdowns and increasing the focus on U.S. economic data.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-edge-up-as-trump-signals-trade-progress-11554452170
Bloomberg:
https://www.bloomberg.com/news/articles/2019-04-04/asia-stocks-to-start-mixed-as-trade-deal-not-ready-markets-wrap
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-chip-stock-market-leaders-amd-broadcom-apple/
CNBC:
https://www.cnbc.com/2019/04/05/stock-market-us-china-trade-nonfarm-payrolls-in-focus.html
U.K.:
https://uk.reuters.com/article/uk-britain-stocks/oil-stocks-and-miners-boost-britains-main-index-to-six-month-high-idUKKCN1RH0NJ
Europe:
https://www.reuters.com/article/europe-stocks/european-shares-little-changed-before-u-s-jobs-data-idUSL3N21N18I
Asia:
https://www.marketwatch.com/story/nikkei-gains-on-renewed-optimism-over-us-china-trade-talks-2019-04-04/print
Bonds:
https://www.cnbc.com/2019/04/04/us-bonds-treasury-yields-in-focus-amid-auctions-fed-speeches.html
Currencies:
https://www.cnbc.com/2019/04/05/forex-market-us-china-trade-optimism-us-jobs-report-in-focus.html
Oil:
https://www.cnbc.com/2019/04/04/oil-market-us-crude-inventories-tightening-global-supply-in-focus.html
Gold:
https://www.cnbc.com/2019/04/05/gold-market-dollar-moves-us-china-trade-talks-in-focus.html
Current Futures:
https://finviz.com/futures.ashx

IOFIX was near the bottom of the barrel in a robust Bondland until the past month where it has suddenly surged ahead. . Except for the new offering EIXIX which @The Shadow mentioned here, IOFIX leads all the others this year in the non agency rmbs arena. I still think IOFIX is an excellent and well managed fund. My problem with IOFIX was its one day decline late last year of 1.29%. Regardless, junk corporates from day one this year have been and remain the place to be in Bondville with gains in the 7% to 8% and more range. Even the normally staid (compared to its peers) Vanguard junk fund VWEHX is having a bang up year over 8% YTD. Four times out of the past five negative years in junk they came back the following year with double digit returns. So let’s hope this will be 5 out of 6 as last year was negative.

Protect Your Portfolio From a Market Crash
https://money.usnews.com/investing/investing-101/slideshows/7-ways-to-protect-your-portfolio-from-a-stock-market-crash?src=usn_invested_nl
April 4, 2019
Signs are emerging that a stock market crash may be coming. The current 10-year bull market is the longest in history.
The bond yield curve is trending toward an inversion, with longer term interest rates lower than short-term yields; historically, the inversion of the yield preceded many U.S. recessions. For example, the curve inverted in 2007 before the U.S. equity market collapsed.
While the only guaranteed way to protect your money from the next crash is to avoid investing in the market, the average 9% stock market return from long-term investments may be worth it. If history is a valid guide, patient investors will profit from risking a portion of their money.
Reduce permanent capital losses. When stock prices decline, investors must pause and think. “The most important strategy for investors worried about the next bear market is to reduce the risk of a permanent loss of capital,” says Daniel Kern, chief investment officer at TFC Financial Management in Boston.
It’s natural to want to ease the pain of a stock market loss by selling and leaving the stock market altogether. Investors who make this fatal step, let their emotions dictate their decision-making and ultimately turn a temporary loss into a permanent one. Research shows that investors who sell after a market drop have lower long-term returns than those who hold on and wait for the market to rebound.
Prepare in advance for a stock crash. Implementing well-respected portfolio management strategies and creating an appropriate mix of stocks, bonds and cash for one’s age, time horizon and risk tolerance can set investors up to handle the next stock crash.
Gage DeYoung, founder of Prudent Wealthcare in Denver, found that a balanced portfolio of 50 percent stocks, 40 percent bonds and 10 percent cash would have lost about 19 percent of its value from November 2007 to February 2009 during the Great Recession; that's based on a study using financial planning software. A conservative portfolio with 20 percent stocks 50 percent bonds and 30 percent cash would have suffered a small 3 percent loss during that same time, according to his analysis. – Barbara Friedberg

@Old_Joe: Some convertible funds have a higher yield than others. For the two that I noted that were open PACIX has a yield of 1.94% while LACFX has a yield of 3.75%. Some may favor a higher yield over a higher total return. I know I look a good bit at yield, being retired and seeking income, with some growth of principal to offset inflation. Both of these two funds should also pay out year end capital gain distributions. I consider that bonus money.