So much depends on housing there. If you've owned your home for many years, you've got no mortgage and likely a tax bill of just a few $K/year courtesy of Prop 13, so you're likely well able to afford that $5 gallon of milk. (If you've got the $4M portfolio mentioned in the article, you could even afford milk baths.)
Under the old tax laws, you could have even downsized, say moving from Palo Alto to SF "for free". That is, back when you could transfer your basis rather than paying cap gains on appreciation over $250K/$500K, swapping homes in general wasn't a problem. And California still gives a one-in-a-lifetime opportunity to retirees to transfer their low tax base to their new home when downsizing.
There's even a new ballot proposition that would extend this tax break to older homeowners who want to trade up rather than down.
NYMag: California Ballot Initiative to Expand Property Tax Breaks for Wealthy Seniors Could Be Another Boon to GOP
http://nymag.com/daily/intelligencer/2018/05/ca-property-tax-initiative-could-be-another-boon-to-gop.html

@Ted makes a good point. It continues to amaze me that smaller fund shops, that may have had some success in one domestic niche, make forays into international investing seemingly for the sake of having another fund. Brown Capital surprised me with BCSVX because the same management team had been running a large-cap international fund that is mediocre. The small-cap fund has far exceeded my expectations.

FYI: ( You don't have be crazy to believe the S&P 500 at 3,000 either,only 6.6% away)
The Dow Jones Industrial Average has struggled for five months to hold onto gains past 25,000. Economist Dennis Gartman says 30,000 is the real milestone to watch.
Regards,
Ted
https://www.fa-mag.com/news/dow-30-000--you-don-t-have-to-be-crazy-to-believe--gartman-says-39804.html?print

https://www.sec.gov/Archives/edgar/data/809586/000089271218000338/hgi497.htm
497 1 hgi497.htm
Registration No. 33-11371
1940 Act File No. 811-4982
Filed Pursuant to Rule 497(e)
HEARTLAND GROUP, INC.
Heartland International Value Fund
Investor Class Shares (HINVX)
Institutional Class Shares (HNNVX)
Supplement dated July 18, 2018 to
Prospectus and Summary Prospectus,
each dated May 1, 2018
The Board of Directors (the “Board”) of Heartland Group, Inc. (the “Company”) has approved the liquidation of the Heartland International Value Fund (the “Fund”), subject to shareholder approval. Upon the recommendation of Heartland Advisors, Inc. (“Heartland”), the investment adviser to the Fund, the Board approved a Plan of Liquidation (the “Plan”) for the Fund on July 18, 2018. After considering a variety of factors, the Board concluded it was in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company.
The Board also determined to close the Fund to purchases and incoming exchanges after market close on July 18, 2018. Exceptions may be made in limited circumstances when approved by the officers of the Company where it is not operationally possible or otherwise impracticable to prohibit new purchases by an account.
Although the Fund will be closed to purchases, you may continue to redeem your shares of the Fund as provided in the Fund’s prospectus or exchange your shares of the Fund for other Heartland Funds, as provided in the Fund’s prospectus. No redemption fees will be imposed by the Fund in connection with such redemptions or exchanges; however, please note that your financial intermediary may charge fees in connection with such redemptions or exchanges.
You should note that on or about July 19, 2018, the Fund will no longer actively pursue its stated investment objectives and Heartland will begin to liquidate the Fund’s portfolio. The Fund’s portfolio managers will likely increase the Fund’s assets held in cash and cash equivalents in order to prepare for the orderly liquidation of the Fund and to meet anticipated redemption requests.
Shareholders will receive a proxy statement discussing the Board’s decision to recommend the liquidation of the Fund and requesting that shareholders vote to approve the liquidation of the Fund pursuant to the Plan at a special meeting of shareholders. If the Plan is approved by shareholders, the Fund will be liquidated on or after the date of the shareholder meeting (the “Liquidation Date”). Any shareholders who have not redeemed their shares prior to the Liquidation Date will have their shares redeemed in cash and will receive one or more payments representing their proportionate interest in the net assets of the Fund as of the Liquidation Date, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. The automatic redemption of shares on the Liquidation Date will generally be treated the same as any other redemption of shares for tax purposes, so that shareholders (other than tax-qualified plans or tax-exempt accounts) will recognize gain or loss for federal income tax purposes on the redemption of their Fund shares in the liquidation. In addition, the Fund and its shareholders will bear transaction costs and tax consequences associated with the disposition of the Fund’s portfolio holdings prior to the Liquidation Date. The Fund expects to have declared and paid, by the Liquidation Date, a distribution or distributions, which, together with all previous such distributions, will have the effect of distributing to the Fund’s shareholders all of the Fund’s investment company taxable income and net capital gain, if any, realized in the taxable years ending at or prior to the Liquidation Date. The distribution or distributions may be reduced for any available capital loss carryforward and will include any additional amounts necessary to avoid federal excise tax. Shareholders should consult their tax adviser for further information about federal, state and local tax consequences relative to their specific situation. Because the Fund has been closed to new investments, including those made through the automatic reinvestment of Fund distributions, all distributions made after the date of this prospectus supplement will be paid in cash.
Important Information for Retirement Plan Investors
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you hold your Fund shares through a tax-deferred retirement account, you should consult with your tax adviser or account custodian to determine how you may reinvest your redemption proceeds on a tax-deferred basis. If you will receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA that is terminating as a result of the liquidation of the Fund, you must either roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year, if applicable, or request the distribution be made directly to another IRA or eligible retirement plan. Please note you can make only one tax-free rollover of a distribution you receive from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. If you receive a distribution from a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you must roll the distribution into an eligible retirement plan within 60 days in order to avoid disqualification of the plan and inclusion of the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.

Thanks for the info, its position was way too large, but I bet those with the fund in a taxable account should be aware of potentially large cap gains fr 2018. This fund is my third largest position in portfolio

FYI: For U.S. equity investors, 2017 was about as good as it gets. The S&P 500 Index generated a return of 19.42 percent, posting gains in every single month of the year while avoiding any meaningful pullbacks. Furthermore, volatility, as measured by the VIX, was at historically low levels for much of the year. Thus far, the market environment in 2018 has proven significantly more difficult, and your clients may have questions about how to respond. In a time of lower returns and higher volatility, I believe absolute return strategies may offer an answer.
Regards,
Ted
https://www.fa-mag.com/news/two-absolute-return-strategies-for-uncertain-markets-39763.html?print

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1.85%, is that really the best one can do on a Savings/MM account? Missing from the list is Salem Five Direct, which yields 2.05%. The site also omits a couple of well known banks, Ally and Syncrony, that offer the same 1.75% as the second best yielding bank of those that are listed.
Nor does it show the superior savings account rate of 1.90% of a bank that even advertises on the site: PurePoint Financial. Maybe PurePoint only paid to be listed with CD rates. Or maybe the banks shown on the savings account page paid to keep the higher rate off.
(It's not PurePoint's $10K min that's the problem, because the savings account page lists Capital One, that also has a $10K min. Nor it is that PurePoint is not included in BankRate.com's site, which is the source of the data.)
It doesn't even get the comparisons with TBTF banks correct. It shows them all yielding 0.01%. BankRate reports Citibank at 0.04% and BofA 0.03%.

"Both came to prominence in the 1970s".
A nice sound bite, but a bit simplistic. Vanguard didn't even exist until 1975, and at that time it was a load family.
From Forbes (Ferri): "The Vanguard Index Trust was launched in early 1976 and received a tepid response. In the early days, the fund was a 'load fund,' sold exclusively through brokers. ... To add insult to injury, John Bogle, the founder of Vanguard and the brainchild behind the fund, was ridiculed by the fund industry."
From Vanguard: "As the 1970s turned into the 1980s, the news about Vanguard started to get around."
Regarding Fidelity, start with the sentiment in the Barron's piece attributed to Wiener and Lowell: “'Buy the manager, not the fund,' the astute, straight-talking duo likes to say."
Going back to the 60s, who was the manager, the original gunslinger? Gerald Tsai, with the Fidelity Capital Fund, until he left in 1965 to form his own fund (Manhattan Fund). So famous was he over his career that

He was also idolised by younger tycoons, including Donald Trump.
When Tsai was named CEO of Primerica, "I went out the same day and bought stock", Trump told Fortune magazine. "I made a big bet on Gerry. Life is people and Gerry's a champ."

https://www.scmp.com/news/world/article/1503697/gerald-tsai-playboy-financier-who-seduced-america
Certainly Fidelity became even more well known in the 1970s, but it first came to prominence before Lynch.
What Wiener and Lowell (as opposed to Barron's) have to say in the article is much more sensible. No great surprises. A lot of the usual suspects, though well reasoned, and sensible:

What’s your view on the stock market?
Wiener: It will go up and down.

Capital Appreciation is Closed. Income is open. Capital Appreciation And Income is necessary why?
This is why I hate(d) Royce. They allege(d) to be on the side of the shareholder and closed funds only to open near clones, some of them of course where ground to the dust in the wake of the financial crisis.
I really think TRP has enough funds. I can understand if they want to start TRP Energy Fund or TRP Materials Fund since they also have some other sector funds. But THIS?!

https://www.sec.gov/Archives/edgar/data/836267/000139834418006368/fp0032968_485bpos.htm
Found this fund while looking at some of Shelton Capital Management Funds.

FYI: The fund industry's trade publication, Ignites, reports that a startup is providing 401(k) plans with a difference. (No link, paywalled.) Rocket Dollar's offering "enables you to invest beyond traditional stocks and bonds." Rocket Dollar 401(k) plans enable their owners to buy cryptocurrency, rental properties, and venture-capital funds. Perhaps they wish to make small business loans. When it comes to possible investments, "the sky's the limit" for those who board the Rocket Dollar...rocket.
Regards,
Ted
https://www.morningstar.com/articles/871895/should-401k-plans-embrace-alternative-investments.html
Rocket Dollar Website:
https://rocketdollar.com/

Hi, guys.
We tried to offer a light, low-stress issue in celebration of mid-summer.
Ed reflects a bit on the Morningstar conference and its billionaire founder
Charles, after months of conversation with Venk Reddy & co., offers a profile of the new and improved Zeo Short Duration Income Fund (ZEOIX)
Dennis Baran, reacting to the Board's curiosity, dives into Holbrook Income (HOBIX)
In celebration of the three-year anniversary of Prospector Partner's management of the fund, I renewed our profile of LS Opportunity (LSOFX). Profiles of the long/short offerings from RiverPark and 361 Capital are in the pipeline.
Beyond that, I offer a precis of our various Morningstar meetings. Grantham was grim, most of the other keynotes are B's. The Matthews Asia Value manager came across as incredibly sharp, as did Sam Lee. As Ed notes, the conference increasingly feels like its shifting from talking about investing to talking about running an advisory firm with specific reference to marketing Morningstar's services to those firms. On Day One, for example, 18 of the 20 people on stage were Morningstar employees. Day Two offered the meat of the conference, which Morningstar seems to acknowledge with two access options: $900 for 3 days or $600 for one day. Since Monday is marketing and Wednesday is a half-day, the message seems to be: $600 for the one-day Morningstar investment conference.
Fifty funds were liquidated, or filed for imminent liquidation. We've seen a slow unwinding of the industry's commitment to liquid alt funds; managed futures funds have been dropping like flies and now five "absolute return" funds surrendered in the same month. Relatively few manager changes and several interesting new funds in the pipeline.
Wishing you all the best,
David

Section 407(a)(2) of ERISA (29 USC § 1107) generally limits traditional (defined benefit) pension plans to acquiring no more than 10% of the stock of an employer. This is noted in the article.
So while there can be some risk to pension plans, they're not going to go bust simply because the employer did. The fact that ERISA allows limited investments by a plan in employer stock answers the question of whether there is a fiduciary duty to eschew this stock. There isn't.
But there's still the usual fiduciary requirement that the selection of investments by the plan (whether company stock or anything else) be prudent.
This is a different question from whether individuals ought to buy company stock in their defined contribution (DC) plans (where there is no 10% limitation).
There are NUA rules that allow company stock appreciation to be taxed as cap gains instead of ordinary income, as is the usual case for anything else held in a DC plan. That changes the risk/benefit calculation a bit, encouraging some investment in employer stock with a DC plan. But one still shouldn't go overboard.
https://www.kitces.com/blog/net-unrealized-appreciation-irs-rules-nua-from-401k-and-esop-plans/
Finally, with respect to SCANA, the article may have been poorly worded, as opposed to factually incorrect. SCANA Energy, a company owned by SCANA Corp, services only Georgia, and provides only natural gas (as noted in the article). That appears to be the company the article is referring to.
https://www.scanaenergy.com/
SCANA Corp has several subsidiaries including South Carolina Electric and Gas.
https://www.scana.com/

@msf is correct IMO. It's because of cheaper memory why so many "stupid" ideas are now "genius". Nothing really changed in the "intelligence" behind the idea. It's not like a car from 1920 was improved upon in the year 2020. The idea behind neural nets has not changed.
I think we are at a point where we have advances in technology but we either can't find applications OR can't find applications that can benefit people OR can't find applications where we can make money but let's get some investment while we fool everyone around - so BlockChain anyone?

https://www.sec.gov/Archives/edgar/data/773757/000119312518204090/d601516d497.htm
497 1 d601516d497.htm CFST I
Supplement dated June 26, 2018
to the Prospectus, Summary Prospectus and Statement of Additional Information (SAI), as supplemented (as
applicable), of the following fund (the Fund):
Fund Prospectus and Summary Prospectus Dated SAI Dated
Columbia Funds Series Trust I
 Columbia Diversified Absolute Return Fund 10/1/2017 6/1/2018
The Board of Trustees of the Fund has approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated.
Effective at the open of business on July 27, 2018, the Fund is no longer open to new investors. Shareholders who opened and funded an account with the Fund as of the open of business on this date (including accounts once funded that subsequently reached a zero balance) may continue to make additional purchases of Fund shares, including purchases by an existing retirement plan that has a plan-level or omnibus account with the Transfer Agent or other omnibus accounts relating to new or existing participants seeking to invest in the Fund. Effective July 27, 2018, any applicable contingent deferred sales charges will be waived on redemptions and exchanges out of the Fund.
Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about September 7, 2018 (the Liquidation Date) at which time the Fund's shareholders will receive a liquidating distribution in an amount equal to the net asset value of their Fund shares. For federal income tax purposes, the liquidation of the Fund will be treated as a redemption of Fund shares and may cause shareholders to recognize a gain or loss and pay taxes if the liquidated shares are held in a taxable account. You should consult with your own tax advisor about the particular tax consequences to you of the Fund’s liquidation. Shareholders of the Fund may redeem their investments in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the Liquidation Date. If the Fund has not received your redemption request or other instructions prior to the Liquidation Date, your shares will be automatically liquidated on the Liquidation Date.
As of the close of business on the business day preceding the Liquidation Date, the Fund will not accept any orders for the purchase of or exchange for shares of the Fund. Orders for the purchase of or exchange for shares of the Fund may, in the Fund’s discretion, be rejected prior to the Liquidation Date, including for operational reasons relating to the anticipated liquidation of the Fund.
During the period prior to the Liquidation Date, the Fund’s investment manager, Columbia Management Investment Advisers, LLC (the Investment Manager), may depart from the Fund’s stated investment objectives and strategies to reduce the amount of portfolio securities and hold more cash or cash equivalents to liquidate the Fund’s assets in an orderly manner that the Investment Manager believes to be in the best interests of the Fund and its shareholders. Shareholders remaining in the Fund may bear increased transaction fees incurred in connection with the disposition of the Fund’s portfolio holdings. Such transaction costs would reduce distributable net capital gains.
The Fund will pay out all distributable net income and net capital gains prior to the Liquidation Date. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
Shareholders should retain this Supplement for future reference.

FYI: U.S. stocks rose on Tuesday as gains in technology, consumer discretionary stocks and General Electric (GE.N) helped Wall Street recover from a sharp sell-off a day earlier on spiraling global trade tensions.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-06-25/asia-stocks-to-extend-global-slide-dollar-dips-markets-wrap
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-rebounds-from-selloff-on-trade-worries-idUSKBN1JM1CO
MarketWatch:
https://www.marketwatch.com/story/dow-industrials-set-to-take-a-breather-after-their-300-point-tumble-2018-06-26/print
IBD:
https://www.investors.com/market-trend/stock-market-today/major-stock-averages-rebound/
CNBC:
https://www.cnbc.com/2018/06/25/us-stock-futures-trade-keeps-investors-on-edge-data-in-focus.html
Bonds:
https://www.cnbc.com/2018/06/25/bonds-and-fixed-income-trade-tumult-remains-a-hot-topic.html
Currencies:
https://www.cnbc.com/2018/06/26/forex-dollaryen-in-spotlight-as-us-escalates-global-trade-fight.html
Oil:
https://www.cnbc.com/2018/06/26/oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports.html
Gold:
https://www.cnbc.com/2018/06/26/gold-markets-dollar-in-focus-as-trade-dispute-intensifies.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Positive
https://finviz.com/futures.ashx

I've found an AT&T (T) make whole note, coupon 6.5%, maturing 3/15/29, with an asking YTW of 4.991%. (Other maturity bonds are also available; longer ones with higher yields and shorter ones with lower yields.) CUSIP 001957AW9.
On the page you cited is a link to a Bloomberg article from ten days ago:
AT&T Cut by Moody's as Time Warner Deal Adds Billions of Debt

The purchase made the company the most indebted in the U.S., excluding financial companies. AT&T’s debt load will force it to refinance large amounts of debt every year, "making the company beholden to the health of the capital markets," Moody’s said as it lowered the company’s unsecured debt rating one level to Baa2, two levels above speculative grade.

IMHO it's reasonable to hold a ten year corporate bond like this as part of one's diversified bond portfolio. Good cash flow (especially since it's a premium bond). So it does what a bond is supposed to do. Whether it's a good vehicle in which to hold cash is less clear. I suppose that depends on what one's requirements are for cash.

SHY
SPEXX
PIMCO Enhanced Short Maturity Active ETF (MINT)
iShares Floating Rate Bond ETF (FLOT)
SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)
Vanguard Short-Term Bond ETF (BSV)

Odd isn’t it? Such low volatility.
I like to hunt for really beaten up sectors to throw a bit of $$ at. Sometimes it works. Sometimes doesn’t. But fun nonetheless. There really aren’t any right now. Latin America comes closest. But still sporting nice 1-year gains. So doesn’t meet my definition of “really beaten up.” EM bonds off a bit - but not greatly. Real estate’s another one. But not down as much as earlier in the year. Not nearly beaten up enough for me to take a gamble on it (but I hold a slim slice as a long term portfolio component).
It’s been said “A fool and his money are soon parted”. This is not the time to be brave IMHO.

FYI:
Regards,
Ted
June 21, 2018
Dear WEALTHTRACK Subscriber,
We are celebrating the launch of our Fifteenth Season on Public Television this week! Talk about long-term investing. We are delighted that you are here to share it with us.
Our goal when we started the show was exactly as it is now - to help our viewers build long-term financial security through disciplined, diversified investing, with advice from some of the top professionals in the business. We are continuing that tradition this week.
One of the hallmarks of Great Investors and Financial Thought Leaders is independent thinking. In order to beat the market you have to do unconventional things. This week’s guest is a prime example. He is known for his rigorous research and ability to create strategies that are either non-correlated with market behavior, i.e., they zig when the market zags, or add alpha, a performance edge over the market using more conventional strategies.
We’ll be joined by Cliff Asness, Co-Founder, Managing Principal and Chief Investment Officer of AQR Capital Management, a global money management firm he launched in 1998. It now has $225 billion dollars under management in hedge funds, as well as other alternative and more traditional strategies for clients and its family of mutual funds, which it started in 2009. One of the oldest, the AQR Managed Futures Strategy Fund, which has so far achieved its goal to be non-correlated to the market is co-managed by Asness and has a Morningstar Bronze analyst rating.
AQR stands for Applied Quantitative Research. The firm uses proprietary computer models to forecast returns for a wide variety of assets and geographies using a heavy application of old fashioned human brainpower, which it has in abundance. At last count 11 of the firm’s 26 principals have doctorate degrees and 5 are current or former professors.
Asness is a PhD in Finance from the University of Chicago where he was Nobel Laureate Eugene Fama’s teaching assistant for two years. He has won numerous prestigious awards for his own research including the CFA Institute’s James R. Vertin Award in recognition of his “body of research notable for its relevance and enduring value to investment professionals”.
AQR is known for its value orientation but Asness is quick to point out there are other key strategies employed. During this week’s interview, we’ll discuss the four core strategies AQR has identified over the years that can add a performance edge to portfolios.
If you miss the premiere show of our new season on air this week, you can always watch it on our website. It’s available to our PREMIUM viewers right now and to everyone else over the weekend. We also have an EXTRA interview with Asness about his research on a seldom used but highly effective ice hockey strategy that has investment applications.
Also, if you're looking to take WEALTHTRACK with you on your commute or travels, you can now find the WEALTHTRACK podcast on TuneIn, Stitcher, and SoundCloud, as well as iTunes. Find out more on the WEALTHTRACK Podcast page.
Thank you so much for watching. Have a great weekend and make the week ahead a profitable and a productive one!
Best regards,
Consuelo
Video Clip: