Sounds like a problem at your brokerage. It ended 2011 with a 3.83% gain. I purchased it July 5 and at that time it showed 2.48% YTD gain. It's currently up 0.66% YTD. Modest but consistant gains throughout with a couple of minor dips.

"SAN FRANCISCO (MarketWatch) -- Fairholme Capital Management's Bruce Berkowitz scaled back exposure to financial and telecommunications companies during the fourth quarter, according to a regulatory filing submitted Tuesday."
> When you go from over $21B at the beginning of the year (2011) to under $8B in assets by the end of the year (in fact they are at $7.4B now) --- you've got to (or actually forced to) scale back your positions especially if you want to keep at least some cash buffer space as that all got completely depleted from redemptions.

I also agree with that quote, but the article itself doesn't really explain why. It mentions that double and triple-leveraged funds can add to gains and exacerbate risk (usually more of the latter), but I don't think that's the point.

http://news.morningstar.com/articlenet/article.aspx?id=536868
budget alarm unnerved muni bond market
http://www.onwallstreet.com/news/muni-bond-market-reacts-to-obama-budget-proposal-2677358-1.html?ET=onwallstreet:e5807:2131761a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=OWS_Daily__021412
when bond ETPs don't make distributions
http://etfdb.com/2012/when-bond-etps-dont-make-distributions/
is there a bubble in dividend ETFs
http://www.etftrends.com/2012/02/is-there-a-bubble-in-dividend-etfs/?utm_source=iContact&utm_medium=email&utm_campaign=ETF Trends&utm_content=
RBC wealth investment weekly commentary:
RBC Wealth Management
Michael D. Ruccio, AAMS
Senior Vice President
25 Hanover Road
Florham Park, NJ 07932-1407
(p) (866) 248-0096
(f) (973) 966-0309
[email protected]
www.rbcwm-usa.com
Market Week: February 13, 2012
The Markets
Concerns about whether Greece would fulfill the conditions necessary to obtain a second bailout brought on the first down week of 2012 for the domestic equities indices (except for the Dow, which had a down week in late January). Meanwhile, 10-year Treasury yields remained relatively stable as investors continued to seek out bonds.
Market/Index 2011 Close Prior Week As of 2/10 Week Change YTD Change*
DJIA 12217.56 12862.23 12801.23 -.47% 4.78%
Nasdaq 2605.15 2905.66 2903.88 -.00% 11.47%
S&P 500 1257.60 1344.90 1342.64 -.17% 6.76%
Russell 2000 740.92 831.11 813.33 -2.14% 9.77%
Global Dow 1801.60 1976.98 1964.70 -.63% 9.05%
Fed. Funds .25% .25% .25% 0 bps 0 bps
10-year Treasuries 1.89% 1.97% 1.96% -1 bps 7 bps
*Equities data reflect price changes, not total return.
Last Week's Headlines
Greece's coalition government reached an agreement on austerity measures needed to receive the second bailout from its peers, and at the insistence of the eurozone's finance ministers, the agreement was approved by the full Greek parliament. To protest the measures, Greece's unions called a 48-hour strike over the weekend and demonstrators took to the streets.
Five major banks will pay $26 billion to settle a suit by 49 state attorneys general and federal officials over faulty foreclosure procedures, and nine other financial institutions are also in negotiations over the same issue. According to the agreement, $17 billion will be used over the next three years to assist homeowners, and 60% of that amount will help reduce principal on qualifying mortgages.
According to the Commerce Department, higher imports of autos, auto parts, and industrial machinery helped push the U.S. trade deficit to $48.8 billion, the highest level since June. Imports rose 1.3% while exports were up 0.7%.
Eye on the Week Ahead
European economic growth data and Wednesday's meeting of eurozone finance ministers, when final approval of the newest Greek bailout is expected in the wake of last weekend's parliamentary vote, will be a focus of attention. Domestic data on inflation, manufacturing, and housing also will be watched.
Key dates and data releases: retail sales, business inventories (2/14); Empire State manufacturing survey, industrial production, Federal Open Market Committee minutes, international capital flows (2/15); housing starts, wholesale inflation, Philadelphia Fed survey (2/16); consumer inflation, index of leading economic indicators, options expiration (2/17).

Reply to @msf:
USAA brokerage offers the advisor shares (TGBAX) with an initial transaction fee(max $75), but no load. I believe the minimum initial contribution is $25K. I am able to do automatic periodic contributions with no additional TF. This is also true for automatic periodic redemptions which I won't take for some time.
I consider this fund a long term hold and I try to add to it with periodic profits from other funds. TGBAX recent gains have come after an extended dip in 2011.

David - looks like Grandeur Peaks likes what you had to say --- on their website...
http://www.grandeurpeakglobal.com/
...they provide links to David's WSJ interview and glowing review of their fund.
So far I really like what they have to offer --- their passion for global investing, excitement in starting their own firm, lots of travel and time on the ground to visit companies, their global analyst team and ease of communication with their firm.
Here's a sample of some stocks mentioned by Grandeur Peaks in their 4th qtr report that they own:
====================================================
Hy-Lok Corporation
Hy-Lok is a $240 million market cap company based in Busan, South Korea. Hy-Lok generates about $100 million of annual revenue as a global leader in fluid control precision. They make very high-tech fittings and valves, which are distributed across the globe and used in a variety of industries. Founded in 1977, the company has been listed on the KOSDAQ (Korean NASDAQ) since 1989. The stock was
up 19% in the fourth quarter and contributed 30 basis points to the overall return of Global and 30 basis points to the overall return of International.
Bertrandt AG
The Bertrandt Group is a $500 million market cap company based in Ehningen, Germany. Bertrandt generates about $750 million of annual revenue providing outsourced R&D and other services to the automotive and aerospace industries. The company was founded over 35 years ago. The stock was up 25.8% in the fourth quarter and contributed 24 basis points to the overall return of Global and 25 basis points to the overall return of International.
Banco ABC Brasil
Banco ABC is a $1.7 billion market cap commercial bank based in São Paulo, Brasil. The bank has about $6 billion in assets and provides a range of financial products and services to medium and large companies in Brazil. It focuses on corporate credit, capital markets, and treasury operations. The stock was up 17.1% in the fourth quarter and contributed 19 basis points to the overall return of Global and
23 basis points to the overall return of International.
Tegma Gestao Logistica
Tegma is a $1.7 billion market cap company based in São Paulo, Brasil. They are one of Brazil's largest logistics management companies, and a leader in the automotive industry. They are experts in providing customized and innovative logistics solutions focusing on three core market segments: the automotive industry, road transport, and warehousing and handling. The stock was up 15.8% in the fourth quarter and contributed 14 basis points to the overall return of Global and 28 basis points to the overall return of International.
Vitasoy International Holdings
Vitasoy is a $5.9 billion market cap company based in Hong Kong that was founded in 1940. They are a global leader in soy-based beverages and foods with annual revenues of $500 million. The stock was up 13% in the fourth quarter and contributed 12 basis points to the overall return of Global and 19 basis points to the overall return of International.

This Bio from M*
Andrew Foster
10/31/2006 — 03/21/2011 Andrew Foster is a Portfolio Manager at Matthews International Capital Management, LLC. Andrew joined Matthews in 1998 as a Research Analyst, and has held a number of positions at the firm during his tenure, including Director of Research, and acting Chief Investment Officer. Andrew began his career in Singapore, where he worked as a management consultant in A.T. Kearney’s Financial Institutions Group. He holds an A.B. in Public Policy and a secondary degree in Economics from Stanford and an M.B.A. from INSEAD in France.
Mr. Foster had an excellent performance at MAPIX,basically in the top 10% for his 4 1/2 years there.
http://performance.morningstar.com/fund/performance-return.action?t=MAPIX&region=USA&culture=en-us

http://www.sec.gov/Archives/edgar/data/916006/000145079112000024/supplement.htm
497 1 supplement.htm SUPPLEMENT TO THE PROSPECTUS AND SAI - UPCOMING REORGANIZATIONS
Bridgeway Funds, Inc.
Aggressive Investors 1 Fund (BRAGX)
Aggressive Investors 2 Fund (BRAIX)
Ultra-Small Company Fund (BRUSX)
Micro-Cap Limited Fund (BRMCX)
Supplement dated February 13, 2012 to the Prospectus
and Statement of Additional Information (“SAI”) dated October 31, 2011
At a meeting of the Board of Directors (the “Board”) of Bridgeway Funds, Inc. ( “Bridgeway Funds”) held on February 10, 2012 (the “Meeting”), the Board unanimously approved a Plan of Reorganization (the “AI2 Plan”), providing for: (i) the conversion of the shares of the Aggressive Investors 2 Fund (the “AI2 Fund”) into shares of the Aggressive Investors 1 Fund (the “AI1 Fund”) and (ii) the resulting transfer to the AI1 Fund of all of the property, assets and goodwill of the AI2 Fund (when completed, the “AI2 Conversion”). The Board determined that the AI2 Plan and AI2 Conversion would be in the best interests of the AI1 Fund, the AI2 Fund, and their respective shareholders. The effect of the AI2 Plan and AI2 Conversion will be that the AI2 Fund shareholders would become shareholders of the AI1 Fund.
At the same Meeting, the Board also unanimously approved a Plan of Reorganization (the “MCL Plan”), providing for: (i) the conversion of the shares of the Micro-Cap Limited Fund (the “MCL Fund”) into shares of the Ultra-Small Company Fund (the “USC Fund") and (ii) the resulting transfer to the USC Fund of all of the property, assets and goodwill of the MCL Fund (when completed, the “MCL Conversion”). The Board determined that the MCL Plan and MCL Conversion would be in the best interests of the MCL Fund, the USC Fund, and their respective shareholders. The effect of the MCL Plan and MCL Conversion will be that the MCL Fund shareholders would become shareholders of the USC Fund.
The AI2 Plan and MCL Plan will require the approval of the shareholders of each of the AI2 Fund and MCL Fund, respectively. Separate special meetings of the shareholders are being called for that purpose. Shareholders of the AI2 Fund will receive proxy solicitation materials providing them with information about the AI1 Fund and AI2 Plan and shareholders of the MCL Fund will receive proxy solicitation materials providing them with information about the USC Fund and MCL Plan. If approved by such Fund’s respective shareholders, the AI2 Conversion and MCL Conversion are expected to take effect in the second quarter of 2012. Investors should check the Bridgeway Funds’ website (www.bridgeway.com) for further information.
Lastly, the Board approved certain modifications to the Management Agreement between Bridgeway Capital Management, Inc. (“Bridgeway”) and Bridgeway Funds, related to the AI1 Fund and USC Fund, effective as of February 13, 2012. Accordingly, the Bridgeway Funds’ Prospectus and SAI are hereby amended as follows:
1. The expense cap for the AI1 Fund in the table on page 70 of the Prospectus is reduced to 1.75%.
2. The expense cap for the AI1 Fund in the table on page 24 of the SAI is reduced to 1.75%.
3. The Base Advisory Fee schedule, which will now include an additional breakpoint providing for lower advisory fees, for the AI1 Fund on page 25 of the SAI is deleted and replaced with the following:
--------------------------------------------------------------------------------
(1) 0.90% of the value of the Fund’s average daily net assets up to $250,000,000;
(2) 0.875% of the next $250,000,000 of such assets;
(3) 0.85% of the next $500,000,000 of such assets and
(4) 0.80% of such assets over $1,000,000,000.
4. The expense cap for the USC Fund in the table on page 70 of the Prospectus is reduced to 1.85%.
5. The expense cap for the USC Fund in the table on page 24 of the SAI is reduced to 1.85%.
This information supplements the Prospectus and SAI of Bridgeway Funds, Inc. dated October 31, 2011.
Please retain this supplement for future reference.
Ironically, I have Aggressive Investors 1 and Microcap Limited funds.

They follow different commodities indexes (I believe Plus follows the Credit Suisse Commodity Index, while RR follows the Dow Jones-UBS commodities index) and the collateral/fixed income management is different (RR has a large portion of its fixed income collateral in TIPS, among other differences.)
Commodity RR: "A Double Real™ inflation-hedging strategy
Instead of investing in physical commodities, the Fund purchases derivatives linked to a broad index, helping it diversify without committing substantial capital. The Fund then “collateralizes” these derivatives with an actively managed TIPS portfolio. This dual approach seeks to capitalize on real (after-inflation) returns from commodities and real returns from TIPS. TIPS may decline in value if interest rates rise, and may be particularly sensitive if real interest rates rise rapidly."
CommoditiesPlus: "The Fund combines a non-leveraged position in the Credit Suisse Commodity Benchmark with a portfolio of high-quality, short-term bonds. The commodities futures capture the price return of the commodities index, while PIMCO’s active management of the bond portfolio seeks to add incremental return above the index. The Fund maintains a high overall portfolio quality, and enhances diversification by investing in a variety of high-quality securities, such as mortgages and hedged non-dollar bonds, as well as relatively risk-free assets such as T-bills and money market instruments. The Fund may also invest in securities with ratings below AAA to capture additional yield. "
I own RR, and have never felt the need to add or switch to Plus.
The only issue with RR is that it does tend to throw off very large distributions at times.

got this from Financial advisor
SPECIAL MARKET REPORT
February 2012
SHORT TERM VIBRATION:
It will be difficult for the markets to replicate their January performances in February. After sporting nearly a 7% gain in the first month of 2012, markets are due to take a breather. Because of this, investors should exercise caution in the near term.
During this recent market rally, the market has seen volatility diminish as well. Currently, the volatility index, which is used by many short term traders, suggests that there is a great deal of complacency in the stock market. The present level is measuring around 16, which is only four points off the all-time low measured a few years ago when the market peaked in 2007 before the big crash.
This does not suggest a big downturn is in store for the immediate future, but the likelihood of a measurable 5% or greater correction is extremely great. In other words, avoid chasing many of the stocks that have experienced parabolic jumps in this recent market spurt. Remain patient and allow the markets and stocks to settle in at more reasonable levels before taking positions.
Medium term:
The present strong market conditions have most money managers wanting to chase stocks in order to hit growth benchmarks. This has initially caused the quick burst seen in January. There is a distinct possibility that stocks will consolidate and potentially pullback in the near term. However, after stocks put in a healthy breather, they may be poised to push a little higher into the end of spring.
To take advantage of any more upside in this market may require that investors remain selective in what stocks they buy. Most of the big movers in the early part of 2012 were those stocks and sectors that underperformed woefully in 2011. Sectors such as alternative energy, financials and commodities have exhibited extreme strength so far.
Will that trend continue? It is a question that remains to be answered.
All markets are sitting near multi-year highs. Meanwhile, we have treasuries also yielding all-time lows. Bonds are in a bubble and gold is within striking distance of taking out all-time highs. This scenario poses an intriguing conundrum for all investors because it is extremely rare to see all asset classes sitting at such lofty levels.
In other words, something has got to give.
It would be premature to determine what asset classes will break down and which ones will soar even higher. Investors need to maintain a shorter time frame in holding any of these assets and be willing to trade out of them at the first signs of serious price depreciation. The current mood is suggesting long equities and short treasuries. However, this trade could reverse quickly by the end of the second quarter if Europe continues to stumble and the U.S. economy shows any serious hiccup in its recovery effort. This year the old adage "sell in May and go away" may turn out to be a worthwhile piece of advice worth following.
EXECUTIVE SUMMARY:
Short term indicators suggest equities will remain the place to be, but chasing most of these stocks at present levels may leave some investors being disappointed. If investors have a willingness to remain nimble and can exercise selectivity, the present market rally may continue to offer more gains in equities over the coming three months.
We believe having a defensive asset allocation in a majority of cash; with some selective fixed income, bonds and principle protected investment instruments may be prove to be a wise pose. This is what we would like to term capital preservation growth --- it is getting the most out of assets with the least amount of risk. This is a key strategy for us as we maintain the markets are at an inflection point as all asset classes are near unsustainable tops. Until it is clear which asset class or classes will emerge with more sustainable upside, we believe exercising caution, remaining nimble and diversifying risk is the way to navigate the present, turbulent investment waters.
If you would like to receive Monthly Market Newsletters from the Trader's Desk of Jason Shade, please feel free to sign up for free at www.wallstreetstraighttalk.com. You can also access my daily blogs and other complimentary special reports on my site as well. Thank you for your time and feel free to email me if you would like to discuss anything. [email protected]
Best Regards,
Jason Shade, Financial Advisor
Director of Portfolio Management
Barrington Financial Advisors, Inc,

Reply to @Kenster1_GlobalValue: Good for those who took part in the move, which - when you have 60% of the float short, is not entirely unexpected. They would also be advised to consider taking profits.
However, as one who questioned why anyone in their right mind would want to own Sears on fundalarm when it was over $100 a share (and got a ton of upset responses - "OMG, it's a value stock!"), I'll continue to say that Sears is not sustainable in its current form - and buying back shares/creating short squeezes does nothing to fix Sears and K-Mart stores - two brands whose interest from consumers continues to erode. This morning from Fitch on retail:
10:45 AM ET Fitch: Sears Continues To Be Weakest Performer In Group
Dow Jones
I will gladly reconsider my opinion on Sears once Eddie Lampert actually comes up with a plan to try to restore a classic American brand rather than another round of buybacks (almost all of which was bought higher/much higher) As for taking the company private, I'm genuinely curious as to the "then what?" of that plan.
Meanwhile, other companies continue to take market share from Sears.
As for Fairholme, I continue to like the less-discussed aspects of the portfolio, such as the Asian insurers and Brookfield Asset Management, as well as to a lesser degree Leucadia. There's also the tiny investment in JZ Capital Partners.

Of the two former Thornburg people, Mr. Kinkelaar probably had more direct input on the Thornburg Income Builder fund. He was there 6 years. And Mr. Remily was there only a year. But I would say that Brian McMahon was and is the real team leader of TIBIX. Keep in mind that American Funds' Capital World Growth & Income is the "original" global dividend fund. Thornburg's success, I think, is that it is much smaller ($10B vs $66B), and has had stronger management. But it also really concentrates on the dividend, which American seems to have forgotten. I have no crystal ball with the new PIMCO offering, but it might have some attraction for investors looking for a Thornburg Income Builder type fund that cannot access Thornburg without a commission. Whether Kinkelaar and company are up to the task or not, PIMCOs huge resources should certainly be a help.

Reply to @scott: In terms of longer-term themes (esp. emerging markets), I think Jay Pelosky is worth paying attention to:
"In the global search for yield, four principal areas of opportunity stand out. First is USD denominated Emerging Market debt. While local currency EM debt became a crowded trade (currently being unwound), the same is not the case for USD debt. Investors access better sovereign balance sheets at a significant yield pick up over UST. Second, infrastructure investment is likely to grow significantly in both the OECD and EM while offering private capital a rare combination of duration and yield.
Two other opportunities include US corporate spread product, both high yield and floating rate bank loans, which have been sold off heavily and yet offer attractive yield and exposure to the US corporate sector, the most fundamentally sound segment of the market. Given the outlook for a strong dollar, weak growth and EM stagflation, spread product looks more appealing than straight equity. Finally, the long end of the UST curve remains attractive with the Fed committed to be a significant buyer of new paper thru June while the economic, political and investor backdrop remains favorable. The 30yr UST bond could retest its 2008 yield low of 2.5%."
http://www.huffingtonpost.com/jay-pelosky/post_2510_b_994172.html

At the IRS, there's a new form 8949, replacing the D-1 continuation sheet as the feed-in to the Schedule D. You have to file separate forms 8949 for covered and uncovered shares. So for some sales starting this year, the proceeds and cost basis will have to be divided between the two types of shares as well as between long and short gains. Appears you could have as many as four entries for one sale.
Looks like it's going to be a mess to keep up with for a few years, while there may be covered and uncovered shares mixed in single funds or stock holdings. It'll be complicated enough that the fund companies/brokerages are bound to make errors at least here and there on the statements that go to the IRS, which the investor will have to explain, or get the company to issue a corrected statement.
Yikes.

Re: "Investors Pulled ..." Sure looks like case of bad timing. Hope updraft continues for a while. Most everything's hot right now. Looks like nice follow through in Asia Thursday morning - half percent or so gains across the board early on.

five leverage ETFs delivering big gains
http://etfdb.com/2012/five-leveraged-etfs-delivering-big-gains/

Reply to @catch22: I definitely think the Greek situation will not end well - and possibly not end well for anyone involved. However, I suppose at this point I can't see as to how this should come as a surprise to any market participants. This has become what I call "Groundhog Day" finance - problems that just keep appearing and keep getting kicked down the road, despite the math telling the truth about Greece and other Euro neighbors. I fully expect new programs and interventions, etc brought together to meet any other appearances of the mathematical reality these countries are truly facing. If Greece gets X, other countries in a similar shape will want X too, as well.
If not, then, well, we'll live in interesting(er?) times, but the sun will still rise tomorrow. There's far too much of the "if this isn't done, it will be armageddon" statements being offered - I don't think things are always necessarily so black and white.
As for hedge funds, I think that may turn into a bigger battle - David Einhorn's Greenlight Capital, which does have short positions in Euro bonds - had the largest fine London's FSA has ever given out - put against it for insider trading in 2009 last week. That's not to say that Einhorn wasn't guilty (although he says he isn't), but that I think you may see various regulatory agencies trying more aggressively to turn something up on larger, more high profile hedge funds. With the tools that hedge funds have these days, larger ones have become increasingly powerful and it'll be interesting to see how far that is allowed to go.
I do think there's the possibility of a real bubble in yield, but with things the way they are, that could go on and become considerably more significant over the next few years. Some people have said MLPs are overvalued, for example, and they may very well be, but given that CDs yield an impressive 0.00000001%, then it would not surprise me to see them continue to see inflows.
I still lean towards inflation being the end result of this time period and agree with this:
"One of the reporters asked, ‘Do you worry that inflation may get out of control?’ The Chairman (Bernanke) responded, ‘We’re targeting 2% inflation.’ Of course, I don’t believe that. My belief is they are targeting something like 4% or 5%.
When they hit 4% or 5% and, in effect, (they will) spook people into spending money or getting into riskier assets. They want to stampede people into lending and spending again to get the velocity up and get the economy going. That’s the plan. It’s a game of expectations, it’s a game of psychological manipulation. One of the ways to do that is to set expectations low and then deliver a much higher inflation number.
So when the reporter asked him if inflation could get away from him, Bernanke said, ‘Yes.’ His exact words were, ‘Inflation may move away from desired levels.’ To me that was code for saying it will move away from desired levels.”"
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/1/27_Rickards__Gold_May_Super_Spike_as_We_See_the_End_of_the_Dollar.html
---
Additionally, in regards to stocks being at least a decent portion of one's holdings: I do share Marc Faber's view to some degree: "Look at the history, for example, of Germany, for the last 100 years. They had World War I. They had the hyper-inflation in World War II. The bond-holders got wiped out three times. If you owned Siemens, and you still own Siemens today, it was not a fantastic investment, but at least you still have something. You were not wiped out. I think that in equities you will be better off because you have an ownership in a company, than by being the lenders to companies, and the lenders, especially, to governments.
In a money-printing environment, it is very difficult to know what is actually cheap and what is expensive. Is the price of wheat high, or is it low? Inflation-adjusted, it is extremely low. In nominal terms, it is relatively high. I believe that, in March 2009 when the S&P was at 666, the market was actually much cheaper than is generally perceived, because of the money-printing, and I do not anticipate that we will see 666 on the S&P again, in nominal terms.
In other words, they are going to print so much money that the S&P could be at, perhaps, 2000, but in real terms, it could be down below the lows of March 6, 2009. "
As for inflation, the most odd/interesting tale is that of Kyle Bass and nickels. The hedge fund manager has bought 20 million nickels because he believes the value of the underlying metal is more than the face value and will go up when less of the underlying metal is used in the coin.
http://www.cnbc.com/id/44788851/Kyle_Bass_s_Nickel_Collection
I recently started mid-sized positions in Loews (L) and Icahn Enterprises (IEP) with a long-term view on each, and added to DGS etf and AQR Risk Parity (AQRNX)

Howdy,
Again, a thank you to all who post the links and also start and participate in the many fine commentaries woven into the message threads.
For those who don't know; I ramble away about this and that, at least once each week.
NOTE: For those who visit MFO, this portfolio is designed for retirement, capital preservation and to stay ahead of inflation creep. This is not a buy and hold portfolio, and is subject to change on any given day; based upon perceptions of market directions. All assets in this portfolio are in tax-sheltered accounts; and any fund distributions are reinvested in the funds. Gains or losses are computed from actual account values.
While looking around.....Well, Mr. Patient has more of a smile, so far; this month, this year. Mr. Patient is one of those little characters whom we've seen portrayed as the pro or con perspective resting upon either shoulder, voicing opinions and thoughts. Mr. Twitchy could be named for the other shoulder character. Mr. T is relaxed most of the time, or at least keeps his thoughts to himself. Mr. P and Mr. T generally do offer a balance, related to most things; and in particular, investing and investments. Mr. P is the one with patience, Mr. T. is less patient; but is also the most curious and is the explorer, and therefore discovers more and new items of interest. Mr. P is indeed the named and actual pilot of the investment boat, using the charts and information placed before him. He is generally content with the tried and true safe passage ways upon the investment waters. But, it is Mr. T who offers up thoughts and suggestions about new passage ways and ports of call. As patient as Mr. P may be, he realizes that the ports and safe harbors he is most familiar with and has enjoyed in the past, can change. Mr. T is the one who keeps track of the reports from the other investment pilots as to their perspective of changes in the familiar ports of call; and who also offer up alternative ports of call; to which, the Funds Boat has yet to visit. Mr. T will investigate these reports and offer a navigational passage, to a new port of call. The boat may not stop or stay at a new port; but will at least take a closer look and make some notes for future reference.
Mr. P is a decent boat pilot; and Mr. T is a decent navigator. Both realize that their travels upon the waters of investments are best served and safer when both of their skill sets are combined; as neither could perform both positions as well, on their own. They continue to attempt to find the best passages and ports of call, going forward.
You may find a slight pressure of weight upon each shoulder top from time to time. The pro's and con's friends you have; debating this or that. One may name the "con", as is sometimes referred; the devil's advocate. Although this naming has its own reference to many; it should not be taken as a negative aspect; but as the balancing argument as to setting an investment plan.....the "why should I" or "the convince me".
I have noted a few things below, in the Buy/Sell/Portfolio section.
I have retained the following links for those who may choose to do their own holdings comparison against the fund types noted.
This 1st link to Bloomberg is for their list of balanced funds; although I don't always agree with the placement of fund styles in their categories.
http://www.bloomberg.com/apps/data?Sector=888&pid=invest_mutualfunds&ListBy=YTD&Term=1
These next two links are for conservative and moderate fund leaders YTD, per MSN.
http://moneycentral.msn.com/investor/partsub/funds/topfundresults.asp?Symbol=$HF&Category=CA
http://moneycentral.msn.com/investor/partsub/funds/topfundresults.asp?Category=MA&Type=&symbol=$HF
Such are the numerous battles with investments attempting to capture a decent return and minimize the risk.
We live and invest in interesting times, eh?
Hey, I probably forgot something; and hopefully the words make some sense.
Comments and questions always welcomed.
Good fortune to you, yours and the investments.
Take care,
Catch
SELLs/BUYs THIS PAST WEEK:
NONE
A reflection upon the links above; we attempt to establish a "benchmark" for our portfolio to help us "see" how our funds are performing. Aside from viewing many funds within the balanced/flexible funds rankings (the above links), a quick and dirty group of 4 funds we watch for benchmarking are the following:
***Note: these YTD's per M*
VWINX ....YTD = + 1.6%
PRPFX ....YTD = + 5.8%
SIRRX .....YTD = + .8%
HSTRX ....YTD = + 1.1%
None of these 4 are twins to our holdings, but we do watch these as a type of rough guage.
Portfolio Thoughts:
Our holdings had a + 1.45 % move this past week. Related to the Mr. P and Mr. T above. Patience has won out so far this year, as is related in particular to LSBDX. This fund's performance in 2011 was a bit on the rocky side; and Mr. Twitchy offered choices for change and to split this fund 4 ways in 2012, forget 2011 and move on into other investments with the proceeds of the sale. LSBDX has performed very well in 2012, to date. The investment positions taken by the managers in 2011 were apparently not incorrect; but as with many other investment areas, continued to be hammered to the downside with the continued unknowns from Europe in particular. Mr. Patient will continue to watch the situations surrounding us; and is assured that Mr. Twitchy will be in place, too; looking at as much as possible, using his curiousity, to perhaps discover something that has been overlooked. To the high praise of MFO and the members, it is very difficult to find a topic to note here that has not been placed into the discussion boards. Excellence, as usual.
---Below is what M* x-ray has attempted to sort for our portfolio---
U.S.Stocks 11%
Foreign Stocks 11.14%
Bonds 70.83% ***
Other 7.03%
Not Classified 0.00%
***about 35% of the bonds are high yield category (equity related cousins)
---This % listing is kinda generic, by fund "name"
-Investment grade bond funds 26.8%
-Diversified bond funds 19.8%
-HY/HI bond funds 23.2%
-Total bond funds 17.8%
-Foreign EM/debt bond funds 4.3%
-U.S./Int'l equity/speciality funds 8.1%
This is our current list: (NOTE: I have added a speciality grouping below for a few of fund types)
---High Yield/High Income Bond funds
FAGIX Fid Capital & Income
SPHIX Fid High Income
FHIIX Fed High Income
DIHYX TransAmerica HY
---Total Bond funds
FTBFX Fid Total
PTTRX Pimco Total
---Investment Grade Bonds
APOIX Amer. Cent. TIPS Bond
DGCIX Delaware Corp. Bd
FBNDX Fid Invest Grade
FINPX Fidelity TIPS Bond
OPBYX Oppenheimer Core Bond
---Global/Diversified Bonds
FSICX Fid Strategic Income
FNMIX Fid New Markets
DPFFX Delaware Diversified
TEGBX Templeton Global (load waived)
LSBDX Loomis Sayles
---Speciality Funds (sectors or mixed allocation)
FCVSX Fidelity Convertible Securities (bond/equity mix)
FRIFX Fidelity Real Estate Income (bond/equity mix)
FFGCX Fidelity Global Commodity
FDLSX Fidelity Select Leisure
FSAGX Fidelity Select Precious Metals
RNCOX RiverNorth Core Opportunity (bond/equity)
---Equity-Domestic/Foreign
FDVLX Fidelity Value
FSLVX Fidelity Lg. Cap Value
FLPSX Fidelity Low Price Stock
MACSX Matthews Asia Growth-Income

http://online.wsj.com/article/SB10001424052970203363504577187293030118950.html?ru=yahoo&mod=yahoo_hs
"St. Joe Co., one of largest landowners in Florida, signaled that it is scaling back development plans again, an indication that its efforts to turn the state's Northern Gulf Coast into a cluster of luxury second-home communities have been a flop.
On Friday, the company indicated in a Securities and Exchange Commission filing that it has adopted a "new real-estate investment strategy" that will see it reduce capital expenditures at its master planned communities. The firm said it also expects to sell undeveloped parcels in bulk at discounted prices.
The company expects to report a charge of between $325 million and $375 million for the fourth quarter of 2011, when earnings are released next month. That would amount to about one-fifth of the company's market capitalization and about half of the total real-estate assets on the company's balance sheet, which totaled $759.6 million at the end of September........"
Quite a bit more at the link above.

to your last point, hank... many more than 3 "broke the buck" in 2008, but those owned by banks or any other deep pocketed (and not so deep pocketed) parents, received capital infusions to keep their NAV @$1.00.