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How much does your iPhone really cost? NEW YORK (CNNMoney) Who's buying the iPhone 6 so far? Mostly rich, white guys. 
Click the chart to see more about who is buying the iPhone 6 and iPhone 6 Plus. 
Susan Walsh/APFederal Reserve Chair Janet Yellen speaks during a news conference at the Federal Reserve in Washington on Wednesday. NEW YORK -- Federal Reserve chief Janet Yellen signaled that rational exuberance is just fine. That, at least, is how some of America's largest money managers interpreted her comments on Wednesday suggesting interest rates will remain low through 2016. It reinforced their views that easy money means the U.S. stock market rally has further to run despite notching a series of record highs already this year. That could easily put the S&P 500 benchmark on track to surpass 2000 for the first time, and to do so well before the end of the year. Such a gain for 2014, after a 30 percent rise in 2013, would surprise those who worried that stocks might be getting overvalued and were due for a sizable pullback. One reason for increasing confidence is that the resilience of the market has been very strong in the face of various shocks this year. A combination of an improving economy, rising earnings, and the cheap borrowing costs, has made that possible. Stock investors have shaken off last year's budget uncertainty in Washington, a sharp drop in high-growth technology companies and biotech shares, the conflict in Ukraine, and more recently the apparent tearing apart of Iraq that resulted in a spike in oil prices. "What I have is a sweet combination of a self-sustaining, long lasting economic expansion joined with a long-lasting monetary accommodation," said Steven Einhorn, vice chairman of Leon Cooperman's hedge fund Omega Advisors, which has $10.5 billion in assets under management. "I don't think this bull market is over," he said, adding he estimates stocks could rise another 3 to 5 percent this year. That may sound modest but when added to an average S&P 500 dividend yield of 2 percent, it looks pretty attractive against the 2.62 percent yield of a 10-year Treasury note. Fund Flows Yellen on Wednesday said interest rates could stay "well below longer-run normal values at the end of 2016," leading to further gains in stock prices that on Thursday pushed the S&P 500 to a new record. The S&P 500 (^GPSC) gained 2.50 points or 0.13 percent, to close at 1,959.48. While the Fed lowered some of its economic forecasts, Yellen nonetheless cited reasons for optimism about the world's biggest economy, including resilient household spending and an improving jobs market. Even if the market closed the year at this level it would mark the best three-year run for U.S. stocks since the 1997-1999 period. That's driven greater household interest in equities. Retail investors have dropped $61 billion into U.S.-based stock funds this year, according to Lipper. Tom Nally, a president at TD Ameritrade Institutional (AMTD), told the Reuters Global Wealth Management Summit on Wednesday that retail clients have an average of 19 percent of their assets in cash, slightly below the historical average of 20 to 25 percent. Advisers working with the firm are even more bullish -- with 8 percent of their clients' assets in cash. "We still think we are in one of the biggest bull markets of our careers," said Rich Bernstein, founder of Richard Bernstein Advisors in New York, and a former top Merrill Lynch investment strategist. Beyond a Bad Winter While first-quarter growth disappointed, economists say the effects of unusually bad winter weather will fade later this year. Expectations for corporate earnings growth have improved, with 2014 earnings expected to grow at 9.1 percent, up from 8.7 percent on April 1, according to Thomson Reuters data. Several fund managers said the slowness of the economic expansion may work in favor of the slow grind higher in stocks. The languid pace has prevented over-enthusiastic expectations from investors and the buildup of fixed-cost investments that "sow the seeds for the next recession," Bernstein said. "It is simply too early in this business expansion for shares to peak," said Einhorn. "If I'm correct that this particular economic expansion has years to go, then this bull market should have a good deal of time and price left in it." What's been striking about the rally is, in a sense, just how boring it has become. The S&P 500 (^GPSC) hasn't closed up or down by more than 1 percent in 43 consecutive trading days, the longest streak since 1995, said Antony Filippo, a Toronto-based independent investment manager. The CBOE Volatility index closed at its lowest in more than seven years Wednesday. To some, this suggests investors have become "complacent," that is, ignoring potential problems that could derail a rally, but a number of strategists suggested that just because investors aren't paying for protection does not mean they don't have worries. "You always want to be on guard for excesses ... but as it stands now the bias does appear to be toward the upside," said Dan Greenhaus, chief strategist at BTIG, who sees the S&P 500 at 1980 by year-end. Some Risks The year's strongest performers are a mix of defensive stocks with high dividends, like utilities -- which have risen 14 percent -- and growth areas like health care, technology and energy. The consumer discretionary sector -- which includes many retailers -- is the only one that is in the red this year, suggesting concern about the path of spending. If inflation picks up as growth remains stagnant, that would give investors pause. Core U.S. consumer prices have risen 2 percent over the last year, and if the inflation rate went much higher it could put pressure on the Fed to consider moving more rapidly to raise rates. "If the Fed had to get more hawkish quickly it's going to be a problem for the market, and lead to an abrupt end of low volatility -- we are vulnerable to a shock," said Russ Koesterich, chief investment strategist for Blackrock (BLK), which has more than $4 trillion in assets under management. Some measures suggest stocks are a little expensive: The current forward price to earnings ratio, at 15.6, is higher than the 10-year average of 13.8, according to Thomson Reuters data. Stocks could peter out when the Fed finally begins raising interest rates and the excess fueling equities' gains is gone. "When the Fed starts shifting toward maybe hiking rates, then you say, 'Okay, do I have to rethink how I'm allocated here?' " Greenhaus said. But many investors see plenty of time to take the bullish road before having to worry about that. "What's there to not like?" asked Karyn Cavanaugh, senior market strategist at Voya Investment Management in New York, which has $215 billion in assets under management. Cavanaugh, who sees the S&P ending the year around 2020, added: "There's nothing out there that's really going to derail this market." -.
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Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. As stated in the current prospectus, the Fund's Investor Class Share's annual operating expense ratio (gross) is 1.28%. The Fund's adviser has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit total annual operating expenses at 1.25%, which is in effect until October 31, 2015. Other share classes may vary. The Fund charges a 2.0% redemption fee on shares redeemed within six months of purchase. For the most recent month-end performance, please call (877)328-9437 or visit the Advisor's website at www.auxierasset.com. The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future.Spring 2014 Market CommentaryAuxier Focus Fund's Investor Class returned a modest 0.25% for the quarter ended March 31, while Standard and Poor's 500 Stock Index (S&P) rose 1.81%. The Fund ended the quarter with 70% in U.S. stocks, 16% foreign stocks, 1.7 % bonds and 12.3% cash. Since inception in 1999, the Fund's equity exposure has averaged 72%. Our stockholdings in the healthcare industry generally gained for the quarter. But many of our multinational and foreign stocks were hurt by the threat of currency repercussions from geopolitical events in Russia and Ukraine. The foreign portion of the Fund is easily the most undervalued. Longer term, we see a very favorable risk/reward potential with our UK and European holdings. Some emerging market companies we follow are the cheapest in over twenty years. In allocating capital, we much prefer the gloom of down to flat markets and the corrective pr! ocess that tempers exuberance. We remember that one of the prime derailments of consistently high compound returns is overpaying and over-borrowing, both of which most often takes place in "good times."
In Search of Corporate Catalysts
In Europe, the telecom industry offers opportunities amid rapid consolidation. There are over 100 Euro phone companies in contrast to a handful in the U.S. Merger activity is acting to lift values and may likely benefit operators like America Movil and Telefo! nica. Mul! tinational oil companies in the Fund such as BP (BP), Chevron (CVX), Conoco (COP) and Exxon (XOM) are scrutinizing capital spending and downsizing through spin-offs to more effectively compete and earn higher rates on investment. Chemical companies like DuPont, Dow and LyondellBasell have benefitted from low natural gas inputs driven by technological advances in horizontal drilling and so-called fracking.Opportunities Along the Food ChainLiving on a farm for the past twenty-six years has helped me to identify investment trends along the food chain. From grass-fed beef, free-range chickens, nuts to GPS technology and drones. Today there is a much greater understanding of the impact of nutrition and health. Evidence suggests that many illnesses can be traced directly to mineral deficiencies. In fact, the latest advances in cancer research are centered on mitochondria cell energy and boosting the immune system. Immunotherapy is the prevention or treatment of disease with substances that stimulate the immune system. This is one of the most exciting areas in medical research and may play a critical role in reducing healthcare costs. Kroger (KR) is an example of a U.S. grocer in the portfolio that has successfully transitioned toward the trend of eating better to become the number two seller of organic food in the country.The growing middle classes in emerging markets globally are demanding better quality foods (protein) and beverages. To serve the expected boom in demand, the world will have to produce as much food in the next 40 years as it has in the past 10,000. Over the next ten years, per capita GDP is expected to run nearly five times faster in the economies of emerging nations (source: Value Line). By 2020, the Chinese middle class is expected to be 640 million, up from 300 million today. The Chinese are following a policy of "social stability," one in which food availability and economic equality are driving many decisions. (source: Progressive Farmer). It is estimated that over 20% of China's ! farm soil! is contaminated with numerous forms of toxins. Food and water safety concerns continue to escalate. In California, extreme drought conditions and water politics are creating shortages. The prospects for an El Nino weather pattern later this year could further disrupt food supplies. These factors all contribute to firm pricing and a positive outlook for U.S. farmers. Food retailers who can innovate in delivering products with quality backed by integrity will excel. We like food and other dull industries that have typically endured the challenges of both inflation and deflation. During the 1970s, a period of easy money and high inflation, supermarkets outperformed with high inventory turns and low mandatory capital requirements.Risks Are Rising in Bonds and StocksDuring the financial crisis that bottomed in 2009, we were aggressive buyers of distressed corporate debt as interest-rate spreads widened in excess of 21%. We were well compensated for the risk. Today the spread is less than a measly 5%. The twin risks of potentially losing purchasing power and principal currently contribute to a poor risk/reward dynamic in the bond market overall. Since the Federal Reserve was established in 1913, the U.S. dollar has lost 96% of its value. (source: Bureau of Labor Statistics). So $1000 would now be worth approximately $40. Contrast that with $1000 invested in Philip Morris stock in 1925. That stake would have grown to well over $100 million today. (source: The Future for Investors).Speculation abounds in the stock market. Take, for example, the rush of investors into so-called cloud computing companies, which are attracting massive capital spending and smack of the internet and fiber optic infrastructure spending boom in the late 1990s. I remember going to Omaha to attend a Berkshire Hathaway meeting in 1999. Then the rage was Level 3 Communications, which was spending aggressively expanding fiber-optic networks. The reputation of Peter Kiewit as a major investor led to a huge following and stampede by Omaha i! nvestors ! into the stock. Two meetings later the stock had dropped over 75%. We live in a world where data generation is exponential, and supply gluts can develop rapidly, especially in times of euphoria.The Economist recently revisited five financial crises, and the conclusion can be summed up by Walter Bagehot, the magazine's editor-in-chief from 1860 to 1877. He argued that financial panics come when "blind capital" floods into unwise speculative investments. Today, over 70% of the companies that have come public the last six months have no earnings, and have been priced over ten times sales.1 By comparison, the typically profitable S&P 500 stocks average 1.7 times sales.The good news is that this country still leads in the investor's trinity of rule of law, innovation and integrity in financial markets. The government takings in Russia have further motivated foreigners to relocate assets into the United States. Chinese buyers in San Francisco and Latin American buyers in Miami are an example of just two cities where foreign investors have been seeking a safe place for investment.How We Manage RiskMuch more homework and selectivity is needed to effectively compound money in today's higher priced investment climate. Grinding through 1000-1500 companies a year, we see pockets of opportunity but areas of extreme risk as well. With over 40,000 hours of cumulative research on individual stock and bonds through numerous market declines, we should be able to add value in assessing and quantifying risk. Our first question every day is, "how much can we lose and what is the margin of safety?" This conservatism penalizes us in momentum markets such as we've had in recent years. But many times we have been able to make up lots of ground when times get tough.We appreciate your trust.Jeff Auxier (Trades, Portfolio)Cumulative Performance Since Inception – 3/31/14
Performance data quoted represents past perfor! mance and! is no guarantee of future results.Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling (877) 328-9437 or visiting the Fund's website. Please read the prospectus carefully before you invest.Fund returns (i) assume the reinvestment of all dividends and capital gain distributions and (ii) would have been lower during the period if certain fees and expenses had not been waived. Performance shown is for the Fund's Investor Class shares; returns for other share classes will vary. Performance for Investor Class shares for periods prior to December 10, 2004 reflects performance of the applicable share class of Auxier Focus Fund, a series of Unified Series Trust (the "Predecessor Fund"). Prior to January 3, 2003, the Predecessor Fund was a series of Ameriprime Funds. The performance of the Fund's Investor Class shares for the period prior to December 10, 2004 reflects the expenses of the Predecessor Fund. The Fund may invest in value and/or growth stocks. Investments in value stocks are subject to risk that their intrinsic value may never be realized and investments in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. In addition, the Fund may invest in mid-sized companies which generally carry greater risk than is customarily associated with larger companies. Moreover, if the Fund's portfolio is overweighted in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not overweighted in that sector. An increase in interest rates typically causes a fall in the value of a debt security (Fixed-Income Securities Risk) with corresponding changes to the Fund's value. Foreside Fund Services, LLC, distributor. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on 500 widely held common stoc! ks. One c! annot invest directly in an index. 1. Price-To-Sales Ratio - PSR' A valuation ratio that compares a company's stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company's sales or revenues.The views in this shareholder letter were those of the Fund Manager as of the letter's publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund's investment methodology and do not constitute investment advice.Also check out: Jeff Auxier Undervalued Stocks Jeff Auxier Top Growth Companies Jeff Auxier High Yield stocks, and Stocks that Jeff Auxier keeps buying 
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A 40-foot sinkhole at the National Corvette Museum in Bowling Green, Ky., swallowed eight of the cars on display Feb. 12. National Corvette MuseumFullscreen
A 40-foot sinkhole at the National Corvette Museum in Bowling Green, Ky., swallowed eight of the cars on display. National Corvette MuseumFullscreen
The 'Sky Dome' at the National Corvette Museum. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreen
Corvettes are on display in the 'Sky Dome' at The National Corvette Museum. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreen
The front of the National Corvette Museum in Bowling Green, Ky. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreen
Corvettes are on display at The National Corvette Museum. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreen
This sign at the entrance guides people to the Corvette museum in Bowling Green, Ky., on May 23, 1997. Keith Williams, The (Louisville) Courier-JournalFullscreen
A portrait of Zora Arkus-Duntov chief engineer of the Corvette was on display outside of the Cheverolet theater on May 27, 1997. Keith Williams, The (Louisville) Courier-JournalFullscreen
J.R. Moffett looked at a 1959 Corvette in a period showroom at the Corvette Museum in Bowling Green. He drove from Fort Knox to tour the museum. Keith Williams, The (Louisville) Courier-JournalFullscreen
Tracey Arand and Steve Meyman look at the display of Corvettes in Skydome of the National Corvette Museum in Bowling Green. Ky., on May 23, 1997. Keith Williams, The (Louisville) Courier-JournalFullscreen
Tracey Arand, left, and Steve Meyman look at the display of pictures of Corvettes as they stand in front of painting a Corvette on May 27, 1997. Keith Williams, The (Louisville) Courier-JournalFullscreen
Corvettes are on display at The National Corvette Museum. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreen
A tour guide talks to a group of schoolkids at the National Corvette Museum in Bowling Green, Ky., on May 20, 2002. Jim Roshan, Special for The (Louisville) Courier-JournalFullscreenLike this topic? You may also like these photo galleries:Replay
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