Thank you for your thoughtful reply.  I appreciate your evaluation of FLVCX AND FAIRX  and for offering some suggestions.   

 Re:  FLVCX redemption fee -- 1.5% within 90 days.  I have four contributions (4/29/08, 5/7/08, 5/15/08, and 5/19/08).  The redemption penalty I would incur is around $521(based on the last share price.)  The fund lost around 7% in its last 2 sessions -- According to M*, changed its portfolio (6/30/08).  The portfolio published on M* is dated 4/30/08.

Re:  FAIRX and Berkshire holdings -- Because my employer is a large, international law firm, I'm confined to investing in mutual funds.  I like this fund because of its low expenses -- I know Berkshire's financial holdings have taken a real hit -- but AIG is everywhere, including gaining entry into some EMs.

In 2000-2001, I lost about 17%, and from 2002-2003, I stayed in the fixed-income investment in the 401K for 2002-2003.  The SMA option was not available to the 401K plan participants at that time. 

Regards, and tx