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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week If diversification is good, why not diversify globally? (humbledollar.com) Don't make your investing more complicated than it needs to be. (flyoverstocks.com) What institutional investors are doing isn't working. (blogs.cfainstitute.org) There is a whole class of pundits out there trying to knock you off your game. (downtownjoshbrown.com) Who died and paid the IRS a $7 billion estate tax bill?

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10 Columbus Day AM Reads

The Big Picture

My back-to-work-because-Columbus-Day-is-no-longer-a-market-holiday morning reads: • If you think grocery prices take a big bite out of your paycheck in the US, check out the rest of the world : What’s more, it’s important to note that food prices in the U.S. — relatively speaking — are the cheapest in the world, and have been for a long time.

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#FASuccess Ep 406: Exiting To A Perpetual Purpose Trust To Facilitate Internal Leadership Succession Without Indebting G2 Advisors, With Michael Kramer

Nerd's Eye View

Welcome everyone! Welcome to the 406th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Michael Kramer. Michael is the manager of Natural Investments, an RIA based in San Francisco, California that has offices across the country, overseeing $1.9 billion in assets under management for 1,300 client households. What's unique about Michael, though, is how his firm used the unique perpetual purpose trust structure to facilitate an internal succession plan, allowing th

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ATM: Valuation is an Exercise in Faith with Aswath Damodaran

The Big Picture

 ATM: Valuation is an exercise in faith with Aswath Damodaran. (October 9, 2024) Do you understand the difference between price and value? How much faith do you have that any stock or market will eventually return to its intrinsic value? Full transcript below. ~~~ About this week’s guest: Professor Aswath Damodaran of NYU Stern School of Business is known as the Dean of Valuation.

Valuation 209
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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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When Luxuries Become Necessities

A Wealth of Common Sense

Each year the Bureau of Labor Statistics (BLS) updates consumer expenditure data on how Americans collectively spend and earn their money. These numbers are averages so your personal household budget probably looks different in some ways. Your circumstances — where you live, your standard of living, how much you make, family situation, etc. — often dictate how you spend.

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Saturday links: a form of literature

Abnormal Returns

Energy How the grid should be rebuilt in Western North Carolina. (grist.org) How Europe has weaned itself from Russian gas. (daily.jstor.org) How would beaming solar power from space work? (fastcompany.com) Environment The U.S. military takes climate change seriously. (politico.com) Nature finds a way: the weed edition. (technologyreview.com) In Europe, plastic bottles come with attached caps.

Math 233
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Weekend Reading For Financial Planners (October 12–13)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a CFP Board ad campaign promoting a career in financial planning to high school and college students sparked an uproar in the planning community, as some advisors questioned whether the messages being sent in the ads – in particular, certain static ads that did not provide as much context into the messaging as a series of 15-second video ads – realistically rep

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Long-Term Stock Market Averages

A Wealth of Common Sense

Through the end of September, the S&P 500 was up more than 36% in the prior 12 months. That’s a good return. In fact, it’s good enough to put it in the top 10% of one year returns going all the way back to 1926. The stock market is on a heater. Here’s one way to look at how wonderful things have been of late: I calculated the annualized returns over various time frames going way way back.

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Weekly Initial Unemployment Claims Increase to 258,000

Calculated Risk

The DOL reported : In the week ending October 5, the advance figure for seasonally adjusted initial claims was 258,000 , an increase of 33,000 from the previous week's unrevised level of 225,000. This is the highest level for initial claims since August 5, 2023 when it was 258,000. The 4-week moving average was 231,000, an increase of 6,750 from the previous week's unrevised average of 224,250. emphasis added The following graph shows the 4-week moving average of weekly claims since 1971.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Longform links: US cultural dominance

Abnormal Returns

Wealth Who died and paid the IRS a $7 billion estate tax bill? (sherwood.news) A profile of Denise Coates, founder of Bet365, and the richest woman in England. (theguardian.com) Global How Iceland became a hotbed for online scams. (nytimes.com) Checking in on the reconstruction of Notre Dame. (gq.com) Lebanon has a lot of geographical advantages. Why is the country so troubled?

Taxes 231
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Empowering Employee Advisors Who Struggle With Business Development By Narrowing Them Into A Niche

Nerd's Eye View

Independent Registered Investment Advisors (RIAs) often face significant challenges in attracting advisors who can proactively generate new business. Many employee advisors gravitate toward service-oriented roles; this preference often stems from their initial motivation for entering the profession – wanting to help clients or perform the more analytical aspects of investing and financial planning.

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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of Los Brasiles coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Mossad’s pager operation: Inside Israel’s penetration of Hezbollah : New details emerge of Israel’s elaborate plan to sabotage Hezbollah communications devices to kill or maim thousands of its operatives. ( Washington Post ) • How to win a Nobel prize : What subjects have past winners studied?

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Defining Bull and Bear Markets

A Wealth of Common Sense

Nick Maggiulli joined me on the show this week to tackle questions about investing in total stock market index funds, how to value your pension, factors that allow you to take more risk in your portfolio and when to sell your big winners. Further Reading: An Epic Bull Market 1It’s worth noting these are price returns only, no dividends included.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

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YoY Measures of Inflation: Services, Goods and Shelter

Calculated Risk

Here are a few measures of inflation: The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year. This declined and is now up 4.4% YoY. Click on graph for larger image. This graph shows the YoY price change for Services and Services less rent of shelter through September 2024. Services were up 4.7% YoY as of September 2024, down from 4.8% YoY in August.

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Podcast links: hedge fund math

Abnormal Returns

Listening Google's NotebookLM is a game-changer. (wsj.com) How 'Smartless' became a big and growing business. (nytimes.com) Venture capital Patrick O'Shaughnessy talks with Kareem Zaki who is a General Partner at Thrive Capital. (joincolossus.com) Barry Ritholtz talks with Joe Lonsdale of 8VC. (bloomberg.com) Rick Buhrman and Paul Busser talk with Ravi Gupta who is a partner at Sequoia Capital.

Math 220
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Gifting Without The Headache: Tax-Efficient Strategies To Stay Under Gift Reporting Limits

Nerd's Eye View

Gifting is a common planning topic discussed between advisors and clients – often raising questions about which gifts are taxable, need to be reported to the IRS, or may be exempt from reporting altogether. The rules around gifting are nuanced and can create confusion for clients, but advisors with a clear understanding of gifting strategies can guide them toward informed decisions.

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MiB: Joe Lonsdale of 8VC, Palantir, Adapar & Opto

The Big Picture

Live from FutureProof in Huntington Beach, California, Barry Ritholtz speaks with Joe Lonsdale of 8VC. Previously, he co-founded Palantir Technologies , founded Adapar , a wealth management platform, and Opto , a private market investment platform. In this episode, Lonsdale discusses the importance of technology in various sectors, the need for innovation in defense, and the potential of AI to transform the services industry.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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Greatest Wealth Transfer in History Will Create Brand Challenges for Wealth Managers

Wealth Management

Gen X, millennials and Gen Z are set to inherit $84 trillion in assets—they have different priorities that aren’t reflected in wealth management brands today.

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Q3 GDP Tracking: Around 3%

Calculated Risk

From BofA: Since our last weekly publication, our 3Q GDP tracking estimate is unchanged at 2.6% q/q saar. [Oct 11th estimate] emphasis added From Goldman: We left our Q3 GDP tracking estimate unchanged at +3.2% (quarter-over-quarter annualized) and our Q3 domestic final sales forecast unchanged at +2.8%. [Oct 8th estimate] And from the Atlanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 3.2 percent on October 9, unch

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Friday links: a cursed star

Abnormal Returns

Finance JP Morgan Chase ($JPM) says the consumer is in good shape. (sherwood.news) One company's loss is another's gain. (ft.com) Biotech IPOs keep happening. (biopharmadive.com) Fund management A closer look at the proposed SPDR SSGA Apollo IG Public & Private Credit ETF. (citywire.com) Blackrock ($BLK) now manages some $11.5 trillion. (s24.q4cdn.com) AI How Flexport is using AI.

Math 210
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Producer Price Index: Wholesale Inflation Held Steady in September

Advisor Perspectives

Wholesale inflation was unchanged last month, compared to expectations of a 0.1% increase. The producer price index for final demand was flat month-over-month (s.a.). On an annual basis, headline PPI decelerated from 1.9% in August to 1.8% in September.

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.

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When Your Auntie Goes Off The Rails

Random Roger's Retirement Planning

I stumbled into a new option income fund with the Peerless Option Income Wheel ETF (WEEL). This graphic explains the strategy. It started trading this past spring and does not stand out as being particularly bad or good. As of last Friday, it owned just just two ETFs, an oil services fund and a semiconductor ETF. For now, it is mostly short put options on ETFs.

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10 Investment Must Reads for This Week (Oct. 8, 2024)

Wealth Management

S&P Dow Jones’ updated methodology for some of its indices has impacted $300 billion in ETFs, reports Financial Times. Mergers & Acquisitions looks at whether evergreen funds can scale up, given their promise of greater liquidity for investors. These are among this week’s investment must reads for wealth advisors.

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Cost of Living Adjustment increases 2.5% in 2025, Contribution Base increased to $176,100

Calculated Risk

With the release of the CPI report this morning, we now know the Cost of Living Adjustment (COLA), and the contribution base for 2025. From Social Security: Social Security Announces 2.5 Percent Benefit Increase for 2025 Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans will increase 2.5 percent in 2025 , the Social Security Administration announced today.

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Personal finance links: opting out of the game

Abnormal Returns

Podcasts Thomas Kopelman and Jacob Turner talk what you should look for in auto insurance. (podcasts.apple.com) Peter Lazaroff on what to consider when doing a Roth IRA conversion. (peterlazaroff.com) Khe Hy talks with Diana Merriam about the downsides of FIRE. (youtube.com) Health insurance Health insurance costs are only going up. (wsj.com) Even when you have health insurance your work isn't done.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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Will Grasim’s Entry into the Paint Business Impact Asian Paints?

Trade Brains

The Indian paint industry is rapidly growing, driven by rising urbanization and increased disposable incomes. Stiff competition among key players has made the market highly dynamic. Asian Paints, the industry leader, continues to dominate with its strong brand presence and extensive distribution network. Kansai Nerolac and Berger Paints also hold significant market shares, offering various decorative and industrial paints.

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A Few Thoughts On Diversification Strategies

Fortune Financial

It has been my experience when reviewing portfolios that diversification is typically expressed simply as a number of various stocks owned, or owning a handful of asset classes, usually stocks of various sizes and geographies, and bonds of varying maturities. While such a simple asset allocation may work for many investors, it is my view that too little thought is given to other diversification tools that may enhance a portfolio by addressing some vulnerabilities that can result when a portfoli

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Daylight CEO Underscores The Need For Philanthropic Planning Know-How

Wealth Management

Those advisors in the UHNW space without philanthropic planning services and understanding could be "left behind" by 2030, according to Daylight Advisors CEO Dien Yuen.

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