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MBA: Mortgage Applications Increase in Latest MBA Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Associations (MBA) Weekly Mortgage Applications Survey for the week ending March 7, 2025. The Market Composite Index, a measure of mortgage loan application volume, increased 11.2 percent on a seasonally adjusted basis from one week earlier.

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MiB: Stephanie Kelton on US Fiscal Policy and the ‘Deficit Myth’

The Big Picture

This week, I speak with Stephanie Kelton , Professor of Economics and Public Policy at Stony Brook University and Senior Fellow at the Schwartz Center for Economic Policy Analysis. We discuss US fiscal policy, recession risks, and her New York Times bestseller “ The Deficit Myth: Modern Monetary Theory and the Birth of the Peoples Economy.” She has made virtually all the ‘top 50 lists’ including POLITICO’s 50 Most Influential Thinkers in 2016 and Bloomberg Businessw

Economics 182
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Gathering Feedback That Counts: Crafting Client Surveys To Offer Services That Matter Most

Nerd's Eye View

Financial advicers often market their comprehensive financial services as a way to differentiate themselves from other advisory firms and to stand out in the broader landscape of financial advice. These services may range from 'standard' offerings like retirement planning to less traditional areas like credit card consulting. In a firm's early years, there tends to be more room for experimentation, with advisors adding new services to provide value and attract clients.

Clients 246
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Part 1: Current State of the Housing Market; Overview for mid-March 2025

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2025 A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market. Inventory, inventory, inventory! Inventory usually tells the tale. Currently Im watching months-of-supply closely. Since both inventory and sales have fallen significantly, a key for house prices is to watch months-of-supply.

Marketing 232
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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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Rabbithole: What Do People Get Wrong About Money?

The Big Picture

Money Delusions: What Do People Get Wrong About Money? David Nadig, “ Rabbithole ” March 7, 2025 I had fun chatting with Dave Nadig about philosophy, behavior, and investing ( video after the jump). His new podcast is called “Rabbithole” because Dave does not do broad and shallow; rather, he picks a narrow topic and goes deep down the rabbithole for 30 minutes — which is only a few questions.

Investing 195
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Podcast links: thinking freely

Abnormal Returns

Listening Is AI the future of dubbing? (fastcompany.com) Bill Simmons has re-upped with Spotify ($SPOT). (hollywoodreporter.com) Spotify ($SPOT) will start publishing independent audiobooks. (techcrunch.com) Pocket Casts is making its podcast player free. (arstechnica.com) Economy Derek Thompson talks Gen Z with Kyla Scanlon, author of "In This Economy?

Budgeting 147

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AI Meeting Notes Tools For Financial Advisors: Solo Productivity Vs Associate Advisor Development?

Nerd's Eye View

With each passing decade, not only does technology evolve at an ever more dramatic pace, but each new wave comes faster than the last. From the advent of the computer chip in the 1950s to the rise of the personal computer nearly 25 years later in the early 1980s, to the emergence of the internet just 15 years thereafter in the late 1990s, to mobile smartphones only 10 years after that in the late 2000s, to 'robos' less than a decade later in the 2010s, and most recently to AI, which 'suddenly' w

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Are we finally seeing an opening for international diversification? (awealthofcommonsense.com) The last ten years in the stock market visualized. (sherwood.news) It's been a awhile since the Nasdaq traded below its 200 day moving average. (bilello.blog) The stock market is a big distraction to the business of investing. (albertbridgecapital.com) Another example, why the stock market is not a level playing field.

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How Consolidation and Convergence Are Reshaping the 401(k) Industry

Wealth Management

Panelists at the P&I DC East Conference provide a glimpse into the future of DC plans.

Planning 288
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Using Section 351 Exchanges To Tax-Efficiently Reallocate Portfolios With Embedded Gains

Nerd's Eye View

Following the long run-up in the US equity markets since the bottom of the 2008–2009 financial crisis, many investors with taxable investment accounts have likely found themselves with high embedded gains in their portfolios. While the gains signal portfolio growth, they also create challenges for ongoing management. Because when it comes time to rebalance the portfolio to its asset allocation targets – or to reallocate the portfolio to a new strategy – any trades made to imple

Taxes 130
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Stop Falling Short When It Matters Most—The Elite Advisor’s Playbook to Success

Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?

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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 two years ago when services less rent of shelter was up around 8% year-over-year. This declined, but is still elevated, and is now up 3.8% YoY. Click on graph for larger image. This graph shows the YoY price change for Services and Services less rent of shelter through February 2025.

Food 251
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Talking How Not to Invest with Prof G

The Big Picture

I have known Scott Galloway since way before his first book, The Four , came out in 2017. He had been on MiB prior, and it was my pleasure to intro it at NYU Stern when it first was published. As always, it was so much fun chatting with Scott on the Prof G podcast: Barry Ritholtz, the co-founder, chairman, and chief investment officer of Ritholtz Wealth Management and the host of the Masters in Business podcast, joins Scott to discuss his new book, How Not to Invest: The Ideas, Numbers, and Beha

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Monday links: defining points in history

Abnormal Returns

Markets Corrections happen more often than you remember. (optimisticallie.com) Market moves just happen faster these days. (awealthofcommonsense.com) Books "Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings" by Alex Morris is a good refresher course. (newsletter.rationalwalk.com) A review of "The Art of Uncertainty: How to Navigate Chance, Ignorance, Risk and Luck" by Davie Spiegelhalter.

Media 147
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What RIAs Can Learn from Ellevest’s Decision to Sell Its Robo Advisor

Wealth Management

Matt Sonnen explains Ellevest's decision to sell its robo advisor to Betterment and focus on its more profitable clients.

Clients 284
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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Weekend Reading For Financial Planners (March 15–16)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that Securities and Exchange Commission (SEC) Commissioner Hester Peirce suggested in a recent interview that she would like to see the SEC give advisors more leeway to provide customized solutions to clients (rather than feeling required to take a regulator-prescribed "check-the-box" approach) and would like to ease the compliance burden on smaller investment advisers (p

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Part 2: Current State of the Housing Market; Overview for mid-March 2025

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-March 2025 A brief excerpt: Earlier this week, in Part 1: Current State of the Housing Market; Overview for mid-March 2025 I reviewed home inventory, housing starts and sales. In Part 2, I will look at house prices, mortgage rates, rents and more.

Marketing 229
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10% Market Dip? How Not to React

The Big Picture

I did a fun interview with Jack Hough of Barron’s — we were scheduled to discuss How Not to Invest , and he used our convo as a leaping off point to discuss what we should be doing in 10% downturns. Jack Hough walks through ways to hedge market downside from foolish to sensible, and we talk to Barry Ritholtz about strategies from his new book, How Not To Invest.

Marketing 130
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Friday links: uninterrupted straight lines

Abnormal Returns

Markets In the face of uncertainty, the stock market shoots first, asks questions later. (downtownjoshbrown.com) Just how much are the threat of tariffs driving the stock market? (morningstar.com) A 10% correction is a blip. (disciplinefunds.com) Strategy If you are going commit the sin of market timing, sin only a little. (monevator.com) How bad investment decisions feed on themselves.

License 147
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The Future Of Finance: How To Manage Spend The Right Way

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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FINRA: Sanctuary Wealth’s B/D Fell Short on Money Laundering Oversight

Wealth Management

According to a settlement, Sanctuary Securities allegedly had anti-money laundering procedures that fell short of Bank Secrecy Act requirements.

Banking 281
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#FASuccess Ep 428: Leveraging (Salesforce) CRM To Really Systematize A Mid-Sized Advisory Firm, With Lorie Jones

Nerd's Eye View

Welcome everyone! Welcome to the 428th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Lorie Jones. Lorie is the wealth manager of Fearless Financial Advisors, a dba of hybrid advisory firm Fidelis Wealth Advisors based in Castle Rock, Colorado, where Lorie personally oversees $30 million in assets under management for 88 client households.

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Q4 Update: Delinquencies, Foreclosures and REO

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Q4 Update: Delinquencies, Foreclosures and REO A brief excerpt: This entire housing cycle Ive argued that we would NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage lending has been solid, and 2) most homeowners have substantial equity in their homes.

Insurance 179
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The Stock Market Doesn’t Care What You Say

A Wealth of Common Sense

Here’s something I shared on Twitter recently: Some people thought I was being hyperbolic. Maybe so. That’s the point of social media sometimes. Then I read the latest Eye on the Market fromMichael Cembalest who said what I said only much more eloquently: Here’s the interesting thing about the stock market: it cannot be indicted, arrested or deported; it cannot be intimidated, threatened or bullied; i.

Marketing 123
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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Thursday links: getting back in

Abnormal Returns

Strategy The stock market is a big distraction to the business of investing. (albertbridgecapital.com) Six reasons to avoid hedge funds, including high fees. (blogs.cfainstitute.org) Companies Jamie Dimon is no fan of Institutional Shareholder Services and Glass Lewis. (semafor.com) The DEI backlash as seen in corporate filings. (nytimes.com) Lego's operating margins are falling.

Economy 162
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Court-Approved Termination of Trust Doesn’t Result in GST or Gift Tax Consequences

Wealth Management

The IRS ruled that beneficiaries recognize capital gains.

Taxes 274
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How Bond ETFs Make Trading Easier and Cheaper

Alpha Architect

Bond ETFs have attracted new investors who previously never owned bonds or bond funds. Bond ETFs have made it easier for more people and institutions to start investing in bonds. How Bond ETFs Make Trading Easier and Cheaper was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.

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CoreLogic: 1.1 million Homeowners with Negative Equity in Q4 2024

Calculated Risk

From CoreLogic: CoreLogic: Borrowers Gained Over $280B in Home Equity in 2024 CoreLogic. today released the Homeowner Equity Report (HER) for the fourth quarter of 2024. Nationwide, borrower equity increased by $281.9 billion, or 1.7% year-over-year. The report shows that U.S. homeowners with mortgages (which account for roughly 61% of all properties) saw home equity increase by about $4,100 between Q4 2023 and Q4 2024, which is less than the gain of $6,000 in Q3 2023.

Numbers 191
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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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The Top 10 Stocks in the S&P 500

A Wealth of Common Sense

Kevin Young joined me on the show to answer a question for a young financial advisor who is dealing with his first correction with nervous clients. We also touched on questions about when to sell Palantir, when to sell a rental house and how to deal with a regional recession in Washington DC. Further Reading: Mega Cap World Domination 1Exxon is back in the top 15 now so they might make a return visit.

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Wednesday links: creating nothing

Abnormal Returns

Markets A reminder that degenerate traders are not confined to the U.S. (acadian-asset.com) Another example, why the stock market is not a level playing field. (ft.com) Palantir Palantir ($PLTR) CEO Alex Karp is selling a lot of shares. (ft.com) The index inclusion boost is now in the rearview mirror for Palantir ($PLTR). (institutionalinvestor.com) Air travel Why Delta's ($DAL) profit warning matters.

Media 162
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Strategic Philanthropy Can Do More Than Navigate a Shifting Tax Landscape

Wealth Management

Strategic planning and preparation can equip anyone to ensure philanthropy remains a cornerstone of Americans financial stewardship.

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The Importance of Temporal Diversification

Discipline Funds

As I write this the US stock market is down -2.5% on the day. It’s down about -8.5% from its peak just a few weeks ago. Then again, it’s up 11% over the last year, 38% over three years and 110% over 5 years. This is what the stock market does. Over long periods of time the stock market will go up in value because corporations accrue revenues and profits over long periods of time.

Assets 74
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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.