The Big Picture

MAY 4, 2023

Even asset managers in Hong Kong no longer have a clear picture of the mainland. The Role of Labor Composition : In the first few weeks of the COVID-19 recession, around 20 million people lost their jobs, with half of those losses occurring in the last two weeks of March 2020.

Wealth Management 338

Wealth Management Assets Management Valuation 338

Calculated Risk

SEPTEMBER 8, 2023

This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). The third graph shows household real estate assets and mortgage debt as a percent of GDP. Note this graph was impacted by the sharp decline in Q2 2020 GDP. Net worth increased $5.5

Nonprofit 314

Nonprofit Assets Accounting 314

Calculated Risk

DECEMBER 31, 2024

Luke, CFA, Head of Commodities, Real & Digital Assets. Markets in Florida and Arizona are rising, but not keeping up with inflation, and are well off the over 10% gains annually from 2020 to present. Two markets have dominated the top ranks with New York leading all markets the past six months and San Diego the six months prior.

Accounting 147

Accounting Marketing Marketing Assets 147

The Big Picture

SEPTEMBER 3, 2022

She is on all of the “Most Powerful Women in Finance lists” including American Banker, Crains Rising Stars in Banking & Finance 2020. Citi Global Wealth manages more than $800B in Client Assets, and North America accounts for about half of that business. Lynn Martin’s Favorite Books.

Wealth Management 311

Wealth Management Banking Accounting Management 311

The Big Picture

OCTOBER 29, 2022

Professor Jeremy Siegel at the University of Pennsylvania, where he is frequently voted Best professor at Wharton, and is the author of Stocks for the Long Run , Jeremy Schwartz is CIO at Wisdom Tree Asset Management , where he has worked since May 2005. This is why they have a preference for indexing, based on fundamentals, not market cap.

Assets 298

Assets Financial Market Investments Investing 298

Calculated Risk

MARCH 11, 2025

From housing economist Tom Lawler: From the beginning of 2020 to early June of 2022 the Federal Reserves balance sheet more than doubled to an almost inconceivable $8.9 Inquiring minds might want to know why the Federal Reserve did not achieve its balance sheet targets by selling longer maturity/duration assets it had previously purchased.

Assets 165

Assets Portfolio Accounting Marketing 165

The Big Picture

MARCH 10, 2023

Price stability and full employment seems to have taken a back seat to asset prices, discouraging speculation, and increasing Fed Chair “credibility.” Jerome Powell and the Federal Reserve have overreacted to the inflation we saw in 2020-22. In their haste, they may be doing more damage than good.

Banking 342

Banking Assets Management Economy 342

The Big Picture

NOVEMBER 1, 2022

Making the cost of capital practically nothing had all sorts of ramifications, not the least of which was to make risk assets – stocks bonds real estate, etc. That was evident in 2021 (perhaps even late 2020). Jerome Powell should know better… 30-Year Fixed Mortgage Rates, 2020-Present. worth appreciably more.

Banking 312

Banking Economy Assets Management 312

The Big Picture

NOVEMBER 27, 2023

Low Stakes : The most successful market timers are often those people who do not have actual assets at risk. Staying long through the 60-day 34% drop during the 2020 pandemic; getting out of the market ahead of the 2022 rate hiking cycle; and getting back in October 2022 for the next bull leg. It’s utterly laughable.

Marketing 304

Marketing Marketing Math Retirement Planning 304

The Big Picture

AUGUST 17, 2022

But that is not the same as becoming one of the most dominant asset managers in the world. Barry Ritholtz (@ritholtz) August 13, 2020. For sure, ETF and fund fees compound over time, and whether or not they are passive or actively managed doesn’t matter. Dangerous for economy. Poses a frightening systemic risk. Bubble waiting to burst.

Taxes 334

Taxes Portfolio Management Investments 334

Calculated Risk

JUNE 8, 2023

This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). The third graph shows household real estate assets and mortgage debt as a percent of GDP. Note this graph was impacted by the sharp decline in Q2 2020 GDP. Net worth is down $3.8

Nonprofit 246

Nonprofit Assets Accounting 246

Calculated Risk

MARCH 9, 2023

This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). The third graph shows household real estate assets and mortgage debt as a percent of GDP. Note this graph was impacted by the sharp decline in Q2 2020 GDP. Mortgage debt is up $1.82

Nonprofit 246

Nonprofit Assets Accounting 246

The Big Picture

JANUARY 1, 2024

economy will likely perform in 2024, and if there are surprises – like in 2020 with the pandemic – to adjust my thinking. trillion dollar in client assets. She has been CEO February 2020. Stay invested. Fingers are jammed, toes are stepped on, ankles are twisted, nails are broken. (

Distribution 273

Distribution Economy Clients Investing 273

The Big Picture

FEBRUARY 27, 2023

MSCI ex-USA: 8.4% ( Wealth of Common Sense ) • I’m not Sure Speculation Is Gone : Jim Chanos, president and founder of Chanos & Company, believes the level of silliness and speculation seen in 2020 and 2021 marked an important moment for valuations. These were the annual returns1 from 1970 through January 2023: S&P 500: 10.5%

Valuation 290

Valuation Assets Management Marketing 290

The Big Picture

FEBRUARY 27, 2023

I asked my buddy if he had any interest in selling the stub (assets include name, intellectual property, board, ticker symbol, etc.) aka The Hidden World of Failure ) (October 23, 2020) Stock Ownership : Distribution of Household Wealth in the U.S. for pennies on the dollar. June 21, 2021) What If Everything is Survivorship Bias?

Distribution 325

Distribution Retirement Retirement Planning Taxes 325

The Big Picture

SEPTEMBER 19, 2023

The transcript from this week’s, MiB: Elizabeth Burton, Goldman Sachs Asset Management , is below. Elizabeth Burton is Goldman Sachs asset management’s client investment strategist. It depends on your asset allocation. And they took it out of their asset allocation in favor of other strategies.

Assets 147

Assets Management Investing Investments 147

The Big Picture

NOVEMBER 30, 2023

My morning train WFH reads: • Owners Keep Zombie Malls Alive Even When Towns Want to Pull the Plug : Aging malls often take a long time to expire, but they can remain valuable assets. The private equity firm with manages $27 billion in client assets.

Education 264

Education Assets Numbers Economics 264

Wealth Management

SEPTEMBER 21, 2023

billion in assets since its October 2020 launch, dwarfing at least nine other CLO-focused funds. The Janus Henderson AAA CLO exchange-traded fund has ballooned to a record $3.9

Marketing 162

Marketing Marketing Assets 162

The Big Picture

MAY 5, 2023

From the perspective of an asset management and financial planning firm, the challenge is getting people to ignore the day-to-day noise in favor of thinking about where prices will be a decade hence. Rather than accept the volatility of month-to-month economic datapoints — NFP, Consumer Spending, Manufacturing, Inflation, etc.

Economics 363

Economics Financial Planning Manufacturing Numbers 363

MarketWatch

MARCH 31, 2023

stocks rallied on Friday to end a rocky month higher, while the Nasdaq Composite also posted its best quarterly gain since 2020. The Fed opened a new facility for banks to tap for liquidity with the aim of preventing forced asset sales, if other banks experience sharp deposit outflows. The Nasdaq booked a 16.8%

Banking 75

Banking Sales Assets Marketing 75

The Big Picture

AUGUST 27, 2022

He explains what the Vanguard effect is — notably, the cost-conscious approach jack Bogle pioneered has had a massive impact on the business of managing assets. The Vanguard Group has continually driven costs lower for investors, forcing the rest of the asset management industry to follow suit.

Assets 217

Assets Management Clients Marketing 217

The Big Picture

DECEMBER 16, 2022

The Wealth Effect : Jay Powell seems to be targeting assets prices, despite equities not being part of the dual mandate. Following the rate cuts in March 2020 , the Fed stayed at Zero until March 2022. During the same period of time, the S&P 500 rose 67.9% (2020) and 28.7% (2021).

Economics 312

Economics Banking Marketing Marketing 312

Calculated Risk

DECEMBER 26, 2022

As an example, when the pandemic hit, I switched from being mostly positive on the economy to calling a recession in early March 2020. Currently I expect asset purchases to end as planned in March, and the 1st rate hike to happen at the March meeting, and perhaps a 2nd hike in June. in February 2020)? "My If so, how many times?

Economics 285

Economics Sales Banking Economy 285

The Big Picture

JULY 8, 2023

Johnson joined the firm in 1988 and held leadership roles in all its major divisions before becoming CEO in February 2020. She also led the historic acquisition of Legg Mason in 2020, and Putnam in 2023, with the organization now managing more than $1.5 trillion globally.

Portfolio Management 173

Portfolio Management Management Distribution Portfolio 173

Abnormal Returns

SEPTEMBER 4, 2022

(thereformedbroker.com) Investors can now get non-zero yields on risk-free assets. morningstar.com) The ten best (and worst) performing stocks since the March 2020 bottom. awealthofcommonsense.com) Some drama at Goldman Sachs ($GS). nypost.com) People who get out of the market have a hard time getting back in.

Assets 157

Assets Marketing Marketing 157

The Big Picture

APRIL 20, 2023

Lee (May 22, 2021) • Mario Giannini, Hamilton Lane (October 31, 2020) • Henry Cornell, Cornell Capital (May 16, 2020) You can see all of our posts on Alternative Investing here. Hopefully, these lists are useful to whoever is researching these sorts of things.

Management 162

Management Assets Investing Investments 162

The Big Picture

JULY 1, 2023

trillion dollar in client assets. She has been CEO since February 2020. All of our earlier podcasts on your favorite pod hosts can be found here. Be sure to check out our Masters in Business next week with Franklin Templeton CEO Jenny Johnson , which manages $1.5

Distribution 200

Distribution Clients Management Investments 200

A Wealth of Common Sense

AUGUST 29, 2024

A reader asks: My asset allocation has been pretty conservative since the market run-up in 2020. My basic thesis is that the market is overvalued, and the only way I can keep myself in equities at all is to have a 60/40 stock/bond allocation.

Valuation 116

Valuation Asset Allocation Marketing Marketing 116

Darrow Wealth Management

FEBRUARY 26, 2025

But to illustrate the relative protection that bonds may be able to provide compared to stocks, heres what happened to the bond market in the 2008 great financial crisis and recession and 2020 market crash. This led to a selloff of risk assets, resulting in a significant decline in the stock market, but mostly stable bond performance.

Marketing 53

Marketing Marketing Retirement Portfolio 53

The Big Picture

MARCH 9, 2023

MiB: Women in Finance Dominique Mielle, Canyon Capital ( coming March 24, 2023) Maria Vassalou, Goldman Sachs Asset Management March 4, 2023 Jennifer Grancio, Engine No. MiB: Women in Finance Dominique Mielle, Canyon Capital ( coming March 24, 2023) Maria Vassalou, Goldman Sachs Asset Management March 4, 2023 Jennifer Grancio, Engine No.

Wealth Management 162

Wealth Management Management Engineering Banking 162

The Big Picture

JULY 8, 2023

trillion dollar in client assets. She has been CEO February 2020. Inside the multimillion-dollar feud. New York Times ) Be sure to check out our Masters in Business this weekend with Franklin Templeton CEO Jenny Johnson, which manages $1.5 Franklin Templeton oversees more than 9000 employees and 1300 investment professionals.

Retail 264

Retail Distribution Clients Management 264

The Big Picture

MARCH 3, 2023

2020 : Pandemic crash of 34%, fastest top fall (but fastest recovery) 2022 : Stocks & bonds both down double digits since 1981 All of these meet the unofficial definition of a bear of a 20% move off of the peak. 2000-13 : Secular bear market did not make new highs until March 2013 2018 : ~20% pullback as the economy slowed, FOMC hiked.

Marketing 336

Marketing Marketing Economics Portfolio 336

The Big Picture

AUGUST 23, 2023

Whether we are talking about important milestones in life or your asset allocation, don’t let your decision-making default setting be “auto-pilot.”

Investments 246

Investments Investing Asset Allocation Healthcare 246

The Big Picture

JULY 12, 2023

trillion dollar in client assets. She has been CEO February 2020. So what is it that you think the people behind those projects see you as bringing to them, and does that line up with what you think you’re bringing? ( Franklin Templeton oversees more than 9000 employees and 1300 investment professionals.

Insurance 244

Insurance Distribution Economics Consulting 244

The Big Picture

MARCH 8, 2023

billion in 2022, making last year’s total the third highest, after 2020 and 2021. Billion, Steven Cohen, Point72 Asset Management 4. .” The dollars are fairly astounding: “Altogether, the top 25 made $21.5 This works out to an average of about $860 million each.” Billion Kenneth Griffin, Citadel 2.

Management 345

Management Distribution Investing Investments 345

Abnormal Returns

OCTOBER 4, 2022

September How major asset classes performed in September 2022. insights.finominal.com) Markets The Investor Opportunity Index (IOI) is at its highest level since September 2020. capitalspectator.com) Even commodity prices fell in September. mrzepczynski.blogspot.com) Value continues to lead the factor race in 2022.

Financial Advising 144

Financial Advising Media Numbers Assets 144

The Big Picture

DECEMBER 30, 2023

Johnson joined the firm in 1988 and held leadership roles in all its major divisions before becoming CEO in February 2020. She also led the historic acquisition of Legg Mason in 2020, and Putnam in 2023, with the organization now managing more than $1.5 trillion globally.

Portfolio Management 130

Portfolio Management Management Distribution Portfolio 130