The Big Picture

AUGUST 23, 2023

Most people believe that investing is the science of generating a return on capital. At its heart, investing is a problem-solving exercise , filled with opportunities that reveal the errors we all make. This should be reflected in how we invest. That is an accurate but incomplete assessment. – “ Future ” demands optimism.

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Investing Investments Asset Allocation Healthcare 246

Abnormal Returns

FEBRUARY 17, 2023

marketwatch.com) Strategy Copycat investing is blind alley. billion in 2022 in the U.S.` Markets European natural gas prices are back down to Q4 2021 levels. ft.com) Zero day options are growing in popularity. rationalwalk.com) Share buybacks aren't good or bad, they just are.

Investing 245

Investing Investments Financial Advising Media 245

Abnormal Returns

JANUARY 20, 2023

ritholtz.com) India's stock market held up well in 2022. news.crunchbase.com) Crypto companies, like FTX, invested in a bunch of crypto startups. Markets What a 'breakaway momentum thrust' means for investors. wsj.com) Don't let your portfolio be driven by strategist forecasts. Those stakes are set to change hands.

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Investing Investments Startup Financial Advising 246

Abnormal Returns

DECEMBER 14, 2022

thisisthetop.substack.com) 2022 is ripe with tax loss harvesting opportunities. (robkhenderson.substack.com) The ultra-rich are now buying their own submarines. ft.com) Who really benefits from 529 plans? nytimes.com) Planning Doug Boneparth, "Cash flow lives at the heart of financial organization."

Investing 245

Investing Investments Retirement Planning Banking 245

The Big Picture

AUGUST 10, 2022

Source: Bloomberg , August 9th, 2022. Bloomberg, August 8, 2022. August 9, 2022). The Trouble with Consumer Sentiment (July 8, 2022). Sentiment LOL (May 17, 2022). Too Many Bears (May 3, 2022). Politics & Investing. See also : Blame Election Deniers for Faltering Consumer Sentiment.

Wealth Management 306

Wealth Management Economy Management Investments 306

The Big Picture

JULY 20, 2022

Barry Ritholtz, Ritholtz Wealth Management Chairman and CIO & “Masters in Business” host, discusses investing in a volatile market and the probability the Fed causes a recession. Source: Bloomberg , July 19th, 2022. Previously : Rally , Multiple Compression , Earnings¯_(?)_/¯ Recession , Double Bottom (July 18, 2022).

Wealth Management 303

Wealth Management Management Investments Investing 303

The Big Picture

AUGUST 24, 2022

When it comes to integrating data with investing insights, no one is better than Ben Carlson. I direct you to today’s “ Exceptions to the Rule, ” where Ben dives into the nitty gritty of the conflicting data between market action and inflation data: BULL : The S&P 500 has recovered half of its 2022 bear market losses. Countertrend?

Marketing 327

Marketing Marketing Investing Investments 327

Nerd's Eye View

JULY 19, 2023

Continuing Education (CE) requirements are common for many professions, but historically there has been no minimum CE requirement for individual Investment Adviser Representatives (IARs) of advisory firms. While holders of certain credentials (e.g., Read More.

Education 49

Education Investing Investments CFP 49

The Big Picture

AUGUST 17, 2022

Say what you will about the advantages of passive investing, but Eric argues that if a shop like Vanguard had introduced only low-cost active investing (and never focused on passive), it would have grown to become a trillion-dollar colossus regardless. Passive investing is: Marxist. Lobotomized investing. Reached a mania.

Taxes 334

Taxes Portfolio Management Investments 334

Abnormal Returns

JANUARY 1, 2023

crossingwallstreet.com) The best books Ben read in 2022 including "Die With Zero" by Bill Perkins. awealthofcommonsense.com) A look at the best charts of 2022. safalniveshak.com) The markets were bad in 2022, but things could always be worse. ritholtz.com) 11 ideas that stuck from 2022 including the 'power of quitting.'

Financial Market 279

Financial Market Portfolio Investments Investing 279

The Big Picture

NOVEMBER 6, 2022

Elon Musk interviewed by Ron Baron at the 29th Annual Baron Investment Conference on 4 November 2022. Ron Baron and Elon Musk CEO, Tesla Motors & CEO / CTO, SpaceX are also discussing about Twitter and Tesla Stock. Elon recently finalized Twitter deal. Also Elon Musk motivation and what motivates Elon are being discussed.

Investments 316

Investments Investing 316

The Big Picture

APRIL 19, 2023

Check out these recent headlines about the classic 60/40 investment strategy 1 : The 60-40 Investment Strategy Is Back After Tanking Last Year BlackRock Ditches 60/40 Portfolio in New Regime of High Inflation Why a 60/40 Portfolio Is No Longer Good Enough The 60-40 portfolio is back Sorry, but all of these headlines utterly miss the point.

Portfolio 334

Portfolio Risk Tolerance Investments Investing 334

The Big Picture

JUNE 30, 2023

More importantly, were you relying on these people to inform your investment views? June 29, 2023) Groping for a Bottom (October 14, 2022) Nobody Knows Nuthin’ (May 5, 2016) Too Many Bears (May 3, 2022) Capitulation Playbook (May 19, 2022) Nobody Knows Anything Predictions and Forecasts _ 1. What were their sources?

Numbers 325

Numbers Investing Investments Management 325

The Big Picture

DECEMBER 8, 2022

One of the reasons people in the investment community respect Howard Marks so much is he says what he believes and lets the chips fall where they may. Oaktree Capital, November 22, 2022). I did not get to his recent What Really Matters? Back with more wonky employment goodness tomorrow… Sources : What Really Matters?

Investments 279

Investments Investing 279

Abnormal Returns

DECEMBER 22, 2023

Markets Just how bad was the 2022-23 bond drawdown? ft.com) Why you should look at returns from 2022-23 as a whole. wapo.st) Finance Links to all the Wall Street 2024 investment outlooks. priceactionlab.com) Streaming Lionsgate ($LGF.A) is splitting Starz from its studio business. axios.com) What would a Warner Bros.

Financial Advising 279

Financial Advising Media Economy Economics 279

The Big Picture

JULY 25, 2022

What I have instead are questions about what the rest of 2022 looks like, and how deep into 2023 any damage persists. We don’t make investments based on forecasts, and any number of random surprises could make the economy appreciably better or worse. Previously : Risk & Reward: Two Sides of Same Coin (July 20, 2022).

Economy 345

Economy Economics Engineering Food 345

The Big Picture

OCTOBER 4, 2024

Prior to founding Cutter Capital in November 2022, Vincent spent time as a Senior Analyst for Millennium Partners and a Portfolio Manager at Citadel. He explains how he learned market-neutral sector-specific investing at Millenial and Citadel. he generates idiosyncratic investments in the pharmaceutical and biotech space.

Investing 147

Investing Investments Pharmaceutical Portfolio Management 147

The Big Picture

OCTOBER 19, 2023

One of my favorite responsibilities as chief investment officer at Ritholtz Wealth Management is the quarterly conference call I do for our clients. I like to finish with a thought-provoking, often “investing-adjacent” idea they might not have previously considered. 2 Regardless, something is amiss. Atlantic, Oct. 1987 Crash 3.

Media 351

Media Economy Economics Wealth Management 351

The Big Picture

MAY 24, 2023

Households in 2022. It’s chock full of great charts and analyses, covering everything from Income, Employment, Expenses, Banking and Credit, Housing, Student Loans, Retirement and Investments, and Overall Financial Well-Being. This week saw the release of the Fed’s big annual research report, Economic Well-Being of U.S.

Medical 289

Medical Media Economics Retirement 289

The Big Picture

DECEMBER 1, 2022

But my job is not to give the Fed policy advice, it is instead to provide clients with insight and investment advice. This is why I put a 50% probability of markets finding a bottom sometime between October 2022 and March 2023. See also : Jerome Powell Signals Fed Prepared to Slow Rate-Rise Pace in December (November 30, 2022).

Economy 295

Economy Economics Valuation Marketing 295

The Big Picture

AUGUST 19, 2022

I am not a fan of that framing; my preference is to note that different investors in equity and fixed income have very different risk tolerances stocks, time horizons, and investment goals. August 15, 2022). Shift Your Perspective (July 22, 2022). The Uncertainty Monster (July 21, 2022). James Mackintosh.

Marketing 321

Marketing Marketing Risk Tolerance Economy 321

The Big Picture

FEBRUARY 14, 2023

Consider this definition: “ Investing is the art of using imperfect information to make probabilistic assessments about an inherently unknowable future.” Good investing demands humility. For too many people in the investing world, this remains an anathema. I credit Ray Dalio for first bringing this to the forefront in investing.

Investments 299

Investments Investing Management Insurance 299

Abnormal Returns

NOVEMBER 23, 2022

Strategy The normalization of interest rates is going to change how people invest. behaviouralinvestment.com) Why wealthy investor don't invest aggressively enough. arstechnica.com) Venture capital Just how deep in the hole is Masayoshi Son on his Vision Fund 'investments'? abnormalreturns.com) Don't borrow money to invest.

Financial Advising 245

Financial Advising Advertising Economy Economics 245

Wealth Management

APRIL 16, 2024

KKR logged $3 billion in sales in products aimed for the private wealth channel—up from $400 million in sales per quarter in 2022. These are among the investment must reads we found this week for wealth advisors. Morningstar published an explainer on the growing world of interval funds.

Investing 119

Investing Investments Wealth Advisor Sales 119

The Big Picture

JANUARY 3, 2023

Let’s jump into the new year with some fresh observations, some of which are quite surprising: • Astronomical Measures of Time Are Unrelated to Investing : 2023 – a new year! 2022 can be understood as part of that process. through January 4, 2022. Previously : 2021’s Surprising Laggard: Amazon (January 5, 2022).

Economy 328

Economy Economics Portfolio Marketing 328

The Big Picture

SEPTEMBER 29, 2022

But the -23% of the SPX may not be the biggest story of 2022: The single most important change has been the end of the bond bull market that dates back to 1981. 2022 may not be 1981-82, but for the first time in several years, bonds are attractive investment options. 1 and 2 are good, I suspect 3 is problematic.

Economy 312

Economy Taxes Marketing Marketing 312

The Big Picture

JULY 29, 2022

The GDP report showed final private domestic demand — consumer spending and fixed investment — was flat in 2Q after a 3.0% See also : State Coincident Indexes ( Federal Reserve Bank of Philadelphia , July 27, 2022). Previously : GDP = -0.9% (July 28, 2022). Soft Landing RIP (July 25, 2022). No) (June 1, 2022). _.

Economics 321

Economics Retail Banking Economy 321

The Big Picture

FEBRUARY 19, 2024

We can make changes to how we think about risk, what our portfolio allocations are, what information we read — everything that goes into how we invest. Most importantly, I rely on a lot of specific methodologies and thoughts about how and what we do when it comes to thinking about investment strategies. A few examples: 1.

Investing 130

Investing Investments Portfolio Economy 130

Abnormal Returns

DECEMBER 28, 2022

Lists 9 surprising things that happened in 2022 including 'The Federal Reserve opening pushed for the stock market to fall.' awealthofcommonsense.com) 4 mistakes from 2022 including the idea of more funds equaling more diversification. morningstar.com) 35 ideas from 2022 including 'Long term investing is hard.'

Financial Advising 243

Financial Advising Valuation Media Economy 243

The Big Picture

MARCH 10, 2023

For more than a century, America’s central bank has been a key part of the investing environment, and it’s your job as an active manager to incorporate their probable policy decisions into your strategy. I particularly loathe managers who lay all the woes of the world at the feet of the Federal Reserve.

Banking 342

Banking Assets Management Economy 342

The Big Picture

AUGUST 12, 2024

Economy in 2022 was $25,439.70B; in 2009, it was $14,478.06B; ignore that also? Too many of us adopt A self-assured, know-it-all persona because we know the investing public prefers that to learn the truth: nobody knows anything, and the future is inherently unknown and unknowable. population? Do we just ignore that?

Economy 347

Economy Taxes Investing Investments 347

The Reformed Broker

DECEMBER 6, 2022

I’m in Texas this week speaking at the Dynasty Investing Forum and seeing clients. Since this post, JPMorgan shares are up 26%.

Clients 269

Clients Investments Investing 269

Abnormal Returns

SEPTEMBER 27, 2024

theirrelevantinvestor.com) Some investments are an IQ test. wsj.com) Do you remember the 'recession' of 2022? abnormalreturns.com) The investment world was a different place when Josh Brown started writing. Markets Most stocks are working right now. downtownjoshbrown.com) It's easy to get distracted these days as an investor.

Financial Advising 279

Financial Advising Food Economy Media 279

Abnormal Returns

JANUARY 3, 2023

Markets How major asset classes performed in December 2022. capitalspectator.com) 2022 was the third worst year for the 60/40 portfolio. awealthofcommonsense.com) The Dow lead the major indices in 2022. investment in semiconductor manufacturing can only do so much. in 2022 vs. 2021. axios.com) U.S.

Startup 242

Startup Valuation Financial Advising Distribution 242

The Big Picture

OCTOBER 14, 2022

See also : Bad News is Good News (Batnick, October 14, 2022). September consumer inflation: a function of the fictitious “Owners’ Equivalent Rent” + new cars : (Bond Dad, October 13, 2022). Previously : 7th Inning Stretch (September 30, 2022). August 15, 2022). Hindsight Capital (April 27, 2022). Countertrend?

Risk Tolerance 336

Risk Tolerance Sales Marketing Marketing 336

The Reformed Broker

JULY 28, 2022

2022 has been incredibly challenging as an investor, a financial advisor, an investment advisory CEO and a professional market commentator. It’s been an honor and a pleasure writing, recording and filming for you guys all year. Tough all around.

Financial Advisor 258

Financial Advisor Investments Investing Marketing 258

The Big Picture

NOVEMBER 27, 2023

Let’s delve into these to see if they apply to your own investing and trading: Instinct : Malcolm Gladwell’s Blink: The Power of Thinking Without Thinking , discusses the strengths and capabilities of the “ adaptive unconscious.” And, it has the advantage of leaving your actual investments alone.

Marketing 304

Marketing Marketing Math Retirement Planning 304