Abnormal Returns
OCTOBER 27, 2023
Bonds The bond market is doing the Fed's work for it. (ft.com) The bond market touches just about everything. (nytimes.com) Strategy A big way how the stock market has changed over time. (awealthofcommonsense.com) Successful stock investing is about knowing when you are wrong as early as possible. (microcapclub.com) Hedge funds aren't the cure for market volatility.
The Big Picture
OCTOBER 27, 2023
My end-of-week morning train WFH reads: • Forget the ‘death of downtowns’ — we’re about to experience the Big City Renaissance. But this bleak future is not set in stone. Cities like New York, San Francisco, and Chicago can use the short-term challenges of the remote-work shift to reinvent themselves, enhance their quality of life, and attract footloose residents.
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Nerd's Eye View
OCTOBER 27, 2023
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the shift in financial advice from pure investment management to comprehensive financial planning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity of their financial goals.
The Reformed Broker
OCTOBER 27, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Rick Brink, and Downtown Josh Brown discuss inflation, what constitutes a recession, monetary policy, going long duration, the biggest risks to the market, and more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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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.
The Big Picture
OCTOBER 27, 2023
Since the Great Financial Crisis in 2008-09, the income portion of portfolios has been almost an afterthought. Your checking and savings accounts earned less than 30bps; so too did the cash sitting in your brokerage account. Equities did well, averaging ~14% during the 2010s, but Bonds, not so much. For the decade1 from 2012 to 2022, 10-year Treasuries yielded less than 3% and averaged closer to 2%.
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The Irrelevant Investor
OCTOBER 27, 2023
You cannot be online and think things are getting better. Let me show you one example. This was on the front page of The Wall Street Journal yesterday. Instead of a headline like “U.S. Economy Grows at Fastest Pace in Two Years,” they wrote: “U.S. Economy’s Summer Surge May Not Last” And below it, “There are warning signs underlying the eye-popping numbers.” Charlie Munger once.
Calculated Risk
OCTOBER 27, 2023
Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through September 2023. CPI Shelter was up 7.1% year-over-year in September, down from 7.2% in August, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 7.2% YoY in September , down from 7.4% in August, and down from the cycle peak of 8.3% in April 2023.
Wealth Management
OCTOBER 27, 2023
Answers to some of advisors' most frequently asked questioned about this powerful role.
Alpha Architect
OCTOBER 27, 2023
Idiosyncratic volatility (IVOL) is the volatility of a security that cannot be explained by overall market volatility—it is the risk unique to a particular security. IVOL contrasts with systematic risk, which is the risk that affects all securities in a market (such as changes in interest rates or inflation) and, therefore cannot be diversified away.
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.
Wealth Management
OCTOBER 27, 2023
Responding to advisor feedback in the wake of the TD Ameritrade transition, Schwab detailed a variety of updates to its custodial platform at IMPACT this week—and promised more on the way.
Advisor Perspectives
OCTOBER 27, 2023
Personal income ( excluding transfer receipts ) rose 0.4% in September and is up 5.1% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.1% month-over-month and 1.6% year-over-year.
Wealth Management
OCTOBER 27, 2023
Dave Gray, Fidelity's head of workplace retirement products and platforms discusses blockchain, the Portability Transfer Network and more.
Trade Brains
OCTOBER 27, 2023
Even if you’re not a big cricket fan, there’s something about it that we all can’t resist, especially during the World Cup. Be it the local barber shop, a restaurant, a pub, or even at your office, you’ll find a way to watch the match. Cricket is more than just a sport; it’s an emotion of love, unity, pride and joy. So, today, let’s talk about the journey of India hosting its first World Cup in 1987— an old story that everyone deserves to know.
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
Wealth Management
OCTOBER 27, 2023
Amy Flourry, director of operations at Rehmann Financial, gives an honest assessment of the tech tools the $3 billion AUM RIA is using to drive business.
Calculated Risk
OCTOBER 27, 2023
Here is the CES Strike report for October released this morning: This shows a total of 48,100 workers on strike in October, 30,400 new (mostly UAW), and no strikers that returned to work for the October reference period (contains the 12th of the month). This will reduce employment gains in October.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference discuss empowering clients through education, confidence-building, and clarity in decision-making.
Calculated Risk
OCTOBER 27, 2023
The BEA released the Personal Income and Outlays report for September: Personal income increased $77.8 billion (0.3 percent at a monthly rate) in September , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $56.1 billion (0.3 percent) and personal consumption expenditures (PCE) increased $138.7 billion (0.7 percent).
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.
Wealth Management
OCTOBER 27, 2023
J.P. Morgan Securities is seeking a TRO against Daniel Sutton, arguing he broke non-solicitation agreements when he resigned and moved to Commonwealth.
Calculated Risk
OCTOBER 27, 2023
Today, in the Calculated Risk Real Estate Newsletter: Fannie and Freddie: Single-Family Mortgage Delinquency Rate Mostly Unchanged in September Brief excerpt: I’ve argued that there would not be a huge wave of single-family foreclosures this cycle since lending standards have been solid and most homeowners have substantial equity. That means we will not see cascading price declines like following the housing bubble.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Calculated Risk
OCTOBER 27, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Due to changes at the CDC, weekly cases are no longer updated. For deaths, I'm currently using 3 weeks ago for "now", since the most recent two weeks will be revised significantly. Recently hospitalizations have more than doubled from a low of 5,150 in June 2023, but have declined over the last few weeks.
Speaker: Ashley Harlan, MBA
What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Advisor Perspectives
OCTOBER 27, 2023
With the release of September's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.22% month-over-month change in disposable income comes to -0.13% when we adjust for inflation. The year-over-year metrics are 6.52% nominal and 2.98% real.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Advisor Perspectives
OCTOBER 27, 2023
Consumer sentiment fell for a third consecutive month in October according to the final report for the Michigan Consumer Sentiment Index. The index came in at 63.8, down 4.3 points (-6.3%) from the September final. This morning's reading was just above the forecast of 63.0.
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.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Advisor Perspectives
OCTOBER 27, 2023
The BEA's Personal Income and Outlays report revealed inflation slowed as expected in September. Core PCE, the Fed's favored measure of inflation, was up 0.3% from August and slowed to 3.7% year-over-year, the lowest reading in over two years but still above the Fed's 2% target rate.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
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