The Big Picture
DECEMBER 3, 2024
You may have missed this little brouhaha over the Thanksgiving weekend. We posted an analysis of a deeply flawed (dare I say fabricated?) data analysis from the Hoover Institution. Dated August 7th, it seemed to have been overlooked during the Summer. (It went viral recently) Something about it seemed off — California’s economy is fairly robust, how could they be lagging national job creation so much?
Abnormal Returns
DECEMBER 3, 2024
Fund management There is no escaping the math on leveraged ETFs. (linkedin.com) Why CITs are cheaper than mutual funds. (crr.bc.edu) Technology AWS is spinning up an Nvidia ($NVDA) competitor using its own chips. (wsj.com) Meta ($META) is reportedly investing $10 billion in subsea cables. (techcrunch.com) Musk SpaceX could soon be the world's most valuable startup with a $350 billion valuation.
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Nerd's Eye View
DECEMBER 3, 2024
Welcome everyone! Welcome to the 414th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Eric Franklin. Eric is the Managing Partner of Prospero Wealth, an RIA based in Seattle, Washington, that oversees $52 million in assets under management for 80 client households. What's unique about Eric, though, is how he was able to 10X his AUM to $50 million in just 3 years by focusing on working with his ideal target client (employees at big tech firms), which led to him
Abnormal Returns
DECEMBER 3, 2024
Quant stuff Anomalies exit, but they can degrade quickly. (morningstar.com) Got a good quant investing idea? WorldQuant wants you. (msn.com) Macro GDP growth is not a guarantee of stock market success. (mrzepczynski.blogspot.com) Europe has a growth problem. (klementoninvesting.substack.com) Research Is AI going to upend factor models? (papers.ssrn.com) Calendar-based anomalies are more fiction than fact.
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.
A Wealth of Common Sense
DECEMBER 3, 2024
The United States is the envy of the world in terms of financial markets and economic performance. Ruchir Sharma at The Financial Times outlines how this is impacting capital flows: Global investors are committing more capital to a single country than ever before in modern history. And the dollar, by some measures, trades at a higher value than at any time since the developed world abandoned fixed exchange rates 50 years.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Wealth Management
DECEMBER 3, 2024
This brings DPL’s total funding to $69 million and marks the first investment from insurers.
Calculated Risk
DECEMBER 3, 2024
Notes: This CoreLogic House Price Index report is for October. The recent Case-Shiller index release was for September. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic: Annual Home Price Growth Stalls in October • On an annual basis, home prices rose by 3.4% in October and are projected to slow to 2.4% by the same time next year.
Wealth Management
DECEMBER 3, 2024
The Stonepeak-Plus Infrastructure Fund LP will require a minimum investment of $5 million.
Calculated Risk
DECEMBER 3, 2024
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Wednesday: • At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At 8:15 AM, The ADP Employment Report for November. This report is for private payrolls only (no government). The consensus is for 166,000 jobs added, down from 233,000 in October. • At 10:00 AM, the ISM Services Index for November.
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.
Million Dollar Round Table (MDRT)
DECEMBER 3, 2024
By MDRT Sustained success does not come from one big client. Instead, there are habits that create a blueprint for achieving success in your chosen endeavors. By incorporating them into your life, you’ll not only achieve what’s important to you, but you’ll enjoy the journey along the way.
Wealth Management
DECEMBER 3, 2024
Arc Private Wealth is joining Kestra Private Wealth Services from an affiliation with Edward Jones. The news comes weeks after Stone Point Capital again became Kestra Holdings’ majority stakeholder.
Dear Mr. Market
DECEMBER 3, 2024
Dear Mr. Market: A few weeks ago I took a long weekend for a getaway with my wife to our favorite place. As empty nesters we have this opportunity every once in a while so after spending a serene few days on the beaches of Maui, I finally took the opportunity to dive into Die with Zero by Bill Perkins. As someone deeply entrenched in financial planning and chronologically standing on the threshold of pre-retirement, the book was more than just a leisure read—it was a revelation.
Advisor Perspectives
DECEMBER 3, 2024
The decision of whether to generate lifetime income with an annuity should be made on its own merits, e.g., as part of a holistic, goals-based investing process. In those cases where annuitized income is deemed beneficial, though, this article has illustrated why the purchase of a qualified annuity from IRA assets may be more attractive than you might expect.
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
Wealth Management
DECEMBER 3, 2024
Beyond screening for suitable stocks and ETFs, the platform also helps a growing community of religious-minded investors "purify" interest-generated investment returns by calculating charitable offsets.
Calculated Risk
DECEMBER 3, 2024
From the BLS: Job Openings and Labor Turnover Summary the number of job openings was little changed at 7.7 million on the last business day of October , the U.S. Bureau of Labor Statistics reported today. Over the month, hires changed little at 5.3 million. The number of total separations was little changed at 5.3 million. Within separations, quits (3.3 million) increased, but layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line),
Wealth Management
DECEMBER 3, 2024
The uncertain shape and scope of President-elect Donald Trump’s proposed tariffs represent the biggest wildcard to the stock outlook for 2025, according to Morningstar. Several ETF sponsors have filed to roll out new crypto ETFs that provide some buffer protections to lower the overall risk profile, reports Financial Times. These are among the investment must reads we found this week for wealth advisors.
Calculated Risk
DECEMBER 3, 2024
Today, in the Calculated Risk Real Estate Newsletter: FHFA Announces Baseline Conforming Loan Limit Will Increase to $806,500 A brief excerpt: After the release of the FHFA house price index for September last week, the FHFA released the conforming loan limits for 2025. From the FHFA: FHFA Announces Conforming Loan Limit Values for 2025 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enter
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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.
Investment Writing
DECEMBER 3, 2024
Down with “learnings”! I’m not a fan of pedantic expressions like “learnings,” so I was thrilled to read “ An insightful alternative to the dreadful jargon ‘learnings’ ” by Josh Bernoff. Bernoff says, “…a large proportion of your audience, when reading about ‘learnings,’ will tune out or resist. And that doesn’t accomplish your goal of communicating without generating an emotional backlash.
Advisor Perspectives
DECEMBER 3, 2024
International markets are expected to clear the hurdles of uncertain trade policy, tighter fiscal policy and slower than average economic growth to support solid overall returns.
Random Roger's Retirement Planning
DECEMBER 3, 2024
I've been hoppin around lately so just a few more quick hits today. Cliff Asness sat for a 30 minute interview on Bloomberg TV this morning with a couple of great tidbits including a comment about leveraged ETFs. He said they can be additive to express short term tactical views but then he said he would ask why the person has short term tactical views implying it's nothing but guesswork.
Advisor Perspectives
DECEMBER 3, 2024
For couples, merging two financial lives can be tricky. Not every financial planner has the skills to effectively help you navigate that challenge. Yet the right advisor can guide you away from chronic money conflict and toward a successful partnership.
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.
Alpha Architect
DECEMBER 3, 2024
Do-It-Yourself trend-following asset allocation weights for the Robust Asset Allocation Index are posted here. (Note: free registration required) Request a free account here if you want to access the site directly. If you are an advisor and want help implementing our models, please get in touch with Ryan Kirlin. Our Advisor portal is available here. [.
Advisor Perspectives
DECEMBER 3, 2024
BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.
Validea
DECEMBER 3, 2024
It is very rare feat, homebuilder NVR Inc. (NYSE: NVR) has achieved something unusual – simultaneously passing the strict criteria fundamental of three legendary investors: Warren Buffett, Joel Greenblatt, and Peter Lynch. This construction services company demonstrates impressive characteristics that align with multiple value investing philosophies.
Advisor Perspectives
DECEMBER 3, 2024
With U.S. markets digesting disinflation with extreme valuations and concentration risk among mega-cap stocks, U.S. small-cap stocks may provide an attractive entry point relative to U.S. large-caps as we head into 2025. Importantly, a focus on quality companies within a small-cap allocation is paramount to help protect against the drawdowns that sometimes occur in small-cap stocks during periods of market volatility.
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
NAIFA Advisor Today
DECEMBER 3, 2024
Are you taking advantage of the Life Happens content NAIFA provides as a member benefit. For Life Insurance Awareness Month (September) and Long-Term Care Awareness Month (November), NAIFA members had access to specially curated content from NAIFA’s Life Happens community. Today, Life Happens is unveiling a new set of assets for Insure Your Love Month (February 2025).
Advisor Perspectives
DECEMBER 3, 2024
Next year, the US Federal Reserve will undertake an exercise with global implications: the periodic monetary policy framework review, at which it rethinks its approach to managing the world’s largest economy.
Wealth Management
DECEMBER 3, 2024
Offit Advisors represents the fourth practice to join Miracle Mile in 2024, bringing its total assets under management to $7.4 billion.
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