Tue.Nov 28, 2023

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Tuesday links: taking a position

Abnormal Returns

Markets On the Magnificent 7 vs. Other 493 narrative. (investmenttalk.co) Investor sentiment is not reflecting much optimism. (allstarcharts.com) Strategy Buy bonds when real yields are high. (morningstar.com) The problem with jumping from strategy to strategy. (priceactionlab.com) Just because you can invest in something doesn't mean you should. (rogersplanning.blogspot.com) Companies Amazon ($AMZN) has launched its own AI chatbot.

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10 Tuesday AM Reads

The Big Picture

My Two-for-Tuesday morning train reads: • In the Stock Market, Don’t Buy and Sell. Just Hold. There’s new evidence that market timing doesn’t work. Your odds of success are better if you just hang on and aim for average returns, our columnist says. ( New York Times ) see also The “Art” of Market Timing : Market timing is extremely difficult, very few people (if any) do it consistently well.

Economy 234
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Research links: knowing market history

Abnormal Returns

Market timing The research shows how hard it is to find a reliable market timing system. (papers.ssrn.com) Luck plays a big role in successful market calls. (ritholtz.com) Options Beware look ahead bias in option strategy tests. (papers.ssrn.com) Investors are attracted to covered call strategies for the wrong reason. (alphaarchitect.com) Alternatives How to distinguish among alternative risk premia.

Marketing 260
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#FA Success Ep 361: Scaling A $2.4B Advisory Enterprise With Debt-Financed Acquisitions Into High-Productivity Pods, With Peter Tiboris

Nerd's Eye View

Welcome back to the 361st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Peter Tiboris. Peter is a Partner of Park Avenue Capital, an advisory firm affiliated with Northwestern Mutual based in New York City, that oversees $2.4 billion in assets under management for 1,377 client households. What's unique about Peter, though, is how he and his business partner have built up their firm through a combination of organic growth, and a series of mergers and acquisitio

Startup 188
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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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Small Cap Tech Stocks Are Taking Off

The Reformed Broker

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Year End Rally – Choose your weapon – tech almost always leads bull markets. ►Calm Breaks Out – One man’s calm is another man’s euphoria?

Investing 161

More Trending

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Welcome to the all new ritholtzwealth.com

The Reformed Broker

The new online home of Ritholtz Wealth Management has (finally) arrived! It’s ironic that we’re a firm with ten content creators and all these big blogs but we’ve never really paid much attention to what our corporate site looks like or how it works. It was just always an afterthought. Until today. Our old site was fine. It just didn’t do anything for anyone.

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Case-Shiller: National House Price Index Up 3.9% year-over-year in September; New all-time High

Calculated Risk

S&P/Case-Shiller released the monthly Home Price Indices for September ("September" is a 3-month average of July, August and September closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Continued to Trend Upward in September The S&P CoreLogic Case-Shiller U.S.

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5 Questions I Have About the Economy

A Wealth of Common Sense

Some questions I’m pondering about the economy at the moment: 1. Why do people keep spending money if the economy is so terrible? We’re breaking records for holiday travel: And spending money on Black Friday like crazy: Granted, this is holiday travel and spending. It’s not the normal course of action. But just look at the inflation-adjusted spending for consumers on goods and services: Lots of people.

Economy 120
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Creative Planning Adds Delaware Firm Managing $535M

Wealth Management

The acquisition of Daniels + Tansey adds advisory, investment and tax expertise to Creative Planning.

Planning 118
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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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I Bonds: Should I sell, buy more or hold?

Walkner Condon Financial Advisors

What are I Bonds? I Bonds are a type of government savings bond issued by the United States Department of the Treasury. They are a low-risk investment vehicle designed to help individuals save money over the long term and protect from inflation. They are backed by the U.S. government, making them one of the safest investments available. How is the interest rate on I Bonds calculated?

Education 105
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10 Midweek Must Reads for Real Estate Investors (Nov. 29, 2023)

Wealth Management

Steven Schwarzman indicated Blackstone will be looking at real estate buying opportunities for data centers, warehouses and student housing across Europe, reported Bloomberg. CoStar warned that investors shouldn’t expect commercial real estate prices to bottom out in the near future.

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RIP Charlie Munger : Farewell to an Icon of Investing

Dear Mr. Market

Dear Mr. Market: In the world of finance and investing, the passing of a visionary figure leaves an indelible mark on the landscape they helped shape. Today, we bid farewell to an icon, a man whose wisdom and wit transcended the realms of business and life itself. Charlie Munger, the renowned investor, philanthropist, right hand man of Warren Buffett and Vice Chairman of Berkshire Hathaway, passed away today, but his legacy endures through the profound insights he shared with the world.

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Commonwealth Lures $3B San Diego Team From Lincoln Investments

Wealth Management

With a niche focus on Taft-Hartley retirement plan sponsors, Mammini Company left Lincoln Investments to support an ambitious growth plan.

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Profit in the Details: Rethinking Spend for Monumental Impact

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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Is now a good time to buy bonds?

Alpha Architect

As pundits wrestle over the cause, implications, and sustainability of the recent massive moves in interest rates, I’ll instead delve into the two terms most often blamed for these shifts in rates: R-star and the Term Structure Premium. Unfortunately, what most want—a measure of them—is unknowable. But we can benefit from understanding the theories and models behind these terms.

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How One Major Bank Plans to Grow its Real Estate Lending Market Share as Rivals Pull Back

Wealth Management

TD Bank’s newly appointed head of U.S. commercial real estate Hugh Allen notes the old adage: “You make your best loans in difficult times.

Banking 115
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What to Expect When Working with a Financial Advisor

Integrity Financial Planning

Working with a financial advisor is a big deal. In the same way a good doctor may know key aspects of your personal health, a good financial advisor will know the crucial aspects of your financial situation–all to help you improve your financial health and retirement longevity. That’s why it’s important to know what to expect when working with a financial advisor and understand where and how your advisor can improve your finances.

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Nepsis Enters Expansion Phase with CPA Purchase

Wealth Management

The acquisition of Sevenich, Butler, Gerlach & Brazil is the first in an M&A strategy focused on accounting firms and relationship managers.

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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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Live your brand to create lifelong clients and advocates

Million Dollar Round Table (MDRT)

By Jenny Brown, CFP, FChFP Marketing and branding are about your public identity, or what others think of you and your business. Even your lack of an online presence speaks volumes about your branding. Perception matters in business. When you have a brand you’re proud of that authentically represents you, you attract lifelong clients who advocate for your business.

Clients 80
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California Man Sentenced to 7 Years for $7M Ponzi Scheme Against Israeli-Americans

Wealth Management

Sassi Mizrahi was sentenced to more than seven years in prison after being found guilty of five counts of wire fraud related to helping his brother defraud at least 40 investors, according to the Justice Department.

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FHFA Announces Baseline Conforming Loan Limit Will Increase to $766,550

Calculated Risk

High-Cost Areas increase to $1,149,825. Here is the official announcement from the FHFA: FHFA Announces Conforming Loan Limit Values for 2024 The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550 , an increase of $40,350 from 2023.

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Charlie Munger, Who Helped Buffett Build Berkshire, Dies at 99

Wealth Management

Munger helped Warren Buffett craft a philosophy of investing in companies for the long term.

Investing 111
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Crafting Impact: Revenue Growth And Efficiency For Finance Professionals

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.

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Comments on September Case-Shiller and FHFA House Prices

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 3.9% year-over-year in September; New all-time High Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for September ("September" is a 3-month average of July, August and September closing prices). September closing prices include some contracts signed in May, so there is a significant lag to this data.

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On the Cover December 2023

Wealth Management

Legal Editor Dawn S. Markowitz discusses this month's cover art.

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Wednesday: GDP, Beige Book

Calculated Risk

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 8:30 AM, Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), 3rd Quarter 2023. The consensus is that real GDP increased 5.0% annualized in Q3, up from the advance estimate of 4.9% in Q3. • At 2:00 PM, the Federal Reserve Beige Book , an informal r

Banking 69
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Wall Street’s $300B Middleman Rides Model-Portfolio Boom

Wealth Management

Envestnet's Brooks Friederich is leading the firm's model-portfolio division with 2,000 customized products from some 150 asset managers.

Portfolio 110
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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.

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FHFA House Price Index Increases 0.6% in September

Advisor Perspectives

The Federal Housing Finance Agency (FHFA) house price index (HPI) continued to increase in September, coming in at 414.8. U.S. house prices increased by 0.6% from the previous month and by 6.1% from one year ago. After adjusting for inflation, the real index is up 0.4% month-over-month and up 4.0% year-over-year.

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Tax-Wise Charitable Remainder Trust Planning

Wealth Management

Getting it right; fixing up the other guy’s mistakes.

Taxes 105
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Instant Loan App Scam: The Deadly Debt Trap in India

Trade Brains

Instant Loan App Scam : Have you ever fallen prey to any instant loan app scams? In times of desperate need for money, people often ignore possible consequences in the search for a quick solution. Instant loan apps, which promise substantial loans and easy repayments, have become a go-to for those facing financial difficulties. Sadly, many people are falling prey to scams related to these instant loan apps and scammers are exploiting the weaknesses of people in lower income classes, women who do