The Big Picture
OCTOBER 23, 2023
The chart in this morning’s reads shows what it is going to cost to fund the interest payments on the federal debt. It’s gone vertical as rates have moved from effectively 0 to over 5%. When rates were zero all of corporate America refinanced, lowering the cost of their debt to historically low levels. Households did the same; today 61% of homeowners with a mortgage are paying 4% or less in interest.
Abnormal Returns
OCTOBER 23, 2023
EVs Solid-state batteries would upend the EV calculus. (on.ft.com) States are looking to pay for roads as EVs drag down gasoline taxes. (wsj.com) How the war on the 'war on cars' became a rallying cry. (oversharing.substack.com) Transport E-bikes are more than just a souped-up bike. (theatlantic.com) Why airlines are banking on sustainable aviation fuel to decarbonize.
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The Big Picture
OCTOBER 23, 2023
My back-to-work morning train WFH reads: • Charles Schwab Has Had a Terrible Year. The Surprising Reason the Brokerage King Won’t Be Dethroned. For some advisors, the move to Charles Schwab from TD Ameritrade didn’t go smoothly. Chances are, they’ll stick around anyway. ( Barron’s ) • A Recession Is No Longer the Consensus : In WSJ survey, economists lower recession probability below 50% and say Fed is finished raising interest rates. ( Wall Street Journal ) but see Car Owners
Nerd's Eye View
OCTOBER 23, 2023
Many financial advisors take pride in the comprehensive nature of the advice they provide to clients and use the variety of services offered as a point of differentiation between themselves and other types of advisors. Though, at some point, covering a large number of financial planning topics can eat into an advisor's time, which is problematic if clients won't pay substantially more to receive that more comprehensive advice.
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Abnormal Returns
OCTOBER 23, 2023
Energy Chevron ($CVX) is buying Hess ($HES). (reuters.com) Energy deals are happening but without much in the way of premiums. (washingtonpost.com) Banking Regional banks are feeling the pain of higher deposit rates. (wsj.com) Big banks are next. (semafor.com) Companies Netflix ($NFLX) is playing with fire with its price hikes. (lefsetz.com) Just how big is Costco's ($COST) clothing business?
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
OCTOBER 23, 2023
Podcasts Daniel Crosby talks with Saundra Davis on how to effectively meet clients where they are. (standarddeviationspod.com) Michael Kitces and Carl Richards discuss the potential downside of specialized practices. (kitces.com) M&A The RIA buying frenzy is likely behind us. (investmentnews.com) The direction toward adviser independence is ongoing.
Calculated Risk
OCTOBER 23, 2023
Altos reports that active single-family inventory was up 1.4% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of October 20th, inventory was at 554 thousand (7-day average), compared to 546 thousand the prior week. Year-to-date, inventory is up 12.9%. And inventory is up 36.7% from the seasonal bottom 27 weeks ago.
Wealth Management
OCTOBER 23, 2023
Applying a 2% rate to the wealth of the world’s 2,750 billionaires could raise some $250 billion a year.
Calculated Risk
OCTOBER 23, 2023
From ICE / Black Knight: ICE First Look at Monthly Mortgage Performance: Delinquencies Rose in September While Foreclosure Activity Remained Muted • The national delinquency rate rose to 3.29% in September , up 12 basis points (BPS) from August and +13BPS year over year, marking only the second – and largest – annual increase in the past 2.5 years • Despite the rise, the delinquency rate is still 71BPS below the level of pre-pandemic September 2019 • Loans 30 days past due rose by 48.8K (+5.1%)
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 23, 2023
The firm has also launched a new capital solutions program, as it kicks off its annual ConnectED conference this week.
NAIFA Advisor Today
OCTOBER 23, 2023
NAIFA is proud to announce that John A. Davidson , LUTCF, FSS, President and CEO of Davidson Insurance & Financial Services , Inc., in Thousand Oaks, CA, is the 2023 recipient of NAIFA’s Terry Headley Lifetime Defender Award.
Wealth Management
OCTOBER 23, 2023
As RPAs go after participants and need data, firms like iJoin provide options.
Abnormal Returns
OCTOBER 23, 2023
EVs States are looking to pay for roads as EVs drag down gasoline taxes. (wsj.com) How the war on the 'war on cars' became a rallying cry. (oversharing.substack.com) Transport E-bikes are more than just a souped-up bike. (theatlantic.com) Why airlines are banking on sustainable aviation fuel to decarbonize. (vox.com) Environment This Arizona town wants to import desalinated water from Mexico.
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 23, 2023
Rockefeller Global Family Office has announced its fourth recruit in three weeks, while Freestone Capital Management attracted an advisor from another RIA.
Advisor Perspectives
OCTOBER 23, 2023
For a fleeting moment this month, investment bankers in leveraged finance — the lucrative lending that oils the wheels of M&A and feeds the $1.3 trillion market for collateralized loan obligations — had rare cause for cheer.
Wealth Management
OCTOBER 23, 2023
Rudy Adolf is the last remaining founder to leave his executive role in the wake of Focus’ sale to CD&R.
Cornerstone Financial Advisory
OCTOBER 23, 2023
Weekly Market Insights: Stocks Retreat Despite Solid Earnings Presented By Cornerstone Financial Advisory, LLC Rising bond yields and uncertainty over whether this was the close of the Fed’s rate-hike cycle dragged markets lower last week despite solid corporate earnings results. The Dow Jones Industrial Average sank 1.61%, while the Standard & Poor’s 500 fell 2.39%.
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.
Trade Brains
OCTOBER 23, 2023
Best Stocks Held By HDFC Small Cap Fund : On April 3, 2008, the HDFC Small Cap Fund was launched. It is a mutual fund plan that invests in small-cap firms. The fund primarily aims to offer long-term capital growth by investing in small-cap stocks. The investing objective of the fund is to discover firms with strong development potential that will profit from new trends and changing consumer preferences.
Wealth Management
OCTOBER 23, 2023
Active asset managers have been bleeding cash, and strategies to stem the outflows haven't had much effect. Many may not survive a bear market.
Alpha Architect
OCTOBER 23, 2023
In this study, we introduce a novel measure of information content (Human-AI Differences, HAID) by exploiting the discrepancy between answers to questions at earnings calls provided by corporate executives and those given by several context-preserving Large Language Models (LLM) such as ChatGPT, Google Bard, and an open source LLM. Executives vs. Chatbots in Earnings Conference Q&A was originally published at Alpha Architect.
Wealth Management
OCTOBER 23, 2023
Non-traded alternative investment fundraising has reached more than $50 billion for the year, through the end of September, according to Robert A. Stanger & Co. More concerns have arisen about the potential broader fallout of WeWork’s struggles. These are among the must reads from the real estate investment world to start the new week.
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.
NAIFA Advisor Today
OCTOBER 23, 2023
Advisor Today , the official publication of the National Association of Insurance and Financial Advisors (NAIFA), is pleased to announce the winners of its 2023 4 Under 40 awards: Matthew Cloutier , CRC, RFC, of Golden Wealth Solutions ( Osaic ) in Littleton, CO, loyal member since 2022; Jennifer Lewis of Wise Medicare Insurance Solutions ( United Healthcare ) in Rolla, MO, loyal member since 2022; Joseph Spinelli , CLU, FICF, LUTCF, of the Jim Spinelli Agency ( Knights of Columbus ) in Tallahas
Wealth Management
OCTOBER 23, 2023
Interest-rate volatility should “remain quite high, at least through the mid-point of next year, according to the head of macro strategy at Wells Fargo Securities.
Clever Girl Finance
OCTOBER 23, 2023
Does it feel like the holiday season sneaks up on you every year? Instead of getting caught with a cash shortage come year-end, it’s a great idea to put money aside earlier in the year for gifts and travel. That said, you can leverage Christmas Club Accounts to automate your savings to make the holidays a lot more affordable! Table of contents Do people still use Christmas clubs?
The Irrelevant Investor
OCTOBER 23, 2023
In a couple of weeks, November 6th to be exact, I’m visiting the city of Charlotte, North Carolina. I will be joining twenty colleagues, three of whom are based in the city, to meet with clients, talk with prospective clients, and sit down with financial advisors who want to learn what it’s like to be an employee at Ritholtz Wealth Management.
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.
Integrity Financial Planning
OCTOBER 23, 2023
Estate planning can be difficult to think about, let alone plan for. Maybe you’ve avoided putting together a concrete plan because you don’t want to think too far into the future when it’s time to pass on what you have. Or maybe you don’t think an estate plan is necessary because you’re not rich enough to warrant one. The truth is that you will probably leave behind things for your family that are important financially and emotionally.
A Wealth of Common Sense
OCTOBER 23, 2023
Today’s Talk Your Book is brought to you by J.P. Morgan Asset Management: See here for more information on JPMorgan Hedged Equity Laddered Overlay ETF and here for JPMorgan Equity Premium Income ETF. We had Hamilton Reiner, MD, PM, and Head of US Equity Derivatives at J.P. Morgan Asset Management on the show to discuss their latest hedged equity strategy.
Darrow Wealth Management
OCTOBER 23, 2023
Of all the types of assets, real estate is usually the most emotional. It is, after all, difficult to make memories in a mutual fund (which is a feature of diversified investments, not a bug). So when you inherit a house from a parent, it’s important to recognize the emotional attachment will likely influence your decision-making. Before deciding what to do with an inherited home, consider all the angles and potential outcomes — particularly if you inherited the house with other family mem
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