The Reformed Broker
JULY 4, 2023
You know Hancock and Washington and Franklin and Jefferson. You might even know Greene and Knox, Henry and Hale. And we know you know Hamilton, pretty tough to escape that one these days! But it is very unlikely that you know the name Haym Solomon. This is unfortunate, because he’s the guy who arranged financing to keep the Continental Army alive during its darkest days, finding the money to keep the revolution goin.
Wealth Management
JULY 2, 2023
While much of the sector continues to be dominated by small owners/operators, its solid property fundamentals, credit tenants and low capital expenditures are beginning to bring in institutional money.
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Carson Wealth
JULY 17, 2023
After consolidating some during the earlier part of July, stocks moved higher once again last week, with many stocks hitting new 52-week highs along the way. We are quite impressed to see cyclical areas like energy, industrials, and financials performing so well since early June. We heard time and time again that only a few stocks were going up the first half of this year, so to see things broadening out is a very good sign for the lasting power of this bull market.
The Big Picture
JULY 7, 2023
Today, the 500 th episode of Masters in Business drops. 1 I have described the inspiration for the show as “ an audio version of Market Wizards ” but the actual pitch to Bloomberg was “Mark Maron’s WTF meets Charlie Rose” (that was before we knew about his, um, behavior). It has been a wonderful ride, one that I feel grateful and privileged to be on.
Speaker: Amanda Adams, Fractional CFO, CPA
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.
Abnormal Returns
JULY 30, 2023
Top clicks this week Ken Bui, "Private equity sucks the good out of American products and businesses." (luxcapital.com) Eight ways compounding can get interrupted. (blog.validea.com) What do you get when you run a regression on the returns of the Invesco QQQ Trust ($QQQ)? (alphaarchitect.com) How to properly use a DCF model. (capitalgains.thediff.co) Why you should keep in mind the 'return on hassle' when it comes to your investments.
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The Reformed Broker
JULY 21, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Sam Ro, Jack Raines, and Downtown Josh Brown discuss AI and the market, the meme economy, Nvidia’s rollercoaster year, the earnings recession, financial charlatans, Berkshire’s massive bet on Apple, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
Calculated Risk
JULY 3, 2023
Altos reports that active single-family inventory was up 1.3% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of June 30th, inventory was at 466 thousand (7-day average), compared to 460 thousand the prior week. Year-to-date, inventory is down 5.1%. And inventory is up 14.9% from the seasonal bottom eleven weeks ago.
A Wealth of Common Sense
JULY 2, 2023
I have a hot take that’s been pre-heating in the over for a while that goes like this: The Big Short by Michael Lewis has lost investors more money than the last 3 bear markets combined. Allow me to explain. We’ve all read (or watched the movie) about the band of misfits who made a contrarian bet against the housing market and made a fortune.
The Big Picture
JULY 6, 2023
Fascinating chart from Visual Capitalist showing the history of housing prices in the United States. I recall the 1990 Home Price recession — I was too broke to afford a condo, but I knew lots of recent grad school friends who took high-paying jobs and bought a place in the 1980s; more than a few were freaked out about falling prices. The issue with rising prices is the ongoing shortage of single-family homes relative to both population and job locations.
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.
Abnormal Returns
JULY 29, 2023
Tesla Tesla ($TSLA) has long tried to suppress complaints about vehicle range. (reuters.com) Long term Tesla ($TSLA) owners still love their vehicles. (bloomberg.com) EVs A consortium of automakers is planning to build out a U.S. charging network. (bloomberg.com) GM ($GM) is struggling on the battery manufacturing front. (nytimes.com) EV makers are upping their goals to create family-style vehicles.
Nerd's Eye View
JULY 7, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that recent survey data indicate that advisors are more satisfied and productive when they have more time to spend with their clients and when those clients fit within their ideal client profile, in terms of needs, specialties, or engagement levels.
The Reformed Broker
JULY 24, 2023
The downloads for this episode as an audio podcast are among the fastest we’ve ever seen, with over 30,000 listens in the first couple of days and counting. This will go over 45,000 by week’s end. The YouTube video is on pace to do a similar number. Combine the two and you’re talking about one of the biggest audiences in finance for a podcast episode.
Calculated Risk
JULY 7, 2023
From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. Total originated carloads on U.S. railroads were down 0.2% in June 2023 from June 2022 , their first decline in three months. Total carloads in 2023 through June (5.84 million) were up 0.6% (32,547( carloads) over the same period in 2022 and were the highest since 2019.
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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.
Investment Writing
JULY 6, 2023
If you feel frustrated by coming up with topics for your financial blog, the journalist’s five Ws and one H can help. Below I share a list of 20 topics inspired by the five Ws and one H. As you brainstorm topics, think about how you can solve problems for members of your target audience. This will make your posts relevant to them. For help with this, read “ WHAT PROBLEM does this blog post solve for them?
The Big Picture
JULY 5, 2023
This morning, the WSJ reported that “Consumers expect to see 4.1% inflation a year from now, the lowest such reading in two years and down sharply from its recent peak of 6.8%.” There are some who believe this is good news, but as we pointed out in May , it’s a meaningless, lagging survey. In fact, it may be even worse than that, because it appears that some at the Federal Reserve actually believe the Fed’s own survey of consumers contains information.
Abnormal Returns
JULY 31, 2023
Markets Every major asset class is up YTD. (capitalspectator.com) The equity risk premium keeps shrinking. (wsj.com) Strategy One year returns are all over the place. Thirty years, not so much. (awealthofcommonsense.com) Don't let news dictate your investing strategy. (dariusforoux.com) Successful investing is ultimately a creative act. (herbgreenberg.substack.com) Finance CME Bitcoin futures volume is growing.
Nerd's Eye View
JULY 10, 2023
As owners of financial planning firms approach retirement, some may decide to sell to an external buyer, while others may plan for an internal succession. Sometimes, this succession plan can include the owner's child, providing an opportunity to keep the business in the family. At the same time, the business strategies that worked for the original owner might not be suitable or as successful for their successor, which can force the 2nd-generation owner to take a different path to ensure the firm
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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.
A Wealth of Common Sense
JULY 6, 2023
There was a viral post on Twitter last week about an Airbnb revenue collapse: Sounds scary. According to Elon Musk’s money pit of a company, this tweet had millions of views. A lot of people wanted this to be true because it would show how fragile the housing market is these days. A crash at last! Alas, there was a follow-up fact-check tweet that called into question the veracity of the Airbnb collapse: I’ve.
Calculated Risk
JULY 12, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 7, 2023. This week’s results include an adjustment for the observance of Independence Day.
Wealth Management
JULY 5, 2023
Advisors who said they don't have enough time with their clients spend an average 41% more time every month than peers on compliance, administrative and other “non-value-added” tasks, according to a new J.D. Power survey.
The Big Picture
JULY 3, 2023
Barry Ritholtz, “Masters in Business” Radio and Podcast Host discusses the environment of hedge funds and the war on talent between them. He speaks with Romaine Bostick and Scarlet Fu on Bloomberg Markets: The Close Vast Majority of Hedgefunds Are Failing to Meet Targets: Ritholtz Source: Bloomberg See also : MiB: Ilana Weinstein Discusses the Hedge Fund War for Talent (July 1, 2023) The post Majority of Hedge Funds Fail to Meet Benchmarks appeared first on The Big Picture.
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.
Abnormal Returns
JULY 23, 2023
Markets Sam Ro, "I think we sometimes take for granted how much the frictions and costs have come down for those seeking to trade or invest in stocks." (tker.co) Has sentiment already peaked? (allstarcharts.com) Strategy Cullen Roche, "Insurance is designed to provide you with short-term certainty around an uncertain outlier event. And when cash is yielding a high real return I think you can argue that cash is the ultimate portfolio insurance.
Alpha Architect
JULY 7, 2023
Although the most efficient way to implement a value strategy may need to be clarified, it is clear that value has withstood the test of time and that some implementations are superior to others. The evidence suggests that P/B is not an efficient metric as a standalone criteria. Instead, value strategies that use P/B should include at least a measure of profitability while managing sector - and security-level diversification.
A Wealth of Common Sense
JULY 4, 2023
Last year I was pounding the table on The Bear (Hulu/FX) as one of my new favorite shows. I liked it so much I didn’t really know how a second season would go. I finished season 2 this week and it’s not hyperbole to say it was one of my favorite seasons of any TV show I’ve ever watched. It blew me away how good it was. It reminded me I actually wrote a post last year using one of my favorite scenes with.
Calculated Risk
JULY 6, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 9.8 million on the last business day of May , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 6.2 million and 5.9 million, respectively. Within separations, quits (4.0 million) increased, while layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
Wealth Management
JULY 6, 2023
Boston Business Journal looked at which metros might have the most exposure to upcoming real estate debt maturities. EQT Exeter closed a $4.9 billion fund earmarked for U.S. industrial assets, reported Bisnow. These are among today’s must reads from around the commercial real estate industry.
The Big Picture
JULY 8, 2023
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • The Physics of Kaizen: Why Somebody Should Get Credit for Fixing Problems That Never Happened : Toyota’s culture of Kaizen: continuous improvement. It is an obvious statement: companies should be continually improving. Companies that are able to successfully adopt a culture and practice of Kaizen have the ability to establish a dominant position in their market. ( Taylor P
Abnormal Returns
JULY 24, 2023
Companies The backyard pool construction boom seems to be petering out. (businessinsider.com) Expansion for even the hottest restaurant chains is a crap shoot. (herbgreenberg.substack.com) In a hotter world, pest control is a growth industry. (wapo.st) AI What publishers want from AI companies. (semafor.com) Some startups that are putting AI to use in unique ways.
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