The Big Picture
JULY 7, 2024
@TBPInvictus here If you’re tired of California-minimum-wage-and-its-impact-on-limited-service-restaurant-employment stories, I understand. Leave this page immediately. I’m tired of it, too, but some stories are so factually challenged that they demand a response. So, allow me to address a hot mess of a story that appeared recently in the California Globe.
Abnormal Returns
JULY 28, 2024
Top clicks this week What is the best performing stock of all-time? (mebfaber.com) Three investment myths, debunked. (morningstar.com) Lessons learned from the best performing stocks of all-time. (awealthofcommonsense.com) For investors, inflation is THE enemy. (disciplinefunds.com) Ian Cassel, "Most big winners were ugly ducklings that transformed themselves into beautiful swans.
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Nerd's Eye View
JULY 31, 2024
For SEC-registered financial advisors, the prospect of an upcoming examination by the SEC can be a source of high anxiety. This is especially the case with newly registered advisors or formerly state-registered advisors who recently became SEC-registered since they may be uncertain about how the examination process will work, what elements of the firm the SEC will dig into, or what information the advisor will need to provide to the examiners.
A Wealth of Common Sense
JULY 21, 2024
Hendrik Bessimbinder has produced some of my favorite stock market research. Bessimbinder discovered that four out of every seven stocks in the U.S. have underperformed cash (one-month T-bills) since 1926. And just 4% of companies accounted for all the wealth gains for the entire stock market in that time. The stock market runs on power laws over the long run.
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
JULY 29, 2024
RIAs are especially vulnerable to the potential changes stemming from the FTC’s rule.
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The Big Picture
JULY 9, 2024
A quick break from book duty and doing our quarterly client call to share this fascinating discussion from tennis great Roger Federer: “In the 1,526 singles matches I played in my career, I won almost 80% of those matches… What percentage of the POINTS do you think I won in those matches? Only 54%.” -Roger Federer This is one of those great commencement addresses that will only gain stature over time.
Abnormal Returns
JULY 14, 2024
Top clicks this week How the rise of automated investing has changed the stock market. (awealthofcommonsense.com) Why Bill Ackman spends so much time on Twitter. (sherwood.news) The CAPM doesn't work. Maybe this measure does. (klementoninvesting.substack.com) Why young men around the world are breaking hard to the right. (politico.com) Today's constructive CPI report rang a bell for financial markets.
Nerd's Eye View
JULY 29, 2024
Most financial advisors strive to provide excellent client care and prioritize a systematic process to maintain regular communication with their clients both on a scheduled (e.g., annual meeting) and an "on demand" basis. And while individual advisors running solo firms are often able to intuitively sense when they're delivering their best, as they grow and scale their firms, that same advisor eventually goes from individually 'owning' every client relationship to sharing the workload with first
A Wealth of Common Sense
JULY 26, 2024
There’s an old saying that people don’t attend church on Sundays expecting to hear an eleventh commandment. You go to reinforce what you’ve already learned or learn it all over again. And so it is with the basic principles of finance. Jason Zweig once wrote the following: My job is to write the exact same thing between 50 and 100 times a year in such a way that neither my editors nor my readers will ever.
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.
Calculated Risk
JULY 8, 2024
Here is another monthly update on lumber prices. SPECIAL NOTE: The CME group discontinued the Random Length Lumber Futures contract on May 16, 2023. I switched to a physically-delivered Lumber Futures contract that was started in August 2022. Unfortunately, this impacts long term price comparisons since the new contract was priced about 24% higher than the old random length contract for the period when both contracts were available.
Carson Wealth
JULY 3, 2024
Running a small business involves juggling multiple responsibilities. Managing the business’s finances is one of the most crucial aspects. Proper financial management can be the difference between a thriving business and one that struggles to stay afloat. Here are eight essential financial tips for small business owners to help ensure long-term success. 1.
The Big Picture
JULY 6, 2024
Source: New York Times The NYT: The final votes in Britain’s parliamentary elections are still being counted, but one thing is crystal clear: After 14 years in power, the Conservative Party is out. More than that: It’s been thoroughly punished by the British public, reduced to barely 120 seats, the party’s worst result in its history. Several prominent figures — including former Prime Minister Liz Truss — lost their seats.
Abnormal Returns
JULY 21, 2024
Also on the site this week Why meme stocks and sh*tcoins are the logical outgrowth of the analytics revolution. (abnormalreturns.com) A lifetime subscription is anything but. (abnormalreturns.com) Top clicks this week Seven reasons you may want to venture away from the market portfolio. (humbledollar.com) Rebalance your portfolio to tame risk, not to increase returns.
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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.
Nerd's Eye View
JULY 26, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Charles Schwab's latest RIA benchmarking study shows that firms saw significant AUM growth in 2023, thanks in part to strong equity market performance, but also thanks to organic growth initiatives that brought in additional assets from new and existing clients.
A Wealth of Common Sense
JULY 14, 2024
Here’s a scenario I was presented with recently: Five years ago, a relatively conservative investor was sitting on some cash and seeking a more balanced portfolio. To keep things simple, this investor split the difference between stocks and bonds by allocating 50% to equities and 50% to fixed income. Five years later there is a clear winner in terms of performance within this 50/50 portfolio: You basically doubled.
Calculated Risk
JULY 26, 2024
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 June 2024. CPI Shelter was up 5.1% year-over-year in June, down from 5.4% in May, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 5.3% YoY in June , down from 5.5% in May, and down from the cycle peak of 8.3% in April 2023.
Carson Wealth
JULY 18, 2024
Carson Investment Research 2024 Midyear Outlook: Eyes on the Prize The economy continues to see a solid rate of expansion with low risk of a recession. We are targeting a total return for the S&P 500 of 17-20% in 2024. The Bloomberg US Aggregate Bond Index outperforms short-term Treasuries in the second half of the year. Here we sit at midyear, and many investors should be feeling pretty good.
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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.
The Big Picture
JULY 24, 2024
At The Money: Behavior Beats Intelligence (July 24, 2024) We focus most of our investing efforts on information and knowledge. But is that where we generate the highest ROI? As it turns out, managing your behavior has a much greater impact on your returns than does any single data point. Full transcript below : ~~~ About this week’s guest: Morgan Housel is a partner at the Collaborative Fund and author of “ The Psychology of Money: Timeless lessons on wealth, greed, and happiness.
Abnormal Returns
JULY 7, 2024
Top clicks this week How major asset classes performed in June 2024. (capitalspectator.com) Just how useful is historical financial markets data? (retirementresearcher.com) Don't forget, stocks are real assets. (downtownjoshbrown.com) Europe's stock market has badly lagged the U.S. How much longer can it last? (awealthofcommonsense.com) Beware small sample sizes.
Nerd's Eye View
JULY 19, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that Charles Schwab and other brokerage platforms are planning to increase the interest rates they pay on client cash held in their platform or cash sweep programs, which could boost the income of clients who maintain a cash balance in their accounts.
A Wealth of Common Sense
JULY 7, 2024
I’ve been writing about the housing market for years now. It fascinates me to no end because housing is one of the most important decisions from a personal and financial perspective. In recent years, much of my focus has been on how broken the residential housing market is. Higher prices and mortgage rates have driven housing affordability to levels we’ve never seen before in the United States.
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.
Wealth Management
JULY 30, 2024
They've expanded the number of possible portfolio constructions from 15 to 100 quintillion.
Alpha Architect
JULY 30, 2024
Many investors face the complex decision of whether to transition from a diversified ETF to direct indexing. When is this switch a poor investment choice? My findings suggest that many investors are better off avoiding it. Direct indexing remains attractive even with a decent amount of embedded capital gains, up to approximately 40% of initial investment, for investors in the highest marginal income tax bracket.
The Big Picture
JULY 27, 2024
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • The Secret Battle for the Future of the Murdoch Empire : Rupert Murdoch, the patriarch, has moved to change the family’s irrevocable trust to preserve his media businesses as a conservative force. Several of his children are fighting back. ( New York Times ) • The world’s emotional status is actually pretty good, a new global report finds : But which country comes first in
Abnormal Returns
JULY 28, 2024
Markets A lot of stock market indices are sitting at all-time highs. (allstarcharts.com) It's not just the U.S. that is seeing fewer publicly traded companies. (apolloacademy.com) Finance How cold-storage operator Lineage ($LINE) became the biggest IPO of 2024 so far. (wsj.com) Revolut now has a UK banking license. (ft.com) Fund management Does your alternatives fund charge fees on gross or net assets?
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.
Nerd's Eye View
JULY 10, 2024
The Tax Cuts and Jobs Act (TCJA), passed in 2017, was one of the most extensive pieces of tax legislation to be passed in the last 30 years, touching many aspects of individual, corporate, and estate tax. However, most of TCJA's provisions are set to 'sunset' at the end of 2025 – an event that would have at least as much impact as TCJA's initial passage.
A Wealth of Common Sense
JULY 28, 2024
When you’re young, you spend a lot of time daydreaming about the type of person you’d like to become. I want to become a CEO, a politician, a business owner, an astronaut, an actor, an uber-rich person, etc. One reason the dreaded mid-life crisis exists is that expectations are often too high when you’re young. Reality punches you in the face in middle age.1 My antidote to a mid-life crisis involves some.
Wealth Management
JULY 23, 2024
Helium founder and partner Howard Morin explains the benefits of bridging financial planning with deep tax expertise.
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