A Wealth of Common Sense
NOVEMBER 17, 2023
I saw a chart this week from Bank of America that more or less sums up my entire investment philosophy: In the long run, stock prices go up. I view the stock market as a way to invest in innovation, profits, progress and people waking up in the morning looking to better their current situation. While I love the fact that this chart illustrates my long-term philosophy it’s a bit misleading.
Advisor Perspectives
NOVEMBER 20, 2023
Investors should embrace a genuine long-term perspective, extending their time horizons to at least 20 to 30 years. The traditional notion of long-term investing (five to 10 years) may fall short of realizing the full benefits of long-term strategies.
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Calculated Risk
NOVEMBER 23, 2023
Here are five economic reasons to be thankful this Thanksgiving. (Hat Tip to Neil Irwin who started doing this years ago) 1) The Unemployment Rate is Below 4% The unemployment rate was at 3.9% in October. The unemployment rate is down from 14.7% in April 2020 (the highest since the Great Depression). The unemployment rate is up from 3.7% a year ago (October 2022).
Alpha Architect
NOVEMBER 10, 2023
The claims of superior risk-adjusted performance by the PE industry are exaggerated. Given their lack of liquidity, opaqueness, and greater use of leverage, it seems logical that investors should demand something like a 3-4% IRR premium. Yet, there is no evidence that the industry overall has been able to deliver that. The Performance of Major Private Equity/LBO Firms was originally published at Alpha Architect.
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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.
The Reformed Broker
NOVEMBER 29, 2023
Ladies and gentlemen, this is the final post I will be publishing at The Reformed Broker. After today the site will be inactive, forever. I began this blog in November 2008 without any idea where it would take me. I had a negative net worth, was working at a dead-end brokerage firm job and absolutely no career prospects whatsoever – a washed up stock broker at 31 years old in the middle of a global financial crisis.
The Big Picture
NOVEMBER 16, 2023
Over at Alphaville , Robin Wigglesworth looks at whether ‘Greedflation’ (aka price-gouging) meaningfully contributed to Eurozone inflation. Specifically, Bank of England research suggests that while they “find no evidence of a rise in overall profits in the UK” they did notice that “companies in the oil, gas and mining sectors have bucked the trend” with “some companies… much more profitable than others.”1 I was pretty skeptical about Greedflation initia
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
NOVEMBER 1, 2023
There are many tax planning strategies that allow financial advisors to demonstrate the ongoing value they provide to clients in exchange for the fees they charge. Part of this value is understanding the detailed nuances that make a strategy effective and implementing it correctly, avoiding issues with the IRS down the line. For instance, while backdoor Roth conversions are a well-known strategy, many individuals have either missed the opportunity to use it and/or implemented it incorrectly R
Carson Wealth
NOVEMBER 29, 2023
By Matt Lewis, CLTC ® , Vice President, Insurance In today’s world it’s fair to say that most reasonable people believe they are going to live a long life. And when you live a long life, it’s also fair to say that sooner or later, we’re going to need some form of care. Seven out of 10 people will eventually require long-term care in their lifetime. 1 How expensive that care is depends on where you live.
A Wealth of Common Sense
NOVEMBER 9, 2023
A reader asks: Can you please explain why financial media personnel keep saying the 60/40 is dead but they are not saying target date funds are dead? Last year was one of the worst years ever for a 60/40 portfolio of U.S. stocks and bonds. These are the 10 worst calendar year returns for a portfolio comprising the S&P 500 and 10 year Treasuries going back to 1928: By my calculations, 2022 was the third worst year for.
The Reformed Broker
NOVEMBER 10, 2023
OK, we’re trying something new next week for registered financial advisors only. It’s a brand new show we’ve created and you can be there virtually to watch the pilot episode live. As an advisor, you’re going to spend time, money and energy implementing new technology and asset management solutions into your practice. You may as well get good at it.
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.
The Big Picture
NOVEMBER 22, 2023
We spend way too much time trying to predict the future (especially this time of year). Rather than engage in futility, let’s look at the coincident indexes in all 50 states over the past 3 months, via the Federal Reserve Bank of Philadelphia (October 2023). Note: I have been occasionally eyeballing this map since 2008 , and it does a good job of showing the overall trend of the economy (on an obvious lag).
Abnormal Returns
NOVEMBER 19, 2023
Also on the site this week Over a lifetime, you can accumulate a lot of stuff. The chances are nobody wants any of it. (abnormalreturns.com) Top clicks this week Why it's a great time to be an investor. (blog.validea.com) Some behavioral hacks to prevent you from blowing up your portfolio. (ritholtz.com) What it going to happen to all those assets in money market fund when yields eventually fall?
Nerd's Eye View
NOVEMBER 15, 2023
In the depths of the COVID-19 pandemic, many small businesses such as restaurants, entertainment venues, and retail stores experienced cratering revenues, either due to government lockdown orders that forced many non-essential businesses to temporarily shut their doors, or simply due to lack of demand since many of their customers decided to stay at home out of an abundance of caution.
Carson Wealth
NOVEMBER 2, 2023
By Matt Lewis, CLTC ® , Vice President, Insurance You’re turning 65 this year and Medicare is on your mind. Medicare is a subset of Social Security and run by the Social Security Administration. In my experience, it may be almost as complicated as the Internal Revenue Code! With that said, let’s answer some common questions about Medicare to help you get started.
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
A Wealth of Common Sense
NOVEMBER 24, 2023
Personal finance was my first love in the money world. I was a saver before I ever knew what investing even was. Yet my relationship with personal finance has evolved as I’ve aged and changed my habits. Many of the personal finance rules written in stone will always apply. Live below your means. Pay yourself first. Stay out of credit card debt.
The Reformed Broker
NOVEMBER 21, 2023
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: ►Sam Altman – OpenAI turmoil. ►Buyback SURGE – “$QQQ largest weekly inflows on record this past week.” ►NVDA Earnings – “The chip maker’s earnings beat Wall Street expectations in.
The Big Picture
NOVEMBER 15, 2023
Markets screamed higher yesterday after a benign CPI report showed a 0.0% monthly price increase and inflation falling to 3.2% year over year. After a big gap opening, latecomers piled in; many had been sitting on the sidelines following a challenging 2022, while others got panicked out during the 10% October drawdown. It was a classic fear-driven error, a combination of bad market timing and poor impulse control.
Abnormal Returns
NOVEMBER 4, 2023
EVs The EV business has hit a speed bump. (theverge.com) Tesla ($TSLA) has an Elon Musk problem. (lefsetz.com) EVs have an affordability problem. (businessinsider.com) Solid state batteries will change the EV equation. (axios.com) Transport Just how quickly can the shipping industry green itself? (nytimes.com) Railroad companies have been lax in maintaining bridges.
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.
Nerd's Eye View
NOVEMBER 7, 2023
Welcome back to the 358th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Veronica Karas. Veronica is a Senior Financial Advisor at CAPTRUST and works from the RIA's Lake Success, New York, office, where she oversees $360 million in assets under management for about 200 client households. What's unique about Veronica, though, is the unique 3-question approach she uses to generate referrals not only from clients, but also from centers of influence as well, and ev
Meb Faber Research
NOVEMBER 8, 2023
“He was a U.S.-class smooth politician, which is the only way you’re going to survive in that job. It has nothing to do with investing.” That’s how Institutional Investor recently described a former CIO of the California Public Employees’ Retirement System, also known as CalPERS. The description is especially interesting when considering that the “I” […] The post Should CalPERS Fire Everyone And Just Buy Some ETFs?
Wealth Management
NOVEMBER 9, 2023
New York-based Arch, which aims to solve for the workflow and data problems behind alternative investments, has received funding from Focus Financial Partners, the founders of Vanilla and Altruist, and others.
The Reformed Broker
NOVEMBER 20, 2023
“Armed to the teeth.” This is the phrase that came to mind as I was watching Josh Smith walk us through the demo of VRGL last week. I thought to myself it would be impossible for a mediocre financial advisor to hold onto a client relationship if something like this were in use by a rival advisor. The ability to show a prospective client this level of transparency on taxes, fees, allocation decision-making, etc.
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.
The Big Picture
NOVEMBER 6, 2023
Source: Chartr We talked about this 2 weeks ago , but the nation missed a fantastic opportunity to refinance all of the outstanding US debt at much lower levels. Every corporate debt issuer and homeowner in America refinanced at lower rates — except for Uncle Sam. If you were in Congress from 2015-2021, you are the reason why HALF of the projected federal debt will soon be interest payments.
Abnormal Returns
NOVEMBER 26, 2023
Top clicks this week Cullen Roche, "The worst narrative in finance is this idea that stocks generate 10%+." (disciplinefunds.com) Why you should believe in stocks for the long run. (awealthofcommonsense.com) THIS is the most important decision you will make in life. (safalniveshak.com) The 10 best books of 2023 including 'The Bathysphere Book: Effects of the Luminous Ocean Depths,’ by Brad Fox.
Nerd's Eye View
NOVEMBER 24, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that FINRA has issued a proposal to allow broker-dealers to advertise hypothetical performance data to institutional and high-net-worth investors, which would bring the rules for broker-dealers largely in line with those for investment advisers, but also raises questions about the comparative roles and regulations for the two groups.
A Wealth of Common Sense
NOVEMBER 19, 2023
The S&P 500 last hit a new all-time high on January 3, 2022. The market has been slowly but surely working its way back to new highs but we’ve been underwater for nearly two years now: The market is within spitting distance of new highs but stocks have gone nowhere for almost two years. We’re a little less than four years into the 2020s and half of those years have seen no new highs but there have already.
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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.
Calculated Risk
NOVEMBER 6, 2023
Altos reports that active single-family inventory was up 0.8% week-over-week. This is the latest in the year that inventory was still increasing! Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of November 3rd, inventory was at 567 thousand (7-day average), compared to 563 thousand the prior week. Year-to-date, inventory is up 15.5%.
The Reformed Broker
NOVEMBER 28, 2023
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?
The Big Picture
NOVEMBER 1, 2023
Everybody is waiting with baited breath for today’s 2:30 announcement about the rates, but let me spare you the suspense: They are done with rate hikes this cycle. The next change in rates is more likely to be down than up. At least, if Powell & Company truly had a handle on what has been driving inflation for the past few years, that would be their position.
Abnormal Returns
NOVEMBER 13, 2023
Crypto The crypto industry is at a crossroads, post-FTX. (on.ft.com) Michael Batnick and Ben Carlson talk with Chris Kuiper, Director of Research at Fidelity Digital Assets. (theirrelevantinvestor.com) Startups The startup scene is living in two different worlds: AI and everything else. (theinformation.com) What rate of return do successful VCs need to get from their investments?
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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.
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