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.
Speaker: David Worrell, CFO, Author & Speaker
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
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
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Abnormal Returns
NOVEMBER 5, 2023
Top clicks this week Six lessons from William Bernstein's "The Four Pillars of Investing." (humbledollar.com) Be wary shifting too much of your money into bonds. (humbledollar.com) There's nothing magic about asset allocation. (obliviousinvestor.com) Money market returns look good.almost too good. (wsj.com) Traders are buying the dip in the iShares 20+ Year Treasury Bond ETF ($TLT).
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%.
Nerd's Eye View
NOVEMBER 29, 2023
The traditional way that most financial planning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client's financial strategy that was delivered either on a one-time basis or updated annually. However, as the industry has shifted towards an ongoing relationship model, advisors have felt compelled to demonstrate consistent value to their clients throughout the year.
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).
Speaker: Erroll Amacker
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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.
Calculated Risk
NOVEMBER 3, 2023
The headline jobs number in the October employment report was below expectations, and employment for the previous two months was revised down by 101,000, combined. The participation rate and the employment population ratio both decreased, and the unemployment rate increased to 3.9%. Leisure and hospitality gained 19 thousand jobs in October. At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 223 thousand jobs since Februa
Wealth Management
NOVEMBER 8, 2023
For the second straight month, sponsors launched dozens of new ETFs. That included eight bond ETFs, one commodoties ETF, 45 equities-based ETFs, 12 target date/multi-asset ETFs and four others.
Wealth Management
NOVEMBER 6, 2023
The CEO of Banrion Capital Management discusses the importance of alternative investments in portfolio planning.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Calculated Risk
NOVEMBER 6, 2023
From the Federal Reserve: The October 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices The October 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the third quarter of 2023.
Wealth Management
NOVEMBER 30, 2023
California-based accounting firm Windes will leverage Integrated Partners’ platform to provide more comprehensive services for complex clients through a new wealth management practice.
Calculated Risk
NOVEMBER 15, 2023
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Continuing Decline in Architecture Billings, AIA/Deltek Architecture Billings Index Reports The AIA/Deltek Architecture Billings Index (ABI) reports that business conditions at architecture firms continued to soften in October. For the third consecutive month, the ABI score was under 50, indicating that a significant share of firms is seeing a decline in billings.
Calculated Risk
NOVEMBER 20, 2023
Altos reports that active single-family inventory was up 0.5% week-over-week and is now up slightly year-over-year. This is the latest in the year that inventory was still increasing in this series! Inventory will start decreasing seasonally soon (for Thanksgiving and Christmas). Click on graph for larger image. This inventory graph is courtesy of Altos Research.
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Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Wealth Management
NOVEMBER 3, 2023
“Technology is not going to replace advisors, but advisors who do embrace technology are going to replace advisors who don’t,” said David Karr, chairman of Equitable Advisors.
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.
Wealth Management
NOVEMBER 10, 2023
What if a client burdened with substantial debts or liabilities from their business unexpectedly passes away?
Wealth Management
NOVEMBER 7, 2023
FMG Suite, Bento Engine, Asset-Map, Holistiplan and FP Alpha were among the companies highlighting new developments during the virtual conference.
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
Calculated Risk
NOVEMBER 2, 2023
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending Oct 28, 2023 • Active inventory declined, with for-sale homes lagging behind year ago levels by 1.0%. For 19 straight weeks, the number of homes available for sale has registered below that of the previous year. • New listings–a measure of sellers putting homes up for sale–were up this week, by 5.6% from one year ago.
Wealth Management
NOVEMBER 14, 2023
The co-founder discusses the why of Bento through to the predictive client-communications platform's just announced partnership with marketing firm FMG Suite.
Wealth Management
NOVEMBER 15, 2023
CEO Shirl Penney expects his independent advisor services platform to reach its goal by Independence Day of next year, and he still has plans to take the company public.
Wealth Management
NOVEMBER 16, 2023
Advisors will now have more flexibility in scheduling rebalances of their chosen models.
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.
Wealth Management
NOVEMBER 9, 2023
Industry sources say Focus Financial Partners' new private equity owner plans to merge the sprawling ecosystem of firms into a small number of its existing entities.
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.
Wealth Management
NOVEMBER 7, 2023
They see a $10 trillion opportunity in the next decade, but obstacles remain to widespread use of private investments.
Wealth Management
NOVEMBER 3, 2023
F2 Strategy's co-founder and CEO provides his take on the most important wealth management technology news of the last month.
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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