The Big Picture
FEBRUARY 22, 2024
A quick note to answer this question: What happens after markets make a new all-time high (after a year w/o one)? Check out the table above, via Warren Pies. He spoke with Batnick and Josh earlier this month. Going back to 1954, markets are always higher one year later – the only exception was 2007. That was after housing had peaked, subprime mortgages were defaulting, and the great financial crisis was about to start.
Abnormal Returns
FEBRUARY 18, 2024
Also on the site At a certain age it's time to just say no to more stuff. (abnormalreturns.com) There is no holy grail in investing. (abnormalreturns.com) It may take time, but markets eventually work. (abnormalreturns.com) Top clicks this week A look at five new finance books including "The Trading Game" by Gary Stevenson. (axios.com) Why you should diversify internationally.
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Nerd's Eye View
FEBRUARY 23, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that while both the total number of RIAs and advisor headcount have seen significant gains in recent years, client assets remain concentrated among the largest firms, according to data from Cerulli Associates, with the 7% of RIAs with at least $1 billion of AUM managing 71% of total RIA assets.
A Wealth of Common Sense
FEBRUARY 18, 2024
There’s a cohort of people who think the stock market is rigged. They assume it’s a casino where only certain people win and everyone else loses. Or everything is manipulated by the Fed and the results are fake. If it weren’t for the bailouts or falling interest rates or government spending or the Taylor Swift Eras Tour, the whole house of cards would collapse.
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.
The Big Picture
FEBRUARY 17, 2024
Over the past few years, my automotive focus has been drawn from achingly beautiful classic cars , toward something newer: Hybrids, EVs, and assorted new technologies. I like to keep current, and that means tracking recent trends and developments in the automotive industry. But when the most beautiful car I have seen in decades comes along — and has a beastly 656+ HP — well, I revert to my default petrolhead status and drool something that sounds like arghgeghh … The photos are
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
FEBRUARY 19, 2024
The 2024 Technology Tools for Today (T3) Advisor Conference, held last month in Las Vegas, Nevada, featured a large gathering of financial advisors and representatives from across the fintech industry. Hosted by Joel Bruckenstein and his team from T3 Consulting, the conference focused heavily on the relationship between financial advice and its accompanying fintech, covering everything from how AI and other tech developments are changing the advisor landscape in unprecedented ways to the importa
A Wealth of Common Sense
FEBRUARY 22, 2024
A reader asks: I am 73, my wife is 58 and I have a 15 year old son. We own a small farm and house in Iowa. We also own three properties in Spain where we spend most of the year. We have no debt and are sitting on 2 million in cash, most of it is short term bills. I deal in vintage guitars and will keep doing it as long as I can. We have a great life and are careful with our spending.
The Big Picture
FEBRUARY 23, 2024
This week, we speak with Andrew Slimmon , managing director at Morgan Stanley Investment Management , where he leads the Applied Equity Advisors team. He is also the lead senior portfolio manager on all long equity strategies for the applied equity advisors team, as well as a member of the Morgan Stanley Wealth Management Global Investment Committee.
Abnormal Returns
FEBRUARY 21, 2024
Markets The list of Europe's biggest stocks are filled with pharma companies. (euronews.com) Hedge funds have been underweight the Magnificent Seven. (ft.com) Strategy Certainty sells. Nuance is what matters. (downtownjoshbrown.com) Don't invest in alternatives unless you are in it for the long run. (morningstar.com) Private equity Private equity distributions are way off their highs.
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.
Nerd's Eye View
FEBRUARY 21, 2024
In 2021, Congress passed the Corporate Transparency Act, which, for the first time, required small business entities such as LLCs and corporations to report identifying information on their "beneficial owners" (i.e., those who own at least 25% of, or who otherwise exercise substantial control over the business). The law's provisions became effective on January 1, 2024, and so many small businesses – including a good number of RIA firms – will be required to submit a Beneficial Owners
Calculated Risk
FEBRUARY 23, 2024
From ICE (formerly Black Knight): ICE First Look at Mortgage Performance: Foreclosures Up but Delinquencies Improve as the Mortgage Market Kicks Off 2024 • In an expected rebound from December’s calendar-driven rise, t he national delinquency rate dropped to 3.38% in January , the lowest since October, and flat from the same time last year • Past-due mortgages were down across the board, as inflows and rolls to later stages of delinquency fell, while early- and late-stage delinquency cures impro
The Big Picture
FEBRUARY 17, 2024
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • NFL Succession Crisis Forces Teams to Let Private Equity In : Once treated as heirlooms, pro football franchises are now billion-dollar businesses, and a new class of investors is circling. ( Bloomberg ) • Boeing is a wake-up call : America’s businesses gambled that ‘greed is good.’ Now they’re losing that bet, big time. ( Business Insider ) • Offic
Abnormal Returns
FEBRUARY 21, 2024
Podcasts Barry Ritholtz talks with Jeffrey Hirsch about how the stock market performs during war. (ritholtz.com) Khe Hy talks with Kyla Scanlon about lessons learned from the attention economy. (open.spotify.com) Thomas Kopelman and Jacob Turner discuss some common personal finance misconceptions. (podcasts.apple.com) Chris Williamson talks the laws of human psychology with Morgan Housel.
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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
FEBRUARY 22, 2024
At the end of each calendar year, social media platforms compile a wrap-up of each user's metrics, showing a theoretical reach for every account's best-performing piece of created media content and highlighting the "Best Of The Best" on the web, while revealing social media 'superstars' who have millions of impressions and followers. But how much do these numbers really matter for financial advisors driving the growth of their businesses?
Calculated Risk
FEBRUARY 19, 2024
Altos reports that active single-family inventory was down 0.2% week-over-week. I expect inventory to bottom in February this year, as opposed to mid-April in 2023. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of February 16th, inventory was at 494 thousand (7-day average), compared to 495 thousand the prior week.
The Big Picture
FEBRUARY 21, 2024
At the Money: David Dunning professor of psychology at the University of Michigan (January 10, 2024) How well do you understand yourself? For investors, it is an important question. We’re co-conspirators in self-deception and this prevents us from having accurate self-knowledge. This does not lead to good results in the markets. Full transcript below. ~~~ About this week’s guest: David Dunning is a professor of psychology at the University of Michigan.
Abnormal Returns
FEBRUARY 22, 2024
Japan The Nikkei 225 has reach an all-time high for the first time since year-end 1989. (axios.com) Just a reminder the Nikkei is still below its high on a real basis. (klementoninvesting.substack.com) ETFs Higher short term yield have been a tailwind for the innovative Alpha Architect 1-3 Month Box ETF ($BOXX). (bloomberg.com) The ECB isn't crazy about spot Bitcoin ETFs.
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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.
Nerd's Eye View
FEBRUARY 20, 2024
Welcome back to the 373rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Ben Hockema. Ben is the Founder of Illuminate Wealth Management, an RIA based in Barrington, Illinois that oversees $100M in assets under management for 55 client households. What's unique about Ben, though, is that he spent 13 years successfully working his way up the career track at a growing advisory firm, starting as an intern and eventually making partner… only to realize within
A Wealth of Common Sense
FEBRUARY 23, 2024
There are basically three ways to become uber-wealthy: 1. Your family is rich. 2. You get lucky. 3. You take big risks and work really hard. For a lot of people it tends to be some combination of numbers 2 and 3. The majority of the uber-wealthy class in this country who didn’t get their money handed down to them created it by starting a business (or becoming an equity owner in a business).
The Big Picture
FEBRUARY 19, 2024
How can we tell if the things we do as investors have a net positive impact on our future returns? When a professional baseball player adjusts their swing, they have a lot of “pre-“ and “post-” data to analyze. Did their On-Base percentage, Batting average, RBIs, and Slugging percentage improve? They can tell, usually within a few weeks, if the adjustments they made are working or not.
Abnormal Returns
FEBRUARY 22, 2024
Books A Q&A with Kara Swisher author of "Burn Book: A Tech Love Story." (wired.com) A Q&A with Margot Susca author of "Hedged: How Private Investment Funds Helped Destroy American Newspapers and Undermine Democracy." (politico.com) A Q&A with Kurt Wagner's author of "Battle for the Bird: Jack Dorsey, Elon Musk, and the $44 Billion Fight for Twitter's Soul.
Speaker: Igli Laci, Strategic Finance Leader
In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a
Calculated Risk
FEBRUARY 21, 2024
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: AIA/Deltek Architecture Billings Index Reports Sluggish Conditions to Start 2024 rchitecture firm billings remained soft entering into 2024, with an AIA/Deltek Architecture Billings Index (ABI) score of 46.2 in January. Any score below 50.0 indicates decreasing business conditions. “ This now marks the lengthiest period of declining billings since 2010 , although it is reassuring that
Wealth Management
FEBRUARY 22, 2024
Investors tend to appreciate private credit for delivering current income and lower volatility. In a world of higher interest rates, it also gives them the opportunity to achieve higher yields.
Alpha Architect
FEBRUARY 23, 2024
Making a bet on biotech/pharma firms that have not yet achieved significant revenue is the equivalent of buying a lottery ticket—with the same poor risk/return relationship. Lottery Preference and Biotech Stocks: Trust the Financials, Not the Science was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Abnormal Returns
FEBRUARY 23, 2024
Strategy There are no iron laws in finance. (youngmoney.co) Investors need to match decision making with the time frame. (mrzepczynski.blogspot.com) Exchanges The Nasdaq ($NDAQ) has a reverse stock split problem. (wsj.com) A look at some of the most shorted stocks in the world. (ft.com) Finance The biggest multi-manager hedge funds, Citadel, Millennium and Point72, keep getting bigger.
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.
Calculated Risk
FEBRUARY 20, 2024
Today, in the Calculated Risk Real Estate Newsletter: Single Family Built-for-Rent Almost Doubled Since 2020 A brief excerpt: Along with the monthly housing starts report for January released last week, the Census Bureau also released Housing Units Started by Purpose and Design through Q4 2023. The first graph shows the number of single family and multi-family units started with the intent to rent.
The Irrelevant Investor
FEBRUARY 17, 2024
I did something dumb and irrational with my investments last week. Before I embarrass myself, let me say that I get the big things right, and it’s the big things that matter. I have a mortgage on a house that I can afford. My car situation, while not great and will expound on in a separate post, is fine. Let’s talk about my investments. I max out my 401(k) and don’t play any games in that account.
Alpha Architect
FEBRUARY 20, 2024
The paper aims to provide insights into the dynamics of benchmark selection, the effectiveness of Relative Performance Evaluation ( RPE ) incentivization, and the broader implications for fund performance and market competition. Self-Declared Benchmarks and Fund Manager Intent: “Cheating” or Competing? was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
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