The Big Picture
JUNE 17, 2024
A quick break from book authorship to share a fascinating set of data and charts, via Sam Ro. In his weekly missive, Sam points to some amazing charts from Global Financial Data. They are based on historical data that looks at 200 Years of Market Concentration. You might be surprised at the findings. As the chart above shows, there are long periods of market concentration.
Abnormal Returns
JUNE 16, 2024
Also on the site Father time is undefeated: on the impact of cognitive decline on financial outcomes. (abnormalreturns.com) Top clicks this week The S&P 500 is getting three new members. (reuters.com) We are in a 'bear market for diversification.' (thinkadvisor.com) The stock market is increasingly concentrated. Should you be worried? (theirrelevantinvestor.com) More investors are facing up to the problem with illiquid alternatives.
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Nerd's Eye View
JUNE 17, 2024
Online reviews are commonly given and used by consumers across many industries, from finding a good restaurant in a new town to reviewing a lawn care service provider. Nonetheless, fewer than 10% of SEC-registered investment advisers report using them, even though the SEC’s updated investment adviser marketing rule allows financial advisors to proactively encourage testimonials (from clients), use endorsements (from non-clients), and highlight their own ratings on various third-party revie
Advisor Perspectives
JUNE 21, 2024
The Conference Board Leading Economic Index (LEI) decreased in May to its lowest level since April 2020. The index fell 0.5% from the previous month to 101.2. While the index does signal softer economic conditions lay ahead, the LEI is currently not signaling a recession.
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Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be
The Big Picture
JUNE 20, 2024
Making good progress on the book, about 60-70% finished (I feel good about it). I wanted to pop out of hiding to share a few charts/tables that should raise your confidence levels that — despite media coverage to the contrary — we are not on the verge of collapse. I want to direct your attention to the latest missive from Savita Subramanian, who runs the Equity and Quant Strategy group at BAML.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
JUNE 21, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5 million in assets to both retire and pass on a legacy interest (though many have yet to establish an estate plan), according to a recent survey. At the same time, they also overwhelmingly recognize the value of financial advisors , not only for increasing their wealth beyond what they could have achieved on thei
Calculated Risk
JUNE 19, 2024
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 Applications Survey for the week ending June 14, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis from one week earlier.
The Big Picture
JUNE 19, 2024
At the Money: Smart Spending vs. Not Spending (June 18, 2024) Spending Scolds will tell you that a sailboat, a sports car, or even a latte will be your financial ruin. Is this accurate? Focusing on the cost without considering whether you can afford the items and what memories they create is the wrong calculus. In today’s ATM, we discuss how to spend intelligently, within your budget, on the things that hep create lasting memories.
Abnormal Returns
JUNE 17, 2024
Podcasts Matt Zeigler talks with Daniel Crosby about his new book "The Soul of Wealth" and much more. (epsilontheory.com) Michael Kitces talks with Mark Berg, Founder of Timothy Financial Counsel, about using an hourly fee model. (kitces.com) Amy Arnott and Christine Benz talk with Andrew Blake who is associate director of wealth management for Cerulli Associates about the upcoming wave of adviser retirements.
Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius
4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor
Nerd's Eye View
JUNE 19, 2024
The role of estate planning is most commonly considered to be about transferring assets from one generation to the next in the most efficient manner possible (e.g., how to minimize the burden of estate taxes and avoid the public spectacle of the probate process). And yet, looking at estate planning solely through the lens of assets on a balance sheet can make it easy to overlook the reality that people often have other, intangible assets that they wish to pass on to the next generation, such as
Advisor Perspectives
JUNE 18, 2024
Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process.
Alpha Architect
JUNE 21, 2024
Low short positions come from positive public news, while negative news can drive average short or extremely high short positions When Shorts Don’t Short was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Abnormal Returns
JUNE 21, 2024
Listening The Longform Podcast is calling it quits. (defector.com) A list of some of the most popular (and influential) podcasters. (vulture.com) Economy Scott Galloway talks with Kyla Scanlon author of "In This Economy? How Money & Markets Really Work." (podcasts.apple.com) Joe Weisenthal and Tracy Alloway talk with John Arnold about the roadblocks to building in America.
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
Nerd's Eye View
JUNE 19, 2024
The role of estate planning is most commonly considered to be about transferring assets from one generation to the next in the most efficient manner possible (e.g., how to minimize the burden of estate taxes and avoid the public spectacle of the probate process). And yet, looking at estate planning solely through the lens of assets on a balance sheet can make it easy to overlook the reality that people often have other, intangible assets that they wish to pass on to the next generation, such as
Wealth Management
JUNE 18, 2024
James McDonald was taken into custody in Port Orchard, Wash. and will face federal charges in Los Angeles. He is accused of losing millions in client funds and fled an SEC subpoena in 2021.
Calculated Risk
JUNE 18, 2024
From the Fed: Industrial Production and Capacity Utilization Industrial production rose 0.9 percent in May. Manufacturing output posted a similar gain of 0.9 percent after declining in the previous two months. The index for mining increased 0.3 percent in May, and the index for utilities advanced 1.6 percent. At 103.3 percent of its 2017 average, total industrial production in May was 0.4 percent higher than its year-earlier level.
Abnormal Returns
JUNE 20, 2024
Markets What's different about the Magnificent Seven stocks. (awealthofcommonsense.com) Don't look now but Taiwan Semi ($TSM) is nearly a $1 trillion company. (bnnbloomberg.ca) The case for swapping large caps for small caps. (blogs.cfainstitute.org) Strategy There's no such thing as certainty. (tonyisola.com) Lessons from Robert Hagstrom’s 1994 book "The Warren Buffett Way.
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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
JUNE 18, 2024
Welcome back to the 390th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Brent Carnduff. Brent is the founder of Advisor Rankings, a marketing firm based in Boise, Idaho that specializes in search engine optimization for financial advisors. What's unique about Brent, though, is how his firm helps advisors maximize both the advisor's organic SEO to attract prospects with specific planning needs through effective content creation , and their local SEO to rise to
Wealth Management
JUNE 18, 2024
The report shows advisor interest in alternative investments even as some struggle with implementation, according to CAIA Managing Director Aaron Filbeck.
Calculated Risk
JUNE 20, 2024
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For April, Realtor.com reported inventory was up 35.2% YoY, but still down almost 34% compared to April 2017 to 2019 levels. Now - on a weekly basis - inventory is up 36.0% YoY. Realtor.com has monthly and weekly data on the existing home market.
Abnormal Returns
JUNE 17, 2024
Markets Big technological transitions are often associated with increase market concentration. (ritholtz.com) Every bull market is different. (bloomberg.com) Strategy Short-termism will crush a stock market investor. (awealthofcommonsense.com) Three things financial charlatans say including 'Here's how to get guaranteed returns.' (dariusforoux.com) Conor Mac, "The longer you invest, the more rocks you turn over, and the more you learn from mistakes, the sharper your perception grows over time. "
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
A good, fast, clean audit leads to a happy work life. Join us in this one-hour webinar, where we share the best ways to prepare and conduct your audit process to maximize audit satisfaction and minimize administrative time in month-end close and financial reporting. Learning objectives: This course objective is to review leading practices to maximize audit success.
A Wealth of Common Sense
JUNE 21, 2024
I track all of my savings and investments on Excel. Guess I’m old school and, yes, kind of a personal finance dork. I can’t help it. It’s nothing fancy. Just a collection of the holdings in our various accounts along with some simple calculations — net worth, annual retirement contributions, asset allocation, how much we’re saving each year, etc.
Wealth Management
JUNE 18, 2024
Fisher Investments’ $12.75 billion valuation does not set a new benchmark for RIAs, but given the size, scope and buyer, it marks an inflection point for the industry overall, observers say.
Calculated Risk
JUNE 21, 2024
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.11 million SAAR in May Excerpt: Sales Year-over-Year and Not Seasonally Adjusted (NSA) The fourth graph shows existing home sales by month for 2023 and 2024. Sales declined 2.8% year-over-year compared to May 2023. This was the thirty-third consecutive month with sales down year-over-year.
Abnormal Returns
JUNE 18, 2024
AlphaSense AlphaSense is buying Tegus. (bloomberg.com) What next for AlphaSense? (mattober.co) Private equity As alts go, so go pension fund returns. (papers.ssrn.com) Comparing the (real) volatility of private equity and private credit. (alphaarchitect.com) Secondary PE investments are a necessary part of the system. (caia.org) How much in taxes have private equity fund managers avoided through carried interest?
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Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!
Advisor Perspectives
JUNE 20, 2024
New home construction in the US slumped in May to the slowest pace in four years, as higher-for-longer interest rates sap the housing industry’s momentum from earlier this year.
Wealth Management
JUNE 21, 2024
PhilanthPro's Nicholas Palahnuk discusses how clients' growing interest in philanthropy demands a more integrated approach, where giving is strategically aligned with overall financial goals.
Calculated Risk
JUNE 15, 2024
At the Calculated Risk Real Estate Newsletter this week: Click on graph for larger image. • Q1 Update: Delinquencies, Foreclosures and REO • Part 1: Current State of the Housing Market; Overview for mid-June 2024 • Part 2: Current State of the Housing Market; Overview for mid-June 2024 • 3rd Look at Local Housing Markets in May • 2nd Look at Local Housing Markets in May This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.
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