Advisor Perspectives
JANUARY 4, 2024
The US has yet to fully address one of the greatest weaknesses revealed by last year’s failure of Silicon Valley Bank and other regional lenders: Supervisors saw the problems, but they failed to compel action before it was too late.
The Big Picture
JANUARY 2, 2024
I am popping out of book leave to share this single data point that snuck out over the holidays: The Federal Reserve Bank of Philadelphia’s State Coincident Indicators for November 2023. I like the SCI – its broad, consistent, and does not operate with too big of a lag. Over the past three months, the indexes increased in 25 states, decreased in 21 states, and remained stable in four, for a three-month diffusion index of 8.
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Abnormal Returns
DECEMBER 31, 2023
Top clicks this week Some investment sites worth reading every week including Sam Ro's TKer. (blakebmillard.substack.com) 10 questions for 204 including 'What happens to all the cash on the sidelines?' (awealthofcommonsense.com) Putting an estimate on long term equity market returns. (morningstar.com) Six lessons learned from 20 years in the business of financial advice.
Nerd's Eye View
JANUARY 3, 2024
Niels Bohr famously observed that "Prediction is very difficult, especially if it's about the future!" The sentiment is especially poignant when it comes to economic forecasting, as it's nearly impossible to get an accurate picture of the current state of the economy at any given moment. As a result, uncertainty about how the economy may unfold, even along the shortest time frames, is the default.
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.
A Wealth of Common Sense
JANUARY 2, 2024
2023 was a good year for the stock market. Bad years in the stock market are typically followed by good years (but not always): The obvious follow-up here is: What happens after good years? Or how often do we see good years followed by good years? There are, of course, bad years that follow good years, just like there are good years that follow bad years.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
JANUARY 3, 2024
Podcasts Christine Benz and Jeff Ptak talk with Jonathan Clements about his financial journey. (morningstar.com) Ted Seides talks with Morgan Housel about his new book "Same As Ever." (capitalallocators.com) Jim Dahle talks with Dr. Jordan Grumet, author of "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret Free Life.
Nerd's Eye View
JANUARY 1, 2024
Welcome to the January 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that held-away asset management platform Pontera has raised $60 million in venture capital funding as advisors increasingly seek to directly manage clients' 401(k) and other outside assets – althoug
A Wealth of Common Sense
DECEMBER 31, 2023
2022 was one of the worst years ever for financial markets. Over the past 100 years: It was the third worst year for a 60/40 portfolio. It was the seventh worst year for the S&P 500. It was the worst year ever for the Barclays Aggregate Bond Market Index. It was the worst year ever for the 10 year Treasury bond. Here’s what I wrote last year at this time: Expected returns are now higher.
The Big Picture
JANUARY 4, 2024
Source: Visual Capitalist The post 60 Years of Stock Market Cycles appeared first on The Big Picture.
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.
Abnormal Returns
JANUARY 2, 2024
Markets How major asset classes performed in December 2023. (capitalspectator.com) 2023 was a welcome respite from 2022, market-wise. (awealthofcommonsense.com) Growth stocks have trounced value over the past decade no matter the geography. (albertbridgecapital.com) Strategy 10 predictions for 2024 including 'The economy overheats.' (theirrelevantinvestor.com) Don't get caught sitting in cash in 2024.
Nerd's Eye View
JANUARY 2, 2024
Welcome to the 366th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Stevyn Guinnip. Stevyn is founder of Grow Wellthy, a health and wellness consulting firm based in Springfield, Missouri that specializes in working with busy – but not always healthy – financial advisors. What's unique about Stevyn, though, is how she combines her family roots in financial advice with her decades-long career in wellbeing and health as a coach to financial advisors,
Calculated Risk
JANUARY 2, 2024
From the Census Bureau reported that overall construction spending increased: Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4 percent above the revised October estimate of $2,042.5 billion. The November figure is 11.3 percent above the November 2022 estimate of $1,842.2 billion. emphasis added Private spending increased and public spending decreased: Spending on private construction was at a seasonally adjusted annual rate of
The Big Picture
JANUARY 3, 2024
At The Money: Contrarian Investing. (January 3, 2024) Is contrarian investing a solid strategy, or a fool’s errand? In this episode, I speak with Michael J. Mauboussin. Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management We discuss why it is so difficult to fight the crowd, and identify when the crowd is right and when they have gone mad.
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
Abnormal Returns
DECEMBER 31, 2023
Markets Asset class returns were pretty green in 2023 except for commodities. (on.spdji.com) Some of the best charts of 2023. (entrylevel.topdowncharts.com) Bitcoin A price war has already broken out for the yet-to-be-launched spot Bitcoin ETF. (theblock.co) Spot Bitcoin ETFs will be run by the biggest financial players on the planet. (blockworks.co) Companies How Stanley ($SWK) turned the Quencher into a hot consumer product.
Nerd's Eye View
JANUARY 5, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that comment letters submitted regarding the Department of Labor's (DoL) proposed Retirement Security Rule, which is intended to strengthen standards regarding the provision of certain retirement-related advice, reflect the contentious nature of the proposal, with brokerage and insurance industry groups arguing that existing regulations are sufficient to protect investors
Calculated Risk
JANUARY 3, 2024
From the MBA: Mortgage Applications Decreased Over a Two-Week Period in Latest MBA Weekly Survey Mortgage applications decreased 9.4 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 29, 2023. The results include adjustments to account for the holidays.
The Big Picture
JANUARY 5, 2024
This week, we speak with Matt Levine , Opinion columnist at Bloomberg. He is the author of Money Stuff , one of the most popular daily newsletters on Wall Street. Previously, he was an investment banker at Goldman Sachs and a mergers and acquisitions lawyer at Wachtell, Lipton. He explains how his career meandered from studying classics, teaching Greek, clerking for a Federal Judge, working on M&A at a big firm, and eventually doing derivative transactions on Wall Street.
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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.
Abnormal Returns
JANUARY 1, 2024
Podcasts Michael Kitces talks with Rob Nelson who is the CEO and Founder of NorthRock Partners about offering clients a wider set of services. (kitces.com) Thomas Kopelman on the power of backdoor Roth IRA conversions. (podcasts.apple.com) Advisers The RIA keeps taking market (and mind) share. (thinkadvisor.com) A review of the RIA world in 2023. (riabiz.com) Can a fiduciary adviser safely use AI-generated advice?
Alpha Architect
JANUARY 5, 2024
Crowded equity positions in anomalies remain and have significant impacts in terms of risk and return dynamics. Crowded Trades Increase Crash Risks was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Calculated Risk
JANUARY 5, 2024
From the BLS : Total nonfarm payroll employment increased by 216,000 in December, and the unemployment rate was unchanged at 3.7 percent , the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in government, health care, social assistance, and construction, while transportation and warehousing lost jobs. The change in total nonfarm payroll employment for October was revised down by 45,000, from +150,000 to +105,000, and the change for November was revised down by 2
The Big Picture
DECEMBER 30, 2023
 For our final show of the year, we are rebroadcasting a team favorite — our special 500th episode of Masters in Business; Enjoy! We speak with Jenny Johnson, president and chief executive officer of the Franklin Templeton. Johnson joined the firm in 1988 and held leadership roles in all its major divisions before becoming CEO in February 2020.
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
Abnormal Returns
JANUARY 2, 2024
Research Is the stock market predictable? Once in awhile for short periods of time. (alphaarchitect.com) Some evidence that indexing makes markets less efficient. (nber.org) How have risk parity funds weathered the past couple of years? (markovprocesses.com) What explains the 'distress risk premium'? (alphaarchitect.com) A round-up of recent research papers including 'We’re Not So Different, High Yield Bonds and Leveraged Loans.
Wealth Management
JANUARY 2, 2024
The firm agreed to settle charges with the regulator after it charged LPL Financial supervisors failed to ensure the suitability of certain transactions made by reps on behalf of clients.
Calculated Risk
JANUARY 5, 2024
The headline jobs number in the December employment report was above expectations, however employment for the previous two months was revised down by 71,000, combined. The participation rate and the employment population ratio both decreased, and the unemployment rate was unchanged at 3.7%. Leisure and hospitality gained 40 thousand jobs in December.
Advisor Perspectives
JANUARY 3, 2024
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) rose to 47.4 in December from 46.7 in November. The latest figure marks the 14th straight month the index has been in contraction territory after a 29-month period of growth dating back to June 2020. The December reading was above the forecast of 47.1.
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.
Abnormal Returns
JANUARY 5, 2024
Markets A look at major asset class returns in 2023. (visualcapitalist.com) Long technology, short utilities was the trade in 2023. (visualcapitalist.com) Strategy How to read all those market and economic forecasts. (morningstar.com) A look at different variants of the 60/40 portfolio. (priceactionlab.com) Hedge funds David Tepper's Carolina Panthers are at the bottom of the NFL.
Wealth Management
JANUARY 4, 2024
Leadership is more than just telling people what to do; it's about inspiring people with different personalities and backgrounds to work together toward common goals.
Calculated Risk
JANUARY 1, 2024
Altos reports that active single-family inventory was down 2.9% week-over-week and finished 2023 up 4.4% year-over-year. Inventory will likely decrease seasonally until the Spring. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of December 29th, inventory was at 513 thousand (7-day average), compared to 529 thousand the prior week.
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