Nerd's Eye View
MAY 15, 2023
The financial advisory industry has faced many purported technological ‘threats’ over the past several decades. From the introduction of computers to the rise of the internet to the emergence of ‘robo-advisors’, there has been no shortage of innovations that would allegedly reduce the need for consumers to work with (human) financial advisors.
The Reformed Broker
MAY 17, 2023
Just wanted to take a moment to recognize the incredible work my media and research teams have been doing to propel The Compound channel past 120,000 subscribers this month. And that 120k is just a fragment of the audience because almost everything we do on video is also on the audio podcast channels too. For those who are new to what we’re doing at the Compound YouTube channel each week, below is the schedule of w.
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Calculated Risk
MAY 15, 2023
Altos reports that active single-family inventory was up 0.2% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of May 12th, inventory was at 420 thousand (7-day average), compared to 420 thousand the prior week. Year-to-date, inventory is down 14.3%. And inventory is up 3.7% from the seasonal bottom four weeks ago.
The Big Picture
MAY 15, 2023
One of the core philosophical beliefs I hold dear is that the future is inherently unknown and unknowable. This tends to be true for the vast majority of people almost all of the time. The world is full of endless, random, often-invisible factors that greatly impact outcomes. Our own psychology works against our understanding this: Our hindsight bias allows us to see these unknowable results with perfect after-the-fact clarity; that fools us into believing our prior expectations turned out to be
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
Wealth Management
MAY 19, 2023
Direct indexing is often applied as the name for two different things, it is time to clarify.
The Reformed Broker
MAY 16, 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: ►Einhorn, Burry, Buffett – David Einhorn and Michael Burry were buying regional banks in Q1. ►Positive Surprises – “This will upset a lot of gloom and doomers, but oh well” ►Wealth Transfer .
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
MAY 17, 2023
Jerome Powell and the Federal Reserve spend a lot of time worrying about Inflation Expectations. They shouldn’t. Sentiment surveys in general are mostly useless (except at the extremes). They aren’t merely lagging, backward-looking indicators, but instead, tell you what the public experienced 3- 6 months ago. Beyond short-term extrapolation, they have little to no ability to provide insight into intermediate-term (6-12 months) inflation.
Wealth Management
MAY 17, 2023
Panelists spoke about advanced analytics’ impact on the industry during FINRA’s annual conference, while SEC Chair Gary Gensler said he’d asked commission staff to consider recommendations on rules for predictive data analytics conflicts.
Abnormal Returns
MAY 18, 2023
Finance Zero-day options are changing how the stock market operates. (finance.yahoo.com) Managing cash is no longer an afterthought. (institutionalinvestor.com) RIP, once and for all, Libor. (economist.com) Funds Jon Hale looks at the evolution of sustainable investing over the past couple decades. (morningstar.com) ETFs are seeing increased adoption in Europe.
Calculated Risk
MAY 15, 2023
From the NY Fed: Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows an increase in total household debt in the first quarter of 2023, increasing by $148 billion (0.9%) to $17.05 trillion.
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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.
The Big Picture
MAY 19, 2023
Let’s see if I can find something to counter and/or undercut each of these 10 items listed in this morning’s tweet above: 1. Only 5 stocks driving markets?! Then why are Equal-weighted indices doing so well? Equal-weighted Nasdaq100 up 17% since the June lows for the market because “it’s only 5 stocks”? How bad at math do you need to be to think that it’s only 5 stocks driving this market?
Wealth Management
MAY 17, 2023
A recent J.P. Morgan Wealth Management white paper provides tips on how to navigate them.
Nerd's Eye View
MAY 17, 2023
Amid a tight job market and low unemployment rates, a significant amount of the U.S. ‘talent gap’ is filled by foreign-born workers on employment visas like the H-1B. These visas allow foreign workers to live and work in the country temporarily while they are employed – although in practice, this can mean that individuals can spend years or decades (or even their entire career) working in the U.S. on a ‘temporary’ visa.
Calculated Risk
MAY 13, 2023
At the Calculated Risk Real Estate Newsletter this week: • Part 1: Current State of the Housing Market; Overview for mid-April • Part 2: Current State of the Housing Market; Overview for mid-April • House Price Battle Royale: Low Inventory vs Affordability • Lawler: American Homes 4 Rent Net Seller of Single-Family Homes Last Quarter • 2nd Look at Local Housing Markets in April This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.
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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?
The Big Picture
MAY 13, 2023
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • He wrote a book on a rare subject. Then a ChatGPT replica appeared on Amazon. From recipes to product reviews to how-to books, artificial intelligence text generators are quietly authoring more and more of the internet. ( Washington Post ) • The Crypto Winter Cost People More Than Their Money : Some acolytes lost faith, others blamed devils—and some went even harder.
Wealth Management
MAY 16, 2023
Advisor attrition is becoming increasingly common as next-gen talent consider their options—and they want ownership.
Nerd's Eye View
MAY 16, 2023
Welcome back to the 333rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jim Dew. Jim is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based in Scottsdale, AZ, that provides virtual-family-office-style financial planning on a monthly retainer basis for 150 small-business owner entrepreneurs. What's unique about Jim, though, is how he has scaled his retainer-based boutique firm to more than $7 million in revenue, a $31 million enterprise va
Calculated Risk
MAY 16, 2023
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 50, up from 45 last month. Any number above 50 indicates that more builders view sales conditions as good than poor. From the NAHB: Lack of Existing Inventory Boosts Builder Confidence to Key Marker Limited existing inventory, which has put a renewed emphasis on new construction, resulted in a solid gain for builder confidence in May even as the industry continues to face several challenges, including
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
The Big Picture
MAY 16, 2023
My Two-for-Tuesday morning train WFH reads: • Miami’s Love Affair With Crypto Is Souring as Bitcoin Faithful Flock to the City : On the eve of the annual bitcoin conference, the city and its mayor have mostly moved on from crypto. ( Wall Street Journal ) but see Crypto’s Most Influential Companies Often Follow Their Own Rules — Even After FTX’s Collapse : A review of practices at 60 of the sector’s most influential companies found many lack basic guardrails. ( Bloomberg ) • The audacious plan to
Wealth Management
MAY 19, 2023
Education on key asset allocation strategies is necessary to get clients ready for their golden years.
Abnormal Returns
MAY 17, 2023
Podcasts Peter Lazaroff on the problem with bond index funds. (peterlazaroff.com) Morgan Housel talks about some impactful ideas, succinctly stated. (open.spotify.com) Housing People looking to buy a house right now have three options. (awealthofcommonsense.com) Moving comes with a whole host of unexpected costs. (blairbellecurve.com) What does it really cost to own a home?
Nerd's Eye View
MAY 19, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news of a recent survey indicating that investors overwhelmingly believe that Artificial Intelligence (AI) will help financial advisors better serve their clients and would like to work with an advisor who leverages AI tools.
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.
Calculated Risk
MAY 17, 2023
From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000. This is 2.2 percent above the revised March estimate of 1,371,000, but is 22.3 percent below the April 2022 rate of 1,803,000. Single‐family housing starts in April were at a rate of 846,000; this is 1.6 percent above the revised March figure of 833,000.
Wealth Management
MAY 14, 2023
A decade-long market of ever-rising asset prices has led many to overlook the need to formalize business development. In a more challenging growth environment, as much as 5% of revenue should be spent on marketing and sales, according to speakers at DeVoe & Co.'s annual conference.
Abnormal Returns
MAY 13, 2023
EVs Electric car sales are outpacing prior estimates. (hannahritchie.substack.com) Norway is farthest along when it comes to EVs but still struggles with charging infrastructure. (nytimes.com) Toyota ($TM) is hedging its bets when it comes to EVs. (wsj.com) Energy NextEra Energy Resources ($NEE) is betting big on 'green hydrogen' production. (wsj.com) Why more public entities will begin to start deploying renewables.
Nerd's Eye View
MAY 18, 2023
As a solo advisory firm owner grows their practice, they may reach capacity constraints that prompt them to hire an additional employee. While this can be a logical step in scaling their firm, some advisory firm owners may not anticipate the managerial challenges that come with hiring additional staff. And even though some firm owners may have originally thought they were ready to expand and take on an employee, they may later determine that they actually prefer operating on their own as a solo
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Calculated Risk
MAY 16, 2023
On a monthly basis, retail sales were up 0.4% from March to April (seasonally adjusted), and sales were up 1.6 percent from April 2022. From the Census Bureau report : Advance estimates of U.S. retail and food services sales for April 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $686.1 billion, up 0.4 percent from the previous month, and up 1.6 percent above April 2022.
Wealth Management
MAY 19, 2023
We collected some of the best obituaries and tributes to real estate industry icon Sam Zell, who passed away at age 81 at his home. Sandeep Mathrani’s abrupt departure as CEO of WeWork came as a surprise to observers, reports Bisnow. These are among the must reads from around the real estate investment world to heading into the weekend.
Abnormal Returns
MAY 15, 2023
Energy Gasoline prices are down some 30% from their peak (axios.com) European natural gas prices are below pre-war levels. (qz.com) Strategy A magazine cover gone wrong, the case of Cisco Systems ($CSCO). (ritholtz.com) Models are always a starting point, not an end in themselves. (awealthofcommonsense.com) Companies How Sea Ltd. turn things around by cutting costs.
The Reformed Broker
MAY 19, 2023
RWM is coming to Austin, TX June 12th-14th @Downtown with more detailsEmail us at info@ritholtzwealth.com subject line “Austin” to reserve a meeting slot! pic.twitter.com/9iSdG4HFf3 — Ritholtz Wealth (@RitholtzWealth) May 19, 2023 Why did we open an office in Austin, Texas? Is it because the city is expected to add another 1.5 million residents by 2040, giving it a population of 4 million?
Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System
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