The Big Picture
FEBRUARY 14, 2024
At the Money: Is War Good for Markets? (February 14, 2024) What does history tell us about how war impacts the stock market? What is the correlation between geopolitical conflict and inflation? Can these patterns inform us of future bull market behavior? In this episode, I speak with Jeffrey Hirsch about what happens to equities after global conflicts.
Abnormal Returns
FEBRUARY 13, 2024
Private equity What does the research say about private equity performance? (morningstar.com) Why it's so hard to compare public and private investments. (caia.org) Fund management How should we assess 'pedigree' when it comes to investment managers? (investmentecosystem.com) Why hedge funds are happy with higher short term interest rates. (bloomberg.com) Quant stuff Researchers are now unleashing ChatGPT on stock selection models.
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Nerd's Eye View
FEBRUARY 16, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a study from Cerulli Associates indicates a lack of fee transparency represents a significant hurdle for many investors when considering working with a financial advisor. Which suggests that while advisors might be hesitant to publish their fees on their website before being able to meet face-to-face with prospects, doing so (and linking the fees to the value proposi
Calculated Risk
FEBRUARY 14, 2024
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 9, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier.
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.
The Big Picture
FEBRUARY 15, 2024
Last month, I mentioned that CPI inflation measures were based on lagging BLS measures of Owners’ Equivalent Rent (OER). BLS highlighted housing prices, headlining the CPI report as “CPI for all items rose 0.3% in January; shelter up ” As the chart above shows, Shelter was 2/3rds of the increase in the most recent. ( Chart thanks to Michael McDonough ).
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 12, 2024
While there is a plethora of ways that financial advisory firm owners can build and run their practices (from service models to specialties to fee structures and beyond), one of the most complex activities shared by many growing firms are those that involve hiring, training, managing, and retaining employees. And with the increasing shift to remote and hybrid work in recent years, these skills have become even more important.
A Wealth of Common Sense
FEBRUARY 11, 2024
I enjoy studying market history not because it makes it any easier to predict the future but because it can set helpful baseline assumptions. For example, there have been permabears predicting a massive financial crisis and stock market crash every single year since the Great Financial Crisis in 2008. A crash is always a possibility, of course. But there have only been five crashes in the 50% or worse range over the past.
The Big Picture
FEBRUARY 10, 2024
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • A Cycle of Misery: The Business of Building Commercial Aircraft : Making commercial aircraft (large jetliners purchased by commercial airlines) is in some ways like any other manufacturing industry. A company develops a product and tries to sell it for enough to cover the costs of developing and producing it.
Abnormal Returns
FEBRUARY 11, 2024
Strategy ETFs are a better mousetrap, but they can't turn a bad manager into a good one. (wsj.com) Why you should diversify internationally. (humbledollar.com) A company moat is no guarantee of good performance. (flyoverstocks.com) Books A look at five new finance books including "The Trading Game" by Gary Stevenson. (axios.com) A look at Gary Sernovitz's new novel "Counting House.
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.
Alpha Architect
FEBRUARY 16, 2024
While analysts underwrite high growth for companies that have grown quickly and slow growth for companies that have grown slowly in the past, a large body of evidence demonstrates that reversion to the mean of both positive and negative abnormal earnings growth is the norm. On the Persistence of Growth and Value Stocks was originally published at Alpha Architect.
A Wealth of Common Sense
FEBRUARY 15, 2024
Josh Brown joined me again this week to discuss questions about career advice for younger advisors, when it makes sense to hire a financial advisor for retirement, 401ks vs. brokerage accounts and how to deploy cash in the face of all-time highs in the stock market. Further Reading: How Rich Are the Baby Boomers? The post When Should You Hire a Financial Advisor?
The Big Picture
FEBRUARY 16, 2024
This week, we speak with Bill Dudley , former president and chief executive officer of the Federal Reserve Bank of New York , where he also served as vice chairman and a permanent member of the Federal Open Market Committee. He was executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account.
Abnormal Returns
FEBRUARY 16, 2024
The biz Podcasting now makes up some 50% of Slate's revenues. (semafor.com) Why audio companies are still laying off workers. (axios.com) Don't forget that modern podcasts are businesses, big businesses. (youtube.com) Economy Justin Carbonneau and Jack Forehand talk all things inflation with Cullen Roche. (youtube.com) Sean Illing talks with Brad Delong, author of "Slouching Towards Utopia: An Economic History of the Twentieth Century" about the end of the globalization wave.
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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.
Wealth Management
FEBRUARY 14, 2024
The final impact of the DOL rule on independent contractors has yet to be determined for the financial advisory industry.
A Wealth of Common Sense
FEBRUARY 13, 2024
There are now six stocks in the S&P 500 with trillion-dollar valuations: Microsoft ($3.1 trillion) Apple ($2.9 trillion) Nvidia ($1.8 trillion) Amazon ($1.8 trillion) Google ($1.9 trillion) Facebook ($1.2 trillion) The numbers are getting so big it’s almost hard to comprehend. Bank of America noted in a research piece last week that Nvidia by itself is now worth more than the entire Chinese stock market.
Nerd's Eye View
FEBRUARY 13, 2024
Welcome back to the 372nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Melody Townsend. Melody is the president of Townsend Financial Planning, an RIA based in Lexington, KY, that oversees $112 million in assets under management for 160 client households. What's unique about Melody, though, is how after her first decade in practice, she quadrupled her revenue in the subsequent 2 years by restructuring her business model from standalone hourly engagements and
Abnormal Returns
FEBRUARY 11, 2024
Top clicks this week These 15 funds destroyed the most shareholder value over the past decade. (morningstar.com) Some classic investing lessons from Ed Thorp. (moontower.substack.com) Some signs of internal weakness in the stock market. (allstarcharts.com) A valuation analysis of the Magnificent Seven. (aswathdamodaran.blogspot.com) In the long run, fundamentals matter.
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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.
Calculated Risk
FEBRUARY 13, 2024
Here are a few measures of inflation: The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year. This declined and is now up 3.6% YoY. Click on graph for larger image. This graph shows the YoY price change for Services and Services less rent of shelter through January 2024. Services were up 5.0% YoY as of January 2024, unchanged from 5.0% YoY in December.
A Wealth of Common Sense
FEBRUARY 16, 2024
Early on in my savings journey I prioritized tax-deferred retirement accounts over all else. I like the ease and simplicity of 401k contributions coming out of my paycheck before it ever even touches my checking account. It’s easy to automate. The set-it-and-forget-it nature of a workplace retirement plan is one of my favorite features. Plus, I like the fact that it’s difficult to get the money out of these ac.
Advisor Perspectives
FEBRUARY 15, 2024
Beginning this year, the SECURE Act 2.0 allows owners of 529 plans to convert unused 529 funds to the beneficiary’s Roth IRA.
Abnormal Returns
FEBRUARY 14, 2024
Podcasts Peter Lazaroff talks all things equity compensation with Derek Jess. (peterlazaroff.com) Barry Ritholtz talks value investing with Jeremy Schwartz of WisdomTree Investments. (ritholtz.com) Carl Richards talks with Jamie author of "Confessions of a Sociopath: A Life Spent Hiding in Plain Sight." (50fires.com) Taxes What tax planning entails.
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
Wealth Management
FEBRUARY 15, 2024
Anya Coverman, president and CEO of the Institute for Portfolio Alternatives, talks about potential policies at the federal and state levels that could stem advisors’ ability to use alternative investments in client portfolios.
Calculated Risk
FEBRUARY 16, 2024
Today, in the Calculated Risk Real Estate Newsletter: Single Family Starts Up 22% Year-over-year in January; Multi-Family Starts Down Sharply A brief excerpt: Note that permits held up better than starts in January, and housing starts were probably impacted by the severe weather last month. The third graph shows the month-to-month comparison for total starts between 2023 (blue) and 2024 (red).
Advisor Perspectives
FEBRUARY 15, 2024
Moderating mortgage rates, possible Fed rate cuts, and a lack of exiting inventory have led to increased builder confidence as the National Association of Home Builders (NAHB) Housing Market Index (HMI) rose for a third straight month to its highest level since August. The index is at 48, up 4 points from January and above the forecast of 46.
Abnormal Returns
FEBRUARY 13, 2024
Markets Why the Magnificent Seven are outperforming: earnings. (apolloacademy.com) Markets work: the case of lithium. (marginalrevolution.com) Alternatives Alternative investments are generally sold, not bought. (ofdollarsanddata.com) Per KKR ($KKR), family offices are set to boost their exposure to alternatives. (institutionalinvestor.com) IPOs These five startups, like SpaceX, should be public already, but aren't.
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.
Wealth Management
FEBRUARY 12, 2024
Lessons learned from the wealth management industry for the defined contribution retirement space.
A Wealth of Common Sense
FEBRUARY 12, 2024
Today’s Talk Your Book is brought to you by J.P. Morgan Asset Management: See here for more information on the JPMorgan Active Bond ETF We had Kay Herr and Rick Figuly of J.P. Morgan Asset Management’s Global Fixed Income, Currency, and Commodities Group to discuss their recent active bond ETF moving to the trading floor at the New York Stock Exchange.
Advisor Perspectives
FEBRUARY 12, 2024
There are three pitfalls that I most commonly see income investors fall victim to. I hope illustrating them will help you avoid their damaging effects on your investment portfolio.
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