The Reformed Broker
NOVEMBER 8, 2022
A lot of reporters and public intellectuals were writing their obituaries for Twitter this weekend. First, we saw the revolt of the Blue Checkmarks. Then, the first inklings of an advertiser exodus. The timing of all this – on the eve of a midterm election that will determine whether or not Americans actually care about democracy – could not have been more ominous.
The Big Picture
NOVEMBER 7, 2022
My views on inflation continue to evolve: I was correct in identifying inflation during the mid-2000s; during the post-crash 2010s I remained appropriately skeptical about rising prices. The price dynamic during and after the pandemic appeared to be troublesome but my expectations were that inflation would be resolved relatively quickly as supply chains reopened and life returned to normal. “ Transitory ” turned out to be too optimistic, and I was wrong in my expectations for a faster decline in
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Mish Talk
NOVEMBER 7, 2022
Twitter Axe Last Friday, Elon Musk cut about half of the company’s work force. That's approximately 3,700 jobs. Many employees did not know until they saw their corporate access blocked. I saw some Tweets in which managers did not even know which of their subordinates were axed. The managers sent emails to their subordinates asking if they still had access.
Abnormal Returns
NOVEMBER 9, 2022
Career shifts Former Peloton ($PTON) CEO John Foley is getting into the rug business. (wsj.com) UBS' Chief Risk Officer is becoming a photographer. (ft.com) Investing Rich people don't typically get rich on alternative investments. (ofdollarsanddata.com) Ten tips for surviving a bear market including 'You’re not limited to one rebalance.' (wealthfoundme.com) Bear markets affect different classes of investors in different ways.
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 Reformed Broker
NOVEMBER 5, 2022
Just wanted to start by saying thanks to everyone who made a donation to our Long Island Cares food drive for Thanksgiving. The money really goes a long way, we’re going to be making a big difference in the lives of people who need help this holiday season. We shattered the goal dollar-wise and I’m hoping to see a few hundred donated meals this weekend at our drop.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Mish Talk
NOVEMBER 9, 2022
Image from Investing.com yellow highlights and comments are mine. Market Still Reeling From Collapse of FTX Yesterday I noted Crypto Crash Is Led by a Whopping 88 Percent Plunge in FTX Here is the chart I posted yesterday. Today's chart will follow. FTX chart courtesy of CoinDesk. Price points added by Mish. Valuation Plunge The 44 percent rally was due to the announcement of a deal with Binance.
Abnormal Returns
NOVEMBER 7, 2022
Podcast Michael Kitces talks with Mindy Crary, owner of Creative Money, about making it clear about fiduciary marketing. (kitces.com) Daniel Crosby talks with Kurt Brown, CEO and CIO, of TownSquare Capital. (standarddeviationspod.com) Compliance Jason Zweig, "In 30 years of writing about the financial-advice industry, I never learned that advisers can provide less-comprehensive disclosures than stockbrokers.
Nerd's Eye View
NOVEMBER 9, 2022
The passage of the Affordable Care Act in 2014 introduced many changes to the healthcare landscape in the United States. One of these changes was the ability for children to remain on their parents’ health insurance plan until they reach age 26. In addition to having access to health insurance at a lower cost than they might have on their own, this measure also creates a potentially lucrative planning opportunity for young adults who can be covered by a parent’s High-Deductible Healt
The Big Picture
NOVEMBER 5, 2022
This week, we speak with financial historian Edward Chancellor. He is currently a columnist for Reuters Breakingviews and an occasional contributor to the Wall Street Journal and MoneyWeek. In 2008, he received the George Polk Award for financial reporting. Chancellor is the author of “ Devil Take the Hindmost: A History of Financial Speculation.” His new book “ The Price of Time: The Real Story of Interest ” is a nominee for FT’s 2022 Business Book of the Year.
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.
Mish Talk
NOVEMBER 8, 2022
FTX chart courtesy of CoinDesk. Price points added by Mish. What's Going On? The Wall Street Journal reports Crypto Exchange Binance to Acquire Rival FTX Cryptocurrency exchange FTX, just months removed from looking like a shining survivor in a struggling industry, succumbed Tuesday to a sudden liquidity crunch of its own and was taken over by rival Binance.
Abnormal Returns
NOVEMBER 9, 2022
Markets If nothing else, the Fed is causing investors pain. (howiesarchive.com) The risk/reward equation for bonds has done a 180. (pragcap.com) FTX How FTX unraveled. (thediff.co) The Binance deal for FTX is not a foregone conclusion. (coindesk.com) The end to the FTX story has not yet been written. (amycastor.com) VCs are going to get crushed by the FTX news.
Nerd's Eye View
NOVEMBER 11, 2022
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that as enforcement of the SEC’s new marketing rule began on November 4, advisory firms are taking a variety of approaches. While some are looking to gain a first-mover advantage by leveraging client testimonials and third-party endorsements (and adjusting their compliance programs before doing so), others are taking a wait-and-see approach.
The Big Picture
NOVEMBER 11, 2022
Yesterday’s explosive move higher was exactly what I was referring to last month in Groping for a Bottom , when I suggested the risks were asymmetrical in : “The risk here feels asymmetric : The downside appears to me as a potential grind lower — the Fed overtightens, then keeps over-tightening; maybe earnings miss badly; That mild recession we have been discussing — what if it turns out to be much worse than expected?
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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.
The Reformed Broker
NOVEMBER 11, 2022
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Warren Pies, and Downtown Josh Brown discuss the latest in markets, inflation, the effects of seasonality, what could be next, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!
Abnormal Returns
NOVEMBER 10, 2022
Books An excerpt from Annie Duke's new book "Quit: The Power of Knowing When to Walk Away." (behavioralscientist.org) A Q&A with Richard V. Reeves author of "Of Boys and Men: Why the Modern Male is Struggling, Why it Matters, and What to Do About It." (npr.org) An excerpt from "Data Cartels: The Companies That Control and Monopolize Our Information" by Sarah Lamdan.
Mish Talk
NOVEMBER 10, 2022
CPI data from the BLS, chart by Mish. The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in September on a seasonally adjusted basis after rising 1.3 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment. Key Points The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September.
The Big Picture
NOVEMBER 5, 2022
The weekend is here! Pour yourself a mug of BeanBox coffee, grab a seat on the settee, and get ready for our longer-form weekend reads: • Jony Ive on Life After Apple : The mastermind behind Apple’s most iconic products reveals how his design philosophy guides collaborations at his creative collective, LoveFrom. ( Wall Street Journal ). • Bitcoin mining in the crypto crash — the mining companies’ creative accounting : Bitcoin miners used to be ruthless economic agents, in it for the money.
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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
NOVEMBER 7, 2022
Welcome to the November 2022 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 a new RIA custodian – Entrustody – has launched, as independent RIAs continue to clamor for more alternatives than what has now become the ‘Big 2’ of Schwabitrade and Fidelit
Abnormal Returns
NOVEMBER 11, 2022
The biz Podcasts are great way to reach a business-oriented audience. (trungphan.substack.com) How Spotify ($SPOT) has maintained its audio lead. (cnbc.com) Financial history Barry Ritholtz talks with Edward Chancellor authof of “The Price of Time: The Real Story of Interest.” (ritholtz.com) Allison Schrager talks with William Goetzmann about how finance enabled civilization.
Pragmatic Capitalism
NOVEMBER 11, 2022
Here’s a new Three Minute Money video on the Triffin Dilemma and why it matters more than ever.
The Big Picture
NOVEMBER 10, 2022
This MoneyShow episode is now out from behind the paywall. Previously : Biggest Mistakes of UHNW Investors (October 25, 2021). The post Biggest Mistakes Made by UHNW Investors appeared first on The Big Picture.
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
Mish Talk
NOVEMBER 10, 2022
Never before have we seen so much excitement over 7.7 percent inflation when the Fed's target is 2.0 percent. The following charts courtesy of StockCharts.Com tell the story. S&P 500 +5.54 Percent. Nasdaq 100 Index +7.49 Percent. ARKK +14.52 Percent. Kathie Wood's Ark fund rallied a whopping 14.52 percent. However those shares are so beat up the rally barely registers.
Abnormal Returns
NOVEMBER 11, 2022
Strategy Now is the time to clear out all your bad trades before the new bull market gears up. (neckar.substack.com) The best asset allocation is one you can stick with. (awealthofcommonsense.com) FTX FTX has filed for bankruptcy. (nytimes.com) FTX, SBF and affiliates made all manner of investments. (fortune.com) What VCs lost with the FTX implosion.
Calculated Risk
NOVEMBER 10, 2022
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Chief Economist Danielle Hale: Weekly Housing Trends View — Data Week Ending Nov 5, 2022. Note: They have data on list prices, new listings and more, but this focus is on inventory. • Active inventory continued to grow, increasing 42% above one year ago.
The Big Picture
NOVEMBER 11, 2022
The 7 Series is all new and redesigned, with your choice of electric or traditional ICE powertrains: the 740i is a rear-drive, 3.0-liter BMW TwinPower Turbo inline 6-cylinder that makes 375 HP; the 760i xDrive Sedan is all-wheel drive, with a 4.4-liter BMW TwinPower Turbo V-8 engine making 536HP. But the top of the line is now an all-electric luxury sedan: the i7 starting at $119,300, producing 536 HP, with a range that is about 300 miles. 0-60 MPH only takes 4.5 seconds.
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.
Mish Talk
NOVEMBER 11, 2022
Let's compare the above capture to recent statements. 100% Liquid and 100% Bankrupt Here is a fascinating development. " FTX US, the US based exchange that accepts Americans, was not financially impacted by this sh*tsh*w. It's 100% liquid. Every user could fully withdraw (modulo gas fees etc). Updates on its future coming. " FTX US is 100% liquid and 100% bankrupt.
Abnormal Returns
NOVEMBER 6, 2022
Also on the site Spending does more than change your bank balance. (abnormalreturns.com) Why rough edges remain in financial markets: people. (abnormalreturns.com) Top clicks this week A primer on free cash flow. (aswathdamodaran.blogspot.com) Small cap valuations look attractive. (gmo.com) Five arguments against a value stock revival. (blog.validea.com) Why modern dating is so hard.
Calculated Risk
NOVEMBER 8, 2022
Here is another monthly update on framing lumber prices. This graph shows CME random length framing futures through November 8th. Lumber was at $447 per 1000 board feet this morning. This is down from the peak of $1,733, and down 33% from $663 a year ago. Prices are close to the pre-pandemic levels of around $400. Click on graph for larger image. There is somewhat of a seasonal demand for lumber, and lumber prices usually peak in April or May, although prices peaked much earlier this year.
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