The Big Picture

AUGUST 1, 2022

“I constantly remind our employees to be afraid, to wake up every morning terrified. Not of our competition — but of our customers.” -Jeff Bezos, 1998 Amazon shareholder letter. We all know how much FAANMG stocks have faltered this year, but there is a bigger story brewing: The companies themselves seem to have…lost their way. What once made them great has slipped into their historical legacy, with less innovation and far less delight to its end users.

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Advertising Retail Electronics Insurance 361

Abnormal Returns

AUGUST 5, 2022

Business Zack Fuss talks with Christian Bellinger about the business of luxury giant LVMH. (joincolossus.com) Howard Lindzon talks with Will Ahmed, founder and CEO of WHOOP. (howardlindzon.com) Barry Ritholtz talks with Hannah Elliott discuss how EVs are changing driving. (ritholtz.com) Derek Thompson talks with Ted Gioia on why old music is seemingly pushing aside new music.

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Management Investing Investments Marketing 265

The Reformed Broker

AUGUST 2, 2022

When you’re the size that Amazon is and you’re looking for growth, the only thing that could really move the needle for you is to attack a massive market opportunity. How does $4 trillion sound? That’s about what Americans spend directly on healthcare each year. Consider this past week’s acquisition as the solidifying piece of the story.

Healthcare 258

Healthcare Marketing Marketing 258

Nerd's Eye View

AUGUST 3, 2022

For financial advisors, dealing with issues concerning clients’ children, from education costs to legacy goals, is a common part of the planning process. But a growing number of individuals are going through life without ever having children. And no matter the reason, clients without children have unique planning needs that are important for advisors to recognize.

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Financial Planning Planning Insurance Clients 246

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.

Accounting

The Big Picture

JULY 30, 2022

?. This week, we speak with Bloomberg Businessweek staff writer Hannah Elliott , who reports on the automotive industry with a special focus on hyper-cars, motorcycles, and electric and luxury vehicles. She lives in Los Angeles, where car culture is enjoying a renaissance. NOTE : During the broadcast portion, we had the usual Q&A but in the podcast portion, this turned into a conversation; Hannah made the mistake of asking me a question and we were off to the races of me babbling about cars

Economics 317

Economics Banking 317

Pragmatic Capitalism

AUGUST 2, 2022

New episode of Three Minute Money here. Is the USA in a recession? While the media has traditionally referred to a recession as 2 quarters of negative GDP the White [ … ].

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Media 148

Nerd's Eye View

AUGUST 5, 2022

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC has issued a new bulletin clarifying the responsibilities of brokers under Regulation Best Interest (Reg BI). The guidance indicates that, despite early fears that Reg BI was ‘overly accommodating’ to the brokerage industry, the Commission is expecting that reducing conflicts of interest should be an ongoing task for broker-dealers rat

Financial Planner 246

Financial Planner Compliance Insurance Financial Advisor 246

The Big Picture

AUGUST 5, 2022

Source: Visual Capitalist. It’s light summer posting season! I am heading out of town for a wedding, and then on to the “ Shadow Kansas City Federal Reserve Board ” next week, then some family gatherings. Meanwhile, mull over this chart of the 20 fastest growing jobs over the next decade. Enjoy what’s left of the Summer! The post What Employment Sectors Are Growing the Fastest?

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Abnormal Returns

AUGUST 4, 2022

Books An excerpt from Peter Norton’s book “Fighting Traffic: The Dawn of the Motor Age in the American City.” (thereader.mitpress.mit.edu) An excerpt from "The Grieving Brain: The Surprising Science of How We Learn from Love and Loss by Mary-Frances O’Connor. (behavioralscientist.org) Environment Louisiana has been losing land for decades. A look at a plan to reverse things.

Media 246

Media Retirement Planning 246

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.

Accounting

Calculated Risk

AUGUST 5, 2022

Today we celebrate the recovery of all the jobs lost in 2020, and the unemployment rate matching the lowest level since 1969. The headline jobs number in the July employment report was well above expectations, and employment for the previous two months was revised up by 28,000, combined. The participation rate decreased slightly, and the employment-population ratio increased slightly.

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Numbers Economics Manufacturing 145

Nerd's Eye View

AUGUST 2, 2022

Welcome back to the 292nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Matthew Topley. Matthew is the Founder and CIO of Lansing Street Advisors, an independent RIA based in Ambler, Pennsylvania that oversees $160 million in assets under management for 60 client households. What’s unique about Matthew, though, is how he differentiates his firm by offering his high-net-worth clients opportunities to diversify their investment portfolios by syndicating pr

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Clients Financial Advisor Financial Planning Portfolio Management 244

The Big Picture

AUGUST 5, 2022

My end-of-week morning train WFH reads: • The stock market can be an emotional roller coaster. It shouldn’t be. There’s how you think about investment risk — and then how you feel about it. ( Vox ). • Gen Z Knows What It Wants From Employers. And Employers Want Them. To tap into the creativity of younger workers, and to offset a labor shortage, companies are offering four-day weeks, club memberships and work-from-anywhere flexibility. ( New York Times ) see also You’re Back at the Office.

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License Economics Banking Economy 289

Abnormal Returns

AUGUST 5, 2022

Markets Crude oil prices are down to February levels. (axios.com) Why the crypto market is smaller than reported. (wsj.com) Startups Y Combinator is shrinking it new class of startups. (techcrunch.com) Startups are turning to the debt markets while the IPO window is shut. (theinformation.com) Companies Apple's ($AAPL) cash hoard has come down over time.

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Assets Startup Financial Advising Media 244

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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.

Accounting

Calculated Risk

AUGUST 5, 2022

From the BLS : Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent , the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.

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A Wealth of Common Sense

JULY 31, 2022

Derek Thompson posted this incredible chart from Our World in Data on who Americans spend their time with, by age: These are average numbers but based on this chart the time spent with: Your family peaks at around 15 years old. Your friends peaks at around 18 years old. Your co-workers peaks at around 30 years old. Your kids peaks at around 40 years old.

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Numbers 145

The Big Picture

AUGUST 3, 2022

Barry Ritholtz, Ritholtz Wealth Management Chairman and CIO & “Masters in Business” host, discusses risk-reward and the less liquid aspects of the market: “I’m reminded of the words of the great investor, Groucho Marx, who said ‘ I don’t want to be a member of any club that would have me.”. When we look at alternatives and that’s everything from venture to hedge fund to private equity, the ones you can get into tend to not to be the top performing funds.

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Wealth Management Management Marketing Marketing 289

Abnormal Returns

JULY 31, 2022

Top clicks this week Why wealthy investors love real estate so much. (klementoninvesting.substack.com) Six things to do with your money in your 30's. (peterlazaroff.com) Money lessons learned from the Vanderbilts. (humbledollar.com) It's hard to imagine a severe recession at this point. (ritholtz.com) What new lows tell us about the state of the bear market.

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Investing Investments Marketing Marketing 163

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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.

Banking

Calculated Risk

AUGUST 5, 2022

From Manheim Consulting today: Wholesale Used-Vehicle Prices Decrease Minimally in July From Seasonal Adjustment Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 0.1% in July from June. The Manheim Used Vehicle Value Index declined to 219.6, up 12.5% from a year ago. The non-adjusted price change in July decreased 3.2% compared to June, leaving the unadjusted average price up 10.2% year over year. emphasis added Click on graph for larger image.

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Consulting Sales 145

A Wealth of Common Sense

AUGUST 4, 2022

A reader asks: For all these new home buyers who bought at massive house prices due to ultra-low rates…will they then get screwed when house prices normalize with ~6% rates being the norm? So like when they sell their home to move, they may be selling at a loss? Is this not a bubble waiting to pop? This is always a possibility. There was a massive pull forward in housing returns these past couple of years.

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The Big Picture

AUGUST 5, 2022

VinFast established in 2017 out of Hanoi, Vietnam, was founded by serial entrepreneur Pham Nhat Vuong — he’s Vietnam’s first billionaire and got his start in business selling instant ramen in the Ukrainian market. They plan to sell two all-electric sport-utility vehicles in the U.S. to start: a midsize SUV, called the VF 8, that starts at $40,700, and a larger VF 9, starting at $55,500.

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Planning Marketing Marketing 288

Abnormal Returns

AUGUST 4, 2022

Markets Michael Batnick, "Maybe we aren’t in a recession, but there’s certainly a lot of pain out there. And a lot of pessimism. If everyone feels like we’re in a recession, why does it matter what the data says?" (theirrelevantinvestor.com) The stock market is seemingly pricing in a shallow recession. (ritholtz.com) Strategy Jack Raines, "The market doesn't care about your obsession.

Financial Advising 148

Financial Advising Media Economy Economics 148

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

Numbers

Calculated Risk

AUGUST 2, 2022

From the NY Fed: Total Household Debt Surpasses $16 trillion in Q2 2022; Mortgage, Auto Loan, and Credit Card Balances Increase 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 second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion.

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Retail Banking Accounting 145

Alpha Architect

AUGUST 1, 2022

I find that returns are predictably negative for several months after the onset of recessions, becoming high only thereafter. I identify business cycle turning points by estimating a state-space model using macroeconomic data. Conditioning on the business cycle further reveals that returns exhibit momentum in recessions, whereas in expansions they display the mild reversals expected from discount rate changes.

Asset Allocation 137

Asset Allocation Assets Investing Investments 137

The Big Picture

AUGUST 4, 2022

My morning train WFH reads: • Could This Little European Fund Be the Spark for a ‘Vanguard of Hedge Funds’? Hedge fund replication — which can be thought of as a slightly more complicated version of a stock index fund — just got a big boost from a small fund. Seven years after its launch, an SEI fund is beating all its illustrious peers. That could be enough to finally make this hedge fund replication’s moment.( Institutional Investor ). • Things Are Clear as Mud : This year has been all about i

Economy 277

Economy Startup Economics Banking 277

The Irrelevant Investor

AUGUST 3, 2022

Gross domestic product is the most commonly accepted measure of the economy’s performance. For the previous two quarters, it showed that the economy contracted. So recession, right? Wrong. Before getting into why I don’t think the economy was in a recession during the first half of the year, it’s worth mentioning that things are very weird right now.

Economy 134

Economy 134

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.

Financial Advice

Calculated Risk

AUGUST 1, 2022

Inventory is still increasing rapidly, but the inventory build has slowed somewhat over the last few weeks. Still, inventory is increasing much faster than normal for this time of year (both in percentage terms and in total inventory added). Here are the same week inventory changes for the last four years: 2022: 13.4K 2021: 4.4K 2020: -13.4K 2019: 2.9K Inventory bottomed seasonally at the beginning of March 2022 and is now up 124% since then.

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Alpha Architect

AUGUST 4, 2022

Across markets, momentum is one of the most prominent anomalies and leads to high risk-adjusted returns. On the downside, momentum exhibits huge tail risk as there are short but persistent periods of highly negative returns. Crashes occur in rebounding bear markets, when momentum displays negative betas and momentum volatility is high. Based on ex-ante calculations of these risk measures we construct a crash indicator that effectively isolates momentum crashes from momentum bull markets.

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Risk Management Portfolio Management Marketing 134

The Big Picture

JULY 30, 2022

The weekend is here! Pour yourself a mug of Volcanica coffee, grab a seat on the beach, and get ready for our longer-form weekend reads: • SEC Enriches Fraudsters, Lawyers as Secrecy Shrouds Tips Program : SEC whistleblower decisions are inconsistent, cloaked in secrecy, often go to clients of agency ex-officials/ Program increasingly busy but has drawn ire of federal courts at times ( Bloomberg Law ). • How colours affect the way you think Our world is awash with a rainbow of colours, but certa

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Engineering Media Clients Marketing 277