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.
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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Wealth Management
AUGUST 3, 2022
We are seeing investors shift into smaller tertiary markets where competition is weaker, value-add properties where the potential for rent increases is higher.
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.
Speaker: David Worrell, CFO, Author & Speaker
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
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.
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
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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.
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.
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?
Wealth Management
AUGUST 3, 2022
Fewer than 20 new ETFs came to the market last month. Here's a look at the new funds, including a batch of single-stock ETFs.
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
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.
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.
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.
Wealth Management
AUGUST 3, 2022
Gladstone Wealth Partners, an LPL-affiliated hybrid RIA, teams up with Integrity Marketing Group to “transform” financial planning.
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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.
Abnormal Returns
AUGUST 3, 2022
Podcasts Steve Chen talks with Sam Dogen author of "Buy This, Not That: How To Spend Your Way To Wealth And Freedom." (newretirement.com) Christine Benz and Jeff Ptak talk with Jordan Grumet author of "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life." (morningstar.com) Noah Kagan talks money moves with Ramit Sethi author of "I Will Teach You To Be Rich.
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.
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.
Wealth Management
AUGUST 3, 2022
Healy, who was laid off from TD Ameritrade during its integration with Schwab, has volunteered with the Center for Financial Planning for several years. Now she'll lead it.
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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?
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.
Calculated Risk
AUGUST 4, 2022
From the Department of Commerce reported : The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised. June exports were $260.8 billion, $4.3 billion more than May exports. June imports were $340.4 billion, $1.0 billion less than May imports. emphasis added Click on graph for larger image.
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.
Wealth Management
AUGUST 3, 2022
With so many options to choose from, how does an advisor decide which path to independence to take?
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
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
Calculated Risk
AUGUST 1, 2022
From the Census Bureau reported that overall construction spending increased: Construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1 percent below the revised May estimate of $1,781.9 billion. The June figure is 8.3 percent above the June 2021 estimate of $1,628.0 billion. emphasis added Both private and public spending decreased: Spending on private construction was at a seasonally adjusted annual rate of $1,416.4 billion, 1.3 percent
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
Wealth Management
AUGUST 1, 2022
Firms that don’t embrace technological solutions to track, analyze and assess risk across asset classes and geographies will be hard pressed to stay relevant.
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.
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
Calculated Risk
AUGUST 1, 2022
These indicators are mostly for travel and entertainment. It is interesting to watch these sectors recover as the pandemic subsides. Notes: I've added back gasoline supplied to see if there is an impact from higher gasoline prices. Apple has discontinued "Apple mobility", and restaurant traffic is mostly back to normal. -- Airlines: Transportation Security Administration -- The TSA is providing daily travel numbers.
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
Wealth Management
AUGUST 4, 2022
The policy death benefit often doesn’t stay in force automatically; you have to ask for it.
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