The Big Picture
AUGUST 26, 2022
I had a fascinating conversation with an old friend who has been working in a giant bulge bracket firm his entire multi-decade career. What made this particular conversation so intriguing was his sudden epiphany about the Sell-side. Our previous discussions (debates really) were over the traditional model of brokerage I push back against versus the fee-based fiduciary asset management I embrace.
The Reformed Broker
AUGUST 22, 2022
Sharing this chart from Guggenheim showing that the S&P 500’s bear market bounce literally stopped on a dime and was turned away at the 200-day moving average. It’s almost too perfect. We manage our tactical portfolio based on technically-oriented rules not because it always works (it doesn’t!) but because it eliminates feelings like fear or fear of missing out from the decision-making process.
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Abnormal Returns
AUGUST 24, 2022
Podcasts Tim Ranzetta talks with Morgan Housel about the psychology of money. (ngpf.org) Jonathan Fields talks wealth and psychology with Patrice Washington host of the “Redefining Wealth Podcast.” (goodlifeproject.com) Jordan Harbinger talks with Dr. Brad Klontz — co-author of "Money Mammoth: Harness The Power of Financial Psychology to Evolve Your Money Mindset, Avoid Extinction, and Crush Your Financial Goals.
Nerd's Eye View
AUGUST 22, 2022
Cash tends to exist at the forefront of individuals' day-to-day lives for many reasons: as a stable savings vehicle for near-term goals, a safety net for unforeseen emergency expenses, and, of course, to pay for daily living expenses, just to name a few. And this nearness to daily life means that cash - and how it is used - is also often at the forefront of individuals' minds.
Speaker: Amanda Adams, Fractional CFO, CPA
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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
AUGUST 25, 2022
Over the years, I have been involved in a fair share of investment conferences. This began with the Big Picture Conference at the New York Athletic Club, post-GFC. I had flipped bullish in March 2009, but I have vivid recollections that Fall of listening to Jim O’Shaughnessy of OSAM explain the history of markets following a 50+% crash. He was even more bullish than I was, and had the data to back it up.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
AUGUST 21, 2022
Also on the site The age of exchange traded funds and the launch of single-bond ETFs. (abnormalreturns.com) Top clicks this week Ben Carlson, "Here’s a little secret about investing the pros will never admit — you don’t have to predict the future to be successful in the markets." (awealthofcommonsense.com) Why would a16z invest so much, so soon, in Adam Neumann's new thing?
Nerd's Eye View
AUGUST 22, 2022
Cash tends to exist at the forefront of individuals' day-to-day lives for many reasons: as a stable savings vehicle for near-term goals, a safety net for unforeseen emergency expenses, and, of course, to pay for daily living expenses, just to name a few. And this nearness to daily life means that cash - and how it is used - is also often at the forefront of individuals' minds.
The Big Picture
AUGUST 24, 2022
When it comes to integrating data with investing insights, no one is better than Ben Carlson. I direct you to today’s “ Exceptions to the Rule, ” where Ben dives into the nitty gritty of the conflicting data between market action and inflation data: BULL : The S&P 500 has recovered half of its 2022 bear market losses. When this has occurred in the past, stocks have never moved back to new lows, and have been higher every time a year later.
The Reformed Broker
AUGUST 20, 2022
It was a quiet week here at TRB as we had more than a dozen employees come in to New York from around the country to spend some time at the Mother Ship in midtown Manhattan and out here on Long Island. It’s cool to see RWM people who have never met each other in-person before solidify the relationships they’ve begun building on Slack and Zoom and Google Meet.
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.
Abnormal Returns
AUGUST 23, 2022
Trend A reminder that momentum and trend following are two distinct things. (mrzepczynski.blogspot.com) Comparing TAA and long volatility strategies. (insights.factorresearch.com) Factors Is value just a big interest rate bet? (aqr.com) Is the size factor down for good? (mailchi.mp) Research Using asset duration to create an all-weather portfolio. (disciplinefunds.com) Does mining credit card data make for alpha?
Nerd's Eye View
AUGUST 23, 2022
Welcome back to the 295th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Shari Greco Reiches. Shari is the Co-Founder and Chief Visionary Officer of Rappaport Reiches Capital Management, an independent RIA based in Skokie, Illinois, that oversees more than $800 million in assets under management, for 350 client households.
The Big Picture
AUGUST 22, 2022
My back-to-work morning train WFH reads: • How to Beat the Stock Market Without Even Lying : Stock funds have been pulling a switcheroo to make their returns look better: When they don’t measure up, they change how they measure. ( Wall Street Journal ). • Remote Work Is Sticking : About a third of all service work and just under 10% of manufacturing work in the region was being done remotely—a huge jump from 8% and 3%, respectively, before the pandemic. ( Liberty Street Economics ) see also Pizz
The Reformed Broker
AUGUST 22, 2022
Michael and I will be appearing at MarketWatch’s Best New Ideas in Money Festival in mid-September. We’re taping a live episode of our podcast, The Compound and Friends, and the audience gets to hang out and be a part of it. Duncan, John and Nicole will be there too. If you’re a fan and want to be in the room, below is how you can make it happen!
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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.
Abnormal Returns
AUGUST 22, 2022
Markets The stock market was stopped dead in its tracks at the 200-day moving average. (thereformedbroker.com) Last week more than 90% of S&P 500 stocks were above their 50-day moving average. (wsj.com) Strategy Trying to distinguish between speculation and investing is wasted effort. (integratinginvestor.com) Good investors aren't trying to impress anyone.
Nerd's Eye View
AUGUST 25, 2022
Historically, the career path for newer financial advisors has followed a commission-based model that was focused on sales and business development first and learning the technical aspects of financial planning along the way. As the financial advisory industry has evolved, though, it has shifted to a business model that focuses more on teaching new advisors how to provide good financial planning services first, and to focus on business development later.
The Big Picture
AUGUST 22, 2022
Barry Ritholtz, Ritholtz Wealth Management Chairman and CIO & “Masters in Business” Bloomberg Radio & Podcast Host, says he looks at the sell-off in the first half of 2022 as a “cyclical bear within a longer secular bull.” Cyclical Bear Within a Secular Bull: Ritholtz. Source: Bloomberg , August 19th, 2022. The post Cyclical Bear Within a Secular Bull appeared first on The Big Picture.
The Reformed Broker
AUGUST 25, 2022
I will be on Portfolio Rescue TODAY at 11am EST! Ben and I will be discussing inflation-linked bonds, diversifying fixed income exposure, prospecting for younger clients as a financial advisor, selling or HODLing, allocating to bonds as a young person, and much more! Tune in and get loud in the chat! See you all there. Check out the episode afterwards on all podcast platforms if you prefer to listen!
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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.
Abnormal Returns
AUGUST 20, 2022
Autos U.S. traffic deaths in 2022 are at a 20-year high. (msn.com) The Ford ($F) F-150 Lightning is a great truck with a subpar tablet. (theverge.com) EV buyers need to be careful when it comes to tax credits. (nytimes.com) It would help if EV chargers were actually working. (theverge.com) Transport UPS ($UPS) driver are struggling with the heat in their vehicles.
Nerd's Eye View
AUGUST 25, 2022
Historically, the career path for newer financial advisors has followed a commission-based model that was focused on sales and business development first and learning the technical aspects of financial planning along the way. As the financial advisory industry has evolved, though, it has shifted to a business model that focuses more on teaching new advisors how to provide good financial planning services first, and to focus on business development later.
The Big Picture
AUGUST 23, 2022
My Two-for-Tuesday morning train WFH reads: • Inflation Is Up Everywhere, But How Much Depends on Where You Live : The Northeast isn’t feeling the pain as much as the South or Mountain West, This could have political implications in the 2022 midterms. ( Businessweek ) see also Why the Rent Inflation Is So Damn High It’s just the latest chapter in the “everything is weird” economy. ( The Atlantic ). • The Biggest Life Event That No One Talks About : Graduation, first job, marriage, kids, divorce,
The Reformed Broker
AUGUST 23, 2022
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: ?The Bounce – “The S&P 500 has retraced 53% of its decline, and this is as far as bear market rallies go.” ?Normalization – Undergoing a normalization after a three year distortion. ?
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
Abnormal Returns
AUGUST 26, 2022
Crypto Louis Sykes, "Inflating your ego is a dangerous exercise. Some of the most intelligent, most sophisticated traders on the planet lost everything in this crypto bear market because they let ego get in the way of judgment." (allstarcharts.com) Everything you need to know about the Ethereum merge. (nytimes.com) FTX is consolidating its VC efforts.
Nerd's Eye View
AUGUST 24, 2022
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. In his latest article for the Nerd’s Eye View blog, Chris Stanley, investment management attorney and Founding Principal of Beach Street Legal, laid out the statutory requirements for RIA advisory agreements and what to include in the agreeme
The Big Picture
AUGUST 26, 2022
My end-of-week morning train WFH reads: • Hope You Enjoyed the Summer Rally : The easy money has already been made (probably). ( Businessweek ). • Powell Has Chance to Reset Market Expectations at Jackson Hole : Fed chair will speak amid high inflation, investor optimism ECB, BoE officials also set to attend annual Fed conference. ( Bloomberg ) see also The NY Fed vs Larry Summers : Some pundits were right on high inflation but for the wrong reasons. ( Financial Times ). • An overlooked indicato
Pragmatic Capitalism
AUGUST 25, 2022
1) ESG – Still a Convoluted Mess. My long standing position on ESG (Environmental, Social & Governance) investing is that secondary markets are a not a great place to try [ … ].
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.
Abnormal Returns
AUGUST 26, 2022
The biz YouTube has launched a podcast homepage. (techcrunch.com) A look at how Spotify's ($SPOT) podcast recommendation algorithm works. (wearebumper.com) Twitter ($TWTR) is adding podcast to its live audio tab. (hollywoodreporter.com) NPR is bring some of its most popular podcasts to YouTube. (npr.org) Raj Chetty Russ Robert talks with Raj Chetty about his research into economic mobility.
Nerd's Eye View
AUGUST 24, 2022
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. In his latest article for the Nerd’s Eye View blog, Chris Stanley, investment management attorney and Founding Principal of Beach Street Legal, laid out the statutory requirements for RIA advisory agreements and what to include in the agreeme
The Big Picture
AUGUST 20, 2022
This week, we speak with Bill Browder, who is head of the Global Magnitsky Justice Campaign and author of the recently released “Freezing Order: A True Story of Money Laundering, Murder and Surviving Vladimir Putin’s Wrath.” The founder and CEO of Hermitage Capital Management, which was the investment adviser to the largest foreign investment fund in Russia until 2005, Browder is also the author of “ Red Notice: A True Story of High Finance, Murder and One Man’s Fight for Justice.
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