The Reformed Broker

DECEMBER 8, 2022

Each Christmas season I do a webinar with my friends at YCharts where we take a look back at the most important charts of the year and discuss which of these trends will remain important going forward. It’s always a lot of fun and registration is free. This takes place tomorrow (Friday) December 9th at 12 noon ET (11am CT). This is a presentation for wealth management and asset management professionals, you can reg.

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Wealth Management Assets Management 338

The Big Picture

DECEMBER 5, 2022

I was working on a longer piece about which economic strata the Fed has the greatest impact on (its more complicated than you might think) when Invictus DM’d me this amazing FRED chart. We looked at this idea earlier this year , but it’s worth revisiting. Using data from the Federal Reserve, FRED analyzed 5 categories: Top 0.1%, the rest of the top 1%, the rest of the top 10%, the rest of the top 50%, and the bottom half.

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Distribution Accounting Economics 312

Mish Talk

DECEMBER 8, 2022

Reserve balances, reverse repos, and interest rate paid to banks from St. Louis Fed, chart by Mish. Chart Notes Data reflects end of month numbers. The latest reserve balance is from the New York Fed. The rest of the numbers are via a St. Louis Fed download. Note the stairstep pattern on interest paid on reserves. The interest rate rises every time the Fed hike rates.

Banking 300

Banking Numbers Economics 300

Abnormal Returns

DECEMBER 4, 2022

Top clicks this week What is a reasonable return expectation for the next few decades? (ofdollarsanddata.com) Which fund companies have captured the most dollar gains for investors. (morningstar.com) Why indexing works. (evidenceinvestor.com) Rising interest rates reset a whole host of financial questions. (humbledollar.com) How to remove single points of failure in your life.

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Wealth Management Management 278

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 Reformed Broker

DECEMBER 3, 2022

We’re having a live podcast taping to benefit one of our favorite charities, No Kid Hungry. It’s The Compound’s first ever Fan Appreciation Night and we’re joining forces with our friends at the On The Tape podcast to make it a great experience. Taping is December 16th at the Nasdaq Marketsite in Times Square. We’re reviewing the year that was and looking ahead to 2023.

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Mish Talk

DECEMBER 7, 2022

Thanks to president Biden, The Pentagon Marches Off to Climate War. A little-noticed rule-making proposed by the Department of Defense, NASA and the General Services Administration last month would require federal contractors to disclose and reduce their CO2 emissions as well as climate financial risks. The rule would cover 5,766 contractors that have received at least $7.5 million from the feds in the prior year.

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Nonprofit Pharmaceutical Budgeting Manufacturing 287

Abnormal Returns

DECEMBER 7, 2022

Trading Louis Sykes, "Some of the most intelligent and sophisticated traders on the planet lost everything in this market because they let ego get in the way of judgment and sound risk management processes." (allstarcharts.com) Why you likely can't just buy, and successfully use, some one else's trading system. (traderfeed.blogspot.com) Writing Nick Maggiulli's favorite investment writing of 2022.

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Media Financial Advising Risk Management Economy 246

The Reformed Broker

DECEMBER 5, 2022

I’m traveling this week (Houston here I come!) so I dug this one out of the archives because it’s one of the things I believe in even more now than when I wrote it a year ago. This post came out in October of 2021 at the height of NFT mania. I never really understood it. Collecting I get. Collecting things that can be infinitely copied and that you can’t hold in your hand?

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The Big Picture

DECEMBER 8, 2022

One of the reasons people in the investment community respect Howard Marks so much is he says what he believes and lets the chips fall where they may. His observations are always insightful, and over the years have becomeopular, but what really set him apart were his big contrarian observations, such as the Amazon dot Bomb in 1999. I did not get to his recent What Really Matters?

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Investments Investing 279

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

Nerd's Eye View

DECEMBER 7, 2022

For investment advisers looking to attract prospective clients, advertising the performance of their investment strategies would be a logical way to market their services (at least if they had strong historical returns!). But for many years, advisers looking for guidance from the Securities and Exchange Commission (SEC) regarding what kind of performance advertising was permissible had to rely on fairly general guidelines and SEC staff statements in the form of “no-action” letters.

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Advertising Investments Investing Marketing 239

Abnormal Returns

DECEMBER 6, 2022

Retirement Automatic retirement account enrollment helps to boost participation. (nber.org) Financial regrets in old age. (papers.ssrn.com) Research A lot of anomalies disappear once you account for the costs of short sales. (papers.ssrn.com) Why single-factor strategies are tough to maintain. (mrzepczynski.blogspot.com) How to measure, and use, 'tail betas.

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The Reformed Broker

DECEMBER 6, 2022

I’m in Texas this week speaking at the Dynasty Investing Forum and seeing clients. The below was one of my best posts of the year, in my own humble opinion I wrote it at pretty much the worst moment for stocks in 2022, during the peak of the September sell-off that drove the S&P 500 to its lowest low – down about 25% on the year. Since this post, JPMorgan shares are up 26%.

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The Big Picture

DECEMBER 9, 2022

My end-of-week morning train WFH reads: • Tony Fadell Is Trying to Build the iPod of Crypto : The product guru made Ledger’s new hardware wallet—a tiny vault for digital cash—flashy and fun. Plus, with this gadget you’ll never get FTX’d. ( Wired ). • Bikeshare Roars Back From the Pandemic : The shared micromobility market has been resilient even as commuting patterns have shifted.

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Media Banking Portfolio Investments 278

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

Planning

Nerd's Eye View

DECEMBER 9, 2022

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that amid concern that retail investors are paying ‘hidden’ fees in the form of suboptimal execution of their trades, the SEC is preparing to propose a “Regulation Best Execution” rule that would, among other measures, establish a best execution standard for brokers.

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Financial Planner Recruitment Retirement Planning Retirement 232

Abnormal Returns

DECEMBER 3, 2022

EVs The Chevy Bolt EUV is a bargain electric vehicle. (arstechnica.com) Toyota's Prius used to be synonymous with hybrids. (ritholtz.com) Nissan once lead EV sales with the Leaf. Now it it is looking for a path forward. (axios.com) The U.S. charging network is a mess. (wsj.com) Autos Roundabouts are taking over America. (washingtonpost.com) American exceptionalism when it comes to road deaths is notable.

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Food Financial Advising Media Sales 246

The Reformed Broker

DECEMBER 5, 2022

Next Friday, December 16th, we will be doing a live taping of The Compound and Friends at the Nasdaq Marketsite in Times Square for an intimate audience of fans and friends. And we’re bringing our pals from the On The Tape podcast along with us – that’s Dan Nathan, Guy Adami and Danny Moses. My whole podcast crew will be there t00 – Michael Batnick, Duncan, Nicole and John.

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The Big Picture

DECEMBER 5, 2022

My back-to-work morning train WFH reads: • Wall Street’s 2023 Outlook for Stocks : There’s hundreds of pages of research and analysis that come with these strategists’ forecast. The general themes: Most Wall Street firms expect the U.S. economy to go into recession some time in 2023. Many believe forecasts for 2023 earnings have more room to get cut, and some believe those downward revisions mean lots of volatility for stocks in the early part of 2023. ( TKer ). • Burden of proof is on the

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Commission Economy Banking Investments 279

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Banking

Mish Talk

DECEMBER 9, 2022

Bond yields from the New York Fed, chart by Mish. Chart Notes and Synopsis On the horizontal axis, F stands for Effective Fed Funds Rate (EFFR). The 3 and 6 represent months. I extrapolated rates between years equally. A few days ago the 10-year and 30-year bonds inverted and remain inverted. The EFFR is 3.83 percent. It is inverted with every bond of 5-years duration and longer.

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Banking Economics 224

Abnormal Returns

DECEMBER 5, 2022

Podcasts Rick Ferri talks estate planning with Ryan Barrett and Mike Piper. (bogleheads.podbean.com) Michael Kitces and Carl Richards talk about the opportunity and limits of advisor automation. (kitces.com) Philanthropy Why business owners are adopting 504(c)(4)s to maintain control while pursuing philanthropic goals. (bloomberg.com) Charitable giving strategies are as varied as the client.

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Financial Planner Estate Planning Startup Communication 246

Nerd's Eye View

DECEMBER 5, 2022

Welcome to the December 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 Savvy Wealth has raised an $11M Series A round to compete in the new category of ‘tech-enabled RIA’ – where the firm will use the bulk of its capital to develop its own in-house fu

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Financial Advisor Clients Commission Numbers 213

The Big Picture

DECEMBER 8, 2022

My morning train WFH reads: • The Cult of the Retail Trader Has Fizzled : The GameStop and AMC manias are long gone, with individual investor returns falling 40% this year and digital currency prices tumbling. ( Businessweek ). • FTX’s Bahamas Headquarters Was the First Clue : Bankman-Fried is just the latest in a long string of notorious characters who moved their business to the island nation, from the pirate Blackbeard to organized crime figures and assorted “financial wizards.” ( Bloomberg )

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Transportation Retail Portfolio Assets 278

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

Mish Talk

DECEMBER 8, 2022

National Rent Report Please consider the latest National Rent Report by Apartment List. Our national index fell by 1 percent over the course of November, marking the third straight month-over-month decline, and the largest single month dip in the history of our index, going back to 2017. The timing of the recent cooldown in the rental market is consistent with the typical seasonal trend, but its magnitude has been notably sharper than what we’ve seen in the past, suggesting that the recent swing

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Numbers Marketing Marketing Economics 223

Abnormal Returns

DECEMBER 8, 2022

Markets U.S. gasoline prices are below where they were a year ago. (nytimes.com) Checking in on the state of the muni bond market. (morningstar.com) Strategy Six year-end financial moves to consider including 'tax loss harvesting.' (blog.validea.com) The questions for alternative assets: how much do you need to own to move the needle? (institutionalinvestor.com) Companies Companies really don't want you to call them.

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Financial Advising Media Assets Taxes 245

A Wealth of Common Sense

DECEMBER 9, 2022

Nationwide price declines in the housing market are relatively rare. Since 1987, there have been just three times when the Case-Shiller National Home Price Index has been in a state of drawdown: The first was in the early-1990s when housing prices fell a little more than 2% nationally. Then you have the housing crash at the end of the 2000s when prices fell nearly 27%.

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Marketing Marketing 145

The Big Picture

DECEMBER 4, 2022

Those regional differences from the ideal are eye-opening! Source: Nature. The post Healthy Eating appeared first on The Big Picture.

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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

Mish Talk

DECEMBER 3, 2022

Inflation data from St. Louis Fed, chart by Mish. Credit for the chart idea itself goes to the St. Louis Fed. I downloaded the data and created my own charts to better hone in on the data. Year-Over-Year Inflation Seven Countries Detail. Inflation data from St. Louis Fed, chart by Mish. The EU lags badly when it comes to reporting most data releases.

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Economics 212

Abnormal Returns

DECEMBER 9, 2022

The biz The top podcasts of 2022, per Apple Podcasts. (9to5mac.com) The case for quitting Spotify ($SPOT). (om.co) Business David Rosenthal and Benjamin Gilbert talk with Ben Thompson about the business of Stratechery. (acquired.fm) Roben Farzad talks with Felix Gillette and Joel Mier about the future of streaming. (podcasts.apple.com) Economy Ezra Klein talks economic trends with Mohamed El-Erian.

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Portfolio Management Economics Economy Management 244

A Wealth of Common Sense

DECEMBER 6, 2022

Before becoming one of the most important movie studio executives of the 1970s, Robert Evans took a break from the glitz and glam of Hollywood to work for his brother’s apparel line, Evan-Picone. The company was so fashionable in the 1960s that every investment bank was pushing them to go public. Before going that route, Robert’s brother Charles put a call into Charlie Revson, the founder and owner of Revlon.

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