A Wealth of Common Sense
FEBRUARY 12, 2023
Here is a headline about what happens after a bull market: And here is a headline about what happens after a bear market: Both of these pieces were written by the Wall Street Journal’s Jason Zweig. The bull market piece about ARK came out a little more than a year ago not long after the fund had seen spectacular returns. The bear market piece about covered calls came out this past week after that strategy outperfo.
The Big Picture
FEBRUARY 15, 2023
Source: The Measure of a Plan The post U.S. Stock Market Returns Over Rolling 1/5/10/20 Year Periods appeared first on The Big Picture.
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Abnormal Returns
FEBRUARY 14, 2023
Crypto The SEC continues to push back against crypto companies. (bloomberg.com) Susquehanna Advisors Group and Citadel Securities have reported stakes in crypto-friendly bank Silvergate Capital ($SI). (theblock.co) Everyone is lining up to try to close the NAV discount for the Grayscale Bitcoin Trust ($GBTC). (wired.com) Spotify Spotify ($SPOT) invested big in podcasting and is struggling to make it all work.
The Reformed Broker
FEBRUARY 11, 2023
It was a wild and wonderful week in stock-land and we covered pretty much everything that happened across all the firm’s blogs and shows. We know you can get your news and insights about the market from anywhere, so we appreciate that so many of you turn to us for all the breakdowns and write-ups. If you haven’t been reading Nick, Ben and the rest of the gang lately, you’re missing some amazing stuff.
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Nerd's Eye View
FEBRUARY 15, 2023
Health Savings Accounts (HSAs) feature useful tax advantages that make them a popular savings vehicle. In addition to allowing for tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses (the so-called ‘triple tax benefit’), HSA funds can be invested and allowed to grow for the long term – which has led many people to treat their HSA as a de facto retirement account by saving and investing the funds to be used for healthcare costs
The Big Picture
FEBRUARY 16, 2023
Do you want to continue working from home? Is it past time to return to the office? How much collaboration can you do remotely? How much screen time are you wasting in the office? This has become a contentious debate between senior management at large companies and their staffers; it is especially true for younger employees. As always, there are much broader factors driving this issue than what appears on the surface.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Calculated Risk
FEBRUARY 17, 2023
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 Feb 11, 2023 • Active inventory growth continued to climb with for-sale homes up 70% above one year ago. Inventories of for-sale homes rose again, on par with the yearly gains we saw last week.
Nerd's Eye View
FEBRUARY 13, 2023
While it can be easy for financial advisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be aware of what their advisors do for them behind the scenes outside of their annual meetings (e.g., rebalancing their investment accounts or reviewing their insurance policies). Without knowledge of this ‘shadow work’, clients might not recognize the full breadth of responsibilities their advisor (and the firm’s back-offi
The Big Picture
FEBRUARY 14, 2023
Over the weekend, a NATO general was asked by a bright-eyed reporter whether or not the various flying objects that were being shot down might be aliens visiting from elsewhere in the galaxy. His throwaway response of “ We don’t rule anything out ” was sufficiently ambiguous to set the conspiracy theorists atwitter. “Of course, they dropped this during the Superbowl, when no one’s paying attention,” was the LOL tweet.
Abnormal Returns
FEBRUARY 13, 2023
Podcasts Daniel Crosby talks with Tom Howard about behavioral finance vs. behavioral investing. (standarddeviationspod.com) Peter Lazaroff talks with Dasarte Yarnway about the importance of diversity in financial services and how to increase it. (peterlazaroff.com) Michael Kitces and Carl Richards on why you need to be clear, upfront about your minimums.
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.
Pragmatic Capitalism
FEBRUARY 13, 2023
I joined The Investor’s Podcast again this week to discuss a wide range of topics.
Nerd's Eye View
FEBRUARY 17, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC is proposing to expand the adviser custody rule beyond securities and funds to cover all assets in a client’s portfolio, including private securities, real estate, derivatives, and cryptoassets.
The Big Picture
FEBRUARY 17, 2023
My end-of-week morning train WFH reads: • It’s a Richcession, Not a Recession. Most economic downturns hit lower-income Americans hardest, but this time is different. The stock market’s winners and losers will be different too. Here’s your investing playbook. ( Wall Street Journal ) • From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal : Gary Wang and Sam Bankman-Fried are offering dueling accounts of the FTX fiasco and of who’s ultimately to blame. ( Bloomberg ) s
Abnormal Returns
FEBRUARY 15, 2023
Work Jack Raines, "Money can buy you freedom, but the never-ending pursuit of money is a prison of its own." (youngmoney.co) Is $200,000 a good annual income. It depends. (ofdollarsanddata.com) How to prepare for a layoff before it actually happens. (nytimes.com) Family Mixing love and money is always challenging. (joylere.substack.com) How 'micro-conversations' can help a couple manage their money relationship.
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
Calculated Risk
FEBRUARY 17, 2023
From CoStar: STR: US Hotel Rates Maintain Strength in First Full Week of February U.S. hotel performance increased from the previous week, according to STR‘s latest data through Feb. 11. Feb. 5-11, 2023 (percentage change from comparable week in 2019*): • Occupancy: 57.8% (-8.7%) • Average daily rate (ADR): $150.97 (+13.4%) • Revenue per available room (RevPAR): $87.21 (+3.6%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.
A Wealth of Common Sense
FEBRUARY 17, 2023
As a staunch proponent of thinking and acting for the long-term as an investor, the following chart from Ben Laidler at eToro cuts deep: The average holding period for an individual stock in the U.S. is now just 10 months, down from 5 years back in the 1970s. The average mutual fund holding period is longer at two-and-a-half years but that still feels way too low for my taste.
The Big Picture
FEBRUARY 11, 2023
The weekend is here! Pour yourself a mug of coffee, grab a seat by the window, and get ready for our longer-form weekend reads: • How HBO’s creatives survived corporate chaos Authors Felix Gillette and John Koblin explain how your favorite shows kept HBO afloat. ( The Verge ) • What is ChatGPT and why does it matter? Here’s everything you need to know : This AI chatbot’s advanced conversational capabilities have created quite the buzz.
Abnormal Returns
FEBRUARY 16, 2023
Markets The FTSE 100 Index has risen above 8,000 points for the first time ever. (bloomberg.com) Bitcoin is at its highest level since June 2022. (theblock.co) Companies Cory Doctorow, "In its nearly 25-year history, Google has made one and a half successful products: a once-great search engine and a pretty good Hotmail clone. Everything else it built in-house has crashed and burned.
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.
Calculated Risk
FEBRUARY 16, 2023
The DOL reported : In the week ending February 11, the advance figure for seasonally adjusted initial claims was 194,000 , a decrease of 1,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 196,000 to 195,000. The 4-week moving average was 189,500, an increase of 500 from the previous week's revised average.
A Wealth of Common Sense
FEBRUARY 14, 2023
I started A Wealth of Common Sense 10 years ago. Before ever hitting the publish button on my first piece, I created a list of topics and blog posts to write about. Based on that list I thought this blog might last 6 months max. I certainly didn’t think I would still be writing on a regular basis a decade later. And never in my wildest dreams did I think starting a blog would completely change my career trajectory a.
The Big Picture
FEBRUARY 13, 2023
My back-to-work morning train WFH reads: • How State Street Has Used AI to Find ‘Hidden Gems’ Since 2018 : Natural-language processing used in stock picking: Bartolini Wanted something forward-looking, dynamic, he says of the ETF. ( Bloomberg ) • What Recession? Some Economists See Chances of a Growth Rebound. The Federal Reserve has raised rates rapidly.
The Reformed Broker
FEBRUARY 17, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Jay Woods, Dan Russo, and Downtown Josh Brown discuss the New York Stock Exchange, technical analysis, the Dow Jones Transportation Average, Bitcoin, recession calls, stock/bond correlation, what drives Elon Musk, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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.
Calculated Risk
FEBRUARY 15, 2023
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 42, up from 35 last month. Any number below 50 indicates that more builders view sales conditions as poor than good. From the NAHB: Cautious Optimism for Builders in February Two consecutive solid monthly gains for builder confidence, spurred in part by easing mortgage rates, signal that the housing market may be turning a corner even as builders continue to contend with high construction costs and bu
Abnormal Returns
FEBRUARY 15, 2023
Strategy Just ignore all those forecasts out there. (marknewfield.substack.com) Life lessons from Warren Buffett and Berkshire Hathaway ($BRK.A). (neckar.substack.com) How to measure market sentiment. (blog.validea.com) Venture capital The VC market is undergoing a regular part of the cycle. (tomtunguz.com) How much of the tech boom was driven by ZIRP?
The Big Picture
FEBRUARY 15, 2023
My mid-week morning train WFH reads: • All Markets Are Uncertain : The Forecasters’ Hall of Fame Has Zero Members: In any given year, someone, simply due volume of forecasts, is “right”. I have yet to see anyone who can repeatedly, accurately forecast market outcomes. What we can say, with all certainty, looking backward, is that the S and P (and virtually every other market) has inexorably risen.
The Reformed Broker
FEBRUARY 14, 2023
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: ►A Strengthening consumer – “January expected household income drop was greatest in survey history” ►The “No Landing” Scenario – “The remarkable momentum in consumer spending an.
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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.
Calculated Risk
FEBRUARY 14, 2023
The Cleveland Fed released the median CPI and the trimmed-mean CPI: According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.7% in January. The 16% trimmed-mean Consumer Price Index increased 0.6% in January. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report".
Abnormal Returns
FEBRUARY 14, 2023
Crypto Contrary to earlier hopes, Bitcoin is now just a risk-on asset. (institutionalinvestor.com) On the existence of cross-asset momentum in crypto assets. (papers.ssrn.com) Research The value premium is still pretty wide. (alphaarchitect.com) The presence of smart beta investors reduces the return to notable factors. (papers.ssrn.com) Why 'submergence risk' is a better measure of risk.
The Big Picture
FEBRUARY 12, 2023
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Rudy Then and Rudy Now : None of his doofus mishaps endear him to his detractors. His toxicity levels are too high. When Giuliani was revealed as a mystery contestant on Fox’s The Masked Singer, one of the judges, Ken Jeong (Knocked Up, the Hangover movies), walked off the set in disgust.
The Reformed Broker
FEBRUARY 14, 2023
Final Trades: Zoetis, Citigroup & Nvidia from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Speaker: Ashley Harlan, MBA
What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.
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