The Big Picture
JUNE 1, 2023
“Tight labor markets have raised concerns about the role of labor costs in persistently high inflation readings. Analysis shows that higher labor costs are passed along to customers in the form of higher nonhousing services prices, however the effect on overall inflation is very small. Labor-cost growth has no meaningful effect on goods or housing services inflation.
The Reformed Broker
MAY 29, 2023
Okay, it’s up 10,000% since May of 2013 and is now the best performing stock in America during the past decade. Everyone is obsessed. It’s the biggest story in the market this year. Cramer has now named a second family dog after it. Jensen Huang’s name is now in the mainstream alongside Bill Gates, Steve Jobs, Mark Zuckerberg, Jeff Bezos, Elon Musk.
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The Big Picture
MAY 28, 2023
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • We Want Them Infected : These ‘experts’ sold the U.S. on a disastrous COVID plan, and never paid a professional price. A painstakingly documented new book by Jonathan Howard, a neurologist at New York University and a veteran debunker of the pseudoscience contaminating our efforts to fight the pandemic.
Abnormal Returns
MAY 31, 2023
Podcasts Jonathan Hollow talks with Andrew Hallam author of "Balance: How to Invest and Spend for Happiness, Health, and Wealth." (podcasts.apple.com) Morgan Housel on the 'art of spending money.' (open.spotify.com) Taxes What Is a 83(b) election? (thomaskopelman.com) Who is eligible for the retirement savings tax credit? (humbledollar.com) Fraud How to protect yourself against check fraud.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.
Nerd's Eye View
MAY 31, 2023
The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. In response to the new deduction limit, many states enacted laws creating a new Pass-Through Entity Tax (PTET) designed to help owners of pass-through businesses (partnerships, LLCs, and S corporations) avoid the limitation and preserve the deductibility of their state tax payments.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Reformed Broker
MAY 26, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Dror Poleg, and Downtown Josh Brown discuss Nvidia’s ascent, the AI explosion, the future of work, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!
The Big Picture
MAY 25, 2023
Of all the cognitive errors in behavioral finance and human psychology , the one that creates the most confusion is the Dunning-Kruger effect. (Perhaps its rise in pop culture is to blame). Regardless, I find DKE to be an incredibly useful tool that helps explain many of the individual errors we see in investing. It’s useful to think of Dunning Kruger in terms of metacognition : One’s ability to self-evaluate a particular skill set.
Abnormal Returns
MAY 26, 2023
The biz Test-driving the New York Times audio app. (lefsetz.com) AI-generated podcasts are coming. (wired.com) Startups Eric Newcomer talks with Sarah Tavel of Benchmark Capital. (newcomer.co) Carolyn Levy and Jessica Livingston talk with Y Combinator founder Paul Graham. (open.spotify.com) Patrick O'Shaughnessy talks with Henry Schuck is the founder and CEO of ZoomInfo.
Nerd's Eye View
MAY 26, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that while banks have been able to attract a younger and more diverse set of financial advisors compared to the rest of the industry, thanks in part to their built-in referral stream, a relative lack of independence and dated technology could lead some of their advisors to explore options with independent RIAs.
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
Calculated Risk
MAY 31, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings edged up to 10.1 million on the last business day of April , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 6.1 million. Total separations decreased to 5.7 million. Within separations, quits (3.8 million) changed little, while layoffs and discharges (1.6 million) decreased. emphasis added The following graph shows job openings (black line), hires (dark blue)
The Reformed Broker
MAY 27, 2023
Eleven years ago this spring, a startup called Betterment published a blog post stating that human financial advisors were obsolete and that the people who work in the advice industry are pigs. The basis of their post was an NBER study that sent secret shoppers out to meet with “financial advisors” who then received high-cost, unsatisfactory advice.
The Big Picture
MAY 27, 2023
This week, we speak with entrepreneur John Hope Bryant , the founder and chief executive officer of Operation HOPE, which is the US’s largest not-for-profit provider of financial literacy and economic empowerment tools. Described as the “Conscience of Capitalism,” Bryant is also chairman and chief executive officer of John Hope Bryant Holdings , Bryant Group Ventures and The Promise Homes Company.
Abnormal Returns
MAY 26, 2023
Cash How to choose between T-bills and CDs. (wsj.com) Investors have poured some $600 billion into money market funds YTD. (ft.com) Retail investors are increasingly snapping up T-bills at auction. (barrons.com) Strategy The stock market is long term proposition. (awealthofcommonsense.com) When trading, it's okay to hit the reset button. (allstarcharts.com) Companies In the past decade, Nvidia ($NVDA) stock has gone up some 250x.
Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker
If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!
Nerd's Eye View
JUNE 1, 2023
While advancing a career in any industry can be challenging, the lack of formal career development programs offered in the workplace for associate advisors can make it particularly difficult for them to gain the experience they need to become lead financial advisors. And since managing the client relationship – a key responsibility for lead advisors – relies so heavily on nuanced ‘soft’ skills that are gained only through direct experience, finding ways to get hands-on ex
Calculated Risk
JUNE 1, 2023
From the Census Bureau reported that overall construction spending increased: Construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, 1.2 percent above the revised March estimate of $1,885.0 billion. The April figure is 7.2 percent above the April 2022 estimate of $1,780.9 billion. emphasis added Both private and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,500.7 billion, 1.3 per
The Reformed Broker
JUNE 1, 2023
RWM is coming to Austin, TX June 12th-14th @Downtown with more detailsEmail us at info@ritholtzwealth.com subject line “Austin” to reserve a meeting slot! pic.twitter.com/9iSdG4HFf3 — Ritholtz Wealth (@RitholtzWealth) May 19, 2023 I’m headed out to Austin, Texas this June and bringing a whole bunch of my Ritholtz Wealth Management colleagues with me, including our financial planner in the area.
The Big Picture
MAY 26, 2023
I joined Pete Dominick to discuss the Debt Ceiling, Inflation, markets, and more. I pop into the pod around the 30-minute mark. (Before that, Pete discusses how his teenage daughter got scammed out of $5k by a fake border police grift, and why there is a sort of happy ending). We also discuss my thesis of the “ Disloyal Opposition ” as it applies to Debt Ceilings, fiscal stimulus, and even vaccines.
Speaker: Lynnette Khalfani-Cox, The Money Coach®
Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?
Abnormal Returns
MAY 25, 2023
Investing Vanguard CEO Tim Buckley on what tasks AI is going to take over. (pionline.com) Igor Tulchinsky, "Using AI to move between visual and text is an interesting way of harnessing algorithms to potentially identify opportunities or shape conclusions that may be more obvious when seen by the human eye." (semafor.com) Expect more ETFs to be marketed based on the use of AI.
Nerd's Eye View
MAY 29, 2023
When a financial advisor starts their own firm, they face many important choices. One of the key decisions is determining the type of clients they want to serve. Some advisors may choose to take a generalist approach that leaves the door open to working with the broadest possible pool of prospective clients. But with hundreds of thousands of financial advisors competing for the same prospects, it can be challenging to build a generalist advisory business from scratch.
Calculated Risk
MAY 26, 2023
The BEA released the Personal Income and Outlays report for April: Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $79.4 billion (0.4 percent) and personal consumption expenditures (PCE) increased $151.7 billion (0.8 percent).
The Reformed Broker
JUNE 1, 2023
Final Trades: Amazon, Freeport-McMoRan & Boeing from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Speaker: Rita Keller - President of Keller Advisors, LLC
You've worked diligently and have built a glowing reputation grounded in your excellent skills in tax, accounting, and auditing. You're known as the “go-to” person when a client is faced with tax and financial decisions. You have a very successful firm -- but that’s not enough. Profession leaders are urging you to diversify your financial skills and distance yourself from compliance work.
Abnormal Returns
MAY 25, 2023
Books An excerpt from "Anatomy of a Breakthrough: How to Get Unstuck When It Matters Most" by Adam Alter. (bigthink.com) A Q&A with Simon Johnson, co-author of "Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity." (fasterplease.substack.com) An excerpt from "Flawless: Lessons in Looks and Culture from the K-Beauty Capital" by Elise Hu.
A Wealth of Common Sense
MAY 25, 2023
A reader asks: Ben showed the numbers for U.S. stock positive returns over the long-term. How does the data look for global ex-U.S. performance? Fair question. Here is the data I showed in a recent blog post: Since 1926, the U.S. stock market has experienced positive returns: 56% of the time on a daily basis 63% of the time on a monthly basis 75% of the time on a yearly basis 88% of the time on a 5 year basis 95% of th.
Calculated Risk
JUNE 1, 2023
The DOL reported : In the week ending May 27, the advance figure for seasonally adjusted initial claims was 232,000 , an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 229,000 to 230,000. The 4-week moving average was 229,500, a decrease of 2,500 from the previous week's revised average.
The Reformed Broker
MAY 30, 2023
ChargePoint upgraded to buy at Bank of America from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Speaker: Raul Perez, VP and CFO of Lancaster Leaf
Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.
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