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FDIC: Commercial Real Estate "Past-Due and nonaccrual" Highest Since 2014

Calculated Risk

The PDNA rate for commercial real estate (CRE) loan portfolios is the highest it has been since fourth quarter 2014 at 1.49 From the FDIC: The Number of Problem Banks Decreased in the First Quarter The number of banks on the FDICs Problem Bank List decreased by a net of three in the first quarter to 63 banks.

Banking 251
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All Time Highs Are Bullish

The Big Picture

“One of the most bullish things that can happen to any market is for it to reach new multi-year highs.“ Bloomberg, March 5, 2014 Markets closed at a new all-time high today. ” A column I wrote for Bloomberg in 2014 pointed out that the Dow made 492 new all-time highs from 1982-1999; in the 12 years covering 1952 to 1965, it made 279.

Valuation 268
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Surprise! California’s 40 Qs of Rising Minimum Wage & Fast Food Industry Growth (Beating USA)

The Big Picture

To prove their point, a number of friendly commentators, academics, and hired guns all wrote endless white papers, Op-Eds and commentaries. But they made one super-sized mistake: they cheated with the numbers. Let’s have a look: Over the 10 year period from 2014 to 2023, CA has grown its QSR workforce by 31.5%

Food 301
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U.S. Demographics: Largest 5-year cohorts, and Ten most Common Ages in 2024

Calculated Risk

As I noted in 2014, demographics were positive for apartments, and more recently positive for homeownership. There are still a number of younger Boomers in their early-to-mid 60s. Note: This is using the 2023 projections main series. This graph, based on the 2024 population estimate, shows the U.S.

Economy 207
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Pennsylvania Advisor Who Used Client Funds on Country Club Dues Gets 8 Years in Prison

Wealth Management

Number 8860726. Between 2014 and 2024, Mason transferred client funds into his own accounts and those of the two entities without clients’ authorization, according to the SEC. Registered in England & Wales with number 01835199, registered office 5 Howick Place, London, SW1P 1WG. Registered in England and Wales.

Clients 276
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Avoid the Unforced Investment Errors Even Billionaires Make

The Big Picture

Since its 2014 inception, the fund has returned 9.7% You see this all the time: After a huge run of spectacular gains, the media fetes a manager, and buyers pour in late. The inevitable mean-reversion soon follows. The average ARKK investor has seen results far worse than the fund itself, according to data from Morningstar.

Investing 264
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Deals & Moves: Creative Plannings Snag Hawaii RIA; $5.1B True North Expands in SF

Wealth Management

Number 8860726. Mosaic Pacific, founded in 2014, will grow Creative Planning’s footprint in the Pacific region and bring on board about six more advisors, along with compliance and support staff. Registered in England & Wales with number 01835199, registered office 5 Howick Place, London, SW1P 1WG.

Planning 164