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Friday links: the most important investing skill

Abnormal Returns

(variety.com) Finance How Morgan Stanley ($MS) outpaced Goldman Sachs ($GS) in wealth management. ft.com) Startups How unicorns are dealing with the decline in valuations. theinformation.com) The bloom is off the 'passion economy' rose? ft.com) Economy Existing home sales plunged in December.

Investing 204
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Wednesday links: something completely different

Abnormal Returns

(washingtonpost.com) Finance Morgan Stanley ($MS) is besting Goldman Sachs ($GS) when it comes to wealth management. institutionalinvestor.com) Startup valuations trended down in the second half of 2022. institutionalinvestor.com) Economy Retail sales fell 1.1% in December 2022.

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10 Friday AM Reads

The Big Picture

Finally, it would be dangerous to extrapolate the post-1990 outperformance of US equities, as it mainly reflects rising relative valuations. The trend underscores the scale of the country’s affordable housing shortage and the ripple effects it has on the wider economy. ( But it’s still No. 1 by a long distance.

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WMIQ Study: Interest in M&A Swells Along With Firm Valuations

Wealth Management

As the economy stabilizes, financial advisors are recognizing the benefits of mergers and acquisitions.

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Market Rally Faces Crucial Earnings Test & Other Important Themes

Validea

Strategists will be paying special attention to “the interaction of wage growth with the price inflation for whether businesses remain under pressure,” Rob Haworth of US Bank Wealth Management told Bloomberg. Regional stocks are still appealing given their cheap valuations, but the lack of tech stocks may keep things volatile.

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Market Rally Faces Crucial Earnings Test & Other Important Themes

Validea

Strategists will be paying special attention to “the interaction of wage growth with the price inflation for whether businesses remain under pressure,” Rob Haworth of US Bank Wealth Management told Bloomberg. Regional stocks are still appealing given their cheap valuations, but the lack of tech stocks may keep things volatile.

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Why Stocks Took a July Vacay From Fundamentals

Wealth Management

A discouraging economy took a backseat to technicals and relative valuations. Inflation will have a lot to say about how long that lasts.