The Big Picture
MAY 19, 2023
Let’s see if I can find something to counter and/or undercut each of these 10 items listed in this morning’s tweet above: 1. Only 5 stocks driving markets?! Then why are Equal-weighted indices doing so well? Equal-weighted Nasdaq100 up 17% since the June lows for the market because “it’s only 5 stocks”? How bad at math do you need to be to think that it’s only 5 stocks driving this market?
The Reformed Broker
MAY 19, 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 Why did we open an office in Austin, Texas? Is it because the city is expected to add another 1.5 million residents by 2040, giving it a population of 4 million?
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Nerd's Eye View
MAY 19, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news of a recent survey indicating that investors overwhelmingly believe that Artificial Intelligence (AI) will help financial advisors better serve their clients and would like to work with an advisor who leverages AI tools.
The Reformed Broker
MAY 19, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Morgan Housel, Chris Davis, and Downtown Josh Brown discuss the big wave of AI coming, the most important chart in the stock market, SVB insiders facing scrutiny, the worst startup investment ever, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Abnormal Returns
MAY 19, 2023
Markets Across the board, volatility is below average. (mrzepczynski.blogspot.com) Housing stocks are defying recession talk. (carsongroup.com) Finance The battle to be the biggest S&P 500 fund is on. (ft.com) There is a big problem with structured notes. (morningstar.com) Advertising YouTube really wants you want to watch more and (longer) ads.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
MAY 19, 2023
Economics Margaret Hoover talks with Felix Salmon author of "The Phoenix Economy: Work, Life, and Money in the New Not Normal." (youtube.com) Tyler Cowen talks with Simon Johnson, co-author of "Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity." (conversationswithtyler.com) Cardiff Garcia talks about the economics of innovation with Heidi Williams and Caleb Watney.
A Wealth of Common Sense
MAY 19, 2023
Each year Gallup performs a survey that asks a group of Americans what the best long-term investment is among the following options: Stocks Bonds Cash Gold Real estate These are the latest results: Real estate has been at the top of the charts for over a decade at this point but it saw a big drop from 2022 to 2023. Following the 2022 bear market stocks fell to third place behind gold.
Wealth Management
MAY 19, 2023
We collected some of the best obituaries and tributes to real estate industry icon Sam Zell, who passed away at age 81 at his home. Sandeep Mathrani’s abrupt departure as CEO of WeWork came as a surprise to observers, reports Bisnow. These are among the must reads from around the real estate investment world to heading into the weekend.
Alpha Architect
MAY 19, 2023
I’ve received calls from clients inquiring about moving assets to gold. When I asked them why, three reasons dominated. Gold as a Safe-Haven Asset was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
NAIFA Advisor Today
MAY 19, 2023
Kathleen Owings makes her appearance on the Advisorist Virtual Advisor Power Hour this coming Wednesday, May 24 at 12 pm eastern. Kathleen will discuss critical lessons from her book, Put Your Money to Work: A Woman’s Guide to Financial Confidence , in order to help more women with their finances with advice that was never taught in school. Kathleen will also share the story of her non-traditional route into the financial services industry and how it has helped during times of high market volati
Calculated Risk
MAY 19, 2023
Notes: The expansion to the Panama Canal was completed in 2016 (As I noted several years ago ), and some of the traffic that used the ports of Los Angeles and Long Beach is probably going through the canal. This might be impacting TEUs on the West Coast. Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.
Advisor Perspectives
MAY 19, 2023
Looming behind market fears over the prospect of a historic US default is the less-discussed risk of what would follow a deal to resolve the debt-ceiling impasse.
Wealth Management
MAY 19, 2023
There are three finalists in the running for CEO after Gorman leaves, including Andy Saperstein, the head of Morgan Stanley Wealth Management.
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.
MarketWatch
MAY 19, 2023
The KBW Regional Bank index XX:KRX slumped over 3%, after a report from CNN that Treasury Secretary Janet Yellen told bank chief executives than more mergers may be necessary. The CNN report, citing two people familiar with the matter, raises the prospect that more regional banks would have to be bought by larger too-big-to-fail firms. The Treasury Department confirmed the meeting on Thursday but its readout did not include the point about the possible need for further mergers.
Wealth Management
MAY 19, 2023
Direct indexing is often applied as the name for two different things, it is time to clarify.
MarketWatch
MAY 19, 2023
Morgan Stanley’s MS stock is down 0.8% early Friday as CEO James Gorman aired a plan at the bank’s annual general shareholder meeting to step down in the next 12 months. “The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman said, according to a transcript provided to MarketWatch.
Wealth Management
MAY 19, 2023
Education on key asset allocation strategies is necessary to get clients ready for their golden years.
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Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.
Advisor Perspectives
MAY 19, 2023
Advisors are looking ahead to the policy and tax changes impacting their high-net-worth clients. Those include changes stemming from the passage of Secure 2.0 Act.
MarketWatch
MAY 19, 2023
Samsung Electronics Co. Ltd. KR:005930 ended an internal review that was looking into whether to swap out Alphabet Inc.’s GOOGGOOGL Google with Microsoft Corp.’s MSFT Bing as the default search engine for the Internet app on its mobile devices, The Wall Street Journal reported Friday. The New York Times had wrote in April that Samsung was exploring a potential switch, a report that weighed on Alphabet shares at the time.
Calculated Risk
MAY 19, 2023
From BofA: Overall, this week’s data pushed up our 1Q US GDP tracking estimate up from 0.9% q/q saar to 1.1% q/q saar and kicked off our 2Q GDP tracking estimate at 1.2% q/q saar [May 19th estimate] emphasis added From Goldman: We left our Q2 GDP tracking estimate unchanged at +2.0% (qoq ar) and our past-quarter GDP tracking estimate for Q1 unchanged at +1.4%.
MarketWatch
MAY 19, 2023
Baker Hughes BKR on Friday reported that the number of active U.S. rigs drilling for oil fell by 11 to 575 this week. That marked a third straight week of declines in number of oil rigs. The total active U.S. rig count, which includes those drilling for natural gas, also declined by 11 to stand at 720, according to Baker Hughes. The number of active natural-gas drilling rigs was unchanged at 141.
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All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!
Nationwide Financial
MAY 19, 2023
Key Takeaways: A sudden or unexpected departure of a business owner is a key business risk that can be managed with an effective succession plan. Implementing a succession plan can help families beat the odds and ensure a successful transition of the business to future generations. Life insurance can be used both to provide continuity for the business when owners depart and to retain key employees.
MarketWatch
MAY 19, 2023
Shares of Deere & Co. DE powered up 5.3% in premarket trading Friday, after the maker of agricultural, construction and forestry equipment reported fiscal second-quarter results that beat expectations by wide margins and raised its net income outlook, with particular strength in its production and precision agriculture business. Net income for the quarter to April 30 rose to $2.86 billion, or $9.65 a share, from $2.10 billion, or $6.81 a share, in the year-ago period.
Advisor Perspectives
MAY 19, 2023
The S&P 500 fell slightly on Friday after finishing Thursday with the index's highest close of the year. The index is currently up 9.18% year to date and is 12.60% below its record close from January 3, 2022.
MarketWatch
MAY 19, 2023
Shares of American Airlines Group Inc. AAL and JetBlue Airways Corp. JBLU veered between gains and losses in the extended session Friday after reports that a U.S. judge had sided with the Justice Department in a lawsuit aimed at undoing the airlines’ partnership in airports in the Boston and the New York City areas. The Justice Department sued in September 2021, saying the planned “Northeast Alliance” would eliminate “important competition” in these cities and also harm air travelers across the
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Creating a winning digital lending experience requires plenty of focus on the needs of customers and more. Biz2X Chief Product Officer Aaron Traub covers everything from how to create such an experience, areas to hone in on, pitfalls to avoid, and plenty more in this insightful article. Discover how to utilize new technology without alienating existing customers, what to emphasize when working on your platform, and how to utilize the data at your disposal while not becoming overly reliant on it.
Conneqtor
MAY 19, 2023
Today, we’re diving into a topic that I believe is crucial for the success of your advisory practice: identifying your ideal client or niche. It’s one of the keys to achieving success and standing out in a crowded market. You might be wondering, “Why should I bother finding my ideal client or niche?
MarketWatch
MAY 19, 2023
The 2-month T-bill rate led Friday’s rise in Treasury yields as investors continued to focus on the debt-ceiling debate and awaited an 11 a.m. Eastern time appearance by Federal Reserve Chairman Jerome Powell. The rate was up 20.1 basis points at 5.219% from Thursday’s close of 5.018%, according to 10:30 a.m. figures from Tradeweb data. The 2-month rate has been up every trading day since May 11, though is still short of the all-time high of 5.322% it reached on May 4.
Advisor Perspectives
MAY 19, 2023
Parking your fixed-income assets in cash may seem like a safe choice in today’s volatile investing environment, but it’s actually a risky proposition. Here are three reasons why sitting on the sidelines can be a dangerous game.
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