Calculated Risk
JANUARY 31, 2023
The Census Bureau released the Residential Vacancies and Homeownership report for Q4 2022. The results of this survey were significantly distorted by the pandemic in 2020. This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates. However, there are serious questions about the accuracy of this survey.
The Big Picture
JANUARY 31, 2023
My Two-for-Tuesday morning train WFH reads: • The U.S. Consumer Is Starting to Freak Out : The flush savings accounts and cheap credit that helped keep Americans spending at high rates since 2020 are disappearing. ( Wall Street Journal ) see also The Decline of the Nice-to-Have Economy : Consumers are reining in their spending on pandemic-era luxuries and conveniences, just as investors are doing the same—putting startups in a double bind ( Wall Street Journal ) • After 30 Years, the King of ETF
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Wealth Management
JANUARY 31, 2023
Sanctuary Wealth held a grand opening for its new East Coast headquarters on Madison Avenue in New York City.
Calculated Risk
JANUARY 31, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Wednesday: • At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At 8:15 AM, The ADP Employment Report for January. This report is for private payrolls only (no government). The consensus is for 170,000 payroll jobs added in January, down from 235,000 added in December. • At 10:00 AM, Construction Spending for December.
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Wealth Management
JANUARY 31, 2023
The Americas arm of UBS' global wealth management division saw total revenue dip despite a boost from net interest income in a 'challenging macroeconomic environment.
Calculated Risk
JANUARY 31, 2023
Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index "Continued to Decline" to 7.7% year-over-year increase in November Excerpt: Both the Case-Shiller House Price Index (HPI) and the Federal Housing Finance Agency (FHFA) HPI for November were released today. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).
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Nerd's Eye View
JANUARY 31, 2023
Welcome back to the 318th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Ali Swart. Ali is a Partner and the Managing Director for Waldron Private Wealth, a multi-family office based in Bridgeville, Pennsylvania that oversees nearly $3 billion in assets under management for 280 ultra-high-net-worth family households.
Wealth Management
JANUARY 31, 2023
Former Alerian and Nasdaq executive Robert Hughes is the new CEO of First Trust Direct Indexing, the new brand name for Veriti, taking over for co-founder and Managing Partner James Dilworth.
Abnormal Returns
JANUARY 31, 2023
Strategy Everybody talks their book. (covestreetcapital.com) 20 lessons Seth Klarman learned from the GFC including 'Do not accept principal risk while investing short-term cash.' (investmenttalk.substack.com) Crypto Tesla ($TSLA) a big hit on its Bitcoin holdings. (electrek.co) Putting Grayscale Bitcoin Trust ($GBTC) into retirement accounts has backfired.
Wealth Management
JANUARY 31, 2023
As investors interested in the seniors housing sector have gotten more sophisticated, PGIM saw a need to shift from closed-end funds.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
The Reformed Broker
JANUARY 31, 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: ►S&P Reshuffles – “Growth and value indexes run by S&P Dow Jones Indices saw record turnover, with almost a third of their market capitalization affected” ►Top 10 Stocks – “A remind.
Wealth Management
JANUARY 31, 2023
About $30 billion worth of CMBS loans tied to commercial properties in Los Angeles and Orange County, Calif. are coming due this year, reports The Real Deal. Commercial Observer looks at how the proptech sector partners with universities to solve industry challenges. These are among today’s must reads from around the commercial real estate industry.
Calculated Risk
JANUARY 31, 2023
S&P/Case-Shiller released the monthly Home Price Indices for November ("November" is a 3-month average of September, October and November closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P: S&P Corelogic Case-Shiller Index Continued to Decline in November The S&P CoreLogic Case-Shiller U.S.
Wealth Management
JANUARY 31, 2023
It all comes down to the arbitrageurs—and the limits thereon.
Speaker: David Worrell, CFO, Author & Speaker
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
A Wealth of Common Sense
JANUARY 31, 2023
It’s not difficult to find a bearish perspective during a bear market. The bad stuff gets amplified and feels much worse when investors are losing money. Although stocks have rallied this year we’re still well below the highs and remain in an economic environment that is increasingly hard to handicap. Nassim Taleb has never been shy about voicing his bearish prognostications.
Wealth Management
JANUARY 31, 2023
The CEOs of AssetMark and Adhesion Wealth discuss the motivations behind their merger, and their vision for the future.
Calculated Risk
JANUARY 31, 2023
Note: I like using Las Vegas as a measure of recovery for both leisure (visitors) and business (conventions). From the Las Vegas Visitor Authority: December 2022 Las Vegas Visitor Statistics From the initial shadow of the omicron variant to record‐shattering room rates later in the year, Las Vegas enjoyed a robust recovery trajectory across core tourism indicators in 2022.
Wealth Management
JANUARY 31, 2023
For XO Wealth Management, the partnership with Slate Hill will provide access to family office services and enhance its ability to tap into the private equity space.
Speaker: Erroll Amacker
Automation is transforming finance but without strong financial oversight it can introduce more risk than reward. From missed discrepancies to strained vendor relationships, accounts payable automation needs a human touch to deliver lasting value. This session is your playbook to get automation right. We’ll explore how to balance speed with control, boost decision-making through human-machine collaboration, and unlock ROI with fewer errors, stronger fraud prevention, and smoother operations.
Abnormal Returns
JANUARY 31, 2023
Indexing The index effect is disappearing. (papers.ssrn.com) Does additional scrutiny, via index inclusion, hurt a company's performance. (papers.ssrn.com) Fund management How do active managers invest their own money? (ritholtz.com) Fund investors reward fund managers with 'skin in the game.' (papers.ssrn.com) Research The time period of which you measure correlations matter.
Wealth Management
JANUARY 31, 2023
Among other investments, the fund boosted stakes in three U.S. based real estate groups, including Alexandria Real Estate Equities, Inc., which acquires, manages, expands and develops office and laboratory properties, as well as Equity Residential and Invitation Homes Inc.
Advisor Perspectives
JANUARY 31, 2023
The latest Chicago Purchasing Manager's Index , or the Chicago Business Barometer, dropped to 44.3 in January from 44.9 in December, marking the fifth straight month in contraction territory. Values above 50.0 indicate expanding manufacturing activity. This reading comes in below the Investing.com forecast of 45.0.
Wealth Management
JANUARY 31, 2023
The cryptocurrency is outperforming a wide variety of bond ETFs.
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Advisor Perspectives
JANUARY 31, 2023
RIAs will be more financially successful, will retain and attract more investment assets, and will produce superior financial results for their retiree clients when they embrace new thinking that begins with the acknowledgment that, in practice, the safe withdrawal rate is a fiction.
Wealth Management
JANUARY 31, 2023
The BNY Mellon Innovators ETF will invest in innovation-driven companies, which are considered to be “leading-edge” firms thanks to their intellectual property, ground-breaking as well as advanced products and services that can be disruptive to existing business models.
eMoney Advisor
JANUARY 31, 2023
A few years ago, I had a eureka moment that changed the way our firm approached client education. When we first started offering client webinars, we traveled to our regional offices to conduct events that were focused on market outlook. When the pandemic hit, we continued to offer these events, but they became quarterly webinars. The subject matter at the time was focused on investment and economic updates.
Wealth Management
JANUARY 31, 2023
Weak financial results may outweigh any relief over smaller rate hikes by the Federal Reserve.
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Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Advisor Perspectives
JANUARY 31, 2023
Guggenheim Investments’ Macroeconomic and Investment Research Group identifies 10 macroeconomic trends likely to shape monetary policy and investment performance this year.
Wealth Management
JANUARY 31, 2023
There’s a gap of $55 billion between the amount owed by commercial property owners across Germany, France and the UK and the credit likely to be available for refinancing when the borrowings mature, according to research by AEW Europe SA.
Million Dollar Round Table (MDRT)
JANUARY 31, 2023
By Kate Zabriskie While a certain amount of turnover is healthy and normal, when you’re hemorrhaging staff it can take years to recover. And let’s face it, retention is tough in a lot of places. While you can’t make people stay, you can take some critical actions to address the main reasons people say, “See you later.” 1) Employees want a better relationship with their managers If you haven’t done a good job cultivating a good relationship with your direct reports, today is the day to start.
The Irrelevant Investor
JANUARY 31, 2023
Today’s Animal Spirits is brought to you by Helios: Enter your information here to get 10% off for the first year! On today’s show, we discuss: After a timeout, back to the meat grinder! What businesses do > what businesses say The US consumer is starting to freakout Has housing “bottomed”? Wall Street is losing out to amateur buyers in the housing slump American Express earnings Visa earnings H.
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