Abnormal Returns
OCTOBER 27, 2023
Economy Barry Ritholtz talks with Bethany McLean, co-author of "The Big Fail: What the Pandemic Revealed About Who America Protects and Who It Leaves." (ritholtz.com) Eric Golden talks 'greedflation' and more with Samuel Rines who is the managing director of Corbu LLC. (joincolossus.com) Venture capital Rick Buhrman and Paul Buser talk with Ho Nam who is the co-founder of Altos Ventures.
Nerd's Eye View
OCTOBER 27, 2023
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the shift in financial advice from pure investment management to comprehensive financial planning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity of their financial goals.
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Abnormal Returns
OCTOBER 27, 2023
Bonds The bond market is doing the Fed's work for it. (ft.com) The bond market touches just about everything. (nytimes.com) Strategy A big way how the stock market has changed over time. (awealthofcommonsense.com) Successful stock investing is about knowing when you are wrong as early as possible. (microcapclub.com) Hedge funds aren't the cure for market volatility.
The Reformed Broker
OCTOBER 27, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Rick Brink, and Downtown Josh Brown discuss inflation, what constitutes a recession, monetary policy, going long duration, the biggest risks to the market, and 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.
The Big Picture
OCTOBER 27, 2023
Since the Great Financial Crisis in 2008-09, the income portion of portfolios has been almost an afterthought. Your checking and savings accounts earned less than 30bps; so too did the cash sitting in your brokerage account. Equities did well, averaging ~14% during the 2010s, but Bonds, not so much. For the decade1 from 2012 to 2022, 10-year Treasuries yielded less than 3% and averaged closer to 2%.
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The Irrelevant Investor
OCTOBER 27, 2023
You cannot be online and think things are getting better. Let me show you one example. This was on the front page of The Wall Street Journal yesterday. Instead of a headline like “U.S. Economy Grows at Fastest Pace in Two Years,” they wrote: “U.S. Economy’s Summer Surge May Not Last” And below it, “There are warning signs underlying the eye-popping numbers.” Charlie Munger once.
Wealth Management
OCTOBER 27, 2023
Responding to advisor feedback in the wake of the TD Ameritrade transition, Schwab detailed a variety of updates to its custodial platform at IMPACT this week—and promised more on the way.
Advisor Perspectives
OCTOBER 27, 2023
Personal income ( excluding transfer receipts ) rose 0.4% in September and is up 5.1% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.1% month-over-month and 1.6% year-over-year.
Calculated Risk
OCTOBER 27, 2023
Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through September 2023. CPI Shelter was up 7.1% year-over-year in September, down from 7.2% in August, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 7.2% YoY in September , down from 7.4% in August, and down from the cycle peak of 8.3% in April 2023.
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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.
Alpha Architect
OCTOBER 27, 2023
Idiosyncratic volatility (IVOL) is the volatility of a security that cannot be explained by overall market volatility—it is the risk unique to a particular security. IVOL contrasts with systematic risk, which is the risk that affects all securities in a market (such as changes in interest rates or inflation) and, therefore cannot be diversified away.
Wealth Management
OCTOBER 27, 2023
Amy Flourry, director of operations at Rehmann Financial, gives an honest assessment of the tech tools the $3 billion AUM RIA is using to drive business.
Trade Brains
OCTOBER 27, 2023
Even if you’re not a big cricket fan, there’s something about it that we all can’t resist, especially during the World Cup. Be it the local barber shop, a restaurant, a pub, or even at your office, you’ll find a way to watch the match. Cricket is more than just a sport; it’s an emotion of love, unity, pride and joy. So, today, let’s talk about the journey of India hosting its first World Cup in 1987— an old story that everyone deserves to know.
Wealth Management
OCTOBER 27, 2023
Dave Gray, Fidelity's head of workplace retirement products and platforms discusses blockchain, the Portability Transfer Network and more.
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.
Advisor Perspectives
OCTOBER 27, 2023
With the release of September's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.22% month-over-month change in disposable income comes to -0.13% when we adjust for inflation. The year-over-year metrics are 6.52% nominal and 2.98% real.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference discuss empowering clients through education, confidence-building, and clarity in decision-making.
Advisor Perspectives
OCTOBER 27, 2023
Consumer sentiment fell for a third consecutive month in October according to the final report for the Michigan Consumer Sentiment Index. The index came in at 63.8, down 4.3 points (-6.3%) from the September final. This morning's reading was just above the forecast of 63.0.
Wealth Management
OCTOBER 27, 2023
J.P. Morgan Securities is seeking a TRO against Daniel Sutton, arguing he broke non-solicitation agreements when he resigned and moved to Commonwealth.
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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.
Calculated Risk
OCTOBER 27, 2023
Here is the CES Strike report for October released this morning: This shows a total of 48,100 workers on strike in October, 30,400 new (mostly UAW), and no strikers that returned to work for the October reference period (contains the 12th of the month). This will reduce employment gains in October.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Calculated Risk
OCTOBER 27, 2023
The BEA released the Personal Income and Outlays report for September: Personal income increased $77.8 billion (0.3 percent at a monthly rate) in September , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $56.1 billion (0.3 percent) and personal consumption expenditures (PCE) increased $138.7 billion (0.7 percent).
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
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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!
Advisor Perspectives
OCTOBER 27, 2023
The BEA's Personal Income and Outlays report revealed inflation slowed as expected in September. Core PCE, the Fed's favored measure of inflation, was up 0.3% from August and slowed to 3.7% year-over-year, the lowest reading in over two years but still above the Fed's 2% target rate.
Wealth Management
OCTOBER 27, 2023
Answers to some of advisors' most frequently asked questioned about this powerful role.
Advisor Perspectives
OCTOBER 27, 2023
The weekly leading economic index (WLEI) is a composite for the U.S economy that draws from over 20 time-series and groups them into the following six broad categories which are then used to construct an equally weighted average. As of October 13th, the index was at 13.850, up 4.731 from the previous week.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
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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.
Calculated Risk
OCTOBER 27, 2023
Today, in the Calculated Risk Real Estate Newsletter: Fannie and Freddie: Single-Family Mortgage Delinquency Rate Mostly Unchanged in September Brief excerpt: I’ve argued that there would not be a huge wave of single-family foreclosures this cycle since lending standards have been solid and most homeowners have substantial equity. That means we will not see cascading price declines like following the housing bubble.
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
Calculated Risk
OCTOBER 27, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Due to changes at the CDC, weekly cases are no longer updated. For deaths, I'm currently using 3 weeks ago for "now", since the most recent two weeks will be revised significantly. Recently hospitalizations have more than doubled from a low of 5,150 in June 2023, but have declined over the last few weeks.
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