Thu.Mar 09, 2023

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Longform links: confused chatbots

Abnormal Returns

Books A Q&A with Emily Hund author of "The Influencer Industry: The Quest for Authenticity on Social Media." (vox.com) An excerpt from “The People’s Tongue: Americans and the English Language” by Ilan Stavans. (wsj.com) A Q&A with Emre Soyer, co-author of "The Myth of Experience: Why We Learn the Wrong Lessons and Ways to Correct Them." (davidepstein.substack.com) Behavior Smartphones are to blame for the rise in unhappiness, until further notice.

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MiB: Women in Finance

The Big Picture

Yesterday, I had a fascinating interview/conversation with Dominique Mielle – she was a partner at Canyon Capital, $25B HF where she worked for 20 years. She is also the author of “ Damsel in Distressed ,” which (surprisingly) turns out to be the very first memoir written by a woman working at a hedge fund (it’s a fun romp through 1998-2018 era).

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Clips From Today’s Halftime Report

The Reformed Broker

Final Trades: Illumina, JPMorgan & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.

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Realtor.com Reports Weekly Active Inventory Up 61% YoY; New Listings Down 26% YoY

Calculated Risk

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Chief economist Danielle Hale: Weekly Housing Trends View — Data Week Ending Mar 4, 2023 • Active inventory growth continued to climb with for-sale homes up 61% above one year ago. Inventories of for-sale homes rose again, but the gain was the lowest we’ve seen since December.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Fear Sets In

The Irrelevant Investor

This post is for people outside of the financial services industry who might be wondering how one bank (Silvergate) lost 42% today while another one (Silicon Valley Bank) fell 60%. Silvergate banked virtually the entire crypto industry, including FTX. The largest banks had no interest in dealing with crypto companies, so Silvergate stepped in and experienced enormous growth over the last few years.

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Fed's Flow of Funds: Household Net Worth Increased $2.9 Trillion in Q4

Calculated Risk

The Federal Reserve released the Q4 2022 Flow of Funds report today: Financial Accounts of the United States. The net worth of households and nonprofits rose to $147.7 trillion during the fourth quarter of 2022. The value of directly and indirectly held corporate equities increased $2.7 trillion and the value of real estate decreased $0.1 trillion. Household debt increased 2.3 percent at an annual rate in the fourth quarter of 2022.

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CIO Perspectives Podcast: The Outlook for 2023, a deep dive into the venture landscape and dissecting the AI buzz

Brown Advisory

CIO Perspectives Podcast: The Outlook for 2023, a deep dive into the venture landscape and dissecting the AI buzz mhannan Thu, 03/09/2023 - 16:53 As the end of the first quarter of 2023 approaches, Sid Ahl and Erika Pagel are joined by guests that have deep insights into what is surely one of the most fascinating technological developments of the new year: the new developments in generative AI, as demonstrated most vividly by the viral rise of Chat-GPT, a large language model that has set a new

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Weekly Unemployment Claims: Up 21K to Highest Level of the Year

Advisor Perspectives

This morning's seasonally adjusted 211,000 new claims, up 21,000 from the previous week's unrevised figure, came in above the Investing.com forecast of 195,000. This is the first time initial claims have come in higher than 200,000 since the first week of the year and is the highest reading of 2023 so far.

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Weekly Initial Unemployment Claims increase to 211,000

Calculated Risk

The DOL reported : In the week ending March 4, the advance figure for seasonally adjusted initial claims was 211,000 , an increase of 21,000 from the previous week's unrevised level of 190,000. The 4-week moving average was 197,000, an increase of 4,000 from the previous week's unrevised average of 193,000. emphasis added The following graph shows the 4-week moving average of weekly claims since 1971.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Traditional (And Unusual) Pets for Retirees

Integrity Financial Planning

If you are planning on retiring or you have just retired, this might be the perfect time to get a pet! Now that you have more time to focus on the things you want, you may find that you finally have time to take care of a pet. Pets are like companions and hobbies all rolled into one cute package! They can also be a great way to liven up your home if your kids have moved away and you feel like the house could use another friend around.

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Chart of the Week: The Tightening Has Only Just Begun

Discipline Funds

We’re continuing with the theme of time in this chart of the week. The last few years felt like a lifetime for many reasons. And the main driver of that feeling has been the Fed’s aggressive rate hikes. But the crazy thing about this rate hike cycle is that it has only just begun. “Just begun” you might ask? Yes. At this time last year the Fed was sitting on…ZERO.

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Eight Must Reads for CRE Investors Today (March 10, 2023)

Wealth Management

The Federal Reserve’s February 2023 Beige Book numbers show commercial real estate lending has remained stable. Placer.ai reported falling foot traffic at malls last month. These are among today’s must reads from around the commercial real estate industry.

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Backtests are Unemotional. Humans are Not

A Wealth of Common Sense

A reader asks: As a retail investor, how does one go about assessing the investment performance of a security or even an index fund beyond looking at the historic performance which Ben Carlson recently described as chasing performance? Linked to this, can you please explain a backtest in simple terms, and what is a good way to do a backtest for an average investor?

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

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.

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Wirehouse Advisors Say Compensation Plans Are Too Complex

Wealth Management

Wirehouse advisors are more likely to be unhappy with their compensation than those in other channels, saying the packages are too complex and change frequently, according to a new Cerulli report.

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Compression: Can the Value Spread Expand Forever?

Alpha Architect

We believe owning deep-value stocks is potentially interesting at these valuation peaks. But as I said in the previous two times I wrote this, the spread can get more extreme. At some point, we'd like to stop talking about the valuation spread and its potential effect on forward expected returns.and see that spread COMPRESS! Compression: Can the Value Spread Expand Forever?

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Prime Capital Investment Advisors Buys Cornerstone Comprehensive Wealth Management

Wealth Management

With $400 million in assets, Cornerstone is the 15th acquisition in PCIA history and builds on roughly 500% growth in just five years.

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Help clients protect themselves from risk

Million Dollar Round Table (MDRT)

By Matt Pais, MDRT Content Specialist It’s safe to say that motocross athletes are in control of their fear. But Tiago De Castro Barbosa Melo , an 11-year MDRT member from Belo Horizonte, Brazil, worried that a client in that line of work was underinsured due to the dangerous nature of his profession. “I proposed increasing his insurance to maintain at least 10 years of income in case of an accident that prevented him from working.

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Transforming Lending: Understanding the Power of Digital Platforms

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.

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Webull Financial to Pay $3M to FINRA for Approving Inexperienced Options Traders

Wealth Management

Webull Financial settled charges with the regulator, who argued the firm didn’t adequately screen customers for approval when they applied for options trading.

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Q4 2022 Household Net Worth: The "Real" Story

Advisor Perspectives

This is a couple months past its release, but the latest Fed balance sheet shows a total net worth for households and nonprofit organizations that is 149% above the 2009 trough. The nominal Q4 2022 net worth is down up 2.0% from the previous quarter and down 2.7% year-over-year.

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Captrust Acquires $5.8B Monroe Vos Consulting

Wealth Management

In its first acquisition of the year, Captrust adds a $5.8 billion firm with wealth, retirement planning, and endowment and foundation businesses.

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: SVB Financial stock tumbles 22% after hours on reports of funds advising companies to pull money from bank

MarketWatch

SVB Financial Group SIVB fell more than 22% in the extended session Thursday as reports surfaced that several funds are advising clients to pull money from Silicon Valley Bank. Bloomberg late Thursday reported that the Founders Fund, the venture capital fund co-founded by Peter Thiel, has advised companies to do just so. The report cited people familiar with the matter.

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Quick Start Guide to a Crystal Clear Close

Did you know automating your month-end close can save up to 40% of the time typically spent on manual reconciliations? CFOs and controllers are leveraging SkyStem's workflow management and reconciliation tool to eliminate costly mistakes, ditch manual reconciliations and close faster. Want to know how they do it? Download our Quick Start Guide to a Crystal Clear Close!

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Have Interest Rate Hikes, Downturn Fears Put a Dent in Foreign Investors’ Love for U.S. Real Estate?

Wealth Management

Gunnar Branson, CEO of AFIRE, provides insights into what’s influencing the decisions of cross-border investors at this point in the cycle.

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: SVB Financial stock plummets toward biggest one-day selloff in 23 years after stock offering, large losses on securities sales

MarketWatch

Shares of SVB Financial Group SIVB plummeted 30.6% to pace all of the S&P 500’s SPX premarket losers on Thursday, which puts them on track for the worst one-day performance in 23 years, after the banking services company announced a stock offering and a large loss from the sale of assets. The company said late Wednesday that it plans to sell $1.25 billion worth of common stock, which represents 7.9% of the company’s market capitalization of $15.8 billion as of Wednesday’s close, and $500 million

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Business Lessons from MrBeast: The Power of Vision

Wealth Management

Your definition of success must be defined and agreed upon before you set out on a business journey.

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: GM stock slips after disclosing ‘voluntary separation program’ resulting in $1.5 billion employee separation charges

MarketWatch

Shares of General Motors Co. GM slipped 0.1% in premarket trading Thursday, after the automaker announced a voluntary separation program (VSP) that is expected to lead to an employee separation charge of $1.5 billion. The announcement comes a little over a week after The Detroit News reported that GM was cutting about 500 jobs, which was roughly a month after the company said it wasn’t planning layoffs.

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The Blueprint for a Customer-Centric Digital Lending Experience

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.

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A Hedge Fund Trader Gained 119% Betting Against Malls. Now He’s Targeting Offices

Wealth Management

A large number of older offices will fail to lure back workers in the post-Covid era, making them less attractive to occupiers and spurring a wave of defaults, according to Daniel McNamara, founder of Polpo Capital Management.

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: Signature Bank stock drops sharply after Silvergate announces winddown

MarketWatch

Signature Bank SBNY stock is down 11% in premarket trades as carnage from the announced wind-down of digital currency financial services company Silvergate Capital Corp. SI impacted the company. The drop comes despite moves by Signature Bank to wind down its exposure to crypto amid healthy despots at the company. As a component of the S&P 500, Signature Bank has a relatively diversified banking business but it also holds digital asset deposits.

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Mindy Diamond on Independence: Two $10M Teams Leave Wirehouses in One Week

Wealth Management

What is the relevance of two $10 million-producing teams leaving Merrill within one week’s time?

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