Wed.May 31, 2023

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Pass-Through Entity Taxes: Mechanics, Considerations, And Planning Opportunities For Navigating SALT Cap Workarounds

Nerd's Eye View

The 2017 Tax Cuts & Jobs Act introduced a $10,000 limit on the State And Local Tax (SALT) deduction that was previously available for taxpayers who itemized their deductions. In response to the new deduction limit, many states enacted laws creating a new Pass-Through Entity Tax (PTET) designed to help owners of pass-through businesses (partnerships, LLCs, and S corporations) avoid the limitation and preserve the deductibility of their state tax payments.

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Personal finance links: faith in the system

Abnormal Returns

Podcasts Jonathan Hollow talks with Andrew Hallam author of "Balance: How to Invest and Spend for Happiness, Health, and Wealth." (podcasts.apple.com) Morgan Housel on the 'art of spending money.' (open.spotify.com) Taxes What Is a 83(b) election? (thomaskopelman.com) Who is eligible for the retirement savings tax credit? (humbledollar.com) Fraud How to protect yourself against check fraud.

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Identifying Emerging Managers

The Big Picture

I am moderating a fascinating panel today at Bloomberg’s Hedge Fund Start-Up Conference 2023. It is a great collection of newer hedge fund managers who have put up impressive numbers consistently over the past few years. The challenge for investors in alternatives is twofold: The first is identifying those managers who can consistently generate alpha in excess of fees; and the second, is to find them early enough so they are still willing to accept your capital.

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Wednesday links: unsustainable business models

Abnormal Returns

AI The AI stock mania phase is here. (herbgreenberg.substack.com) How big tech companies are investing in AI startups. (news.crunchbase.com) Strategy The stock market loves disinflation. (awealthofcommonsense.com) Tactical allocation funds have failed miserably. (morningstar.com) Energy Berkshire Hathaway ($BRK.A) now owns 24.9% of Occidental Petroluem ($OXY).

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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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BLS: Job Openings Increased to 10.1 million in April

Calculated Risk

From the BLS: Job Openings and Labor Turnover Summary The number of job openings edged up to 10.1 million on the last business day of April , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 6.1 million. Total separations decreased to 5.7 million. Within separations, quits (3.8 million) changed little, while layoffs and discharges (1.6 million) decreased. emphasis added The following graph shows job openings (black line), hires (dark blue)

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The Art of Storytelling & Story Listening

Indigo Marketing Agency

At the recent Jolt Conference , Director of Marketing Elizabeth Reider met one of our influencers, Dr. Preston Cherry , who shared the art of storytelling for financial advisors. Dr. Cherry discussed some great practices we think advisors can implement today when sitting down to meet with a current or prospective client. Active Listening When you’re meeting with a client or prospect, it’s their turn to share; you want to connect with who they are and where they are.

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Chart of the Week – Concentration Risk in Stocks

Discipline Funds

Here’s a great chart from DFA (thanks to Meb Faber for highlighting it on Twitter). 1 It shows the average annualized outperformance of stocks after they’ve become one of the largest top 10 in the S&P 500. As you can see, the top 10 largest companies underperform by an average of -1.5% over the subsequent 10 years. This is related to our recent commentary on market cap vs equal weight indices and what’s driving the current rally in the S&P 500.

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: Pfizer gets FDA approval for RSV vaccine Abrysvo in older adults

MarketWatch

Pfizer Inc. PFE said late Wednesday that the Food and Drug Administration approved its respiratory syncytial virus vaccine Abrysvo for older adults. The drug maker said the FDA approved Abrysvo for use in adults 60 years of age or older. RSV is a contagious virus that attacks the lungs and breathing passages, and is considered a common cause of respiratory illness globally, Pfizer said, adding the vaccine will be available in the third quarter before RSV season in the fall.

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NAIFA Welcomes New Member Panos Leledakis 

NAIFA Advisor Today

In 1999, Panos Leledakis was in Greece studying to be a lawyer when he met a manager in the insurance business who convinced him to try financial advising part-time. After six months, he says, he fell in love with the profession and decided to make it his career.

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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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MBA: Mortgage Applications Decreased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier.

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Central Bank Digital Currencies are Coming

Advisor Perspectives

Central bank digital currencies (CBDCs) are the next step in financial innovation. The government will do what it deems in its best interests. CBDCs will replace physical currency; it's just a question of when.

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Fundamental Analysis of Deepak Fertilisers – Future Plans & More

Trade Brains

Fundamental Analysis of Deepak Fertilisers : As the world’s population grows, it will increase pressure on food supplies and demand for higher crop yields. To achieve that, chemical companies will help farmers with a cost-effective way of improving the yield and the quality of their crops. One such chemical company is Deepak Fertilisers. In this article, we will perform the Fundamental Analysis of Deepak Fertilisers and Petrochemicals Corporation Ltd.

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Las Vegas April 2023: Visitor Traffic Down 4% Compared to 2019; Convention Traffic Down 30%

Calculated Risk

Note: I like using Las Vegas as a measure of recovery for both leisure (visitors) and business (conventions). From the Las Vegas Visitor Authority: April 2023 Las Vegas Visitor Statistics Las Vegas hosted approximately 3,385,500 visitors in Apr 2023, on par with the robust volumes achieved last Apr when pent‐up demand overtook receding pandemic impacts.

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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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$2B First Republic Team Joins William Blair

Wealth Management

Laura Ward is joining William Blair as a managing director and wealth advisor out of San Francisco a month after her previous firm collapsed and was acquired by JPMorgan Chase.

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CPI and PCE: Two Measures of Inflation and Fed Policy

Advisor Perspectives

The BEA's core Personal Consumption Expenditures (PCE) Price Index for April, released last Friday, shows that core inflation continues to be well above the Federal Reserve's 2% long-term target at 4.7%. The April core Consumer Price Index (CPI) release was higher, at 5.5%. The Fed is on record as using core PCE data as its primary inflation gauge.

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$1B Signature Bank Team Joins Atria's Cadaret Grant

Wealth Management

A trio from the former Signature Bank will operate as an independent team associated with a branch of Cadaret Grant.

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: Target’s stock falls toward longest losing streak in 23 years

MarketWatch

Shares of Target Corp. TGT fell 1.4% in afternoon trading Wednesday, putting them on course for the lowest close since Aug. 11, 2020. The discount retailer’s stock was also headed for a ninth-straight decline, which would be the longest losing streak since the 11-day stretch that ended Feb. 24, 2000, according to Dow Jones Market Data. The current losing streak started a day after it rose 2.6% on May 17, after Target reported a fiscal first-quarter profit that beat expectations but cut its full-

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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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Substantial Compliance in Reporting Taxable Gift Sufficient to Start Statute of Limitations

Wealth Management

The Court ruled that a disclosure package submitted to IRS adequately disclosed transfer of company and related foreign accounts.

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: Toyota to make large electric SUV in Kentucky

MarketWatch

Toyota Motor Corp. JP:7203 said Wednesday it will start producing an all-new electric SUV at its Kentucky plant in 2025. The three-row SUV would be the company’s first U.S.-assembled EV, with batteries coming from a Toyota plant in North Carolina currently under construction. Toyota said it will invest an additional $2.1 billion in the North Carolina plant, bringing the total to $5.9 billion.

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Warhol Foundation Loses U.S. Supreme Court Copyright Case

Wealth Management

The decision turned on the transformative factor of the work, a portrait of Prince based on an existing photograph.

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: Bud Light parent Anheuser-Busch’s stock heads for biggest monthly selloff since the start of the COVID pandemic, while shares of rivals have gained

MarketWatch

Shares of Anheuser-Busch InBev SA BUD slumped 2.2% in morning trading Wednesday, and was headed toward the lowest close since Nov. 9, 2022, as they continued to feel the weight of declining Bud Light sales amid the consumer backlash from the beer brand’s partnership with a trans influencer. The stock has tumbled 18.0% in May, which puts it on track for the worst monthly performance since it tumbled a record 24.4% in March 2020.

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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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Edelman Financial Engines Taps Personal Capital’s Shah as New CEO

Wealth Management

Edelman Financial Engines' current chief, Larry Raffone, will transition to chairman, effective in August.

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: Apple’s App Store generated $1.1 trillion in sales in 2022

MarketWatch

Apple Inc.’s AAPL App Store generated $1.1 trillion in sales last year, according to an Analysis Group report that was funded by Apple. The report found that App Store sales have doubled since 2019, when they reached $519 billion. “As this report shows, the App Store is a vibrant, innovative marketplace where opportunity thrives, and we’re as committed as ever to investing in developers’ success and the app economy’s future,” Apple Chief Executive Tim Cook said in a statement.

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Morgan Stanley Sets $12 Billion Profit Goal for Wealth Business

Wealth Management

Morgan Stanley's $4.6 trillion wealth management business has seen significant growth in the past 10 years and posted $6.6 billion in pretax profit last year.

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: Bowlero paying $90 million to buy Lucky Strike in bowling tie-up

MarketWatch

Bowlero Corp. BOWL said Wednesday it agreed to pay $90 million for Lucky Strike Entertainment LLC, which owns 14 bowling alleys in nine states. Bowlero said the deal will launch its business into Boston, Denver, Chicago, Los Angeles, Philadelphia and San Francisco. Bowlero now projects 343 bowling centers in 35 states after the deal closes, up from 325 now.

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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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Hightower Buys $2.3B Vigilant Wealth Management

Wealth Management

In its 5th deal of the year, Hightower expands its footprint in the nation’s Northeast.

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: ZipRecruiter to cut 20% of staff, CEO to get 30% salary cut

MarketWatch

Job-hunting platform ZipRecruiter Inc. ZIP on Wednesday said it would cut roughly 270 jobs, or about 20% of its total workforce, after the company this month warned that a shakier economy had made for a more cautious hiring environment. Roughly half of the affected employees were from sales and customer support, ZipRecruiter said in a filing, adding that it expected to complete virtually all of the staff reductions by June 30.

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Franklin Templeton to Buy Putnam as Desmarais Family Exits

Wealth Management

Franklin Templeton will initially pay $925 million in shares and cash to acquire Putnam from Great-West Lifeco Inc.

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