The Big Picture
MARCH 3, 2023
Have a look at the BAML chart above. 1 It is one of my favorites, but for reasons that might not be readily apparent at first glance. The chart shows the peak-to-trough declines of all the bear markets with the popular definition of a 20% decline, measured up until the start of the first 20% rally. 2 The current move from 2021 highs is shown in red.
Wealth Management
MARCH 3, 2023
Ultimately, a prenup’s flexibility allows it to strengthen—rather than jinx—a marriage.
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Calculated Risk
MARCH 3, 2023
Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 3.9% Below Peak; Price-to-rent index is 7.1% below recent peak Excerpt: It has been 17 years since the bubble peak. In the December Case-Shiller house price index released on Tuesday, the seasonally adjusted National Index (SA), was reported as being 61% above the bubble peak in 2006.
Wealth Management
MARCH 3, 2023
Financial advice delivered too early—or worse, too late—can have the opposite effect of its intention, says Bento Engine's Philipp Hecker
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Where are top advisors focusing in 2025? AcquireUp’s 2025 Industry Index reveals it all. Based on insights from 200+ financial professionals nationwide, discover why 74% say seminars and referrals deliver the best ROI, how automation is helping advisors scale faster, and why only 8% are tapping into niche marketing (a major growth opportunity!). Whether you're refining your client acquisition strategy or scaling your practice, this report gives you the real-world data, benchmarks, and action ste
Abnormal Returns
MARCH 3, 2023
The biz There's really no distinction between podcasts and audiobooks. (hollywoodreporter.com) Podcasts are coming to YouTube Music. (techcrunch.com) Nicole Lapin is launching the Money News Network. (variety.com) Startups Patrick O'Shaughnessy talks with Doug Leone who is a long time Partner at Sequoia Capital (joincolossus.com) David Cover and Brett Beshore talk with Anu Hariharan of YCombinator about managing small businesses.
Wealth Management
MARCH 3, 2023
The wealthtech company announced Story Paths at its Ascent conference in Orlando.
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Abnormal Returns
MARCH 3, 2023
Markets Retail investors can't quit Tesla ($TSLA) stock. (wsj.com) Softbank is planning to IPO chip maker Arm Holdings in New York. (cnbc.com) Short-dated options are distorting market data. (ft.com) Strategy When does it make sense to take on duration in your bond portfolio? (awealthofcommonsense.com) Index funds have two major advantages. (morningstar.com) Berkshire Hathaway Evidence that Warren Buffett has become less verbose over time.
Wealth Management
MARCH 3, 2023
The bank filed a petition asking a federal court to overturn the award to James D. Garrity, who worked for Credit Suisse for 15 years before joining Morgan Stanley in 2015.
Nerd's Eye View
MARCH 3, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that amid economic and market headwinds, the pace of RIA M&A activity was slower in January and February compared to the same period last year. If this trend continues, 2023 would be the first year in more than a decade to see fewer transactions than the year before, though some industry observers continue to see significant appetite for deals.
Wealth Management
MARCH 3, 2023
The SEC chair said the regulator is more inclined to hold the interests of the investing public above others.
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.
Calculated Risk
MARCH 3, 2023
The BEA released their estimate of vehicle sales for February yesterday. This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the February 2023 seasonally adjusted annual sales rate (SAAR). Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019.
Wealth Management
MARCH 3, 2023
Zero-day options got a fresh boost on index trading after firms like Cboe Global Markets Inc. last year expanded S&P 500 options expirations to cover each weekday.
Calculated Risk
MARCH 3, 2023
(Posted with permission). The ISM® Services index was at 55.1%, down from 55.2% last month. The employment index increased to 54.0%, from 50.0%. Note: Above 50 indicates expansion, below 50 in contraction. From the Institute for Supply Management: Services PMI® at 55.1% February 2023 Services ISM® Report On Business® Economic activity in the services sector expanded in February for the second consecutive month as the Services PMI® registered 55.1 percent, say the nation's purchasing and supply e
A Wealth of Common Sense
MARCH 3, 2023
The latest Case-Shiller national home price index data was released this week. Here’s where we stand in terms of the drawdown from peak prices: This is the third largest national home price drawdown since 1987 but I’m sure lots of people are surprised prices haven’t fallen more what with 7% mortgage rates and unsustainable price gains in recent years.
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.
Calculated Risk
MARCH 3, 2023
From BofA: Data received since our update last Friday lowered our 1Q tracking estimate from 1.3% q/q saar to 0.9% q/q saar. The reduction in our tracking estimate was driven by weaker data on personal consumption, trade and inventories. [Mar 3rd estimate] emphasis added From Goldman: We left our Q 1 GDP tracking estimate unchanged after rounding at +2.0% (qoq ar) but lowered our domestic final sales forecast by 0.1pp to +2.3%.
Wealth Management
MARCH 3, 2023
Sotheby’s expects to bring the asset-backed security to the market later in the year.
The Reformed Broker
MARCH 3, 2023
Welcome to the latest episode of The Compound & Friends. This week, Nick Maggiulli, Dan Nathan, and Downtown Josh Brown discuss earnings season, yields, mortgage rates, Buffett and buybacks, shorting private equity, world stock markets in 1899 vs today, how millionaires invest their money, the Silvergate collapse, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your fa.
Alpha Architect
MARCH 3, 2023
This figure shows the long, short and long-short leg performance of the intangible value factor in comparison to the traditional value factor. The performance is shown for each of the four regions: U.S., Europe, Japan and Asia Pacific between June 1983 and December 2021. The monthly returns are ex-post volatility scaled to 5% p.m <strong>Intangibles and the Value Factor</strong> was originally published at Alpha Architect.
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.
Advisor Perspectives
MARCH 3, 2023
There’s one strategy that is not only a great wealth-building solution but is also triple tax-advantaged…
The Irrelevant Investor
MARCH 3, 2023
Today’s Talk Your Book is brought to you by Prudential: See here and here for more information on annuities and lifetime income benefits On today’s show, we discuss: How yields have helped income-based strategies Common misconceptions about annuities What annuities make the most sense for retirees When does it make sense to purchase an annuity? How does pricing work with annuities?
MarketWatch
MARCH 3, 2023
Tobacco giant Altria MO on Friday said it had exchanged its minority stake in embattled e-cigarette maker Juul for “a non-exclusive, irrevocable global license to certain of JUUL’s heated tobacco intellectual property.” Altria Chief Executive Billy Gifford said in a statement that “We believe exchanging our Juul ownership for intellectual property rights is the appropriate path forward for our business.
Clever Girl Finance
MARCH 3, 2023
Debt can be a tricky thing to navigate. As many of us have experienced firsthand, it’s much easier to get into debt than out of it! However, the idea of “debt” is not a monolith—there’s nuance to it because there are different types of debt. These types of debt can affect your finances in different ways. (For one, not all kinds of debt are bad!) Knowing the different sorts of debt and how to manage them can help you make better decisions about your finances.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Integrity Financial Planning
MARCH 3, 2023
With the holidays over, we are officially approaching the thick of the winter season. This time of year can be difficult, whether it be the bitter cold, lack of daylight, or decrease in social gatherings. But there is one perk that winter brings: comfort food. Comfort food gives rise to a psychologically comfortable and pleasurable state when eaten. [1] Embracing Comfort Food As the name suggests, comfort food is any type of food that brings a person some fulfillment.
MarketWatch
MARCH 3, 2023
President Joe Biden had a skin lesion removed on Feb. 16 during a checkup and it later was found to have been cancerous tissue, said Biden’s physician, Dr. Kevin O’Connor, in a memo released Friday by the White House. The memo said all cancerous tissue was removed, no further treatment is required, and the site of the biopsy has “healed nicely.” Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Advisor Perspectives
MARCH 3, 2023
The February US services purchasing managers' index (PMI) conducted by S&P Global came in at 50.6 percent, notably up from 46.8 in January and just slightly higher than the Investing.com forecast of 50.5. This morning's reading moves the index into expansion territory after being in contraction for seven months.
MarketWatch
MARCH 3, 2023
Verizon Communications Inc. VZ said Friday that it has appointed Anthony Skiadas, its vice president and controller, to ascend to the role of chief financial officer starting at the beginning of May. He will succeed Matthew Ellis, who is “leaving the company to pursue other interests.” Skiadas has been in his current position at Verizon since 2013. The company further noted that Mary-Lee Stillwell will take on Skiadas’ role of senior vice president and controller once he becomes the CFO.
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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
MARCH 3, 2023
The moving average for the per-capita light vehicle sales series peaked in 2005. Over 15 years later, it is down 20% from that peak.
MarketWatch
MARCH 3, 2023
Getty Images/iStockphoto“The inflation genie is still out of the bottle.”Those are the words of strategists Claudio Piron and Athanasios Vamvakidis at BofA Securities, who said on Friday that inflation has yet to peak in most Group-of-10 countries and that “we are waiting for a proper market reality check.”In an email to MarketWatch, Vamvakidis, the London-based global head of G10 FX strategy, said the “reality check” refers to “all markets” and the need for “a proper risk-off, as the economy we
Advisor Perspectives
MARCH 3, 2023
Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations for investment returns. On August 4, 2020, the 10-year Treasury yield hit its all-time low of 0.52%. As of February 28, 2023 it was at 3.92%.
MarketWatch
MARCH 3, 2023
Meta Quest Pro, Meta Platforms Inc.’s META VR headset for business users, is getting significantly cheaper. The company on Friday announced the Pro’s price will be chopped to $999 from $1,499. The 256-GB version of the Quest 2 is being reduced to $429 from $499. Facebook’s parent company explained the price reductions as a way to “create hardware that’s affordable for as many people as possible” and make the technology “available to even more businesses and professionals around the world.
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