The Big Picture
MAY 5, 2023
My end-of-week morning NFP train WFH reads: • Warren Buffett’s Formula for Success: One Good Decision Every Five Years : Berkshire Hathaway has obliterated the market in his 58 years at the company. He credits roughly 12 decisions. ( Wall Street Journal ) see also The 10 Greatest US Investors and the Virtues That Made Them : There can be few fields of human endeavor in which history counts for so little as in the world of finance.
The Reformed Broker
MAY 5, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Ian Dunlap, Leanna Haakons and Downtown Josh Brown discuss regional banks, the importance of Apple’s earnings, how AI is changing the labor market, TEN STRAIGHT RATE HIKES, the Coinbase shareholder lawsuit, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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Nerd's Eye View
MAY 5, 2023
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week’s edition kicks off with the news that the House Financial Services Committee unanimously passed a bill that would direct the SEC to conduct a study and carry out a rulemaking on the definition of a "small entity" to reduce the compliance burden on small businesses, presumably including RIAs.
Abnormal Returns
MAY 5, 2023
The biz Why Spotify ($SPOT) is remaking its podcast business (variety.com) YouTube Music now offers podcasts. (engadget.com) A list of the most impactful investing podcasts. (lowecom.com) What does 'The Joe Rogan AI Experience' sound like? (theverge.com) Business Patrick O'Shaughnessy talks with Jeremy Levine, Kent Bennett, and Brian Feinstein who are partners at Bessemer Venture Partners.
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.
Calculated Risk
MAY 5, 2023
The headline jobs number in the April employment report was above expectations, however employment for the previous two months was revised down by 149,000, combined. The participation rate and employment population ratio were unchanged, and the unemployment rate decreased to 3.4%. This is the lowest unemployment rate since 1969 (over 50 years ago), and the unemployment rate hasn't been lower since 1953!
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Calculated Risk
MAY 5, 2023
From the BLS : Total nonfarm payroll employment rose by 253,000 in April, and the unemployment rate changed little at 3.4 percent , the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance. The change in total nonfarm payroll employment for February was revised down by 78,000, from +326,000 to +248,000, and the change for March was revised down by 71,000, from +236,000 t
Wealth Management
MAY 5, 2023
A lot can be learned listening to clients’ experiences with financial advisors—good and bad. We talked to Stan Kimer, president of Total Engagement Consulting by Kimer, a diversity and career consulting firm in Raleigh, NC.
Advisor Perspectives
MAY 5, 2023
Jeremy Grantham appeared on David Rosenberg’s "Webcast with Dave" to discuss how he is investing in this increasingly uncertain world and the areas of the market that are not correlated with the recession-bound economy. GMO invited our readers to watch.
Wealth Management
MAY 5, 2023
Classic Asset Management will pay more than $933,000 to settle charges with the commission. The settlement comes several months after the SEC’s Exam Division cited leveraged ETFs as a main area of focus.
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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.
Advisor Perspectives
MAY 5, 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. The latest index reading came in at -15.6, up 3.82 the previous week.
Alpha Architect
MAY 5, 2023
No surprise: reddit message boards don't lead to alpha generation. The Reddit Road to Riches? was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
Calculated Risk
MAY 5, 2023
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. On COVID (focus on hospitalizations and deaths). Data is now weekly. After the first few weeks, the pandemic low for weekly deaths had been the week of July 7, 2021, at 1,690 deaths (until recently). For cases, the low was 82,186 (getting close). For COVID hospitalizations, the low was 9,821 (until this week).
Advisor Perspectives
MAY 5, 2023
The S&P 500 finished the week down 0.79% despite Friday's strong rally. The index is currently up 7.73% year to date and is 13.76% below its record close from January 3, 2022.
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.
Trade Brains
MAY 5, 2023
List of Most Frequently Used Trading Animals in the Share Market (Bull, Bear, Stags, Wolves & More): Have you watched the movie ‘The Wolf of Wall Street” starring Leonardo DiCaprio as Jordan Belfort? If yes, then have you wondered why he has been referred to as a wolf in the movie? What’s an animal doing in the stock market-based movie? Well, Animals in the Stock Market are commonly used terminology to define specific characteristics of the type of traders or investors or market scenario.
Calculated Risk
MAY 5, 2023
From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. Rail intermodal continues to struggle. U.S. intermodal volume was 12.7% lower in April 2023 than in April 2022. April’s decline was the 14th straight and 20th in the past 21 months. In 2023 through April, volume was 3.97 million containers and trailers, down 10.9% (484,228) from last year and the fewest for January to April since 2012.
A Wealth of Common Sense
MAY 5, 2023
Finance is like fashion. Wait long enough and the same arguments come back in style. We have the same quarrels about finance topics every few years. Active vs. passive. The death of the 60/40 portfolio. Is this a bubble? Is this the top (or bottom)? Another one that’s cropped up again this year is are the market’s gains too concentrated?
Wealth Management
MAY 5, 2023
More than $6.6 billion in assets was transacted this week, while two new firms were launched, an investment bank opened and key positions were created and filled.
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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.
Advisor Perspectives
MAY 5, 2023
Friday's employment report for April showed a 253,000 increase in total nonfarm payrolls, coming in well above the Investing.com forecast of 180,000 jobs added. The unemployment rate dropped to 3.4%.
Wealth Management
MAY 5, 2023
Long-term, sustained growth is critical for advisors, and support of that objective should be top of mind as advisors consider a transition.
MarketWatch
MAY 5, 2023
The World Health Organization on Friday declared an end to the COVID-19 global health emergency. Speaking at a press conference in Geneva, WHO director-general Tedros Adhanom Ghebreyesus said he had accepted the advice of an expert committee on the pandemic’s status, adding “it is therefore with great hope that I declare COVID-19 over as a global health emergency.
Wealth Management
MAY 5, 2023
The majority of First Republic advisors came to the bank from wirehouses or other large brokerages. Now, they find themselves right back where they started.
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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!
MarketWatch
MAY 5, 2023
Cannabis stocks rose Friday in their second day of big gains. The U.S. Senate committee on banking, housing and urban affairs has scheduled a hearing entitled, “Examining Cannabis Banking Challenges of Small Businesses and Workers” on Thursday at 9:45 a.m. in the Dirksen Senate Office Building, according to an announcement. The hearing comes after lawmakers from both chambers filed new versions of the Secure and Fair Enforcement (SAFE) Banking Act.
Wealth Management
MAY 5, 2023
Riskalyze CEO Aaron Klein provides his take on the biggest news to hit advisor technology in the previous month.
MarketWatch
MAY 5, 2023
The Securities and Exchange Commission on Friday announced an award of nearly $279 million to a whistleblower whose information helped the agency with enforcement. It’s the highest amount in the whistleblower program’s history, the agency said, more than doubling a $114 million payment made in October 2020. Gurbir Grewal, the SEC’s enforcement director, said whistleblower tips have aided enforcement actions resulting in bad actors disgorging more than $4 billion in ill-gotten gains and interest.
Advisor Perspectives
MAY 5, 2023
This commentary has been updated to include Friday's release of non-farm employment. April saw a 253,000 increase in total non-farm payrolls. The unemployment rate fell to 3.4%. The Investing.com forecast was for 180,000 jobs gained.
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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.
MarketWatch
MAY 5, 2023
AMC Entertainment Holdings Inc. AMC shares rose 3.4% in premarket trades Friday, after the movie theater chain and meme stock darling reported better-than-expected first-quarter revenue and adjusted earnings. AMC reported a net loss of $235.5 million, or a net loss of 17 cents a share, compared with a net loss of $337.4 million and a net loss of 33 cents a share in the same period last year.
Advisor Perspectives
MAY 5, 2023
The yield on the 10-year note ended May 5, 2023 at 3.44%, the 2-year note ended at 3.92%, and the 30-year at 3.76%.
MarketWatch
MAY 5, 2023
What a difference a day makes, as the shares of PacWest Bancorp PACWskyrocketed toward a record one-day gain Friday, after closing the previous session at a record low. The stock, which has already been halted six times for volatility since the open, powered up 77.9% in midday trading, which would surpass the current record gain on a closing basis of 33.9% on March 14, 2023.
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