The Reformed Broker
DECEMBER 1, 2022
LET’S GIVE A ROUND OF APPLAUSE TO SAM BANKMAN-FRIED pic.twitter.com/HIVB3nTX2V — The_Real_Fly (@The_Real_Fly) November 30, 2022 Last night’s interview between the New York Times’ Andrew Ross Sorkin and Sam Bankman-Fried ended with the host thanking the accused criminal mastermind for coming, despite the protestations of his lawyers. The audience applauded as the screen went black.
Calculated Risk
DECEMBER 1, 2022
Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.67% in October from 0.69% in September. The serious delinquency rate is down from 1.46% in October 2021. This is close to pre-pandemic levels. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.
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Mish Talk
DECEMBER 1, 2022
Case-Shiller home price data via St. Louis Fed, chart by Mish. Home Price Synopsis Home prices have peaked this cycle but the decline is certainly tiny compared to the run up. Case-Shiller data lags. The latest data is from September and that represents sales primarily made in July and August so the declines shown are undoubtedly understated. Prices are falling now across the board.
The Big Picture
DECEMBER 1, 2022
As we have been discussing since May of this year, there are increasing signs we have been groping for a bottom in the equity markets. This “Process” is not a single event but rather, a series of events the totality of which increasingly weighs the probability towards that positive resolution. I use the word probability because this outcome is not pre-ordained, but rather, subject to future events which have yet to unfold.
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Wealth Management
DECEMBER 1, 2022
Second Oakland deal in two weeks is WEG's 13th acquisition this year.
Calculated Risk
DECEMBER 1, 2022
(Posted with permission). The ISM manufacturing index indicated contraction. The PMI® was at 49.0% in November, down from 50.2% in October. The employment index was at 48.4%, down from 50.0% last month, and the new orders index was at 47.2%, down from 49.2%. From ISM: Manufacturing PMI® at 49% November 2022 Manufacturing ISM® Report On Business® Economic activity in the manufacturing sector contracted in November for the first time since May 2020 after 29 consecutive months of growth, say the na
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
DECEMBER 1, 2022
As financial planning has evolved over the years, better tools have become available to help advisors maximize their impact with more clients by increasing their efficiency. Financial planning technology, in particular, has allowed advisors to automate time-intensive back-office tasks and delegate routine analyses to support staff, freeing up their time to engage more personally with clients.
Wealth Management
DECEMBER 1, 2022
The holidays are not always "happy" for all clients.
Abnormal Returns
DECEMBER 1, 2022
Books An excerpt from "G-Man: J. Edgar Hoover and the Making of the American Century" by Beverly Gage. (theatlantic.com) A Q&A with Nick Hornby about his new book "Dickens and Prince: A Particular Kind of Genius." (observer.com) An excerpt from "Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect" by Will Guidara.
Wealth Management
DECEMBER 1, 2022
EP Wealth picks up its second East Coast firm, adding $274M in assets.
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
DECEMBER 1, 2022
Wards Auto released their estimate of light vehicle sales for November. Wards Auto estimates sales of 14.14 million SAAR in November 2022 (Seasonally Adjusted Annual Rate), down 5.1% from the October sales rate, and up 7.9% from November 2021. Click on graph for larger image. This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for November (red).
Wealth Management
DECEMBER 1, 2022
As interest rates continue to rise and economic forecasts remain murky, what are commercial real estate investors doing to raise capital and reach their desired returns?
Calculated Risk
DECEMBER 1, 2022
The BEA released the Personal Income and Outlays report for October: Personal income increased $155.3 billion (0.7 percent) in October , according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $132.9 billion (0.7 percent) and personal consumption expenditures (PCE) increased $147.9 billion (0.8 percent).
Wealth Management
DECEMBER 1, 2022
Blackstone Real Estate Income Trust Inc. has been facing withdrawal requests exceeding its quarterly limit, a major test for the one of the private equity firm’s most ambitious efforts to reach individual investors.
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
DECEMBER 1, 2022
Today, in the Calculated Risk Real Estate Newsletter: Rents Falling Faster than "Seasonality Alone" A brief excerpt: Here is a graph of the year-over-year (YoY) change for these measures since January 2015. All of these measures are through October 2022 (Apartment List through November 2022). Note that new lease measures (Zillow, Apartment List) dipped early in the pandemic, whereas the BLS measures were steady.
Wealth Management
DECEMBER 1, 2022
Invenio Wealth Partners in Florida, with $250 million in assets, expands tru Independence's presence in the Southeast.
Calculated Risk
DECEMBER 1, 2022
From the Census Bureau reported that overall construction spending increased: Construction spending during October 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, 0.3 percent below the revised September estimate of $1,800.1 billion. The October figure is 9.2 percent above the October 2021 estimate of $1,644.3 billion. emphasis added Private spending decreased and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $
Wealth Management
DECEMBER 1, 2022
CEO Ken Bentsen’s comments came during the organization’s 'state of the industry' presentation, with FTX’s recent collapse underscoring the need for stronger supervision of the space.
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.
Mish Talk
DECEMBER 1, 2022
ISM chart and details below by permission of the Institute for Supply Management. Please consider the November 2022 Manufacturing ISM ® Report On Business ® “Manufacturing contracted in November after expanding for 29 straight months. Panelists’ companies continue to judiciously manage hiring, other than October 2022, the month-over-month supplier delivery performance was the best since February 2012, when it registered 47 percent and material lead times declined approximately 9 percent from the
Wealth Management
DECEMBER 1, 2022
In uncertain times, bad advisors hide from their clients; good advisors put themselves out there—and that’s how they take market share.
Mish Talk
DECEMBER 1, 2022
Real, inflation-adjusted inventory data from the BEA via St. Louis Fed, chart by Mish. The chart shows "real" inflation-adjusted inventories. The index year is 2012. In four of the last six recession, inventories continued to build well into recession. In the other two, inventories peaked just prior to or at the start of recession. Biggest Ramp in Wholesale Inventory History.
Wealth Management
DECEMBER 1, 2022
Founder and CEO Aaron Klein provides his take on the biggest news to hit advisor technology in the previous month.
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Pragmatic Capitalism
DECEMBER 1, 2022
Sorry for the radio silence recently. I went on my first vacation in two years over the Thanksgiving week. But now we’re back and getting ready for 2023.
Wealth Management
DECEMBER 1, 2022
Jerry Davidse discusses his transition from Merrill to building RIA firm Presilium Private Wealth with partner Brook Hart.
Abnormal Returns
DECEMBER 1, 2022
Markets How major asset classes performed in November 2022. (capitalspectator.com) Lumber is the worst performing commodity of 2022. (marketwatch.com) So-called 'zero day' options trading is booming. (ft.com) FTX FTX's collapse was a crime, not an accident. (coindesk.com) Why did the Dealbook crowd applaud SBF? (thereformedbroker.com) FTX is what can happen when you give a founder unchecked power.
Wealth Management
DECEMBER 1, 2022
Wildcat Capital is looking to raise a fund of about $500 million with contributions from a small group of wealthy individuals and other family offices.
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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?
The Reformed Broker
DECEMBER 1, 2022
Final Trades: Bunge, Simon Property & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Wealth Management
DECEMBER 1, 2022
Malls are changing more than ever, according to a reit.com’s interview with CBL CEO Stephen Leibovitz. Americans for Tax Reform argues why the carried interest loophole is a fallacy. These are among today’s must reads from around the commercial real estate industry.
Calculated Risk
DECEMBER 1, 2022
On Friday at 8:30 AM ET, the BLS will release the employment report for November. The consensus is for 200,000 jobs added, and for the unemployment rate to be unchanged at 3.7%. There were 261,000 jobs added in October, and the unemployment rate was at 3.7%. Click on graph for larger image. • First, as of October there are 804 thousand more jobs than in February 2020 (the month before the pandemic).
Wealth Management
DECEMBER 1, 2022
JPMorgan and HSBC are the world’s top two bullion banks, with businesses spanning everything from trading futures with hedge funds to sending physical gold across the globe.
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