Fri.Mar 24, 2023

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Podcast links: AI DJs

Abnormal Returns

The biz NPR is cutting four podcasts from its roster. (npr.org) AI could soon replace, for good, the radio DJ. (axios.com) Podcast network Maximum Fun is becoming a worker-owned co-op. (techcrunch.com) AI Patrick O'Shaughnessy talks with Avi Goldfarb about the disruptive effects of AI. (joincolossus.com) Derek Thompson talks with Charlie Warzel on what ChatGPT-4 is capable of.

Banking 168
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Jill On Money

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Jill Schlesinger, and Downtown Josh Brown discuss the Fed decision aftermath, unlimited FDIC insurance for banks, the SEC’s crypto crackdown, banning TikTok, 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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Friday links: a peculiar balance

Abnormal Returns

Markets The stock market bottomed three years ago in the early days of the pandemic. (demystifyingmarkets.com) Financial stress has increased but is not at GFC-type levels. (econbrowser.com) Banks The banking crisis could play out in tighter credit for small and mid-sized businesses. (wsj.com) Why selling SVB has proven to be a difficult task. (theinformation.com) Further banking consolidation could create 'banking deserts.

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Realtor.com Reports Weekly Active Inventory Up 59% YoY; New Listings Down 20% YoY

Calculated Risk

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released yesterday from Sabrina Speianu: Weekly Housing Trends View — Data Week Ending Mar 18, 2023 • Active inventory growth continued to climb with for-sale homes up 59% above one year ago. Inventories of for-sale homes rose, but at a slightly slower pace than last week’s gain, as new sellers on the market held back more.

Sales 142
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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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RIA Roundup: Wealthspire Advisors to Acquire Heron Wealth in NYC

Wealth Management

No fewer than seven M&A deals were announced this week, while three new RIAs launched on industry platforms and three key hires were made in support of growth.

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Q1 GDP Tracking: Wide Range

Calculated Risk

Note: The FOMC is projecting Q4-over-Q4 GDP growth of 0.0% to 0.8%. Here is a table of the low, middle and high FOMC projections for Q2 through Q4 based on the GDP tracking estimates below for Q1. Estimated FOMC Projection Q2 - Q4 Q1 Low 0.0% Middle 0.4% High 0.8% BofA 0.8% -0.3% 0.3% 0.8% Goldman 2.4% -0.8% -0.3% 0.3% GDPNow 3.2% -1.0% -0.5% 0.0% Based on the GDP tracking estimates, the FOMC's GDP projection for Q4-over-Q4 and the FOMC unemployment projections, many analysts pointed out that th

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: Marlboro cigarettes maker Altria looks to double its smoke-free revenue in 5 years, and considers expanding to cannabis and caffeine pouches, WSJ reports

MarketWatch

Marlboro cigarette parent Altria Group Inc. MO said it is considering expanding into non-nicotine offering, including cannabis and caffeine pouches, according to a report in The Wall Street Journal. Altria had said at its Investor Day Thursday that it targets at least 35% growth in U.S. smoke-free volumes by 2028, and to double total U.S. smoke-free revenue to $5 billion over the same time, with $2 billion coming from “innovative” smoke-free products, according to a FactSet transcript.

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Wonder and Wander Through Enriching Museums

Integrity Financial Planning

Going to museums can be a truly joyful experience that offers a wealth of cultural, historical, and artistic treasures. Here are some of the reasons why visiting museums can be such a rewarding experience. Cultural enrichment : Museums offer a unique opportunity to learn about different cultures and gain a deeper understanding of the world around us.

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How Is The Opening Price Of a Share Determined? Types, Examples & More

Trade Brains

How Is The Opening Price Of a Share Determined : If you are new to the stock market, you might not know how is the opening price of a share determined. Why does the stock open at a specific price which is higher or lower than the previous day’s closing price? What determines this opening price if the stock market is closed? The Indian stock market works for five days from Monday to Friday.

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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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The First Investment I Ever Made

A Wealth of Common Sense

I was always a saver growing up. Whenever I got money for birthdays, holidays, church stuff, my allowance, or summer jobs, I would sock it away. At first that was in a secret compartment in a wallet in the top drawer of my dresser. In high school, I finally opened up my first bank account. My first job was as a bus boy. I probably saved a thousand dollars that summer.

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The WealthStack Podcast: Solving Integration Challenges Is Now a Reality

Wealth Management

Milemarker CEO Kyle Van Pelt, CEO discusses how advisors can avoid technological mistakes and create a seamless experience.

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How Wealthfront Offers $3M of FDIC Insurance

Wealthfront

At Wealthfront, we work tirelessly to keep your savings safe. We know you’re saving for important life milestones and getting ready to invest, so it’s crucial that your money is well protected and available when you need it. That’s why our Cash Account offers up to $3 million in FDIC insurance through our partner banks […] The post How Wealthfront Offers $3M of FDIC Insurance appeared first on Wealthfront Blog.

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Advising Clients on Exit Planning Part 4

Wealth Management

De-risking the business is key to ensuring the client is left on financially solid ground post sale.

Clients 103
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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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Underlying Inflation Gauge: February Update

Advisor Perspectives

The latest Underlying Inflation Gauge full data set for February is 4.8% while the prices-only measure is 3.9%. Current Headline CPI is now 6.0% and Core CPI is 5.5%.

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: Deutsche Bank shares slump 8%

MarketWatch

Deutsche Bank shares XE:DBK slumped 8% in Frankfurt trade on Friday, as worries over bank sector health focus on another global systemically important bank. Deutsche Bank’s 5-year credit-default swaps widened on Thursday, in what Reuters reported was the largest one-day rise in its history. Its AT1 bonds have tumbled in value after Switzerland wiped out Credit Suisse’s securities after the state-backed takeover by UBS.

Banking 76
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Tax Court Rules Debts Weren’t Deductible from Decedent’s Estate

Wealth Management

Children received taxable gifts when they purchased property at discount.

Taxes 102
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: 2-year Treasury yield heads toward its biggest three-week decline since November 1987

MarketWatch

Treasury yields plunged on Friday amid continued concerns about the global banking system, sending the policy-sensitive 2-year rate down by 18 basis points to 3.66% in morning trading. The yield is down more than 120 basis points over the past three weeks and headed for its biggest drop for such a length of time in more than 35 years. Meanwhile, the 10-year yield was down 11 basis points at 3.3% and poised for its biggest three-week plunge since March 2020.

Banking 75
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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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Hotels: Occupancy Rate Down 2.5% Compared to Same Week in 2019

Calculated Risk

From CoStar: STR: Weekly US Hotel Occupancy Inches Closer to 70% in Mid-March Helped by spring break travel, U.S. hotel performance increased from the previous week, according to STR‘s latest data through 18 March. March 12-18, 2023 (percentage change from comparable weeks in 2022, 2019): • Occupancy: 67.6% (+1.3%, -2.5%) • Average daily rate (ADR): $167.04 (+8.9%, +23.9%) • Revenue per available room (RevPAR): $112.89 (+10.4%, +20.8%) emphasis added The following graph shows the seasonal patter

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: Traders move away from Fed’s rate outlook, coalescing around idea of full percentage point of rate cuts by year-end

MarketWatch

Resending to correct headline.Fed funds futures traders now see a 39% likelihood that the Federal Reserve will cut rates to between 3.75% and 4% by December — down from a current range of 4.75% to 5%. That view represents the most likely scenario they foresee as of Friday. Traders have moved away from the Fed’s own median expectation for a 5.1% fed funds rate by year-end amid ongoing concerns about the global banking system.

Banking 75
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Final Look at Local Housing Markets in February

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in February A brief excerpt: The big story for February existing home sales was the sharp year-over-year (YoY) decline in sales, and also the rebound from the low level of sales in December and January. Also, active inventory increased sharply YoY, but is still historically low - and new listings are down YoY.

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: McMahon agreed to reimburse WWE for investigation into misconduct allegations

MarketWatch

World Wrestling Entertainment Inc. WWE on Friday said Executive Chairman Vince McMahon agreed to pay the pro-wrestling media giant around $17.4 million to cover costs the company took on related to a board committee investigation into allegations of sexual misconduct. “Such payment was made” on Thursday, WWE said in a filing. That agreement covered any costs incurred through Jan. 31 related to that investigation, as well as those related to “revisions to the Company’s financial statements and ot

Media 75
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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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Wealth Manager Is Building Advisory Team to Assist Gen Z Heirs

Wealth Management

Geneva-based Brainvest is expanding its offerings to assist a new generation of heirs who live around the world and sometimes spend beyond their means.

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: Dow ends 130 points higher Friday, stocks book weekly gains despite continued banking sector concerns

MarketWatch

U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial Average DJIA rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data.

Banking 74
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Institutional Investors’ Impact on Factor Premiums

Alpha Architect

For anomalies that are risk-based, that is what we should expect to see because, while risk cannot be arbitraged away, cash flows can reduce the size of the premium. For the anomalies that are behavioral based, it appears that limits to arbitrage are still sufficient to allow them to persist post-publication. <strong>Institutional Investors’ Impact on Factor Premiums</strong> was originally published at Alpha Architect.

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: Activision stock rises as U.K. regulator reduces concerns with Microsoft acquisition

MarketWatch

Activision Blizzard Inc. stock ATVI is up about 5% in premarket trades after the U.K.’s Competition and Markets Authority (CMA) said it remains on course for completing its review of the video game company’s proposed acquisition by Microsoft Corp. MSFT by the end of April. “We have now provisionally concluded that the merger will not result in a substantial lessening of competition in console gaming services because the cost to Microsoft of withholding Call of Duty from PlayStation would outweig

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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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Chart of the Week – Are the Banks on Fire?

Discipline Funds

This week’s chart of the week shows the S&P Regional Bank index performance year-to-date. The Index is down -27% this year and -34% from its high. Pretty big numbers. Banks are obviously getting a lot of the attention this year given the recent developments with SVB and some other regional banks. But are the banks actually causing the fire or are they merely a symptom of the fire?

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: Yellen to chair financial stability council meeting as bank worries persist

MarketWatch

Treasury Secretary Janet Yellen will convene a meeting of the Financial Stability Oversight Council Friday.FSOC comprises the heads of the nation’s top financial regulators, and was created in the wake of the 2008 financial crisis to enable the government to coordinate efforts at combating systemic risks to the U.S. economy. The announcement comes amid concerns over the health of the banking sector following the recent failures of Silicon Valley Bank and Signature Bank.

Banking 72
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Durable Goods Orders Down 1.0% in February, Worse Than Forecast

Advisor Perspectives

February's new orders for manufactured durable goods came in lower than expected at $268.4B, a -1.0% decline from last month compared with the Investing.com 0.6% estimate. The series is up 2.2% year-over-year (YoY), the smallest yearly increase since September 2020. If we exclude transportation, "core" durable goods were unchanged from last month, worse than the Investing.com 0.2% estimate, and up 1.7% YoY.