Calculated Risk
JULY 7, 2023
From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. Total originated carloads on U.S. railroads were down 0.2% in June 2023 from June 2022 , their first decline in three months. Total carloads in 2023 through June (5.84 million) were up 0.6% (32,547( carloads) over the same period in 2022 and were the highest since 2019.
The Big Picture
JULY 7, 2023
Today, the 500 th episode of Masters in Business drops. 1 I have described the inspiration for the show as “ an audio version of Market Wizards ” but the actual pitch to Bloomberg was “Mark Maron’s WTF meets Charlie Rose” (that was before we knew about his, um, behavior). It has been a wonderful ride, one that I feel grateful and privileged to be on.
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Calculated Risk
JULY 7, 2023
The headline jobs number in the June employment report was at expectations, however, employment for the previous two months was revised down by 110,000, combined. The participation rate and the employment population ratio were unchanged, and the unemployment rate decreased to 3.6%. Leisure and hospitality gained 21 thousand jobs in June. At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 369 thousand jobs since February 2
Wealth Management
JULY 7, 2023
For investors seeking higher returns, there are no free lunches—they have to accept greater risk.
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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
Nerd's Eye View
JULY 7, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that recent survey data indicate that advisors are more satisfied and productive when they have more time to spend with their clients and when those clients fit within their ideal client profile, in terms of needs, specialties, or engagement levels.
Wealth Management
JULY 7, 2023
Hoarding work and not giving your employees the chance to evolve in their roles will stunt their growth.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Wealth Management
JULY 7, 2023
The departing executive spoke about his reasons behind the move; the search for a replacement; the highs and lows of his tenure; what’s next for him, Orion and the industry at large; and more.
Calculated Risk
JULY 7, 2023
The BEA released their estimate of vehicle sales for June yesterday. This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the June 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
JULY 7, 2023
Mercer Global Advisors picked up two more firms with more than half a billion in combined assets, while Robertson Stephens, WEG, NewEdge Wealth, Hub International, Kestra, and RFG all announced new additions this week.
Abnormal Returns
JULY 7, 2023
Business Josh Brown and Michael Batnick talk with Darren Rovell about collectibes, sports gambling and the canned cocktail business. (thereformedbroker.com) Eric Newcomer talks the state of early stage venture with Techstars CEO Maëlle Gavet. (newcomer.co) Patrick O'Shaughnessy talks vertical market software with Dave Yuan who is the Founder of Tidemark Capital.
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.
Wealth Management
JULY 7, 2023
In a parallel action, the SEC charged one of Monmouth Capital Management’s reps with defrauding families of fallen military soldiers.
Calculated Risk
JULY 7, 2023
From BofA: Overall, data since our last weekly publication moved down our 2Q GDP tracking estimate from 1.5% q/q saar to 1.4%. [July 7th estimate] emphasis added From Goldman: The details of the trade balance report were slightly softer than our previous assumptions, and we lowered our Q2 GDP tracking estimate by one tenth to +2.2% (qoq ar). [July 6th estimate] And from the Altanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter o
Wealth Management
JULY 7, 2023
A Focus shareholder filed a lawsuit against the company late last month, claiming its proxy statements were misleading. Focus filed a supplement to the proxy, and says the shareholder will drop the complaint.
The Reformed Broker
JULY 7, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Darren Rovell, and Downtown Josh Brown discuss layoffs at ESPN, sports betting, the memorabilia market, Threads vs Twitter, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!
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.
Wealth Management
JULY 7, 2023
Smart Kx founder Lacey Shrum details the challenges RIAs face with billing and how the company's software solves them through automation.
A Wealth of Common Sense
JULY 7, 2023
There are two rules when it comes to stock market aphorisms: (1) They have to be easy to remember. or (2) They have to rhyme. Some classic examples: Be greedy when others are fearful and fearful when others are greedy. Buy when there’s blood in the streets. The trend is your friend. Don’t try to catch a falling knife. Let your winners ride and cut your losers short.
Alpha Architect
JULY 7, 2023
Although the most efficient way to implement a value strategy may need to be clarified, it is clear that value has withstood the test of time and that some implementations are superior to others. The evidence suggests that P/B is not an efficient metric as a standalone criteria. Instead, value strategies that use P/B should include at least a measure of profitability while managing sector - and security-level diversification.
Advisor Perspectives
JULY 7, 2023
The moving average for the light vehicle sales per capita series peaked in August 1978. Almost 45 years later, it is down 39.9% from that peak.
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.
Integrity Financial Planning
JULY 7, 2023
Journaling is a great way for retirees to reflect on their experiences and emotions. It can help them gain clarity and perspective, improve their memory, and reduce stress. However, starting and maintaining a journal can be challenging, especially if you don’t know where to begin. Here are some tips to help retirees start and keep a journal: Choose a journal: Find a journal that suits your style and preferences.
Advisor Perspectives
JULY 7, 2023
The S&P 500 has had a slow start to the second half of the year, dropping 1.2% from last week. The index is currently up 15.03% year to date and is 8.29% below its record close from January 3, 2022.
The Irrelevant Investor
JULY 7, 2023
Today’s Compound and Friends is brought to you by Public: Visit public.com/compound for more information on how to earn 5+% interest with a treasury account on public. On today’s show, we discuss: Mark Zuckerberg Looks to Deliver Hit to Elon Musk With Upcoming Twitter Clone Named Threads Listen here: Charts: Tweets: The $2.2 billion MSG Sphere in Las Vegas is nearing completion.
Advisor Perspectives
JULY 7, 2023
Your web site is an excellent conversion tool to grow your email list. Here’s how to capture leads on your web site using an incentive-based opt-in.
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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.
XY Planning Network
JULY 7, 2023
Get a sneak peek at content reserved for XYPN members with XY Tax Solutions Office Hours program! Available exclusively to XYPN members, each month one of XYTS's tax experts hosts an office hours session where tax-specific topics are discussed and attendees can ask any top-of-mind questions. If you're interested in learning how adding tax planning benefits your business model and how to easily incorporate it into your service offerings, this session, hosted by XYPN's Director of Tax, Sam Nguyen,
Advisor Perspectives
JULY 7, 2023
The employment report for June showed a 209,000 increase in total nonfarm payrolls. The addition was below expectations of 235,000 new jobs and marks the smallest monthly increase since December 2020. Meanwhile, the unemployment rate dropped to 3.6%.
XY Planning Network
JULY 7, 2023
Get a sneak peek at content reserved for XYPN members with XY Tax Solutions Office Hours program! Available exclusively to XYPN members, each month one of XYTS's tax experts hosts an office hours session where tax-specific topics are discussed and attendees can ask any top-of-mind questions. If you're interested in learning how adding tax planning benefits your business model and how to easily incorporate it into your service offerings, this session, hosted by XYPN's Director of Tax, Sam Nguyen,
Trade Brains
JULY 7, 2023
Fundamental Analysis of Tata Elxsi: The shares of Tata Elxsi went up more than 10x from their June 2020 levels in less than 2 years. The stock recorded its all-time high of Rs 10,760 in August last year. However, the performance has been dismal since then with the stock coming down to Rs 7,750. So what really happened at the company? Such a boom and then some 30% fall?
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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
JULY 7, 2023
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of those indicators, nonfarm employment. June saw a 209,000 increase in total non-farm payrolls. The unemployment rate fell to 3.6%. The forecast was for 235,000 jobs gained.
Ballast Advisors
JULY 7, 2023
Yes, there are good things about being old, such as increased happiness, less stress, better marriages and deeper friendships. You seldom hear that: People tend to focus on the negatives of aging. How old is “old?” I don’t know exactly, but after my recent birthday I can say that it’s much older than 58. My 12-year-old son told me, “Mom, I’ve always thought of people who are over 60 as being really old.
Advisor Perspectives
JULY 7, 2023
Better than expected first quarter earnings, decelerating inflation and growing optimism about a soft, non-recessionary landing have driven the market's positive 2023 start.
Abnormal Returns
JULY 7, 2023
Markets Stop dissing the Dow. (allstarcharts.com) Bitcoin has survived another bear market. (blockworks.co) Strategy Professional investors do better when thinking long term. (sapientcapital.com) What exactly is the problem with index fund concentration? (ft.com) Rates Higher for longer means investors can feast on short term rates. (disciplinefunds.com) Main street banks can no longer get away with paying under-market interest rates on deposits.
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