Calculated Risk
OCTOBER 4, 2024
The headline jobs number in the September employment report was well above expectations, and July and August payrolls were revised up by 72,000 combined. The participation rate was unchanged, the employment population ratio increased, and the unemployment rate decreased to 4.1%. Construction employment increased 25 thousand and is now 688 thousand above the pre-pandemic level.
Wealth Management
OCTOBER 4, 2024
The shift to a new interest rate environment added more fuel to the fire, pushing REIT total returns up 16.8% in the third quarter alone.
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Calculated Risk
OCTOBER 4, 2024
From the BLS: Employment Situation Total nonfarm payroll employment increased by 254,000 in September , and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction. The change in total nonfarm payroll employment for July was revised up by 55,000, from +89,000 to +144,000, and the change for August was revised up by 17
Abnormal Returns
OCTOBER 4, 2024
Listening Why chat podcasts rule the industry. (wired.com) CEOs are increasingly going on (and hosting) podcasts. (ft.com) Would you listen to a AI-generated podcast discussion? (tomtunguz.com) Economy Tyler Cowen talks with Kyla Scanlon author of "In This Economy? How Money & Markets Really Work." (conversationswithtyler.com) Joe Weisenthal and Tracy Alloway talk with Kevin Brady about the coming expiration of the TCJA.
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Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Wealth Management
OCTOBER 4, 2024
In addition, Envestnet gets access to Franklin Templeton's Canvas, Orion adds Brinker and Capital Group ETFs; and SS&C broadens its Accord rollout.
Nerd's Eye View
OCTOBER 4, 2024
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent survey from Charles Schwab indicates that advisors see technology as the biggest driver of change in the RIA industry, with the growing number of AdvisorTech solutions as the most frequently cited tech-related driver of change.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Abnormal Returns
OCTOBER 4, 2024
ETFs The hunt is on for good ETF tickers. (bloomberg.com) Fidelity is converting two muni bond funds into ETFs. (advisorhub.com) Will investors go for PE replication ETFs? (ft.com) Finance Just how big is private credit? (marketwatch.com) What Vanguard's new CEO has on tap. (barrons.com) Venture capital Why don't more VCs give back capital? (spyglass.org) How the VC industry could bifurcate.
Wealth Management
OCTOBER 4, 2024
The new hires include CFO David Scarpello who most recently led M&A efforts at Pathstone. The moves come in the wake of Constellation Partners’ minority stake in Perigon.
Calculated Risk
OCTOBER 4, 2024
From BofA: Since our last weekly publication, our 3Q GDP tracking estimate is up three-tenths to 2.6% q/q saar. [Oct 4th estimate] emphasis added From Goldman: We left our Q3 GDP tracking estimate unchanged at +3.2% (quarter-over-quarter annualized) and our domestic final sales estimate unchanged at +2.8%. [Oct 3rd estimate] And from the Atlanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.5 percent on October 1, do
Wealth Management
OCTOBER 4, 2024
Celebrating excellence in financial advisory, the 10th annual Wealth Management Industry Awards honored 84 companies and a lifetime achievement award winner at the Ziegfeld Ballroom in NYC.
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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
Calculated Risk
OCTOBER 4, 2024
Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year Brief excerpt: Tracking rents is important for understanding the dynamics of the housing market. For example, the sharp increase in rents helped me deduce that there was a surge in household formation in 2021 (See from September 2021: Household Formation Drives Housing Demand ).
The Big Picture
OCTOBER 4, 2024
This week, we speak with Vincent Aita, Founder and CIO of Cutter Capital Management. Prior to founding Cutter Capital in November 2022, Vincent spent time as a Senior Analyst for Millennium Partners and a Portfolio Manager at Citadel. He also received a Ph.D. in molecular genetics from Columbia University. We discuss the launch of Cutter Capital and how he managed to combine a love for genetics and business into a successful career.
A Wealth of Common Sense
OCTOBER 4, 2024
Housing can be a good investment. Anyone who bought a home before the pandemic can attest to that. The gains this cycle have been spectacular. But housing is also a form of consumption. You not only have property taxes and homeowners insurance but ongoing maintenance, lawn care, wear & tear, renovations, decorations, furniture, etc. I was reminded of this when we had a minor roof leak issue this week.
Advisor Perspectives
OCTOBER 4, 2024
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. September saw a 254,000 increase in total nonfarm payrolls and the unemployment fell to 4.1%.
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.
Alpha Architect
OCTOBER 4, 2024
An index-tracking approach generally lacks flexibility, which detracts from performance, leaving returns on the table. Intelligent design can overcome such issues. For example, an S&P 500 Index could choose to rebalance one month ahead of the scheduled reconstitution, minimizing the impact of reconstitution. Direct index funds are already engaging in such strategies with ETFs.
Advisor Perspectives
OCTOBER 4, 2024
Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process.
Validea
OCTOBER 4, 2024
Shareholder yield is a comprehensive measure of the value a company returns to its shareholders through various means. It combines three key components: dividend yield, share repurchases, and debt reduction. Dividend yield represents the cash payments made directly to shareholders, while share repurchases increase the ownership stake of existing shareholders by reducing the number of outstanding shares.
Advisor Perspectives
OCTOBER 4, 2024
With the Q2 GDP third estimate and the September close data, we now have an updated look at the popular "Buffett Indicator" -- the ratio of corporate equities to GDP. The current reading is 196.9%, up from 194.9% the previous quarter.
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.
Random Roger's Retirement Planning
OCTOBER 4, 2024
The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (QDPL), via a Tweet thread from Corey Hoffstein, is an interesting fund with about $500 million in assets that fits right in with one of the discussions we have here regularly. Metaurus is an investment firm that appears to partner with Pacer on the strategy, there are other Pacer Metaurus funds too.
Advisor Perspectives
OCTOBER 4, 2024
The yield on the 10-year note ended October 4, 2024 at 3.98%, the 2-year note ended at 3.93%, and the 30-year at 4.26%.
Validea
OCTOBER 4, 2024
Here is the latest update for October from Validea’s market valuation tool. Rather than focusing on market-cap weighted indexes like the S&P 500, our tool focuses on the valuation of the average stock relative to history. We use the median of our investable universe of 2700 stocks to perform the calculation. The median stock got a little more expensive in September using the TTM PE, rising from 21 to 21.5.
Advisor Perspectives
OCTOBER 4, 2024
Here is a summary of the four market valuation indicators we update on a monthly basis.
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.
Carson Wealth
OCTOBER 4, 2024
Latest news out of China: Their stocks recently soared around 25% over five days. How could this affect the US stock market and economy? Carson Group’s Chief Market Strategist Ryan Detrick and VP, Global Macro Strategist Sonu Varghese share their insights. Highlights include: US stock market returns have been strong to date The S&P 500 has been up 8 out of the first 9 months of 2024 We still believe we’re in a bull market Chinese authorities have made a series of announcements to h
Advisor Perspectives
OCTOBER 4, 2024
The S&P 500 real monthly averages of daily closes reached a new all-time high in July 2024. Let's examine the past to broaden our understanding of the range of historical bull and bear market trends in market performance.
Trade Brains
OCTOBER 4, 2024
Garuda Construction and Engineering Limited Company is coming up with an IPO size of Rs. 264.10 crore. The company is going for fresh issues of Rs. 173.85 crore and an offer for sale of Rs. 90.25 crore, which will open on 8th October 2024. The issue will close on 10th October 2024 and be listed on the exchange on 15th October 2024. This article will examine the Garuda Construction and Engineering IPO, evaluating its strengths and weaknesses.
Advisor Perspectives
OCTOBER 4, 2024
Here is the latest update of a popular market valuation method, Price-to-Earnings (P/E) ratio, using the most recent Standard & Poor's "as reported" earnings and earnings estimates, and the index monthly average of daily closes for the past month. The latest trailing twelve months (TTM) P/E ratio is 27.8 and the latest P/E10 ratio is 35.7.
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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.
oXYGen Financial
OCTOBER 4, 2024
Advisor Perspectives
OCTOBER 4, 2024
Ever since Prime Minister Narendra Modi announced his “Make in India” policies shortly after being elected prime minister in 2014, New Delhi has chased the dream of a prosperous manufacturing sector. There have been some successes — when it comes to making mobile phones, for example.
Wealth Management
OCTOBER 4, 2024
Kamala Harris' presidential campaign received more money from financial advisors than Donald Trump's, even though the Republican candidate received a greater number of individual donations.
Advisor Perspectives
OCTOBER 4, 2024
Over the past several years, high-yield bonds have delivered impressive returns, outperforming most other sectors of the fixed income market.
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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?
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