Fri.Feb 03, 2023

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Sentiment Rally

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Jason Hsu, and Downtown Josh Brown discuss the latest FOMC meeting, the Chinese market, hard vs soft data, the housing market, earnings for Apple, Amazon, and Google, the Adani rout, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

Marketing 246
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Podcast links: turning the table

Abnormal Returns

Turning the tables Howard Lindzon talks with Ted Seides of Capital Allocators fame. (howardlindzon.com) Meb Faber talks with Jim O'Shaughnessy about the launch of OSV. (mebfaber.com) Matt Reustle and Dom Cooke talk with Patrick O'Shaughnessy about the business of Colossus. (joincolossus.com) David Cover and Brent Beshore talk compounding knowledge with Shane Parrish of Farnam Street.

Economics 236
Insiders

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Future Proof Webcast!

The Big Picture

INTRODUCING… the Future Proof Webcast! Once a month, John & I will feature some of the biggest names and the best guests to discuss the most entertaining and relevant topics in the financial services industry. To kick off the debut episode, we will be joined by three of the smartest macro investors in the industry! Join us live with Marta Norton of Morningstar and Jay Pelosky of TPW, as we sit down with Future Proof’s own John Swolfs to discuss: Can’t attend the vent?

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Friday links: getting new stuff

Abnormal Returns

Markets The cannabis industry has sat out the 2023 market rally. (toddharrison.substack.com) Why it's not likely worth your time trying to eke out returns in dying industries. (rationalwalk.com) In praise of not tinkering with your portfolio. (mutualfundobserver.com) Apple The Apple ($AAPL) iPad is having its moment. (macworld.com) Why Apple ($AAPL) devices keep erroneously calling 911.

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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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January Employment Report: 517 thousand Jobs, 3.4% Unemployment Rate

Calculated Risk

From the BLS : Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent , the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike.

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Comments on January Employment Report

Calculated Risk

This was a strong report, and the revisions show job growth was stronger over the last year than originally reported. With revisions: The 4.81 million jobs added, 2022 was the 2nd best year for job growth in US history behind only 2021 with 7.27 million. The headline jobs number in the January employment report was well above expectations, and employment for the previous two months was revised up by 71,000, combined.

Numbers 145
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Jobs report is proof that 'the state of our economy is strong,' Biden says

MarketWatch

President Joe Biden on Friday hailed stronger-than-expected job creation in January and called the robust reading proof that the U.S. economy is showing strength. Biden said in a statement at the White House: "I'm happy to report that the state of our union, and the state of our economy, is strong." Biden spoke after the U.S. reported that the number of new jobs created in January rose by 517,000, marking the biggest gain in six months.

Economy 98
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Alternative Vacation Locations for Your Favorite Activities

Integrity Financial Planning

It’s officially 2023, and the travel restrictions brought on by 2020’s global pandemic are now a thing of the past. Families and individuals across the globe are again dipping their toes into the world of travel. If you’re due for a vacation but are looking to avoid breaking the bank or lingering in big tourist crowds, these bargain destinations may be for you.

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Amazon may be target of antitrust suit as FTC reviews practices deemed anticompetitive: WSJ

MarketWatch

The Federal Trade Commission is preparing a possible antitrust lawsuit against Amazon.com Inc. , the Wall Street Journal reported Friday, citing people familiar with the matter. The suit could challenge many of the tech giant's business practices as being anticompetitive, the people said. Amazon officials have not yet had meetings with FTC commissioners to argue against any suit, but the agency has been reviewing the company's practices to determine whether it favors its own products over compet

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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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AAR: January Rail Carloads Increased and Intermodal Decreased Year-over-year

Calculated Risk

From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. U.S. rail traffic started January 2023 with both discouraging and encouraging aspects. On the encouraging side, total U.S. carloads rose 2.2% in January 2023. January 2022 was the worst January for total carloads in our records that begin in 1988.

Retail 95
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: Bank of America trims CEO Moynihan’s pay by about 6% to $30 million

MarketWatch

Bank of America Corp. BAC said in a filing late Friday that its board has approved a 6.3% cut on Chief Executive Officer Brian Moynihan’s pay in 2022. Moynihan receives $30 million, compared with a 2021 total compensation of $32 million, the bank said. The board “acknowledged the company’s continued success in 2022 and Mr. Moynihan’s leadership under this operating model particularly in this period of considerable economic uncertainty,” the bank said in a SEC filing.

Banking 98
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WealthStack Roundup: Orion Partners with FFP; Morningstar and TIFIN Enhance AI-Powered Platform; eMoney Responds to SECURE 2.0 Tax Changes

Wealth Management

This week, Orion announced they were making it easier for those in need of free financial planning to find help, TIFIN and Morningstar partnered to enhance their AI-powered distribution platform and eMoney responded to recently-passed legislation with tax planning upgrades.

Taxes 97
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Blinken's trip to Beijing postponed after U.S. spots Chinese spy balloon

MarketWatch

The U.S. State Department has postponed Secretary of State Antony Blinken's trip to Beijing after American officials said they had found a Chinese spy balloon above the continental U.S., according to multiple published reports. China's Foreign Ministry said Friday that the balloon the U.S. suspects of conducting surveillance was a civilian “airship” used for research, mainly meteorological purposes.

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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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Is Parenting Harder Today?

A Wealth of Common Sense

A few weeks ago we were at my kid’s favorite playground and I noticed something about all of the other parents there — they were all playing with their kids. All of the other millennial parents were chasing around their kids, making sure they didn’t fall and hurt themselves or just generally keeping them entertained. This seems like a new-ish development.

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RIA Roundup: Steward Partners Adds 1st Team on Pershing Platform

Wealth Management

The trend of acquiring smaller firms continued in the RIA space this week. Steward Partners, Wealth Enhancement Group, Mission Wealth, Emigrant Partners, Mariner Wealth Advisors, Slate Hill Partners and Buckingham Strategic Wealth all got in on the action as more than $1 billion in assets changed hands.

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4 Tips for Proper Tax Filing

Integrity Financial Planning

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. That’s why it never hurts to brush up on the basics involved with filing your taxes.

Taxes 82
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'Coordinated Raid' on Wells Fargo Branch Costs Raymond James $20M

Wealth Management

Raymond James systematically "targeted all the employees" at a Wells Fargo office in Arkansas, according to an arbitration award from FINRA.

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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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Should investors be indifferent to dividend impact on stock returns?

Alpha Architect

In their 1961 paper, “Dividend Policy, Growth, and the Valuation of Shares,” Merton Miller and Franco Modigliani famously established that dividend policy should be irrelevant to stock returns. As they explained it, at least before frictions like trading costs and taxes, investors should be indifferent to $1 in the form of a dividend (causing the stock price to drop by $1) and $1 received by selling shares.

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LPL’s Recruited Assets Down in 2022

Wealth Management

The IBD reported a slowdown in recruited assets in 2022, although its traditional independent advisor channel had a strong quarter.

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The agile organization

Norman Marks

On my flight to meet with internal auditors at their company’s annual IA conference, I sat next to a partner in the advisory practice of Deloitte. He helps the finance organizations of his clients in a number of interesting ways, including process engineering.

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In Tech Underlying ChatGPT And Competitors, A Possible Co-Pilot For Advisors

Wealth Management

Recent developments in artificial intelligence herald a historic opportunity to redefine the wealth experience.

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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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: USA Today publisher Gannett reduces debt by $22.3 million using proceeds from real estate sales

MarketWatch

USA Today publisher Gannett Co. Inc. GCI said Friday it has used the proceeds of real estate sales totaling $21.3 million in January to reduce first lien debt by $22.3 million. The McLean, Va.-based company said about $5 million of the proceeds went to repurchase about $6.1 million of 6.00% first lien notes due Nov. 1, 2026, at a discount to par. The remaining $16.3 million went to repay some of its five-year senior secured term loan facility.

Sales 75
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Is Open Communication Actually Achievable?

Wealth Management

One would think that adding more ways to communicate and collaborate with teammates would make things easier.

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: Apple, Alphabet and Amazon stock selloff would reduce their market caps by more than $150 billion combined

MarketWatch

The selloff in the shares of AAA technology behemoths — Apple Inc., Alphabet Inc. and Amazon.com Inc. — that reported quarterly results overnight are shaving off a combined $158.5 billion from the companies’ market capitalizations. But that loss would be just about 38% of what the $254.5 billion gained the day before earnings were reported. Apple stock AAPL fell 2.4% in premarket trading Friday after earnings were reported late Thursday.

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Cathie Wood Says ARKK Is ‘the New Nasdaq’

Wealth Management

While the ARK Innovation ETF (ARKK), has jumped 42% this year — more than twice as much as the Nasdaq 100 — the fund is still down more than 70% from its peak two years ago.

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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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: Carvana ‘meme’-like stock bounces back sharply, putting it on track for longest win streak in 19 months

MarketWatch

Shares of Carvana Co. CVNA pulled a sharp U-turn to trade higher in afternoon trading Friday, putting them on track to stretch their “meme”-like win streak to seven sessions. The online used car marketplace’s stock was down as much as 9.1% at the intraday low of $12.95, but was up 0.2% at $14.28 in recent trading. If the stock closes up Friday, it would mark the longest win streak since the eight-day stretch that ended July 12, 2021.

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Looking Past Alts' Mystique

Wealth Management

Products that dominate the attention of advisors aren’t always at the top because of their sound investment strategies.

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Leon Cooperman On Value Investing & 2023 Stock Picks

Validea

In an interview with Forbes , billionaire Leon Cooperman shared some of his wisdom about investing as well as his stock picks for 2023. Cooperman, who built up Goldman Sachs’ asset management division as CEO of the firm and then went on to launch his own hedge fund Omega Advisors in 1991, has an estimated worth of $2.5 billion, most of which he has pledged to give away.