Thu.Jan 26, 2023

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How to Avoid Financial Disasters

The Big Picture

I am genuinely excited about a new presentation I have been working on since the holidays: How to Avoid Financial Disasters. My career in finance has coincided with an amazing string of disasters, ranging from the analyst scandal, IPO spinning, and accounting restatements, to say nothing of Enron, Bernie Madoff, and FTX. The TL:DR version: there are three big problems that HNW and UHNW investors that lead to a devastating loss of capital: 1.

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Clips From Today’s Halftime Report

The Reformed Broker

Final Trades: Qualcomm, Chevron, Carlyle Group & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.

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10 Thursday AM Reads

The Big Picture

My morning train WFH reads: • ChatGPT is everything you wanted Bitcoin to be : ChatGPT was introduced a few months ago and has already spread like wildfire in a way that Bitcoin never has, despite the latter’s explosive rise into the public consciousness as a way to gamble and speculate. OpenAI’s ChatGPT has instantly found use cases, most notably at the high school and college level as children begin to experiment with it as a way to help them complete (or cheat on) their assignments. ( Reforme

Economics 273
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Thursday links: domain picking

Abnormal Returns

Markets A look at Vanguard's 10-year equity return forecasts. (etf.com) Investment grade bonds are having a good start to the year. (axios.com) Why luxury watch prices are coming down. (ft.com) Strategy Jurien Timmer, “Just because the 60/40 didn’t work last year doesn’t mean it will never work again.” (morningstar.com) Bubbles often come along with new metrics to justify them.

Startup 222
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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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Kitces & Carl Ep 104: How Do You NOT Grow (And Finding The Constraints To Help Say No)

Nerd's Eye View

For many financial advisory firm owners, growth is often the primary goal in the early years of launching a business. However, at a certain point, initial business growth goals will have been met, leaving the business owner at a crossroads of deciding where to take the business next – should they maintain the firm’s current size or continue the growth trajectory and adapt to the firm’s growing needs to bring on more clients?

More Trending

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How to Retire at 50 in 7 Easy Steps

Good Financial Cents

Early retirement has become a popular financial goal. And well it should be. Even if you never retire early, just knowing that you can is liberating! And it may just be the strategy that frees you up to take on even bigger challenges in life. That can happen when you reach the point where you no longer have to work for a living. Can You Really Retire at 50?

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Weekly Initial Unemployment Claims decrease to 186,000

Calculated Risk

The DOL reported : In the week ending January 21, the advance figure for seasonally adjusted initial claims was 186,000 , a decrease of 6,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 190,000 to 192,000. The 4-week moving average was 197,500, a decrease of 9,250 from the previous week's revised average.

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Can the U.S. Stock Market Continue to Dominate the Long Run?

A Wealth of Common Sense

A reader asks: I’ve heard you say quite a few times that “trees don’t grow to the sky”, and you’re usually talking a particular company or Bitcoin or maybe ARK, etc. But could the same be true for the stock market in general, i.e., does it hit a point where it simply can’t grow anymore. After all, money and dollar are scarce and limited. If everyone hypothetically invests, we can’t all become millionaires, r.

Marketing 112
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The Healthy Advisor: Beating the Odds and a Fresh Perspective on Life With Robert Steinberg

Wealth Management

Very few people survive the so-called “widow maker” heart attack. Fortunately, advisor Robert Steinberg has lived to tell the tale, and the experience has changed his life.

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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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Inside the Madoff Scandal with Madoff Trader and Investor Andrew Cohen

Validea

With the recent release of the Netflix documentary “Madoff: The Monster of Wall Street,” many of us have been learning more of the details behind the scandal. This week, are are joined by Andrew Cohen, who participated in the documentary and was both a trader on the legitimate side of Madoff’s business and a victim of the Ponzi scheme.

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Friday: Personal Income and Outlays, Pending Home Sales

Calculated Risk

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Friday: • At 8:30 AM ET, Personal Income and Outlays for December. The consensus is for a 0.2% increase in personal income, and for a 0.1% decrease in personal spending. And for the Core PCE price index to increase 0.3%. PCE prices are expected to be up 5.0% YoY, and core PCE prices up 4.4% YoY. • At 10:00 AM, Pending Home Sales Index for December.

Sales 104
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: Bed Bath & Beyond names Flaton to board for $30,000 a month

MarketWatch

Ailing home-goods retail chain Bed Bath & Beyond Inc. BBBY on Thursday said it had appointed Carol Flaton as a director of its board. The company said in a filing that she qualifies as an independent director. The decision took hold on Jan. 24. She will receive compensation equal to $30,000 per month. Bed Bath & Beyond did not immediately respond to a request for more information.

Retail 98
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New Home Sales at 616,000 Annual Rate in December; Previous 3 Months Revised Down Sharply

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales at 616,000 Annual Rate in December; Previous 3 Months Revised Down Sharply Brief excerpt: The next graph shows the months of supply by stage of construction. “Months of supply” is inventory at each stage, divided by the sales rate. There are 1.4 months of completed supply (red line).

Sales 104
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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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U.S. stocks open higher after fresh economic data, with gains led by tech-heavy Nasdaq

MarketWatch

U.S. stocks opened higher Thursday, with gains led by the technology-heavy Nasdaq Composite, as investors weighed a drop in initial jobless claims and data showing the economy grew in the fourth quarter. The Dow Jones Industrial Average was up 0.3% soon after the opening bell, while the S&P 500 rose 0.7% and the Nasdaq Composite gained 1.3%, according to FactSet data, at last check.

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Advisor Group B/Ds Dodge Fines In Settling FINRA Charges

Wealth Management

The regulator cited the “extraordinary cooperation” of Securities America, Royal Alliance and SagePoint as the reason for no penalties beyond restitution.

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Wasting money with audit reports

Norman Marks

This week, I had the privilege and pleasure of spending time with a number of smart and curious professionals who are dedicated to adding value to their organization. I am talking about internal auditors, of course. I was a speaker at a multi-national company’s annual internal audit conference (something I enjoy doing).

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Lacking Property Sales Data, Appraisers Look to Other Marketplace Drivers to Value Assets

Wealth Management

Appraisal business is down, as investment sales activity and refinancing deals have declined. Now, appraisers must rely on supplemental data to make value assessments.

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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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Maximize the First Meeting with a Sample Advisor Script

eMoney Advisor

Something I’ve learned over many years in this industry is this: Clients will choose you based on the questions you ask, not the answers you give. What does that mean? Well, it means the days of showing clients your sheet of top 10 stocks or telling them what they need before you get to know them are long gone. It’s really crucial to be asking questions that can not only help you understand the client, but also help the client better understand what they want from the process.

Clients 73
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Blackstone Gets Extra $500 Million From University of California

Wealth Management

The new investment, which is expected to close March 1, will have the same structure, terms and fees as the university’s initial stake in Blackstone Real Estate Income Trust, according to a statement Wednesday. Those terms include a six-year lock up of the money, with Blackstone contributing $125 million to support a minimum 11.25% annual return.

Investing 104
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: Tesla stock rises above this key chart level, first time in 4 months

MarketWatch

Shares of Tesla Inc. TSLA powered up 9.3% in morning trading Thursday, putting it on track for the best one-day performance in six months, in the wake of the electric vehicle maker’s upbeat 2023 production outlook. The rally took the stock above the widely followed 50-day moving average (DMA), which many chart watchers use to track shorter-term trends, and extends to $151.48 on Thursday, according to FactSet data.

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Mindy Diamond on Independence: An Update on the Continually Evolving Independent Space

Wealth Management

Jason Diamond provides a quick yet thorough education on the continually evolving independent space answering the questions that many advisor-clients ask during due diligence.

Education 102
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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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: American Airlines stock jumps after swinging to highest profit since before the pandemic, beating expectations

MarketWatch

Shares of American Airlines Group Inc. AAL rallied 1.8% in premarket trading Thursday, after the air carrier reported the most quarterly profit since before the COVID pandemic. The company swung to net income of $803 million, or $1.14 a share, from a loss of $931 million, or $1.44 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.17, the most since it reported EPS of $1.42 for the third-quarter of 2019, beat the FactSet consensus of $1.00.

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Raymond James Adds Advisors, Despite Recruiting Challenges

Wealth Management

Raymond James ended the quarter with advisor headcount of 8,699, up 235 year-over-year and 18 sequentially.

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: BuzzFeed stock soars more than 90% after report it will use OpenAI to create content

MarketWatch

BuzzFeed Inc. stock BZFD rallied more than 90% on Thursday, after the Wall Street Journal reported that the news site is planning to rely on ChatGPT creator OpenAI to enhance its quizzes and generate other personalized content for its audiences. The paper cited a memo to staff from publisher Jonah Peretti who said he is planning to use more AI in the company’s editorial and business operations in 2023.

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Investing in Deflation, Inflation and Stagflation Regimes

Wealth Management

Adding factor exposures to traditional portfolios can significantly reduce tail risk while also enhancing efficiency.

Investing 104
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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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: Dow to cut 2,000 jobs, to record charges of up to $725 million primarily for severance and benefits costs

MarketWatch

Dow Inc. DOW followed up its downbeat fourth-quarter earnings report with another release saying it would cut 2,000 jobs as part of its $1 billion cost-cutting plan. The cuts represent about 5.6% of the chemicals and specialty materials company’s workforce, according to FactSet data. Dow said it will also shut down select assets as it evaluates its global asset base, particularly in Europe.

Assets 75
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We Asked ChatGPT to Make a Market-Beating ETF. Here’s What Happened

Advisor Perspectives

What happens when you ask the hottest AI tool in the world to design an ETF that can beat the US equity market? It tells you the same thing every frustrated stock manager does.

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: Comcast beats on earnings, but broadband woes continue

MarketWatch

Comcast Corp. shares CMCSA were rising in premarket trading Thursday after the company beat on fourth-quarter earnings expectations despite another sluggish quarter for its broadband business. The company recorded net income of $3.02 billion, or 70 cents a share, compared with $3.06 billion, or 66 cents a share, in the year-before quarter. On an adjusted basis, Comcast earned 82 cents a share, up from 77 cents a share a year before and ahead of the FactSet consensus, which was for 78 cents.