The Reformed Broker
JULY 4, 2023
You know Hancock and Washington and Franklin and Jefferson. You might even know Greene and Knox, Henry and Hale. And we know you know Hamilton, pretty tough to escape that one these days! But it is very unlikely that you know the name Haym Solomon. This is unfortunate, because he’s the guy who arranged financing to keep the Continental Army alive during its darkest days, finding the money to keep the revolution goin.
Wealth Management
JULY 2, 2023
While much of the sector continues to be dominated by small owners/operators, its solid property fundamentals, credit tenants and low capital expenditures are beginning to bring in institutional money.
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Carson Wealth
JULY 17, 2023
After consolidating some during the earlier part of July, stocks moved higher once again last week, with many stocks hitting new 52-week highs along the way. We are quite impressed to see cyclical areas like energy, industrials, and financials performing so well since early June. We heard time and time again that only a few stocks were going up the first half of this year, so to see things broadening out is a very good sign for the lasting power of this bull market.
Calculated Risk
JULY 3, 2023
Altos reports that active single-family inventory was up 1.3% week-over-week. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of June 30th, inventory was at 466 thousand (7-day average), compared to 460 thousand the prior week. Year-to-date, inventory is down 5.1%. And inventory is up 14.9% from the seasonal bottom eleven weeks ago.
Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant
Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.
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.
Nerd's Eye View
JULY 31, 2023
Many financial advisors who launch solo advisory firms do so with the intention of adding more employees once the firm becomes big enough to support them. And while conceptually it makes sense that the firm will be ready to hire its first employee at some point, in practice, there often isn't a lot of clarity about the right time to actually make an initial hire.
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
For investors seeking higher returns, there are no free lunches—they have to accept greater risk.
The Reformed Broker
JULY 21, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Sam Ro, Jack Raines, and Downtown Josh Brown discuss AI and the market, the meme economy, Nvidia’s rollercoaster year, the earnings recession, financial charlatans, Berkshire’s massive bet on Apple, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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 6, 2023
Fascinating chart from Visual Capitalist showing the history of housing prices in the United States. I recall the 1990 Home Price recession — I was too broke to afford a condo, but I knew lots of recent grad school friends who took high-paying jobs and bought a place in the 1980s; more than a few were freaked out about falling prices. The issue with rising prices is the ongoing shortage of single-family homes relative to both population and job locations.
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Nerd's Eye View
JULY 28, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that RIAs appear to be building more comprehensive and more integrated tech stacks, and are benefiting from greater operational efficiencies, according to the latest Schwab RIA Benchmarking Study, with larger firms seeing gains in clients and AUM per professional and a reduction in annual hours spent per client for operations and administration in the past 3 y
Abnormal Returns
JULY 23, 2023
Markets Sam Ro, "I think we sometimes take for granted how much the frictions and costs have come down for those seeking to trade or invest in stocks." (tker.co) Has sentiment already peaked? (allstarcharts.com) Strategy Cullen Roche, "Insurance is designed to provide you with short-term certainty around an uncertain outlier event. And when cash is yielding a high real return I think you can argue that cash is the ultimate portfolio insurance.
Wealth Management
JULY 5, 2023
Advisors who said they don't have enough time with their clients spend an average 41% more time every month than peers on compliance, administrative and other “non-value-added” tasks, according to a new J.D. Power survey.
The Reformed Broker
JULY 24, 2023
The downloads for this episode as an audio podcast are among the fastest we’ve ever seen, with over 30,000 listens in the first couple of days and counting. This will go over 45,000 by week’s end. The YouTube video is on pace to do a similar number. Combine the two and you’re talking about one of the biggest audiences in finance for a podcast episode.
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.
Calculated Risk
JULY 12, 2023
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 7, 2023. This week’s results include an adjustment for the observance of Independence Day.
The Big Picture
JULY 5, 2023
This morning, the WSJ reported that “Consumers expect to see 4.1% inflation a year from now, the lowest such reading in two years and down sharply from its recent peak of 6.8%.” There are some who believe this is good news, but as we pointed out in May , it’s a meaningless, lagging survey. In fact, it may be even worse than that, because it appears that some at the Federal Reserve actually believe the Fed’s own survey of consumers contains information.
Nerd's Eye View
JULY 26, 2023
Financial plans play an important role for both clients and advisors, as they not only help clients gain a clear perspective of their current financial position, but also provide advisors with a systematic way to organize their analyses and communicate their recommendations to the client. However, there is no standard style of what is included in these plans, and as financial planning software has gotten more sophisticated and capable over time, "The Plan" has gotten longer and longer with addit
Abnormal Returns
JULY 31, 2023
Markets Every major asset class is up YTD. (capitalspectator.com) The equity risk premium keeps shrinking. (wsj.com) Strategy One year returns are all over the place. Thirty years, not so much. (awealthofcommonsense.com) Don't let news dictate your investing strategy. (dariusforoux.com) Successful investing is ultimately a creative act. (herbgreenberg.substack.com) Finance CME Bitcoin futures volume is growing.
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Wealth Management
JULY 6, 2023
Our technology columnist points out that we have become a reviews-based culture, whether we are looking at cars, technology or services, and shopping for an advisor will soon follow suit.
The Reformed Broker
JULY 3, 2023
Last month Michael, Duncan and I traveled down to St Petersburg for an event and, while we were there, my friend Shirl Penney set up a conversation with Scotty Neil, the founder of Horse Soldier Bourbon. Scott was part of the elite team of Green Berets who were sent behind the lines in the immediate aftermath of 9/11 to link up with our old mujahideen allies and knock the Taliban out of key Afghan cities.
Calculated Risk
JULY 6, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 9.8 million on the last business day of May , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 6.2 million and 5.9 million, respectively. Within separations, quits (4.0 million) increased, while layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires
The Big Picture
JULY 3, 2023
Barry Ritholtz, “Masters in Business” Radio and Podcast Host discusses the environment of hedge funds and the war on talent between them. He speaks with Romaine Bostick and Scarlet Fu on Bloomberg Markets: The Close Vast Majority of Hedgefunds Are Failing to Meet Targets: Ritholtz Source: Bloomberg See also : MiB: Ilana Weinstein Discusses the Hedge Fund War for Talent (July 1, 2023) The post Majority of Hedge Funds Fail to Meet Benchmarks appeared first on The Big Picture.
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Nerd's Eye View
JULY 25, 2023
Welcome back to the 343rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Rita Robbins. Rita is the Founder and President of Affiliated Advisors, a Super-OSJ with Royal Alliance that provides support to 90 financial advisors and collectively oversees $3.5 billion in assets under advisement. What's unique about Rita, though, is how as the founder of one of the first woman-owned Super-OSJs nearly 30 years ago, she has witnessed first-hand the evolution of the Supe
Abnormal Returns
JULY 25, 2023
AI How to identify those companies that will benefit from AI adoption. (sparklinecapital.com) Why asset managers need their own AI sandboxes. (institutionalinvestor.com) Analysts How the work environment affects sell-side analyst performance. (papers.ssrn.com) Analysts do better forecasting the earnings of female-led companies. (alphaarchitect.com) Skew There's nothing magical about positive skew.
Wealth Management
JULY 3, 2023
Wise Rhino Group’s quarterly report highlights importance of convergence, scale and integration.
Calculated Risk
JULY 3, 2023
From the Census Bureau reported that overall construction spending increased: Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent above the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent above the May 2022 estimate of $1,880.9 billion. emphasis added Both private and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent a
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.
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 6, 2023
Boston Business Journal looked at which metros might have the most exposure to upcoming real estate debt maturities. EQT Exeter closed a $4.9 billion fund earmarked for U.S. industrial assets, reported Bisnow. These are among today’s must reads from around the commercial real estate industry.
Wealth Management
JULY 6, 2023
It’s time for a paradigm shift in the conversation with advisors.
Wealth Management
JULY 7, 2023
Hoarding work and not giving your employees the chance to evolve in their roles will stunt their growth.
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.
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