July, 2022

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Q2 2022 GDP Details on Residential and Commercial Real Estate

Calculated Risk

The BEA released the underlying details for the Q2 advance GDP report this morning. The BEA reported that investment in non-residential structures decreased at a 11.7% annual pace in Q2. Investment in petroleum and natural gas structures increased in Q2 compared to Q1 and was up 31% year-over-year. Click on graph for larger image. The first graph shows investment in offices, malls and lodging as a percent of GDP.

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Shift Your Perspective

The Big Picture

After yesterday’s discussion on the uncertainty monster , a friend who “loves perspective changers” reached out with a challenge: “Most people rarely question their own basic ideas,” he said, He challenged me to find 10 concepts to do just that. I agreed to give it a shot, assembling a list of my own, filling it out with a few classics from others: Uncertainty : Objectively speaking “uncertainty” does not increase or decrease – by definition, the future is always inherently uncertain.

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ETFs with the Best One-Year Returns

Wealth Management

Oil, gas and energy ETFs posted the best returns over the past year.

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Podcast links: podcast plagarism

Abnormal Returns

The biz Nonfiction podcasting has a plagarism problem. (theracket.news) Audiobook functionality will arrive inside Spotify ($SPOT) “quite imminently.” (variety.com) 45 podcast episodes to help you learn about investing. (overlookedalpha.com) The 15 best tech podcasts including the 'Techmeme Ride Home.' (fastcompany.com) Business Will Thorndike talks with Nick Howley who is the Founder and Executive Chairman of TransDigm ($TDG).

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8 Ways to Torture Your CFO

The office of the CFO is rapidly evolving, with more and more demands being placed upon the finance and accounting team each year. Join us in this webinar, where we share 8 things to NOT do when it comes to helping the CFO office advance in supporting the business. Learning Objectives: This course objective is to understand how best to support an organization's finance leadership.

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“a mild recession”

The Reformed Broker

Put this phrase in your vocabulary for the second half of the year because you are going to be hearing it everywhere: “a mild recession.” This is where the puck is going. All of Wall Street’s chief strategists and chief economists are going to be pivoting to this case if they haven’t already. The “soft landing” idea is going to fade away.

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The Risk of Deflation is now Greater than the Risk of Prolonged High Inflation

Pragmatic Capitalism

The most recent headline CPI came in at 9.1% so it might seem odd to think that the risk of disinflation and deflation is rising. But while the CPI is [ … ].

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Soft Landing RIP

The Big Picture

For the first half of this year, I have steadfastly refused to join Club Recessionista. I have not believed we were already in a recession, and I was hopeful that a moderate Fed gradually raising rates to throttle inflation could execute that soft landing. No longer. As I mentioned to Tom Keene last week, Nick Timiraos in the Wall Street Journal revealed the Fed’s intention to raise rates 75 basis points brought a reckoning to my hopes of a non-recessionary growth slow down.

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Growing Your Advisor Business During the Great Resignation

Wealth Management

To thrive in this environment, firms need to develop purposeful strategies for recruiting and retaining top industry talent.

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Why To Use George Kinder’s 3 Life Planning Questions With Financial Planning Clients

Nerd's Eye View

Financial planning is both an art and a science. While an advisor needs technical financial planning knowledge to create and implement plans for clients, soft skills that involve effective communication and relationship building are also crucial to both relate to prospects and clients and to understand their needs. Further, one of the most important qualitative ways an advisor can add value to clients is by helping them identify and select meaningful goals.

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Arrivederci

The Reformed Broker

It’s been an honor and a pleasure writing, recording and filming for you guys all year. 2022 has been incredibly challenging as an investor, a financial advisor, an investment advisory CEO and a professional market commentator. Tough all around. Like everyone else, I’ve gotten some stuff right and some stuff wrong this year. Based on this week’s reaction to large cap technology company earnings and the F.

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How to Streamline Payment Applications & Lien Waivers Through Innovative Construction Technology

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.

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Personal finance links: a target-rich environment

Abnormal Returns

Investing Investing in stocks is bet on human ingenuity. (awealthofcommonsense.com) Marketing messages are not guarantees when it comes to investing. (wsj.com) Nine key questions for any investor including 'Why is active management destined to underperform?' (humbledollar.com) Five things to do as an investor in your 20's. (peterlazaroff.com) How to avoid investment scams.

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Case-Shiller: National House Price Index increased 19.7% year-over-year in May

Calculated Risk

S&P/Case-Shiller released the monthly Home Price Indices for May ("May" is a 3-month average of March, April and May prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P: S&P Corelogic Case-Shiller Index Reports Annual Home Price Gain Of 19.7% In May The S&P CoreLogic Case-Shiller U.S.

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The Great Resignation Is Long Over

The Big Picture

Today is Fed day, when we get the 75 bps increase that dramatically increases the odds of a recession. The main storyline is inflation, but the overlooked subplot here is Wages. I have detailed over the past decade or so the lagging nature of wages in America — deflationary in economic terms — and how that had begun to change in the late 2010s pre-pandemic.

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The Retirement Privacy Dilemma

Wealth Management

Data is critical to the proper administration of retirement plans. But who owns it?

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

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.

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How To Use George Kinder’s 3 Life Planning Questions With Financial Planning Clients

Nerd's Eye View

Financial planning is both an art and a science. While an advisor needs technical financial planning knowledge to create and implement plans for clients, soft skills that involve effective communication and relationship building are also crucial to both relate to prospects and clients and to understand their needs. Further, one of the most important qualitative ways an advisor can add value to clients is by helping them identify and select meaningful goals.

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This Week on TRB

The Reformed Broker

And if you haven’t subscribed yet, don’t wait. Check it out below or wherever fine podcasts are played. These were the most read posts on the site this week, in case you missed it: The post This Week on TRB appeared first on The Reformed Broker.

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Tuesday links: a complete transformation

Abnormal Returns

Markets A 3% 30-year Treasury bond is no great deal. (morningstar.com) Eight reasons why a 1929-style stock market crash is less likely today. (dariusforoux.com) Strategy The good thing about bear markets is that they eventually end. (awealthofcommonsense.com) Why you should ignore the steady stream of market 'sorcerers.' (ofdollarsanddata.com) Finance Jefferies Financial Group ($JEF) is simplifying its business.

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30-Year Mortgage Rates Decrease to 5.13%

Calculated Risk

After reaching 6.28% on June 14th, 30-year mortgage rates decreased to 5.13% on Friday according to Mortgagenewsdaily.com. The 10-year Treasury yield has fallen to 2.66%, likely due to the weaker economy. Here is a graph from Mortgagenewsdaily.com that shows the 30-year mortgage rate since 2017. Although mortgage rates have fallen sharply over the last 6 weeks, rates are still much higher than earlier this year.

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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

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.

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Signs of Softening

The Big Picture

The last time we looked at the State Coincident Indicators Index, all 50 States were in an economic expansion over the trailing 3 months. The diffusion index = 100. That is no longer the case today. The FOMC meeting on May 3-4 raised rates by 50 basis points, which was followed by the 75 basis point increase at the June 14-15 FOMC meeting. Taking rates to the 1.50%-1.75% range had some bite, and we see the impact of this higher cost of credit combined with inflation impacting the economy.

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Property Management Is Now a Global Enterprise

Wealth Management

The U.S. is the epicenter of the world. It’s also on the leading edge of property management. But is it …?

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#FA Success 291: Managing Fast Growth And Slow Growth Of A Planning-Centric Advice Firm, With Amy Irvine

Nerd's Eye View

Welcome back to the 291st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Amy Irvine. Amy is the owner of Rooted Planning Group, an independent RIA based in Corning, New York that oversees $67 million in assets under management for 175 client households. What's unique about Amy, though, is how she managed the complexities of starting her own RIA focused on Gen X women, and then dealt with unexpected growing pains as her business development worked ‘too wel

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Canary in the Coal Mine

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Shannon Saccocia, and Downtown Josh Brown discuss the Nasdaq bounce, inflation vs spending, good news for the economy, Shannon’s ideas for the second half, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

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2025 Industry Index: How Top Advisors Are Scaling Smarter (and Faster) This Year

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

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Podcast links: all things inflation

Abnormal Returns

The biz How Athletic Greens rode podcasting to sales success. (nytimes.com) Spotify ($SPOT) is buying Heardle. (hollywoodreporter.com) Business Tyler Cowen talks with Matthew Ball author of "The Metaverse: And How it Will Revolutionize Everything." (conversationswithtyler.com) Tim Ferriss talks with Duolingo CEO and co-founder Luis von Ahn. (tim.blog) Patrick O'Shaughnessy talks with Ben Clymer about the business of Rolex.

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Freddie Mac: Mortgage Serious Delinquency Rate decreased in June

Calculated Risk

Freddie Mac reported that the Single-Family serious delinquency rate in June was 0.76%, down from 0.80% May. Freddie's rate is down year-over-year from 1.86% in June 2021. Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".

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MiB: Hannah Elliott on Hypercars & EVs 

The Big Picture

?. This week, we speak with Bloomberg Businessweek staff writer Hannah Elliott , who reports on the automotive industry with a special focus on hyper-cars, motorcycles, and electric and luxury vehicles. She lives in Los Angeles, where car culture is enjoying a renaissance. NOTE : During the broadcast portion, we had the usual Q&A but in the podcast portion, this turned into a conversation; Hannah made the mistake of asking me a question and we were off to the races of me babbling about cars

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Rising Interest Rates Scramble Student Housing Deals

Wealth Management

Despite repricing taking place in the sector, overall fundamentals remain healthy with leasing for the 2022-23 academic year at healthy levels.

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What Your Financial Statements Are Telling You—And How to Listen!

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.

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Sabbatical Financial Planning: Taking Extended Time Off Without Derailing The Career Or Retirement

Nerd's Eye View

For many workers, a typical career entails a series of successive jobs over several decades, with the end goal of retiring and finally being able to ‘relax’ And while most breaks from work on the traditional path are limited to short vacations, there is a growing movement of individuals who want to take extended time off during their working years to take advantage of their health and opportunities that might not be available to them once they reach ‘normal’ retirement ag

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Three Things I Think I Think – What is a Recession?

Pragmatic Capitalism

1) Are we in a recession? 2) The housing downturn is only just beginning. 3) Is the Fed pivoting to easing? .

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Personal finance links: two things to do

Abnormal Returns

Podcasts Daniel Crosby talks with Nick Maggiulli about his book "Just Keep Buying." (standarddeviationspod.com) Peter Lazaroff talks with Brian Feroldi author of "Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren’t." (peterlazaroff.com) Estate planning Why you need an estate plan. (thomaskopelman.com) Where you hold assets affects your ability to do bequests.

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Weekly Initial Unemployment Claims at 256,000

Calculated Risk

The DOL reported : In the week ending July 23, the advance figure for s easonally adjusted initial claims was 256,000 , a decrease of 5,000 from the previous week's revised level. The previous week's level was revised up by 10,000 from 251,000 to 261,000. The 4-week moving average was 249,250, an increase of 6,250 from the previous week's revised average.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.