July, 2022

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MiB: Antti Ilmanen, Co-Head, Portfolio Solutions, AQR

The Big Picture

This week, we speak with Antti Ilmanen, who is the principal and global co-head of the portfolio solutions group at AQR Capital Management. His research into markets and valuation has won numerous accolades and recognitions, including the Graham and Dodd award, the Harry M. Markowitz special distinction award, multiple Bernstein Fabozzi/Jacobs Levy awards for his articles, and CFA Institute’s 2017 Leadership in Global Investment Award.

Portfolio 354
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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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#FA Success Ep 289: Coming Together As A Partnership To Serve Your Collective Community, With Kamila Elliott

Nerd's Eye View

Welcome back to the 289th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Kamila Elliott. Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households. What's unique about Kamila, though, is how she and her partners built an independent advisory firm, comprised entirely of Black CFP professionals, dedicated to supporting the

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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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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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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).

Investing 242

More Trending

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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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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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#FA Success Ep 290: Serving Neurodivergent Clients As A Financial Advisor With Autism, With Andrew Komarow

Nerd's Eye View

Welcome back to the 290th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Andrew Komarow. Andrew is the founder of Tenpath Financial Group and Planning Across the Spectrum, a hybrid firm based in Farmington, Connecticut that oversees $100 million in assets under management for 100 client households. What's unique about Andrew, though, is how he, as a financial advisor with autism, has built a firm with a specialized niche of autistic and other neurodivergent cli

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Real Estate vs. Stocks vs. Bonds vs. Inflation

A Wealth of Common Sense

A reader asks: Many right now are saying real estate is the only way to get a real return in a safe manner. Will you post some data on real estate vs. bonds vs. stocks? You always have to be careful when you use the word “safe” when it comes to investing. An investment that feels safe now could be very risky in the future and vice versa.

Assets 136
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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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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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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.

Economy 345
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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.

Marketing 268
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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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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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Scarcity is an Ally of Appreciation

A Wealth of Common Sense

Derek Thompson posted this incredible chart from Our World in Data on who Americans spend their time with, by age: These are average numbers but based on this chart the time spent with: Your family peaks at around 15 years old. Your friends peaks at around 18 years old. Your co-workers peaks at around 30 years old. Your kids peaks at around 40 years old.

Numbers 133
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Monday links: indiscriminate selling

Abnormal Returns

Treasuries The MOVE index is at 2020-like levels. (axios.com) Investors are shunning the 20-year Treasury. (ft.com) Stock picking On the importance of researching stocks even when they are too expensive. (rationalwalk.com) When to sell a stock: a flowchart. (twitter.com) 60/40 Portfolio A reason why the 60/40 portfolio isn't working this time around.

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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.

Economy 143
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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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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.

Medicine 329
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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!

Economy 246
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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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It’s Earnings Season

The Irrelevant Investor

The bad news is that the percentage of companies beating earnings is the lowest it’s been since 2015. The good news, at least in the short term, is that not bad might be good enough. Google, which missed on the top and bottom line for the second quarter, is up 3% in the after hours. The stock was down 30% from its highs going into the print, so it appears that investors had discounted the disappointment.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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The Best & Worst Years in Stock Market History

A Wealth of Common Sense

A reader asks: As a long term investor (10-20 year horizon) is it worth selling portions of a stock when it’s up and taking some profits, maybe reinvesting when the price goes down or pocketing the money? Or, is it best to stay “all in” regardless of the ups and downs? There are two different ways to think about this question. One is the Charlie Munger approach.

Marketing 133
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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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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

Economics 312
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How To Avoid Lifestyle Inflation: 9 Key Ways

Clever Girl Finance

Managing your personal finances is an important task. However, lifestyle inflation can make it more difficult to keep your finances on track. Luckily, there are ways to work against lifestyle creep through intentional decision making. But what is lifestyle inflation and how can you avoid it in the first place? What is lifestyle inflation aka lifestyle creep?

Budgeting 116
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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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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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What’s Priced In?

The Irrelevant Investor

We’ve seen some nasty economic data over the past month. Aside from a still hot labor market, there weren’t many bright spots. Inflation rose 9.1% in June, the highest reading since 1981 The national average for gasoline topped $5 a gallon for the first time 33% of listed homes have cut their prices Home builder confidence fell to the lowest levels since May 2020 30-year mortgage rates hit 5.8%, the highest s.

Economics 125
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A Giant Distraction to the Business of Investing

A Wealth of Common Sense

Three random thoughts on the current state of the stock market: (1) The top 10 stocks are getting smoked. One of the prevailing theories during this past bull market is the biggest stocks were carrying the S&P 500. The top 10 stocks now make up more than 30% of the index by market cap so it would make sense for this group to have an outsized impact on the performance of the market.

Investing 123