Calculated Risk
FEBRUARY 26, 2025
From housing economist Tom Lawler: Treasury Secretary Wrongly Says Fed Has Been Big Seller of Treasuries In an interview last week, Treasury Secretary Bessent said that any plans by the Treasury to extend the maturity were a long ways off. One of the reasons cited by Secretary Bessent was the Federal Reserves current balance sheet runoff policy. Here is a quote from Bessent.
Nerd's Eye View
FEBRUARY 12, 2025
When the Social Security Fairness Act was signed into law on January 5, 2025, it came as a relief to many recipients of state or local government pensions whose Social Security benefits had been, up until now, reduced by the Windfall Elimination Provision (WEP) for individuals claiming retirement benefits under their own name, or the Government Pension Offset (GPO) for those claiming spousal or survivor benefits under a current or former spouse's name.
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The Big Picture
FEBRUARY 18, 2025
We are four weeks out from the publication of “ How Not To Invest: The ideas, numbers, and behaviors that destroy wealth – and how to avoid them.” Audio, ebook, and hard copies are all scheduled to drop on the same day, March 18, 2025. I am very excited about this,my first book in 15 years. I stopped writing my column and blog posts (mostly) to focus on this from December 2023 right up until January 2025.
Abnormal Returns
FEBRUARY 5, 2025
Podcasts Peter Lazaroff talks with Benjamin Brandt author of "Retirement Starts Today." (peterlazaroff.com) Michael Easter speaks with Sahil Bloom, the author of "The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life." (twopct.com) Carl Richards talks spending money with Joel Stein. (podcasts.apple.com) Housing The housing stock is aging.
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Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
A Wealth of Common Sense
FEBRUARY 25, 2025
The top 10% owns 87% of the stocks in this country. They also own 84% of the private businesses, 44% of real estate and two-thirds of overall wealth. These numbers have all increased since 1989 as well — total wealth (60.8% to 67.3%), stocks (81.7% to 87.2%), private businesses (78.4% to 84.4%) and real estate (38.2% to 43.9%). According to The Wall Street Journal, the top 10% also accounts for 50% of all consumer.
Wealth Management
FEBRUARY 25, 2025
The Utah-based broker petitioned the nations highest court to consider hearing its appeal questioning the self-regulatory organizations constitutionality. One securities attorney questions whether the Court will do soat least for now.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
FEBRUARY 5, 2025
Health Savings Accounts (HSAs) have become an increasingly popular tool for financial advisors and their clients due in part to the 'triple tax savings' they offer: tax-deductible contributions, tax-free growth, and non-taxable distributions for qualifying expenses. However, HSAs require individuals to be covered by a High Deductible Health Plan (HDHP), which has tradeoffs compared to traditional health insurance plans.
The Big Picture
FEBRUARY 14, 2025
This week, I speak with Christine Phillpotts , Portfolio Manager for Ariel Investment s emerging markets value strategies. She is also Senior Research Analyst for Consumer and Real Estate across Asia, Latin America, Middle East and Eastern Europe. She also covers all sectors in Africa. Previously, she spent 10 years at AllianceBernstein as Portfolio Manager and Senior Research analyst in emerging markets.
Abnormal Returns
FEBRUARY 14, 2025
Finance Why 24-hour trading isn't a boon for investors. (morningstar.com) Successfully running an ETF is harder than it looks. (jeffreyptak.substack.com) TIPS TIPS yields haven't been this high in a decade. (wsj.com) A speculative, but cautionary take against investing in TIPS. (paulkrugman.substack.com) Crypto The SEC could soon allow for in-kind redemptions for Bitcoin and Ethereum ETFs.
A Wealth of Common Sense
FEBRUARY 16, 2025
My family took its first and only Disney trip in the summer of 1990. We rode some rollercoasters. Went to one of the waterparks. Decently fun trip from what I can remember as a 4th grader. The strange part was that my older brother Jon was lethargic the whole trip. I still remember a picture of him taking a nap on a bench in the middle of the day. Something was off.
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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
Wealth Management
FEBRUARY 11, 2025
The consulting firm says the wealth management industry can address the shortage by boosting productivity levels and attracting new talent.
Calculated Risk
FEBRUARY 4, 2025
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 7.6 million on the last business day of December, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and total separations were little changed at 5.5 million and 5.3 million, respectively. Within separations, quits (3.2 million) and layoffs and discharges (1.8 million) changed little. emphasis added The following graph shows job openings (black line), hires (dark blue), Layoff, Di
Nerd's Eye View
FEBRUARY 10, 2025
To earn the CFP marks, candidates must fulfill four key requirements: Education (holding a bachelor's degree and completing the required coursework through a CFP Board registered program), Exam (passing the 170-question CFP exam), Experience (gaining hands-on experience providing financial advice to the public), and Ethics (acting as a fiduciary). Among these, the Education component offers the greatest flexibility in how it can be completed.
The Big Picture
FEBRUARY 25, 2025
The transcript from this weeks, MiB: Charley Ellis on Rethinking Investing , is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ This is Masters in Business with Barry Ritholtz on Bloomberg Radio.
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.
Abnormal Returns
FEBRUARY 20, 2025
Companies It feels like Apple ($AAPL) is 'stuck in a rut.' (spyglass.org) This company has thoroughly scrubbed any mention of diversity, inclusion or DEI from its SEC filings. (linkedin.com) Fund management If anybody is going to bridge the private-public markets gap it will be Blackrock ($BLK). (bloomberg.com) Even when used as prescribed, leveraged ETFs are imperfect instruments.
A Wealth of Common Sense
FEBRUARY 7, 2025
Every year I update long-term return numbers for all of my various spreadsheets for charts, graphs, tables and such.1 From 1928-2024, the S&P 500 was up 9.94% on an annual basis. That’s pretty good. The last couple of years have seen strong returns (+26% and +25%, respectively) so I noticed the long-run number was ticking up. After the bloodbath in 2022, the long-term annual return was 9.6%.
Wealth Management
FEBRUARY 3, 2025
The asset manager says the reduced expenses on 168 funds will save investors $350 million in 2025.
Calculated Risk
FEBRUARY 16, 2025
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For January, Realtor.com reported inventory was up 24.6% YoY, but still down 24.8% compared to the 2017 to 2019 same month levels. Now - on a weekly basis - inventory is up 27.5% YoY.
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.
Nerd's Eye View
FEBRUARY 26, 2025
Parents often want to ensure their children have the resources to pursue their potential and lead fulfilling lives. To achieve this, financial support may start at a very young age, allowing for a longer growth horizon and, in many cases, serving tax and estate planning purposes. However, once a child reaches the age of majority, they may not always be in a position to manage assets responsibly.
The Big Picture
FEBRUARY 7, 2025
This week, I speak with Sahil Bloom, founder and managing partner of SRB Ventures , a Venture Capital focused on accelerating compelling startups. Sahil spent seven years in high finance, serving as Vice President of a private equity fund with $3.5 billion in assets under management. He holds multiple degrees from Stanford University, where he also played Division 1 baseball.
Abnormal Returns
FEBRUARY 16, 2025
Top clicks this week The big multi-decade trends driving the U.S. stock market. (awealthofcommonsense.com) Want to hedge inflation? Buy stocks. (axios.com) The Tesla ($TSLA) backlash is real. (wired.com) Too many people confuse speculation for investing. (ritholtz.com) Why investors need to consult primary sources. (newsletter.rationalwalk.com) Ben Carlson, "The pandemic turned us all into a bunch of degenerate gamblers.
A Wealth of Common Sense
FEBRUARY 4, 2025
I spent this past weekend doing what my family does most weekends — shuttling our kids around to their various games, practices and birthday parties. One of the best parts about having young children is so much of your time is devoted to their activities that you don’t have a lot of time to pay attention to the outside world. Some parents complain about being busy all the time but I find it to be a welcomed br.
Speaker: Erroll Amacker
Automation is transforming finance but without strong financial oversight it can introduce more risk than reward. From missed discrepancies to strained vendor relationships, accounts payable automation needs a human touch to deliver lasting value. This session is your playbook to get automation right. We’ll explore how to balance speed with control, boost decision-making through human-machine collaboration, and unlock ROI with fewer errors, stronger fraud prevention, and smoother operations.
Wealth Management
FEBRUARY 6, 2025
Jaguars defensive lineman Arik Armstead would "rather live like a prince forever than live like a king for a little bit.
Calculated Risk
FEBRUARY 7, 2025
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in January A brief excerpt: NOTE: The tables for active listings, new listings and closed sales all include a comparison to January 2019 for each local market (some 2019 data is not available). This is the first look at several early reporting local markets in January.
Nerd's Eye View
FEBRUARY 4, 2025
Welcome everyone! Welcome to the 423rd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Cristina Livadary. Cristina is the CEO of Mana Financial Life Design, an RIA based in Los Angeles, California (but works virtually with clients nationwide), that oversees approximately $70 million in assets under management for 119 client households.
The Big Picture
FEBRUARY 5, 2025
At the Money: Are Hedge Fund Right For You? (February 5, 2025) At five trillion dollars, hedge funds have never been more popular — or less hedged. Investors have lots of questions when allocating to this trading asset class, including how much capital do you need? What percentage of your portfolio should be allocated? Are all answered in our conversation.
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Like being inches from the end zone, many advisors are frustratingly close to their next level of success. You work hard. You put in the hours. But if your closing rate is stuck or your pipeline feels like a revolving door… something has to change. Most advisors are just one small shift away from dramatically increasing their revenue. The difference?
Abnormal Returns
FEBRUARY 23, 2025
Top clicks this week Successful investing is about avoiding unforced errors. (ritholtz.com) Josh Brown, "Every entrepreneur I talk to in the wealth business is scrambling to add services, not cut fees." (downtownjoshbrown.com) On the looming adviser shortage, per McKinsey. (mckinsey.com) This company has thoroughly scrubbed any mention of diversity, inclusion or DEI from its SEC filings.
NAIFA Advisor Today
FEBRUARY 6, 2025
Mike McGlothlin , CFP, CLU, ChFC, LUTCF, NSSA, Executive Vice President, Retirement, at Ash Brokerage , is the 2024 recipient of the Kenneth Black Jr. Leadership Award. McGlothlin manages a staff of more than 65 employees and has maintained a 90% retention rate. Under his leadership, more than 25 employees have bolstered their professional skills and received in-house promotions.
Wealth Management
FEBRUARY 27, 2025
If theres one thing that can quickly undermine client trust, its needless risk.
Calculated Risk
FEBRUARY 27, 2025
From the NAR: Pending Home Sales Waned 4.6% in January Pending home sales pulled back 4.6% in January according to the National Association of REALTORS. The Midwest, South and West experienced month-over-month losses in transactions with the most significant drop in the South while the Northeast saw a modest gain. Year-over-year, contract signings lowered in all four U.S. regions, with the South seeing the greatest falloff.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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