The Irrelevant Investor
MARCH 31, 2019
Articles Factor funds underperform their academic factors by about 3% per year By Dan Rasmussen When a measure becomes the target it ceases to be a good measure By Ryan Krueger The people that missed the bubble spent the next eight years ridiculing the people who got sucked into it. By Jared Dillian Permanent information is what teaches you what to do with expiring information By Morgan Housel There are no hard and fast rules.
Brown Advisory
MARCH 29, 2019
Staying Cool When Bond-Market Stress Heats Up ajackson Fri, 03/29/2019 - 08:45 “When is the credit cycle going to turn?” It feels like we have been hearing—and asking—that same question for several years now. And in an era marked by uncertainty, we are at an especially uncertain crossroads right now in the bond market. The Fed’s path forward over the next couple of years is fairly murky.
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SEI
MARCH 25, 2019
SEI Private Wealth Management awarded by Family Wealth Report
Wealth Pilgrim
MARCH 14, 2019
My guess is you are reading this post because you need money ASAP and you don’t want to pay an arm and a leg for the cash. Am I right? Good. We’re both on the same page. In this post, I’m going to give you some good leads on potential sources for quick and inexpensive […]. The post How and Where to Borrow Money Fast and Cheap appeared first on Wealth Pilgrim.
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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
Brown Advisory
MARCH 29, 2019
Staying Cool When Bond-Market Stress Heats Up. ajackson. Fri, 03/29/2019 - 08:45. “When is the credit cycle going to turn?” It feels like we have been hearing—and asking—that same question for several years now. And in an era marked by uncertainty, we are at an especially uncertain crossroads right now in the bond market. The Fed’s path forward over the next couple of years is fairly murky.
Brown Advisory
MARCH 28, 2019
On A Shoestring ajackson Thu, 03/28/2019 - 08:20 In this article, we offer a robust analytical framework that can help endowments and foundations think about spend-rate planning, in terms of key risks they face such as short-term drawdown risk and long-term erosion of capital. Investment committees for endowments and foundations have a wide range of responsibilities, but ultimately their job boils down to a single task: Ensure that the portfolio can deliver funds to the organization in the short
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The Irrelevant Investor
MARCH 27, 2019
If you're reading this you probably already heard that the yield curve has inverted, which you can see in the GIF below (H/t Nicky Numbers ). You probably also heard that it has a perfect track record of preceding a recession. Empirically, this has not been good for stocks. 1, 2, and 3-year returns have been mediocre to lousy when the spread is in the first quintile, which is the situation we're faced with today.
The Irrelevant Investor
MARCH 26, 2019
"You have to earn the right to use a multiple." Simple yet profound words from Michael Mauboussin. I learned this lesson the hard way. My first experience with "investing" - and I use quotes because what I was actually doing is an insult to real investors- was picking stocks based on a ratio I found on the internet. Here's how the "process" went: Go to Yahoo Finance and look at how the P/E of Home Depot compared to Lowe's Buy the one with the lower ratio Watch it all day, every day.
The Irrelevant Investor
MARCH 26, 2019
Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed Footing the Bill Ben on Kahneman And Ben on IPOs Is real estate a better investment than stocks? Sign up for Tony Isola's blog The majority of bitcoin trading is not real See Jeffrey Skilling Hedge fund launches fall to 18-year low Listen Here Recommendations Where the Crawdads Sing Rex Chapman Charts Tweets [link] [link] [link] [link] [link] The post Animal Spirits: Footing the Bill appeared first on The Irr
The Irrelevant Investor
MARCH 25, 2019
One of the reasons why so many mutual funds fail to beat their benchmark is because so many stocks fail to beat their benchmark. This idea has been pushed forward with papers like The Agony & The Ecstasy: The Risks and Rewards of a Concentrated Stock Position and Do Stocks Outperform Treasury Bills? Vanguard recently came out with a piece that provides investors with additional data to bring to this conversation.
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.
The Irrelevant Investor
MARCH 24, 2019
Bill Gurley, general partner at Benchmark Capital, recently spoke at the University of Texas. During the talk, he gave his 5 keys to a rewarding career. I've listed them below, with some additional thoughts of my own. Pick a career about which you have immense passion If you're lucky enough to have a passion at a young age, great. Most people, however don't, which is fine.
The Irrelevant Investor
MARCH 24, 2019
Today's Animal Spirits Talk Your Book is presented by Innovator ETFs. For more information, click here. On today's show we discuss: Surviving the upside when trying to hedge the downside The ideal client for a hedging strategy Using options to provide a buffer on the downside and capping the upside Why the payouts of a structured product are typically more appealing than the actual structure of a structured product What you give up to provide a downside buffer Why complex products require home
The Irrelevant Investor
MARCH 22, 2019
Articles Don’t ever feel sorry for a vendor. He knows what he can sell for, and we want his bottom price.’ By Zack Kanter Free money on the sidewalk is always picked up By Morgan Housel Past outperformance tends to beget future underperformance By Jeffrey Ptak while it is easy to find fast-growing companies, it is more difficult to identify stocks with undervalued growth By Daniel Sotiroff Good trade.
SEI
MARCH 21, 2019
Al West was recognized at the 2019 Family Wealth Report Awards
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.
The Irrelevant Investor
MARCH 18, 2019
Today's Animal Spirits talk your book is brought to you by Invesco. To learn more about their ETFs, click here. On today's show, we talk about: What is the low volatility anomaly? Why CAPM doesn’t work within an asset class The three behavioral and structural reasons for the low vol anomaly How often do different factors overlap with one another? How the market environment impacts low vol and other factors Does low vol work well in mid caps and small caps?
Brown Advisory
MARCH 15, 2019
Industrials: From Detractors to Darlings. ajackson. Fri, 03/15/2019 - 09:06. In 2018, industrial stocks had their second-worst year relative to the broad market in two decades, but so far in 2019, the sector has come back strongly. In this article, our industrials analysts look at some of the reasons for the sector’s recent swings, and how they approach investing in a space where valuations and sentiment can shift rapidly.
The Irrelevant Investor
MARCH 13, 2019
Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed: What happened to recessions? Bill Gross is now retired The ETF War How to value Lyft before its IPO People are using their credit cards Survey Chasing hot hands Nobody wants long/short funds Changing your mortgage payments Guide to alternatives Why do people move?
The Irrelevant Investor
MARCH 11, 2019
The chart below comes from J.P. Morgan's guide to retirement. I like how they frame retirement in terms of things you have total control over, things you have some control over, and things you have no control over. The items they've identified as out of your control are pretty cut and dried. Markets owe us nothing. They don't know when we're retiring and they're certainly not there to bail you out.
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.
The Irrelevant Investor
MARCH 9, 2019
Articles They are being robbed every single day By Ryan Krueger It’s time for young people to stop blaming others for their problems By Ben Carlson Most of the social media networks we study generate much more social capital than actual financial capital By Eugene Wei Maybe there is a better way to discuss money with your friends and family without it being a taboo subject By The Ramped Capital There’s a bull market in hyperbole headlines around ETFs, and it’s been going on since the 1990s By Da
The Irrelevant Investor
MARCH 7, 2019
When I'm in a casino I tend to do two things: I bet conservatively when I'm winning I bet aggressively when I'm losing. This is not consistent with rational behavior, but evidently I'm not alone. This affliction runs rampant in our species. Economists reviewed more than five hundred thousand online poker hands and looked at how big gains or losses influences short-term behavior.
The Irrelevant Investor
MARCH 6, 2019
Today’s Animal Spirits is presented by YCharts Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed Killer Vees The father of millennial socialism American domination Should you prepay your mortgage? The guy who wrote the book on how to detect fraud Imagine moderating Facebook all day? The law says markets are efficient The first free ETF Zero flows When zero isn't zero Nobody clicks your links The science of parking.
The Irrelevant Investor
MARCH 4, 2019
Chris Bosh, two-time NBA champion, was recently on the Bill Simmons podcast talking about the unhappiness of today’s superstar. Wait, what? It's hard to imagine how a 23-year old kid who signs a five year, $127 million deal could be anything other than giddy all the time. This type of thing is possible because the 23-year old was once a 19-year old who signed a four year, $23 million deal. $127 million is a ridiculous amount of money, but so is $23 million.
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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.
The Irrelevant Investor
MARCH 3, 2019
Articles The economists of the early 20th century did not foresee that work might evolve from a means of material production to a means of identity production. By Derek Thompson Socialism is the symptom, but the underlying problem is cronyism By Barry Ritholtz The 401(k) was supposed to be an extra savings account and nothing more. By Ryan Krueger At a 4% initial withdrawal rate, the odds of nearly depleting the portfolio are equal to the odds of growing it by more than 800% By Michael Kitces Th
The Irrelevant Investor
MARCH 1, 2019
A report that I look forward to reading, okay skimming, every year is the Credit Suisse global investment returns yearbook. One of the more remarkable statistics in the new release can be found in emerging and frontier markets. These countries account for 40% of world GDP and 68% of the world population, yet they represent just 12% of the world's investable market capitalization.
Brown Advisory
MARCH 1, 2019
Long-Term Planning for Founders & Builders: A “Phase-Gate” Process ajackson Fri, 03/01/2019 - 16:33 The evolution of a business—from the initial concept idea to a thriving business model, to an eventual exit—is a long-term process that involves a meaningful investment today in pursuit of large rewards tomorrow. Throughout this process, entrepreneurs dedicate meaningful amounts of money and years of their lives into their businesses.
Brown Advisory
MARCH 1, 2019
Long-Term Planning for Founders & Builders: A “Phase-Gate” Process. ajackson. Fri, 03/01/2019 - 16:33. The evolution of a business—from the initial concept idea to a thriving business model, to an eventual exit—is a long-term process that involves a meaningful investment today in pursuit of large rewards tomorrow. Throughout this process, entrepreneurs dedicate meaningful amounts of money and years of their lives into their businesses.
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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?
Brown Advisory
MARCH 31, 2019
Global Leaders Investment Letter - Q1 2019 ajackson Sun, 03/31/2019 - 09:50 Global Leaders Strategy Investment Letter - Q1 2019 In this letter the team discuss their thoughts on pricing power and the various nuances that surround this concept as one possible measure of the quality of a business. The team look at various scenarios using a fictional company and hypothetical data to explore the concept of pricing power in more detail.
Brown Advisory
MARCH 31, 2019
Global Leaders Investment Letter - Q1 2019. ajackson. Sun, 03/31/2019 - 09:50. Global Leaders Strategy Investment Letter - Q1 2019. In this letter the team discuss their thoughts on pricing power and the various nuances that surround this concept as one possible measure of the quality of a business. The team look at various scenarios using a fictional company and hypothetical data to explore the concept of pricing power in more detail. . .
SEI
MARCH 25, 2019
SEI Private Wealth Management awarded by Family Wealth Report
The Irrelevant Investor
MARCH 14, 2019
Brendan Mullooly asked a bunch of people the following question: What do you consider to be your biggest behavioral bias (as it pertains to investing or personal finance) and how do you work to control it? My answer: Hindsight bias was my biggest hurdle to overcome. Hindsight bias makes one part of our brain lie to another part without even realizing it.
Speaker: Aaron Berson
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
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