The Big Picture

MAY 29, 2025

Sometimes, the data is so overwhelming that little commentary is needed. From SPIVA , here is the data on large-cap fund performance in the United States, showing the percentage of all large-cap funds that over and underperformed the S&P 500 over various time frames: 1 Year: 65.24% of funds underperformed the S&P 500; 34.76% outperformed the S&P 500 3 Years: 84.96% underperformed; 15.04% outperformed 5 Years: 76.26% underperformed; 23.74% outperformed 10 Years: 84.34% underperformed;

Portfolio 306

Portfolio Financial Planning Taxes Assets 306

Wealth Management

MAY 28, 2025

The Department of Labor rescinded its 2022 guidance cautioning against cryptocurrency in 401(k) plans, reaffirming a neutral stance on digital assets in retirement accounts.

Retirement 289

Retirement Accounting Assets Planning 289

Calculated Risk

MAY 19, 2025

Altos reports that active single-family inventory was up 1.5% week-over-week. Inventory is now up 22.9% from the seasonal bottom in January and is increasing. Usually, inventory is up about 13% from the seasonal low by this week in the year. So, 2025 is seeing a larger than normal pickup in inventory. The first graph shows the seasonal pattern for active single-family inventory since 2015.

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Nerd's Eye View

MAY 15, 2025

Young advisors may feel – and face – an extra burden to prove their expertise to clients. After all, it can feel odd to create an estate plan that will impact a client’s grandchildren… when those grandchildren may be older than the advisor themselves! And while any advisor needs to determine how much detail to share when explaining strategic decisions, younger advisors may feel added pressure to prove their credibility.

Financial Planning 225

Financial Planning Planning Communication Clients 225

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Accounting

Abnormal Returns

MAY 27, 2025

Strategy Good luck trying to time the bond market. (awealthofcommonsense.com) Despite public opinion, the stock market spends at lot of time near all-time highs. (optimisticallie.com) ETFs Money just keeps pouring into ETFs. (wsj.com) Where is all that money coming from? (awealthofcommonsense.com) Finance Eliminating the PCOAB is a gift to fraudsters.

Media 182

Media Economy Marketing Marketing 182

Discipline Funds

MAY 28, 2025

Here are some things I think I am thinking about this week: 1) Google’s VEO 3 is Mind Blowing. So far AI has been interesting, but not earth shattering. I use ChatGPT dozens of times a day and it is basically refined search. For me personally, I’d argue it’s turned me into a sort of hyper efficient financial advisor. I am kind of a Jack of All Trades, expert in none type of financial advisor, but ChatGPT makes me an expert in almost any financial field as I know all of the righ

Government 115

Government Financial Advisor Economy Taxes 115

Wealth Management

MAY 27, 2025

Ritholtz Wealth Management relocates its Chicago office to The Salt Shed, emphasizing the importance of physical workspace in attracting talent and fostering collaboration.

Wealth Management 286

Wealth Management Management 286

Calculated Risk

MAY 21, 2025

Today, in the Real Estate Newsletter: In Q1 2025, 19% of Units Started Built-for-Rent were Single Family Brief excerpt: Along with the monthly housing starts report for April released last week, the Census Bureau also released Housing Units Started by Purpose and Design through Q1 2025. The first graph shows the number of single family and multi-family units started with the intent to rent.

Numbers 263

Numbers 263

Nerd's Eye View

MAY 9, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent survey found that long-feared fee compression in the financial advice industry has yet to come to pass, though some advisors continue to see potential for small reductions in asset-based fees in the future. These results largely match results from the recent Kitces Research Study on Advisor Productivity, which found that the typical fee schedule for firms charging

Financial Planner 245

Financial Planner Financial Advice Clients Retirement Planning 245

Abnormal Returns

MAY 21, 2025

Podcasts Christine Benz talks with JL Collins about the revised edition of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life." (morningstar.com) Dan Haylett talks with Fritz Gilbert about his 10 Commandments of Retirement. (podcasts.apple.com) Peter Lazaroff talks with Mark Higgins, author of "Investing in U.S.

Estate Planning 162

Estate Planning Financial Services Education Retirement 162

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.

Accounting

A Wealth of Common Sense

MAY 2, 2025

According to the National Association of Realtors, first-time homebuyers made of just 24% of recent transactions: That’s the lowest on record since the NAR has been collecting this data since 1981. Nearly three-quarters of recent buyers did not have a child under the age of 18 in their home, the highest share on record. It’s a terrible time to be a young person in search of a house.

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The Big Picture

MAY 15, 2025

Hey, just back after taking the redeye home from Futureproof Colorado , and getting my feet back under me. But I wanted to briefly discuss tomorrow’s release of the University of Michigan (UMich) long-term inflation expectations. You probably know my thoughts on both Inflation Expectations and Sentiment Surveys. ICYMI, Inflation Expectations are a backwards looking exercise in the Recency Effect.

Media 222

Media Banking 222

Wealth Management

MAY 29, 2025

Recognize the emotions of the ongoing disruption in the wealth management world and use them as a catalyst for growth.

Wealth Management 277

Wealth Management Management 277

Calculated Risk

MAY 27, 2025

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 3.4% year-over-year in March Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for March ("March" is a 3-month average of January, February and March closing prices). January closing prices include some contracts signed in November, so there is a significant lag to this data.

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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.

Management

Nerd's Eye View

MAY 16, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Republicans in the House of Representatives this week released their long-awaited tax plan to address the impending sunset of many measures in the 2017 Tax Cuts and Jobs Act. The proposed legislation makes several aspects of TCJA 'permanent', including maintaining TCJA's tax brackets and the elevated estate tax exemption, while also introducing new potential tax-savings op

Financial Planner 239

Financial Planner Financial Advice Education Taxes 239

Abnormal Returns

MAY 11, 2025

Also on the site How to contribute to the Jonathan Clements Getting Going on Savings Initiative. (abnormalreturns.com) The gold dilemma isn't going anywhere. (abnormalreturns.com) Top clicks this week You are NOT Warren Buffett. How to be a better you. (ritholtz.com) Why municipal bonds are underperforming in 2025. (morningstar.com) What you are saying when you bet on individual stocks.

Investments 189

Investments Investing Marketing Marketing 189

A Wealth of Common Sense

MAY 9, 2025

A lot of advice out there sounds good on paper but fails to work in reality. Follow your passion! Sure, but does your love of fantasy football pay the bills? You can do anything you set your mind to! Tell that to my 5th-grade NBA dreams. The same is true of some financial advice. It sounds good as an inspirational quote but ends up being more or less impossible to pull off in real world for most people.

Financial Advice 136

Financial Advice 136

The Big Picture

MAY 1, 2025

I chatted with Jean Chatzky of Your Money Map about HNTI and some general investing concepts. As always, we did notget to all of them, but they were so thoughtful, I wanted to share them with you. *Lets start with the why. Many, if not most, investing books aim to teach people how TO invest. Your focus is giving readers advice on how NOT to invest. Why did you decide to take this approach?

Retirement 189

Retirement Investments Numbers Investing 189

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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

Clients

Wealth Management

MAY 14, 2025

Advisors can better serve wealthy clients through strategic charitable giving of appreciated assets, from real estate to business interests.

Assets 305

Assets Clients 305

Calculated Risk

MAY 22, 2025

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.00 million SAAR in April; Down 2.0% YoY Excerpt: Sales in April (4.00 million SAAR) were down 0.5% from the previous month and were 2.0% below the April 2024 sales rate. This was the 3rd consecutive month with a year-over-year decline in sales. Sales Year-over-Year and Not Seasonally Adjusted (NSA) The fourth graph shows existing home sales by month for 2024 and 2025.

Sales 253

Sales 253

Nerd's Eye View

MAY 7, 2025

For many financial advisors, an early planning conversation often includes asking clients to identify financial goals. But when clients are still emotionally weighed down by an immediate pain point – the source of their stress or uncertainty that led them to seek out their advisor in the first place – their ability to articulate meaningful long-term goals may be limited.

Clients 205

Clients Financial Planning Planning Financial Advisor 205

Abnormal Returns

MAY 21, 2025

Markets High yield bonds have bounced back. (morningstar.com) Short interest is ticking higher. (ft.com) Companies Retailers have only so much margin to sacrifice to tariffs. (nytimes.com) Some additional tariff math. (axios.com) AI OpenAI is buying Jony Ive's AI startup. (theverge.com) Google ($GOOGL) has a big AI lever to pull - Chrome. (spyglass.org) What does CoreWeave ($CRWV) actually do?

Math 194

Math Budgeting Startup Media 194

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.

Management

A Wealth of Common Sense

MAY 11, 2025

It’s been a wild ride in the stock market this year: The S&P 500 was up around 5% on the year through mid-February. It was more or less straight down from there. By the end of the first week in April the market was down more than 15%, good enough for a drawdown of 18.9% from peak to trough. Now stocks are up nearly 14% from the lows and down less than 4% on the year.

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Marketing Marketing 131

The Big Picture

MAY 21, 2025

Few outsiders think new stores, no matter how well-conceived, will get Apple back on the hot-growth path… Maybe its time Steve Jobs stopped thinking quite so differently. BusinessWeek , May 21, 2001 24 years to the day — May 21, 2001 — a Businessweek1 commentary explained why the newfangled Apple Stores were destined to fail. This pronouncement motivated subsequent blog posts (notably in 2005 and 2021 ) and a full chapter in “ How Not to Invest.” In the spirit of t

Retail 207

Retail Media Electronics Investments 207

Wealth Management

MAY 28, 2025

Explore historical tariff impacts on markets and learn strategies for guiding clients through current trade tensions and economic uncertainties.

Marketing 272

Marketing Marketing Economics Clients 272

Calculated Risk

MAY 12, 2025

From Matthew Graham at Mortgage News Daily: Mortgage Rates Jump to 2 Week Highs After US/China Trade Talks Tariffs and trade policy have been a new and important consideration for the bond market for just over a month now. That matters to mortgage rates because mortgage pricing is primarily determined by bond prices. Over the weekend, the US and China agreed on a 90 day pause on the more extreme tariff brinksmanship.

Economy 268

Economy Marketing Marketing 268

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.

Numbers

Nerd's Eye View

MAY 30, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey of financial advisory firm employees found that about half of respondents are currently working in the office five days a week, with the remainder divided among hybrid formats or full-time work from home.

Financial Planner 225

Financial Planner Risk Tolerance Retirement Retirement Planning 225

Abnormal Returns

MAY 28, 2025

Podcasts Barry Ritholtz talks with Morgan Housel about how to spend money. (ritholtz.com) Katie Gatti Tassin talks with JL Collins, author of the revised edition of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life." (podcast.moneywithkatie.com) Brendan Frazier talks retirement planning with Dan Haylett. (podcasts.apple.com) Scott Barry Kaufman talks with Sahil Bloom, author of "The Five Types of Wealth: A Transformative Guide to Design Your Dream Life.

Retirement Planning 147

Retirement Planning Retirement Education Numbers 147

A Wealth of Common Sense

MAY 27, 2025

When everyone discovered the new pope was from Chicago people immediately dug into Pope Leo’s back story. From Chicago. White Sox fan, not Cubs. Probably liked Portillos, Malort and Lou Malnati’s. It was also uncovered the Pope’s childhood home on the southside of Chicago was listed for sale. It was a relatively small house built in the 1950s with 3 bedrooms, 3 bathrooms, measuring in at 1,050 square fe.

Sales 121

Sales 121

The Big Picture

MAY 22, 2025

At The Money: The Art of Spending Money with Morgan Housel (May 22, 2025) Is there an art to spending your own money? We spend a lot of time discussing earning and investing money, but how often do we really think deeply about spending it? Morgan Housel wrote a new book, The Art of Spending Money, Simple Choices for a Richer Life. It arrives in October, where he discusses just that.

Food 147

Food Valuation Investments Investing 147

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.

Accounting