Sat.May 04, 2024 - Fri.May 10, 2024

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TikTokInvestors

The Big Picture

Nestled in between lip-sync dancers and fashion influencers, financial fraud lurks on TikTok. At least one person1 has noticed the risks to young consumers of social media: Since August 2020, @TikTokInvestors has been curating the most outrageous money-losing and dangerous videos culled from the “financial experts” at TikTok. The advice ranges from wrong to risky to criminal: -401ks?

Media 335
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Fannie "Real Estate Owned" inventory Decreased in Q1 2024

Calculated Risk

Fannie reported results for Q1 2024. Here is some information on single-family Real Estate Owned (REOs). Fannie Mae reported the number of REOs decreased to 7,791 at the end of Q1 2024, down 5% from 8,403 at the end of the previous quarter, and down 9% year-over-year from Q1 2023. For Fannie, this is down 95% from the 166,787 peak number of REOs in Q3 2010.

Numbers 330
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Spotlight on ‘Shadow Banking’

Wealth Management

A look at the recent performance of private direct lending.

Banking 325
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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Widen your investing lens. (awealthofcommonsense.com) Why the stock market usually goes up. (humbledollar.com) The best investors are running their own race. (klementoninvesting.substack.com) How stocks, bonds and cash have performed over the past 30 years. (awealthofcommonsense.com) How major asset classes performed in April 2024.

Assets 314
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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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US Equities: 9% Forever?

The Big Picture

It’s taken me months to organize all of my research for my next book project; it’s a lot of stuff, some dating back to 2000. Much of it reflects the bad ideas and numbers, and worse advice, that float around Wall Street. A lot of it has not aged well. But every now and then, something I saved turned out to be prescient — not because it was lucky, but because it contained a well-considered insight that has stood the test of time.

Numbers 284
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Wholesale Used Car Prices Declined in April; Down 14.0% Year-over-year

Calculated Risk

From Manheim Consulting today: Wholesale Used-Vehicle Prices Declined in April Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were down in April compared to March. The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14.0% from a year ago. The seasonal adjustment to the index magnified the results for the month, resulting in a 2.3% month-over-month decrease.

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Saturday links: academic courage

Abnormal Returns

EVs What is going to become of Tesla's ($TSLA) charging network? (washingtonpost.com) Do EVs need artificial noises? (axios.com) Autos Automatic braking will soon be a standard, required feature on cars. (theverge.com) Do you really want a GM ($GM) car without Apple CarPlay? (bloomberg.com) What goes into a VIN? (theconversation.com) Energy Why Plant Vogle could be the last large scale nuclear power plants built in the U.S.

Medicine 290
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Weekend Reading For Financial Planners (May 11-12)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners"– this week's edition kicks off with the news that a recent analysis from Morningstar suggests that the Department of Labor's (DoL's) new Retirement Security Rule (aka Fiduciary Rule 2.0) could save retirement plan participants $55 billion over the next 10 years (due to an expectation of more low-cost fees being offered in plans) and those rolling over workplace plans into IRAs to purchase annuities another $32.5 bill

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Housing May 6th Weekly Update: Inventory up 0.6% Week-over-week, Up 33.1% Year-over-year

Calculated Risk

Altos reports that active single-family inventory was up 0.6% week-over-week. Inventory is now up 13.3% from the February bottom. Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of May 3rd, inventory was at 560 thousand (7-day average), compared to 556 thousand the prior week. Inventory is still far below pre-pandemic levels.

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Trust Is the Superpower of 401(k) Plans

Wealth Management

While the lack or breach of trust is its kryptonite.

Planning 306
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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.

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Tuesday links: the idea of escape

Abnormal Returns

Markets Why TIPS are more attractive than nominal bonds at this point. (morningstar.com) Chinese stocks have badly underperformed for more than a decade. (sherwood.news) ETFs Just because somebody puts a strategy in an ETF wrapper doesn't mean you need to buy it. (rogersplanning.blogspot.com) Is there another class of investors able to push spot Bitcoin ETF adoption higher?

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5 Questions Using Risk Assessment Data That Help Advisors Understand Clients’ True Concerns About Risk

Nerd's Eye View

Measuring a client's tolerance for risk is an essential (and required!) step when onboarding a new client, as making any sort of recommendation is impossible without first understanding how comfortable clients may be when their portfolios inevitably experience volatility. Over the years, 2 types of measurement tools have emerged as the standards for assessing risk tolerance: 1) psychometric tests, which feature a series of questions (such as, "What amount of risk do you feel you have taken with

Clients 246
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Real Estate Newsletter Articles this Week: National House Price Index Up 6.4% year-over-year in February

Calculated Risk

At the Calculated Risk Real Estate Newsletter this week: • Case-Shiller: National House Price Index Up 6.4% year-over-year in February • Inflation Adjusted House Prices 2.4% Below Peak • Lawler: Update on Mortgage Rates and Spreads and also New / Renewal Rents • Freddie Mac House Price Index Increased in March; Up 6.6% Year-over-year This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

Marketing 297
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$800M Team Joins Raymond James’ Independent Channel From Commonwealth

Wealth Management

An advisor team collectively manging $800 million in assets are joining Raymond James' independent channel from Commonwealth.

Assets 299
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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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Wednesday links: your median competitor

Abnormal Returns

Markets Earnings continue to be supportive of the bull market. (carsongroup.com) Measures of corporate sentiment are ticking higher. (wsj.com) ETFs The number of single-stock ETFs is growing. (wsj.com) Good performance need not equal AUM. (etf.com) Sports business Sports betting companies are looking for new ways to get your money. (cnn.com) Can a sports league have too much inventory?

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#FA Success Ep 384: Growing An Advisor Career From (Bank) Assistant To Partner While Also Growing A Family, With Hannah Provost

Nerd's Eye View

Welcome everyone! Welcome to the 384th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Hannah Provost. Hannah is a partner and financial advisor at Lomanto Provost Financial Advisors, a hybrid advisory firm based in Plattsburgh, New York, that oversees approximately $150 million in assets under management for about 380 client households.

Banking 246
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1st Look at Local Housing Markets in April

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in April A brief excerpt: NOTE: The tables for active listings, new listings and closed sales all include a comparison to April 2019 for each local market (some 2019 data is not available). This is the first look at several early reporting local markets in April.

Marketing 283
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The 11 U.S. Cities With the Most Millionaires

Wealth Management

In the world, the United States has the most cities boasting millionaire residents, followed by China.

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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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Podcast links: being happier at work

Abnormal Returns

The biz How the Acquired podcast became a favorite in the business world. (wsj.com) Scott Galloway is launching a new finance-focused podcast. (semafor.com) Business Rick Buhrman and Paul Buser talk with Mitch Rales, co-founder of Danaher Corp. (joincolossus.com) Derek Thompson talks with Gideon Lewis-Kraus about the prospects for eVTOLs. (theringer.com) Josh Brown and Michael Batnick talk all things Hollywood with Matt Belloni.

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The Latest In Financial #AdvisorTech (May 2024)

Nerd's Eye View

Welcome to the May 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that self-directed retirement planning software provider NewRetirement has raised a $20M Series A round as the company demonstrates that its DIY tools really do turn a subset of consumers into bona fide prosp

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Housing Starts: Record Average Length of Time from Start to Completion in 2023

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Housing Starts: Record Average Length of Time from Start to Completion in 2023 A brief excerpt: In 2023, it took a record 8.6 months from start to completion for single family homes, up from an already elevated 8.3 months in 2022. For 2+ unit buildings, it took a record 17.1 months for buildings with 2 or more units in 2023, unchanged from 17.1 months in 2022.

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IRS Issues New Regs on GST Allocations

Wealth Management

Taxpayers must apply for a private letter ruling to get an extension.

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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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Personal finance links: hoarding points

Abnormal Returns

Podcasts Brett McKay talks with Jared Dillian author of "No Worries: How to Live a Stress-Free Financial Life." (artofmanliness.com) Cameron Passmore and Benamin Felix talk with Scott Galloway author of "The Algebra of Wealth: A Simple Formula for Financial Security." (rationalreminder.libsyn.com) Barry Ritholtz talks with Larry Swedroe about the challenge of stock picking.

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MiB: Jim O’Shaughnessy, O’Shaughnessy Ventures

The Big Picture

This week, we speak with Jim O’Shaughnessy, founder and CEO of O’Shaughnessy Ventures. He is also chairman of the board at Stability AI. He is the host of the Infinite Loops podcast and the author of How to Retire Rich , Invest Like the Best , and Predicting the Markets of Tomorrow. We discuss how the book What Works on Wall Street set the tone for his entire career as a quant.

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Leading Index for Commercial Real Estate Increased 6% in April

Calculated Risk

From Dodge Data Analytics: Dodge Momentum Index Rose 6% in April The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 6.1% in April to 173.9 (2000=100) from the revised March reading of 164.0. Over the month, commercial planning improved 12.6% and institutional planning dropped 6.3%. “The Dodge Momentum Index (DMI) saw positive progress in April, alongside a deluge of data center projects that entered the planning stage ,” stated Sarah Martin, associate director of for

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RightCapital Launches Integrated Risk Tolerance Tool

Wealth Management

The planning provider has seen significant demand from advisors, contributing to the rollout of RightRisk.

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Live Demo - Supercharge your Month End Close

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

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Friday links: optimized leverage

Abnormal Returns

Markets Picking 30 companies for the Dow Jones Industrial Average isn't easy in a dynamic economy. (wsj.com) The stock market doesn't love high inflation. (klementoninvesting.substack.com) Apple Apple ($AAPL) is in a tough spot. (om.co) Apple ($AAPL) may be late in AI, but don't count them out. (barrons.com) If Apple ($AAPL) is no longer the world's biggest brand, what is?

Economy 264
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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • The Most Important Skill of the Future is Being ‘Indistractable’ How the difference between traction and distraction could transform your productivity. ( Nir and Far ) • this is a teenager : In 1998, a researcher named Vincent Felitti published a paper that drastically changeed the way we think about these kids and childhood.

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Realtor.com Reports Active Inventory Up 35.1% YoY; New Listings Up 3.6% YoY

Calculated Risk

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 April, Realtor.com reported inventory was up 30.4% YoY, but still down almost 36% compared to April 2017 to 2019 levels. Now - on a weekly basis - inventory is up 35.1% YoY. Realtor.com has monthly and weekly data on the existing home market.

Sales 263
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FINRA Fines SoFi $1.1M For Customer ID, Identity Theft Oversight

Wealth Management

According to the settlement letter, third parties used the firm’s cash management brokerage account to withdraw funds from accounts they’d illegally accessed at other financial institutions.

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The New Way Remote Finance Teams Are Protecting Accuracy And Building Resilience In A Cyber-Threatened World

Speaker: Cheryl J. Muldrew-McMurtry

Remote finance teams are rewriting how the back-office runs—and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats have become more than just “growing pains”. They’re now liabilities. The challenge isn’t just team distribution, but building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.