Sat.Feb 03, 2024 - Fri.Feb 09, 2024

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Fact, Situation, Feeling – Using The Iceberg Follow-Up Model To Connect With And Motivate Clients

Nerd's Eye View

The need for financial professionals to ask prospects and clients questions has a long history in the industry. In earlier days, questions simply facilitated the process of gathering information in order to open accounts and recommend the appropriate products to be sold. However, as the industry evolved from being primarily transaction-based to relationship-based, it has become increasingly important for advicers to become less sales-oriented and more focused on how they can better develop deep,

Clients 244
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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week Josh Brown, "Just please, no matter what you do, don’t say the G word. Never say it." (downtownjoshbrown.com) Should you invest in stocks when they are at all-time highs? (ofdollarsanddata.com) Why the vast majority of investors should avoid alternatives. (humbledollar.com) Are you doing these seven things that represent 'real financial planning'?

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At the Money: Stock Picking vs. Value Investing 

The Big Picture

 At the Money: Stock Picking vs. Value Investing with Jeremy Schwartz, Wisdom Tree. (February 7, 2024) How much you pay for stocks really matters. Should value investing be part of that strategy? To find out more, I speak with Jeremy Schwartz, Global Chief Investment Officer of WisdomTree, leading the firm’s investment strategy team in the construction of equity Indexes, quantitative active strategies and multi-asset Model Portfolios.

Investing 296
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Can Anyone Challenge the Econmic Dominance of the United States?

A Wealth of Common Sense

Coming out of the Great Financial Crisis there was this running narrative that the United States economy was the cleanest dirty shirt in the laundry hamper. Yes, our economic recovery was tepid but the rest of the world was a mess. The European Union was falling apart. Emerging markets were in disarray. China seemed like it wanted to put up a fight for our economic seat on the throne but never made a serious attempt to di.

Economics 144
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Stop Falling Short When It Matters Most—The Elite Advisor’s Playbook to Success

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?

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Weekend Reading For Financial Planners (February 10-11)

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 survey sponsored by CFP Board demonstrates the upsides of a career in financial planning, from a median salary of nearly $200,000 to flexible work schedules and a strong sense of purpose among advisors. In addition, related research suggests further opportunities for firms looking to acquire and retain talent, from providing a greater sense of autonomy to bu

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Personal finance links: retirement preparedness

Abnormal Returns

Podcasts Khe Hy talks about how to quit a high-paying, high-powered job. (podcasters.spotify.com) Sam Dogen talks with Emily Luk, Co-Founder and CEO of Plenty, a wealth platform for today's modern couples. (sites.libsyn.com) Daniel Crosby reads a chapter from his new book "The Soul of Wealth." (standarddeviationspod.com) Peter Lazaroff on investing at all-time stock market highs.

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Animal Spirits: The Holy Grail of Investing

A Wealth of Common Sense

Today’s Animal Spirits is brought to you by YCharts: See here for YCharts research on the best-performing ETFs of 2023 See here to register for the Future Proof Retreat in March! On today’s show, we discuss: Big tech stocks find little room for error after monster run US winning world economic war America Powers On via Goldman Sachs Why Tim Cook is going all in on the Apple Vision Pro GDPNow real GDP e.

Investing 143
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The Latest In Financial #AdvisorTech (February 2024)

Nerd's Eye View

Welcome to the February 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 financial planning software platform RightCapital has launched a workflow management tool called RightFlows to help advisors manage and assign steps in the financial planning process to team members

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Longform links: why competition matters

Abnormal Returns

Books An excerpt from "Read Write Own: Building the Next Era of the Internet" by Chris Dixon. (tim.blog) A Q&A with Chris Dixon author of "Read Write Own: Building the Next Era of the Internet." (semafor.com) David Perell talks with Chris Dixon about writing "Read Write Own: Building the Next Era of the Internet." (open.spotify.com) Business How the FTC allows funeral homes to flout the rules.

Marketing 264
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MiB: David Einhorn, Greenlight Capital

The Big Picture

 This week, we speak with David Einhorn. president of Greenlight Capital. He launched the value-oriented in 1996. Since inception, Greenlight has generated about 13% annually, and ~290o% total return versus the S&P500’s 1117% total and 9.5% annual returns. He famously shorted Allied Capital in the 2ooos and Lehman Brothers about a year before it collapsed into bankruptcy in 2008.

Banking 200
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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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All-Time Highs Usually Lead to More All-Time Highs in the Stock Market

A Wealth of Common Sense

A reader asks: Investing at all time highs is counterintuitive. Does it produce great returns because the market is forward-looking and investors are momentum investors? It doesn’t seem to make sense to buy just before a long severe bear market. I understand the worry here. All-time highs seem scary because every stock market crash in history started from one.

Marketing 142
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Kitces & Carl Ep 131: What’s The Real Purpose Of (New Year’s) Goals And Finding The Next Best Action To Move Forward

Nerd's Eye View

When a new year comes around it is often customary to set new personal and professional goals. Yet, in the midst of the tradeoffs that come with balancing new goals and their required behaviors, the challenge of creating sensible targets with flexibility and grace can be confounded by the reality of living in a world where uncertainty abounds and complex life situations are difficult (and sometimes even impossible) to map out.

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Monday links: getting stuff done

Abnormal Returns

Strategy Valuations matter, but using them in your investment process is a challenge. (entrylevel.topdowncharts.com) When does passive investing become a problem for valuing companies? (silverlightinvest.com) Companies Why are companies holding more cash these days? (hbr.org) A look at the tail winds behind the aggregates business. (fortunefinancialadvisors.com) It's hard to believe but Facebook is now 20 years old.

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Retail as a Service

The Big Picture

Back in the bad old days of mainframes, “Time-sharing” was how computing power and database storage were provided to the large corporations that could afford it. Computing was less the purchase of goods than a service. The modern cloud-based era has seen the rise of “Software as a service” (SaaS).1 This approach was based on the idea that it was more cost-effective for the consumer and more efficient (and profitable) for the provider to offer computing operations as services instead of physicall

Retail 195
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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Poor Weather Reduced Employment by About 50,000 in January

Calculated Risk

The BLS reported 353 thousand non-farm jobs were added in January. During the Winter months, I like to look at the weather impact on the report. The BLS reported 553 thousand people were employed in non-agriculture industries, with a job, but not at work due to bad weather. The average for January over the previous 10 years was 257 thousand (median 248 thousand), so more people than normal were impacted by bad weather.

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#FA Success Ep 371: Pairing Equity Appreciation Rights With Partnership Equity To Retain Long-Term Advisor Talent, With David Savir

Nerd's Eye View

Welcome everyone! Welcome to the 371st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is David Savir. David is the Co-Founder and CEO of Element Pointe Family Office, a Fee-Only RIA based in Miami, Florida that oversees almost $1.6 billion in assets under advisement for 50 client households. What's unique about David, though, is that through his 8 years building Element Pointe and focusing exclusively on high and ultra-high-net-worth clients, he and his partner Ca

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Thursday links: moments of market instability

Abnormal Returns

Yields At some point, cash will no longer be king. (barrons.com) Does Meta's ($META) dividend initiation imply a new trend? (economist.com) Alternatives KKR ($KKR) says they are making headway selling alts to mass affluent investors. (investmentnews.com) What does the research say about private equity performance? (morningstar.com) Companies Looking back at 20 years of Facebook.

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MIT Sloan Investment Conference

The Big Picture

Hey, I am heading up to Boston today for the annual MIT Sloan Investment Conference. Its’ always a fascinating time (I usually depart with some quality swag!). I will be on a panel discussing Macroeconomics with former Fed Economist Claudia Sahm. I am looking forward to meeting Karen Karniol-Tambour, Co-Chief Investment Officer at Bridgewater Associates.

Investing 147
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The Future Of Finance: How To Manage Spend The Right Way

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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Macro is Hard

A Wealth of Common Sense

Think back to the economic set-up at the end in September 2022. The stock market was down 25% on the year. The latest inflation reading was still well over 8%. Interest rates had shot up. The Fed was raising rates aggressively. A recession was all but consensus. And why wouldn’t it be? That’s what the Fed was telling everybody! Jerome Powell gave a press conference at the time that echoed the dire sentiment in.

Economics 128
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Half of U.S. Households Own REIT Stocks

Wealth Management

Through mutual funds, ETFs, target date funds and direct stock ownership, 168 million Americans have exposure to publicly traded REITs.

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Tuesday links: types of investors

Abnormal Returns

Markets A look at Magnificent Seven valuations. (ft.com) Nvidia ($NVDA) has added some $500 billion market cap in just six weeks or so. (markets.businessinsider.com) Newsletter writers are bullish. (allstarcharts.com) Strategy A long term look at bond yields vs. stock yields. (morningstar.com) What kind of investor are you? (behaviouralinvestment.com) How to pick a proper investment benchmark.

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Transcript: Tom Hancock, GMO

The Big Picture

 The transcript from this week’s, MiB: Tom Hancock, GMO Focused Equity , 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. 00:00:10 [ Barry Ritholtz ] This week on the podcast, I have an extra special guest.

Valuation 130
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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Wholesale Used Car Prices "Flat" in December; Down 9.2% Year-over-year

Calculated Risk

From Manheim Consulting today: Wholesale Used-Vehicle Prices Flat in January Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were unchanged in January compared to December. The Manheim Used Vehicle Value Index (MUVVI) remained at 204.0 but down 9.2% from a year ago. The index experienced the same 0.0% monthly change from December 2021 to January 2022.

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11 Investment Must Reads for This Week

Wealth Management

Morningstar profiled the 15 funds that have destroyed the most wealth over the past 10 years. Investors who lost money on a deal are trying to shut down a real estate crowdfunding site. These are among the investment must reads we found this week for wealth advisors.

Investing 124
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Wednesday links: a weighing machine

Abnormal Returns

Strategy In the long run, fundamentals matter. (albertbridgecapital.com) Some classic investing lessons from Ed Thorp. (moontower.substack.com) Finance The SEC has expanded its definition of who is a 'securities dealer.' (wsj.com) Incentives matter when it comes to capital providers. (chudson.substack.com) Where corporations are borrowing. (apolloacademy.com) ETFs Why ETFs may be a better fit for less liquid asset classes.

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Vision Pro: Bullish For Apple, Bearish for Society

A Wealth of Common Sense

Vanity Fair ran a cover story last week about the new Apple Vision Pro: I suppose Tim Cook could have looked a little happier in this picture, but the aesthetics of the Vision Pro are not why you buy it. These things are going to look cringe for a while until we all get used to people wearing tech-laced ski goggles on their faces in public. What matters is the functionality once you’re inside this new world.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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MBA: Mortgage Applications Increased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 2, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonally adjusted basis from one week earlier.

Marketing 124
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Are Fintech Record Keepers Viable?

Wealth Management

Breaking down the four major fintech record keepers.

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Adviser links: the curse of knowledge

Abnormal Returns

Podcasts Thomas Kopelman and Jacob Turner talk about how they manage their own finances. (podcasts.apple.com) Steve Chen talks with Brian Portnoy, founder of Shaping Wealth, about forming a holistic approach to wealth. (newretirement.com) Advisortech Advisers increasingly need to investigate which technology tools they can realistically adopt. (kitces.com) The latest in advisortech including Flourish launching a new annuity platform.

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Band of Brothers Attacking Short Sellers: Game Stop for Hedge Funds

Alpha Architect

Advisors and investors should be aware that fund families that invest systematically have found ways to incorporate the research findings on the limits to arbitrage and the evolving changes we have discussed to improve returns over those of a pure index replication strategy. It seems likely this will become increasingly important, as the markets have become less liquid, increasing the limits to arbitrage and allowing for more overpricing.

Investing 120
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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.