The Reformed Broker
JULY 4, 2023
You know Hancock and Washington and Franklin and Jefferson. You might even know Greene and Knox, Henry and Hale. And we know you know Hamilton, pretty tough to escape that one these days! But it is very unlikely that you know the name Haym Solomon. This is unfortunate, because he’s the guy who arranged financing to keep the Continental Army alive during its darkest days, finding the money to keep the revolution goin.
Nerd's Eye View
JULY 5, 2023
As the U.S. stock market has, on average, outperformed international equities over the last 15 years since emerging from the Great Recession of 2008, many investors argue that international diversification is a poor allocation of dollars that would otherwise be earning more in the U.S. market. The outperformance of U.S. stocks has led to the favoritism of ‘local’ investments over international ones through behavioral biases (e.g., recency bias and the tendency to confuse the familiar
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The Big Picture
JULY 7, 2023
Today, the 500 th episode of Masters in Business drops. 1 I have described the inspiration for the show as “ an audio version of Market Wizards ” but the actual pitch to Bloomberg was “Mark Maron’s WTF meets Charlie Rose” (that was before we knew about his, um, behavior). It has been a wonderful ride, one that I feel grateful and privileged to be on.
Abnormal Returns
JULY 2, 2023
Top clicks this week Four strategies to keep from overspending. (humbledollar.com) There is only one true portfolio benchmark. (awealthofcommonsense.com) The optimist's case for the next few decades. (notboring.co) "Die With Zero" recommends a very different trajectory than traditional personal finance. (forbes.com) The Misery Index is falling rapidly.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
The Reformed Broker
JULY 3, 2023
Last month Michael, Duncan and I traveled down to St Petersburg for an event and, while we were there, my friend Shirl Penney set up a conversation with Scotty Neil, the founder of Horse Soldier Bourbon. Scott was part of the elite team of Green Berets who were sent behind the lines in the immediate aftermath of 9/11 to link up with our old mujahideen allies and knock the Taliban out of key Afghan cities.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
JULY 5, 2023
This morning, the WSJ reported that “Consumers expect to see 4.1% inflation a year from now, the lowest such reading in two years and down sharply from its recent peak of 6.8%.” There are some who believe this is good news, but as we pointed out in May , it’s a meaningless, lagging survey. In fact, it may be even worse than that, because it appears that some at the Federal Reserve actually believe the Fed’s own survey of consumers contains information.
Abnormal Returns
JULY 5, 2023
Podcasts Ben Carlson and Michael Batnick talk credit card points with Chris Hutchins, Host of All The Hacks Podcast. (theirrelevantinvestor.com) Chris Alacron talks with Jonathan Clements author of “My Money Journey: How 30 People Found Financial Freedom and You Can Too.” (financiallywelloff.com) Peter Mallouk and Jonathan Clements on the key ingredients of a good retirement.
The Reformed Broker
JULY 1, 2023
And if you haven’t subscribed yet, don’t wait. Check it out below or wherever fine podcasts are played. These are the most read posts on the site this week, in case you missed it: . The post This Week on TRB appeared first on The Reformed Broker.
Nerd's Eye View
JULY 3, 2023
Welcome to the July 2023 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 Pershing X has announced the launch of its long-awaited (and newly renamed) “Wove” advisor technology platform – which despite purporting to be an open-architecture, multi-custodian so
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
The Big Picture
JULY 3, 2023
Barry Ritholtz, “Masters in Business” Radio and Podcast Host discusses the environment of hedge funds and the war on talent between them. He speaks with Romaine Bostick and Scarlet Fu on Bloomberg Markets: The Close Vast Majority of Hedgefunds Are Failing to Meet Targets: Ritholtz Source: Bloomberg See also : MiB: Ilana Weinstein Discusses the Hedge Fund War for Talent (July 1, 2023) The post Majority of Hedge Funds Fail to Meet Benchmarks appeared first on The Big Picture.
Abnormal Returns
JULY 1, 2023
EVs U.S. pedestrian deaths are soaring. (npr.org) Heavier EVs make for heavier auto haulers. RIP, our roads. (slate.com) Recent developments could doom the CSS charging standard in the U.S. (nytimes.com) Oregon is legalizing self-serve pumps. (oregonlive.com) Transport Zero-emission buses are coming. (theverge.com) Joby Aviation ($JOBY) is nearing commercial eVTOL production.
The Reformed Broker
JULY 7, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Darren Rovell, and Downtown Josh Brown discuss layoffs at ESPN, sports betting, the memorabilia market, Threads vs Twitter, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods! Listen here: Apple podcasts Spotify podcasts Google podcasts Everywhere else!
Nerd's Eye View
JULY 4, 2023
Welcome back to the 340th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Melissa Joy. Melissa is the Founder of Pearl Planning, an independent RIA based in Dexter, Michigan, that oversees more than $175 million in assets under management for 251 client households. What's unique about Melissa, though, is how she originally built her career following a path of becoming a partner in a large ensemble firm, but when she finally got the opportunity to make partner sh
Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor
During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.
The Big Picture
JULY 3, 2023
My back-to-work morning train WFH reads: • 6 Rules to Know Before Hanging an American Flag This July 4 : Did you know that the MLB and NFL routinely violate one of them? ( Wall Street Journal ) • The multibillion-dollar lawsuits that could radically reshape how we buy and sell homes forever : As the money makes its way to all the players in the transaction, you may wonder: Why does it work this way?
Abnormal Returns
JULY 7, 2023
Markets Stop dissing the Dow. (allstarcharts.com) Bitcoin has survived another bear market. (blockworks.co) Strategy Professional investors do better when thinking long term. (sapientcapital.com) What exactly is the problem with index fund concentration? (ft.com) Rates Higher for longer means investors can feast on short term rates. (disciplinefunds.com) Main street banks can no longer get away with paying under-market interest rates on deposits.
The Reformed Broker
JULY 6, 2023
Final Trades: Delta, Vertex, Cooper & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.
Calculated Risk
JULY 7, 2023
From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. Total originated carloads on U.S. railroads were down 0.2% in June 2023 from June 2022 , their first decline in three months. Total carloads in 2023 through June (5.84 million) were up 0.6% (32,547( carloads) over the same period in 2022 and were the highest since 2019.
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
The Big Picture
JULY 2, 2023
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The Military Recruiting Crisis: Even Veterans Don’t Want Their Children to Join : Pentagon scrambles to retain the main pipeline for new service members as disillusioned families steer young people away. ( Wall Street Journal ) • Middle America’s ‘doom loop’ Work from home is crushing Midwestern downtowns ( Business Insider ) see also St.
Abnormal Returns
JULY 2, 2023
Strategy The best investors stay humble. (behavioralvalueinvestor.substack.com) The Japanese stock market bubble did not come without some long term costs. (econsoapbox.com) Harry Markowitz Lessons learned from Harry Markowitz. (evidenceinvestor.com) Why Markowitz chose the risk measure he did. (humbledollar.com) A tribute to Harry Markowitz. (carsongroup.com) Apple Goldman Sachs ($GS) wants to cut its ties with Apple' ($AAPL) consumer credit business.
Investment Writing
JULY 6, 2023
If you feel frustrated by coming up with topics for your financial blog, the journalist’s five Ws and one H can help. Below I share a list of 20 topics inspired by the five Ws and one H. As you brainstorm topics, think about how you can solve problems for members of your target audience. This will make your posts relevant to them. For help with this, read “ WHAT PROBLEM does this blog post solve for them?
A Wealth of Common Sense
JULY 2, 2023
I have a hot take that’s been pre-heating in the over for a while that goes like this: The Big Short by Michael Lewis has lost investors more money than the last 3 bear markets combined. Allow me to explain. We’ve all read (or watched the movie) about the band of misfits who made a contrarian bet against the housing market and made a fortune.
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All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!
The Big Picture
JULY 6, 2023
My morning train WFH reads: • The global stock market rally isn’t as narrow as you think : “If you assign equal weights to the MSCI Europe, Japan and the US indices, this is the best start to a year since 1998, Lapthorne notes. In dollar terms the Nikkei 225 is off to its best start since 1999.” ( Financial Times ) • Meta’s ‘Twitter Killer’ App Is Coming : Meta, which owns Facebook and Instagram, teased a new app called Threads that is set to take on Twitter for real-time digital con
Abnormal Returns
JULY 5, 2023
Markets It's not just the U.S. stock market that is rallying YTD. (ft.com) Bitcoin and Ethereum are at 52-week highs. (allstarcharts.com) Strategy Six signs to help you avoid 'value traps.' (blog.validea.com) These two quality financials trade at 10-11x earnings. (brklyninvestor.com) Finance If ESG investing can be restricted, then so can religious-focused funds.
Calculated Risk
JULY 6, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 9.8 million on the last business day of May , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 6.2 million and 5.9 million, respectively. Within separations, quits (4.0 million) increased, while layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires
Wealth Management
JULY 2, 2023
While much of the sector continues to be dominated by small owners/operators, its solid property fundamentals, credit tenants and low capital expenditures are beginning to bring in institutional money.
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Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.
The Big Picture
JULY 1, 2023
This week, we speak with Ilana Weinstein, CEO of hedge fund executive search firm IDW Group. The firm’s practice places senior hedge fund and business professionals across the investment landscape. She holds an MBA from Harvard Business School and a bachelor’s degree from the University of Pennsylvania. We discuss the challenges of attracting and retaining the best talent.
Abnormal Returns
JULY 7, 2023
Business Josh Brown and Michael Batnick talk with Darren Rovell about collectibes, sports gambling and the canned cocktail business. (thereformedbroker.com) Eric Newcomer talks the state of early stage venture with Techstars CEO Maëlle Gavet. (newcomer.co) Patrick O'Shaughnessy talks vertical market software with Dave Yuan who is the Founder of Tidemark Capital.
Calculated Risk
JULY 3, 2023
From the Census Bureau reported that overall construction spending increased: Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent above the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent above the May 2022 estimate of $1,880.9 billion. emphasis added Both private and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent a
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