Sat.Oct 28, 2023 - Fri.Nov 03, 2023

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Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It’s Even Worth Doing)

Nerd's Eye View

There are many tax planning strategies that allow financial advisors to demonstrate the ongoing value they provide to clients in exchange for the fees they charge. Part of this value is understanding the detailed nuances that make a strategy effective and implementing it correctly, avoiding issues with the IRS down the line. For instance, while backdoor Roth conversions are a well-known strategy, many individuals have either missed the opportunity to use it and/or implemented it incorrectly R

Taxes 241
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What Do World War II & Covid Have in Common?

The Big Picture

We just experienced the strongest economic recovery since the end of World War II Source: Irrelevant Investor Light posting as I’m getting ready for some travel, but this chart is so amazing. It’s hard not to look at the two biggest recovery outliers: The post-WW2 era, and the post-Covid Era. The parallels are pretty strong, especially when it comes to both the Labor market and the Inflation surges.

Economics 284
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Research links: value traps

Abnormal Returns

Factors Why corporate bond factor research is more challenging. (papers.ssrn.com) Why do stocks with high idiosyncratic volatility underperform? (alphaarchitect.com) Momentum Fund investors are momentum chasers. (klementoninvesting.substack.com) Momentum in the sports betting markets. (papers.ssrn.com) Research Do stocks really become less risky over the long run?

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This Week on TRB

The Reformed Broker

ALERT: Michael, Barry, Ben and about twenty of our most highly skilled advisor / client service superstars are coming to North Carolina from November 6th through 8th to meet with clients and celebrate our new branch office in downtown Charlotte. I’ll be there too, of course. If you’d like to chat with us about your financial plan and portfolio in-person and you’re within driving distance of CLT, hit us u.

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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.

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The 10 Best Financial Advisor Conferences To Attend In 2024

Nerd's Eye View

After several years of turmoil caused by the pandemic, financial advisor conferences seem to have found a "new [post-pandemic] normal", with events once again growing (some already surpassing their pre-pandemic highs). But that's not to say that the conference landscape was not altered by the pandemic; instead, the pandemic appears to have served as a catalyst that accelerated trends that were already underway, such that financial advisor conferences today look substantively different than they

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Personal finance links: cheat days

Abnormal Returns

Podcast Noah Kagan talks with Morgan Housel author of "Same as Ever: A Guide to What Never Changes." (noahkagan.com) Peter Lazaroff on how to research a firm using it's Form ADV. (peterlazaroff.com) Khe Hy talks with Sarah Chappell about the challenges of walking away from good money. (podcasts.apple.com) Dan Haylett talks with Mike Drak about better retirement lifestyle design.

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The AI Moment Comes to Wall Street

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Eric Jackson, and Downtown Josh Brown discuss the market’s strong start to November, using AI and machine learning to find alpha, the magnificent 7, fintech stocks, the court ruling impacting real estate stocks, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

Marketing 161
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Weekend Reading For Financial Planners (November 4-5)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Department of Labor this week released its long-awaited "retirement security rule", its latest effort to curb conflicts of interest around retirement savings recommendations. Among other measures, the proposal would amend the current 5-part test that determines fiduciary status for retirement accounts by defining as a fiduciary act a one-time recommendation to roll fun

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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: • Kanye and Adidas: Money, Misconduct and the Price of Appeasement : A year ago, after producing hundreds of shoe styles and billions of dollars together, Adidas broke with Kanye West as he made antisemitic and other offensive public comments.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week A big regime shift has happened in the economy and financial markets. (ritholtz.com) The bond market bear market is pretty epic. (mrzepczynski.blogspot.com) Byron Wien's 20 rules for investing and life. (ritholtz.com) Why aren't stocks down more? (theirrelevantinvestor.com) Remember the guy who forgot the password for a hard drive with 7,002 Bitcoin on it?

Valuation 279
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Stop Crying and Buy Bonds

The Reformed Broker

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: â–º4th Quarter Rally? – Positive economic surprises say we are due for a Q4 meltup. â–ºGreat News – American wealth hitting new highs. â–ºEffective Interest Rates – “This increased cost of capital is.

Economics 161
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#FA Success Ep 357: Building A High-Tech High-Touch Advisory Firm With The Modern Advisor Tech Stack, With Jon Henderson

Nerd's Eye View

Welcome back to the 357th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jon Henderson. Jon is the Founder and CIO for Echo45 Advisors, an independent RIA based in Walnut Creek, California, that oversees $163 million in assets under management for more than 180 client households. What's unique about Jon, though, is how he has carefully vetted and curated his advisor tech stack of third-party software to provide a strong "high-tech" client experience… and

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Bubble Risk in City Property Markets?

The Big Picture

Buoyed by low interest rates for the last decade, many property markets have seen substantial price growth since 2010. Experts warned that real estate bubbles—in which the price of assets moved up far beyond their intrinsic value—were forming. The UBS Global Real Estate Bubble Index analyzes the real estate market of 25 major cities across the globe and assigns them a score between -0.5 to 2.0 to convey bubble risk.

Marketing 261
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Friday links: scary headlines

Abnormal Returns

Markets There are always scary headlines in the stock market. (awealthofcommonsense.com) One week doth not a bond bull market make. (allstarcharts.com) Crypto SBF found guilty on all counts. (coindesk.com) So much for everyone who said SBF wouldn't be indicted and/or convicted. (lefsetz.com) Companies Six Flags ($SIX) and Cedar Fair ($FUN) are merging.

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Medicare Time – Now What? Things to Know as You Start Out

Carson Wealth

By Matt Lewis, CLTC ® , Vice President, Insurance You’re turning 65 this year and Medicare is on your mind. Medicare is a subset of Social Security and run by the Social Security Administration. In my experience, it may be almost as complicated as the Internal Revenue Code! With that said, let’s answer some common questions about Medicare to help you get started.

Insurance 143
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Kitces & Carl Ep 124: When Clients Evolve Out Of Your Niche Specialization Should You Stay Or Go (Or Not)

Nerd's Eye View

Many financial advisors have found that serving a client niche not only helps them run a more efficient firm (as they work with clients facing similar planning issues), but also attracts more new clients (as they are able to offer a unique value proposition for clients within the niche). Notably, though, while certain clients are likely to stay within the niche throughout their lives (e.g., retired clients tend to remain retired until their deaths), other clients might 'evolve' out of the niche

Clients 179
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Presentation: Navigating Financial Disasters

The Big Picture

As promised, here is my presentation “ Navigating Financial Disasters ” from today at the Orlando Money Show… The post Presentation: Navigating Financial Disasters appeared first on The Big Picture.

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

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.

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Longform links: bandwidth depletion

Abnormal Returns

Books An excerpt from "The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend" by Rob Copeland. (nytimes.com) An excerpt from "The Dissident: Alexey Navalny, Profile of a Political Prisoner" by David M. Herszenhorn. (politico.com) Private equity The private equity industry controls a growing portion of the American economy.

Media 260
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Case-Shiller: National House Price Index Up 2.6% year-over-year in August; New all-time High

Calculated Risk

S&P/Case-Shiller released the monthly Home Price Indices for August ("August" is a 3-month average of June, July and August closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Continues to Trend Upward in August Click on graph for larger image.

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What If This Time is Different For the Stock Market?

A Wealth of Common Sense

A reader asks: I appreciate Ben’s long-term view of stock market corrections but what if this time is different? What are the stats when the Fed is actively offloading trillions of assets AND raising rates? What if this cycle is an anomaly and should be treated as such? This question was written in response to a recent post where I used the following table to show the historical distribution of losses over the past.

Marketing 131
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MiB: Michael Carmen, Co-Head, Private Investments, Wellington Management

The Big Picture

This week, we speak with Michael Carmen , co-head of private investments at Wellington Management Co. LLP, which has more than $1 trillion in assets under management. Carmen, who manages the diversified late-stage growth equity business, previously managed institutional portfolios in the multi-cap growth style. He has written papers on topics concerning investment trends in late-stage growth and small-cap equity portfolios and is a chartered financial analyst.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

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.

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Monday links: asset allocation magic

Abnormal Returns

Strategy There's nothing magic about asset allocation. (obliviousinvestor.com) Do stocks really become less risky over the long run? (morningstar.com) Companies Google ($GOOGL) is investing $2 billion in AI player Anthropic. (axios.com) Pharmaceutical companies are getting out to the consumer product business. (wsj.com) Fidelity has further marked down the value of their stake in Twitter.

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Comments on October Employment Report

Calculated Risk

The headline jobs number in the October employment report was below expectations, and employment for the previous two months was revised down by 101,000, combined. The participation rate and the employment population ratio both decreased, and the unemployment rate increased to 3.9%. Leisure and hospitality gained 19 thousand jobs in October. At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 223 thousand jobs since Februa

Retail 132
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This is a Wonderful Market for Dollar Cost Averaging

A Wealth of Common Sense

Here’s a conversation between me and a hypothetical stock market investors who worries a lot: Investor: The S&P 500 is the only game in town to invest in but I’m worried because the valuations are so high and all of the gains are coming from a handful of stocks. Me: If you think the large cap U.S. stocks are overvalued you could always invest in small caps, value stocks or foreign shares.

Marketing 131
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10 Thursday AM Reads

The Big Picture

My morning train reads: • The Economy Is Great. Why Are Americans in Such a Rotten Mood? Lingering inflation can’t explain all of the unhappiness; maybe it is referred pain from the wider world. ( Wall Street Journal ) • The Bond Market, a Sleeping Giant, Awakes : Soaring interest rates have the power to alter the direction of the economy and command the attention of Washington, our columnist says. ( New York Times ) see also World’s Safest Market Becomes a Magnet for Big Investors : US governme

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Podcast links: an abundance mindset

Abnormal Returns

Economy Kyla Scanlon talks with Derek Thompson about how to rally people to an abundance mindset. (youtube.com) Derek Thompson talks with Conor Sen about the housing recession. (open.spotify.com) Business Patrick O'Shaughnessy talks with Palmer Luckey, founder of Anduril Industries. (joincolossus.com) Alex Kantrowitz talks with Tekedra Mawakana is the Co-CEO at Waymo.

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Realtor.com Reports Weekly New Listings UP 5.6% YoY; Active Inventory Down 1.0% YoY

Calculated Risk

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending Oct 28, 2023 • Active inventory declined, with for-sale homes lagging behind year ago levels by 1.0%. For 19 straight weeks, the number of homes available for sale has registered below that of the previous year. • New listings–a measure of sellers putting homes up for sale–were up this week, by 5.6% from one year ago.

Sales 127
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How Much is a 3% Mortgage Worth?

A Wealth of Common Sense

There are always going to be winners and losers in the system under which we operate. Some people will always be doing better than you while some people will always be people doing worse than you. Right or wrong, that’s a feature, not a bug. Most of the time it could take years, decades or even generations to separate the winners from the losers in the economy.

Economy 129