The Big Picture
NOVEMBER 27, 2023
This weekend Jeff Sommer discussed a DFA research paper on market timing; both are well worth your time to read. The broad strokes are: Market timing is extremely difficult, very few people (if any) do it consistently well. Not only are the odds stacked against you, but very often systems that have successfully timed the market have been simply lucky, and do not succeed in out-of-sample tests.
Abnormal Returns
NOVEMBER 29, 2023
Podcasts Christine Benz and Jeff Ptak talk with Tiffany Aliche, author of the new book "Made Whole: The Practical Guide to Reaching Your Financial Goals." (morningstar.com) Christine Benz and Jeff Ptak talk with Mike Moran, managing director and pension strategist for Goldman Sachs ($GS) about the state of retirement preparedness. (morningstar.com) Same As Ever Lessons learned from Morgan Housel's new book "Same As Ever: Timeless Lesson on Wealth, Greed and Happiness.
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Nerd's Eye View
NOVEMBER 29, 2023
The traditional way that most financial planning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client's financial strategy that was delivered either on a one-time basis or updated annually. However, as the industry has shifted towards an ongoing relationship model, advisors have felt compelled to demonstrate consistent value to their clients throughout the year.
The Reformed Broker
NOVEMBER 28, 2023
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: ►Year End Rally – Choose your weapon – tech almost always leads bull markets. ►Calm Breaks Out – One man’s calm is another man’s euphoria?
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 Big Picture
DECEMBER 1, 2023
The chart above shows that 84% of CEOs are forecasting a recession over the next 12 months, 69% of Consumers saying the same thing, with the yield curve predicting a 61% chance of a contraction. The problem is those sets of forecasts is already 2 months old, dated October 3, 2023. It was before the very encouraging CPI, Unemployment, and GDP data releases.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
DECEMBER 1, 2023
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the U.S. Supreme Court heard arguments this week in the case of SEC v. Jarkesy, which in a narrow sense focuses on the SEC's use of in-house Administrative Law Judges to hear securities law cases rather than traditional Federal jury trials, but in a broader sense could call into question the SEC's (and other government agencies') authority to make rules and enforce laws in
The Reformed Broker
NOVEMBER 28, 2023
The new online home of Ritholtz Wealth Management has (finally) arrived! It’s ironic that we’re a firm with ten content creators and all these big blogs but we’ve never really paid much attention to what our corporate site looks like or how it works. It was just always an afterthought. Until today. Our old site was fine. It just didn’t do anything for anyone.
The Big Picture
NOVEMBER 25, 2023
This week, we speak with Peter Atwater, president of Financial Insyghts and an adjunct professor at William & Mary and the University of Delaware. He studies the impact of changing confidence on consumer decision-making and advises investors, businesses and policymakers. He coined the term “K-shaped recovery” to describe the pandemic’s effects on the economy.
Abnormal Returns
NOVEMBER 30, 2023
Charlie Munger Jason Zweig, "More than almost anyone I’ve ever known, Munger also possessed what philosophers call epistemic humility: a profound sense of how little anyone can know and how important it is to open and change your mind." (wsj.com) Berkshire Hathaway ($BRK.A) shareholders need to closely contemplate a post-Buffett era. (morningstar.com) Some more Charlie Munger quotes including 'In my whole life, I have known no wise people who didn’t read all the time — none, zero.
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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.
Nerd's Eye View
NOVEMBER 27, 2023
One of the main goals of financial advisors who market themselves is to build a foundation of trust with their prospective clients so that they feel comfortable in discussing often-sensitive financial topics and ultimately acting on the advisor's recommendations. The challenge, though, is that advisors usually have only a short amount of time to build this trust, and while advisors can use different channels (e.g., their websites, newsletters, and social media) to demonstrate their expertise, th
Carson Wealth
NOVEMBER 29, 2023
By Matt Lewis, CLTC ® , Vice President, Insurance In today’s world it’s fair to say that most reasonable people believe they are going to live a long life. And when you live a long life, it’s also fair to say that sooner or later, we’re going to need some form of care. Seven out of 10 people will eventually require long-term care in their lifetime. 1 How expensive that care is depends on where you live.
The Big Picture
NOVEMBER 30, 2023
My morning train WFH reads: • Owners Keep Zombie Malls Alive Even When Towns Want to Pull the Plug : Aging malls often take a long time to expire, but they can remain valuable assets. ( Wall Street Journal ) • A strange, short journey through Shein’s world : The fast fashion brand has been trying to drop the secrecy around its business model and supply chain.
Abnormal Returns
NOVEMBER 26, 2023
Top clicks this week Cullen Roche, "The worst narrative in finance is this idea that stocks generate 10%+." (disciplinefunds.com) Why you should believe in stocks for the long run. (awealthofcommonsense.com) THIS is the most important decision you will make in life. (safalniveshak.com) The 10 best books of 2023 including 'The Bathysphere Book: Effects of the Luminous Ocean Depths,’ by Brad Fox.
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.
Nerd's Eye View
NOVEMBER 30, 2023
Financial advisors looking to increase their firm's productivity may often start by choosing either to hire more employees as a way to delegate their workload, or to implement new technology solutions to increase the efficiency of their work processes. While the expectation is often that investing in these solutions will enhance efficiency, advisor capacity, and margins without proportionally increasing costs, the reality is that they typically have a modest impact on profitability (with no more
Wealth Management
NOVEMBER 30, 2023
California-based accounting firm Windes will leverage Integrated Partners’ platform to provide more comprehensive services for complex clients through a new wealth management practice.
The Big Picture
NOVEMBER 27, 2023
My back-to-work morning reads: • How to Tweak Your Investments for a More Normal Market : Convert a traditional IRA to a Roth IRA; Higher interest rates means cash gets a respectable yield; Revisit concentrated positions; consider adding international stocks; buy longer-dated Treasuries. ( Barron’s ) • Economists May Have Been Flying Blind All Along : Declining response rates to official surveys raise the possibility that government and central bank officials have been making decisions bas
Abnormal Returns
NOVEMBER 29, 2023
Strategy It can take awhile for investors to come around to a bull market. (ritholtz.com) It's hard to be a pessimistic long-term investor. (blog.validea.com) Rates Positive real interest rates give bond investors a cushion. (alphaarchitect.com) Is the top finally in for mortgate rates? (mortgagenewsdaily.com) Crypto Does Binance really have a second life, post-indictment?
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.
Nerd's Eye View
NOVEMBER 28, 2023
Welcome back to the 361st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Peter Tiboris. Peter is a Partner of Park Avenue Capital, an advisory firm affiliated with Northwestern Mutual based in New York City, that oversees $2.4 billion in assets under management for 1,377 client households. What's unique about Peter, though, is how he and his business partner have built up their firm through a combination of organic growth, and a series of mergers and acquisitio
Alpha Architect
DECEMBER 1, 2023
Ignoring the impact of taxes on the returns of taxable accounts is one of the biggest mistakes that can be made. After-Tax Performance of Actively Managed Funds was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.
The Big Picture
NOVEMBER 28, 2023
My Two-for-Tuesday morning train reads: • In the Stock Market, Don’t Buy and Sell. Just Hold. There’s new evidence that market timing doesn’t work. Your odds of success are better if you just hang on and aim for average returns, our columnist says. ( New York Times ) see also The “Art” of Market Timing : Market timing is extremely difficult, very few people (if any) do it consistently well.
Abnormal Returns
DECEMBER 1, 2023
Markets The performance of major asset classes in November 2023. (capitalspectator.com) Even after November's rally low volatility stocks are still down on the year. (on.spdji.com) The magnificent seven stocks are having a big 2023, in part because they had a rough 2022. (theirrelevantinvestor.com) Charlie Munger Charlie Munger perferfected the art of being a second-in-command.
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Wealth Management
NOVEMBER 30, 2023
Savvy snaps up Schwab advisor, LaSalle St. adds former Atria OSJ, Perigon Wealth buys Vegas shop and other news from Modern Wealth, Freestone Capital and Thurston Springer.
Calculated Risk
NOVEMBER 28, 2023
S&P/Case-Shiller released the monthly Home Price Indices for September ("September" is a 3-month average of July, August and September 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 Continued to Trend Upward in September The S&P CoreLogic Case-Shiller U.S.
The Big Picture
DECEMBER 1, 2023
Welcome to December! Our end-of-week morning train WFH reads: • S&P 500’s Historic 8.9% Rally Blindsides Skeptics on Wall Street : The US stock market just posted its best month in almost a year and a half, and one of its best Novembers in decades, defying skeptics and fueling hopes for more gains to come. ( Bloomberg ) • Dimensional Fund Advisors Reaps $100B More in Assets With ETFs : The firm has $100 billion in assets under management in its nearly 40 exchange-traded funds, even though it
Abnormal Returns
DECEMBER 1, 2023
Listening Young Americans are boosting their consumption of spoken audio. (edisonresearch.com) A look at your best options for audiobooks. (wsj.com) The Castro podcasting app may be going away. (sixcolors.com) Substack is adding video creation tools. (washingtonpost.com) Lists The best podcasts of 2023 including “The Big Dig.” (newyorker.com) The top podcasts of 2023 via Apple Podcasts, including the Huberman Lab.
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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.
Advisor Perspectives
NOVEMBER 30, 2023
The latest Chicago Purchasing Manager's Index (Chicago Business Barometer) jumped to 55.8 in November from 44.0 in October, marking the highest level in the past 17 months. The latest reading is better than the 45.4 forecast and pushes the index into expansion territory for the first time in 15 months.
A Wealth of Common Sense
DECEMBER 1, 2023
I heard an old Norm Macdonald joke once that went something like this: An optimist looks at the glass as half full. A pessimist looks at the glass as half empty. I’m a pessimist and I look at the glass as half full…but I might have bowel cancer. I am a glass-is-half-full guy but tend to lean optimistic unlike Norm. Just think about all that we’ve accomplished as a species.
The Big Picture
NOVEMBER 26, 2023
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Richest 1% account for more carbon emissions than poorest 66%, report says : ‘Polluter elite’ are plundering the planet to point of destruction, says Oxfam after comprehensive study of climate inequality. ( The Guardian ) • How Osama bin Laden’s ‘Letter to America’ reached millions online : Videos citing the document had been viewed far less than many TikTok posts.
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