Sat.May 25, 2024 - Fri.May 31, 2024

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Personal finance links: prioritizing your future

Abnormal Returns

Podcasts Barry Ritholtz talks with Carl Richards about the behavior gap and how to avoid it. (ritholtz.com) Shane Parrish talks with Morgan Housel author of "Same as Ever: A Guide to What Never Changes." (youtube.com) Amy Arnott and Christine Benz talk with Jamila Souffrant author of "Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness.

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Why “Deferred Sales Trusts” Can Be A Risky Way To Defer Taxes On A Business Sale

Nerd's Eye View

Small business owners often treat their businesses not only as their source of income during their working years, but also as an asset that can be sold to fund their retirement. And while many businesses can build up substantial value over the years, the downside is that, when that value is realized upon the sale of the business, a large amount of it is treated as taxable income.

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MiB: Jeffrey Sherman, DoubleLine Deputy CIO

The Big Picture

This week, we speak with Jeffrey Sherman , deputy chief investment officer at DoubleLine Capital. Sherman oversees and administers DoubleLine’s investment management subcommittee; serves as lead portfolio manager for multisector and derivative-based strategies; and is a member of the firm’s executive management and fixed-income asset allocation committees.

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Chicago PMI Drops to 4-Year Low

Advisor Perspectives

The latest Chicago Purchasing Manager's Index (Chicago Business Barometer) fell to 35.4 in May from 37.9 in April. This is the sixth straight monthly decline and the lowest level for the index since May 2020. The latest reading is worse than the 41.1 forecast and keeps the index in contraction territory for a sixth consecutive month.

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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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Friday links: a teacher like no other

Abnormal Returns

Markets There is still more than $6 trillion in money market funds. (apolloacademy.com) Is Japan's stock market finally ready for prime time? (on.ft.com) Strategy We should judge systems by their outcomes, not by their aims. (anildash.com) Good investing advice is timeless. (blogs.cfainstitute.org) Finance Private equity is not recycling capital very quickly.

More Trending

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10 Sunday Reads

The Big Picture

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Realtors Are in Crisis—and Home Buyers Could Be the Winners : A wave of lawsuits over fees paid to agents has put the giant trade association on the defense; ‘it got arrogant’ ( Wall Street Journal ) see also Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits : The National Association of Realtors will pay $418 million in damages and will amend several rules that housing experts say wil

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MBA: Mortgage Applications Decreased in Weekly Survey

Calculated Risk

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 5.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 24, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7 percent on a seasonally adjusted basis from one week earlier.

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Tuesday links: an instant no

Abnormal Returns

Strategy Wealthy Americans invest a lot in alternatives, but that doesn't mean you need to. (ofdollarsanddata.com) The case against concentrated funds. (behaviouralinvestment.com) Finance T+1 is here. (finance.yahoo.com) London wants to regain its spot atop the finance game. (nytimes.com) How the PE slowdown affects investors downstream. (ft.com) Companies Apple and Amazon have both missed an opportunity in AI.

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Weekend Reading For Financial Planners (June 1-2)

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 Financial Planning Association and Money.com are planning to publish a “Best Financial Advisors” list based on advisors’ education, credentials, and experience, as well as harder-to-quantify areas such as trust factors and client communication.

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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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Quality, Factor Momentum, and the Cross-Section of Returns

Alpha Architect

There is strong empirical evidence demonstrating that momentum (both cross-sectional and time-series) provides information on the cross-section of returns of many risk assets and has generated alpha relative to existing asset pricing models. Ma, Yang, and Ye’s findings provide another test of both robustness and pervasiveness, increasing our confidence that the findings of momentum in asset prices are not a result of data mining.

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PCE Measure of Shelter Slows to 5.6% YoY in April

Calculated Risk

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through April 2024. CPI Shelter was up 5.5% year-over-year in April, down from 5.6% in March, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 5.6% YoY in April , down from 5.8% in March, and down from the cycle peak of 8.3% in April 2023.

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Wednesday links: evolving living standards

Abnormal Returns

Nvidia It's hard to overstate just how big a rally Nvidia ($NVDA) has seen. (downtownjoshbrown.com) Then again, few large companies have grown this fast. (theirrelevantinvestor.com) AI A look at the AI tech stacks for various players in the industry. (stratechery.com) Why Zuck and Meta ($META) have embraced an open AI standard. (nytimes.com) AI spending is going to grow as more countries jump into the game.

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#FASuccess Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your Back, With Jenny Martella

Nerd's Eye View

Welcome everyone! Welcome to the 387th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jenny Martella. Jenny is a Principal and Wealth Manager at Modera Wealth Management, an RIA based in Westwood, New Jersey, that oversees $12.5 billion in assets under management for approximately 4,700 client households. What's unique about Jenny, though, is how she and her previous business partner were so successful in the early years of growing their advisory firm, that the

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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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Q1 GDP Second Estimate: Real GDP at 1.3%, Below Forecast

Advisor Perspectives

The U.S. economy grew at a slower than expected pace to start off the year. Real gross domestic product increased at an annual rate of 1.3% in Q1 2024, according to the second estimate. The latest estimate is lower than the forecasted 1.6% growth and is a slowdown from the Q4 2023 GDP final estimate of 3.4%.

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Weekly Initial Unemployment Claims Increase to 219,000

Calculated Risk

The DOL reported : In the week ending May 25, the advance figure for seasonally adjusted initial claims was 219,000 , an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 215,000 to 216,000. The 4-week moving average was 222,500, an increase of 2,500 from the previous week's revised average.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Mentions Sam Ro's favorite free finance newsletters. (tker.co) The 18 best investing blogs of 2024. (thecollegeinvestor.com) Top clicks this week The 18 best investing blogs of 2024. (thecollegeinvestor.com) 11 investing principles from Bill Miller including how to avoid value traps. (investmenttalk.co) Sam Ro's favorite free finance newsletters. (tker.co) Why don't more people engage in probabilistic thinking?

Investing 255
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#FA Success Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your Back, With Jenny Martella

Nerd's Eye View

Welcome everyone! Welcome to the 387th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jenny Martella. Jenny is a Principal and Wealth Manager at Modera Wealth Management, an RIA based in Westwood, New Jersey, that oversees $12.5 billion in assets under management for approximately 4,700 client households. What's unique about Jenny, though, is how she and her previous business partner were so successful in the early years of growing their advisory firm, that the

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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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Missouri Regulators Send Warning Letter to Advisors Using Data Aggregation Tech

Wealth Management

After Washington, Missouri is the second known state to send warning letters to advisors over the use of wealthtech tools that can access data in client retirement and banking accounts.

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FDIC: Number of Problem Banks Increased in Q1 2024

Calculated Risk

The FDIC released the Quarterly Banking Profile for Q1 2024: Reports from 4,568 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) report aggregate net income of $64.2 billion in first quarter 2024, an increase of $28.4 billion (79.5 percent) from the prior quarter. A large decline in noninterest expense because of several substantial, non-recurring items recognized by large banks in the prior quarter, as well as higher noninterest income and lo

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Thursday links: aggressive diversification

Abnormal Returns

Markets Trading in Nvidia ($NVDA) shares dwarf other large companies. (sherwood.news) The 0DTE market just keeps growing. (ft.com) Strategy How much to allocate to private equity, if you must. (morningstar.com) Pay less attention to your investments. (timharford.com) Crypto Gemini customers are finally going to start getting their money back. (cnbc.com) Signs that a Mt.

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Kitces & Carl Ep 139: When Have You Done ‘Enough’ For Clients (And How Do You Know)

Nerd's Eye View

Over the past couple of decades, the financial advice industry has seen a tremendous shift as the focus has evolved away from being primarily transaction-based and towards forming long-term service-based relationships with clients. Yet, one of the hurdles advicers have faced along the way is figuring out how to demonstrate the seemingly intangible value of financial planning as a service.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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LPL Grabs Another Team from Osaic

Wealth Management

FSI Wealth Management, a San Diego, Calif.-based team with $215 million in assets, is joining LPL from Securities America, in the wake of Osaic's integration and rebranding efforts.

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Comments on March House Prices, FHFA: House Prices Increased 0.1% in March

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 6.5% year-over-year in March; FHFA: House Prices Increased 0.1% in March, up 6.6% YoY Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for March ("March" is a 3-month average of January, February and March closing prices). March closing prices include some contracts signed in November, so there is a significant lag to this data.

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Research links: social phenomena

Abnormal Returns

Research Average performance can obscure some bad outcomes. (portfoliocharts.com) No matter where you look, momentum shows up. (alphaarchitect.com) Why don't more investors use equal-weighted indices? (mrzepczynski.blogspot.com) How LLMs can be used to do security analysis. (papers.ssrn.com) Hedge funds outperform when markets are expensive. (mrzepczynski.blogspot.com) How fund flows can cause an unsustainable feedback loop.

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Stock Market & Home Ownership Rates

A Wealth of Common Sense

It’s estimated just 1% to 3% of American households owned stocks heading into the Great Depression. Few people made enough money to save and invest back then plus it was difficult to access the market for regular people — no 401ks, IRAs, online brokers, robo-adviors, index funds, ETFs, Robinhood, etc. By the early-1980s stock ownership was more like 1 in 5 households.

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Transforming Lending: Understanding the Power of Digital Platforms

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.

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More Fiduciary Rule Critics Sue In Texas Federal Court

Wealth Management

The American Council of Life Insurers, the Insured Retirement Institute and Finseca are among the plaintiffs in the newest suit against the Labor Department’s rule. This is the second suit filed against the rule in Texas this month.

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Realtor.com Reports Active Inventory Up 36.5% YoY; Most Homes For Sale Since July 2020

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 36.5% YoY. Realtor.com has monthly and weekly data on the existing home market.

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Adviser links: sustainable niches

Abnormal Returns

Podcasts Josh Brown and Michael Batnick talk to the one and only Nick Murray. (downtownjoshbrown.com) Brendan Frazier talks about how to do better intro meetings. (wiredplanning.com) The biz CI Financial is giving its U.S. affiliate Corient some additional financial flexibility. (riabiz.com) Betterment continues to double down on the adviser channel.