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From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 9, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier.
At the Money: Is War Good for Markets? (February 14, 2024) What does history tell us about how war impacts the stock market? What is the correlation between geopolitical conflict and inflation? Can these patterns inform us of future bull market behavior? In this episode, I speak with Jeffrey Hirsch about what happens to equities after global conflicts.
Private equity What does the research say about private equity performance? (morningstar.com) Why it's so hard to compare public and private investments. (caia.org) Fund management How should we assess 'pedigree' when it comes to investment managers? (investmentecosystem.com) Why hedge funds are happy with higher short term interest rates. (bloomberg.com) Quant stuff Researchers are now unleashing ChatGPT on stock selection models.
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Here are a few measures of inflation: The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year. This declined and is now up 3.6% YoY. Click on graph for larger image. This graph shows the YoY price change for Services and Services less rent of shelter through January 2024. Services were up 5.0% YoY as of January 2024, unchanged from 5.0% YoY in December.
Anya Coverman, president and CEO of the Institute for Portfolio Alternatives, talks about potential policies at the federal and state levels that could stem advisors’ ability to use alternative investments in client portfolios.
Last month, I mentioned that CPI inflation measures were based on lagging BLS measures of Owners’ Equivalent Rent (OER). BLS highlighted housing prices, headlining the CPI report as “CPI for all items rose 0.3% in January; shelter up ” As the chart above shows, Shelter was 2/3rds of the increase in the most recent. ( Chart thanks to Michael McDonough ).
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Last month, I mentioned that CPI inflation measures were based on lagging BLS measures of Owners’ Equivalent Rent (OER). BLS highlighted housing prices, headlining the CPI report as “CPI for all items rose 0.3% in January; shelter up ” As the chart above shows, Shelter was 2/3rds of the increase in the most recent. ( Chart thanks to Michael McDonough ).
Books An excerpt from "Private Equity: A Memoir" by Carrie Sun. (wsj.com) An excerpt from "On Thinking for Yourself: Instinct, Education, Dissension" by Caitlin Flanagan. (theatlantic.com) An excerpt from "Get Married: Why Americans Must Defy the Elites, Forge Strong Families, and Save Civilization" by Brad Wilcox. (theatlantic.com) An excerpt from "A Real Right To Vote: How A Constitutional Amendment Can Safeguard American Democracy" by Richard L.
Today, in the Calculated Risk Real Estate Newsletter: Single Family Starts Up 22% Year-over-year in January; Multi-Family Starts Down Sharply A brief excerpt: Note that permits held up better than starts in January, and housing starts were probably impacted by the severe weather last month. The third graph shows the month-to-month comparison for total starts between 2023 (blue) and 2024 (red).
The transcript from this week’s, MiB: David Einhorn, Greenlight Capital , 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.
Where are top advisors focusing in 2025? AcquireUp’s 2025 Industry Index reveals it all. Based on insights from 200+ financial professionals nationwide, discover why 74% say seminars and referrals deliver the best ROI, how automation is helping advisors scale faster, and why only 8% are tapping into niche marketing (a major growth opportunity!). Whether you're refining your client acquisition strategy or scaling your practice, this report gives you the real-world data, benchmarks, and action ste
Strategy ETFs are a better mousetrap, but they can't turn a bad manager into a good one. (wsj.com) Why you should diversify internationally. (humbledollar.com) A company moat is no guarantee of good performance. (flyoverstocks.com) Books A look at five new finance books including "The Trading Game" by Gary Stevenson. (axios.com) A look at Gary Sernovitz's new novel "Counting House.
From the Fed: Industrial Production and Capacity Utilization Industrial production edged down 0.1 percent in January after recording no change in December. In January, manufacturing output declined 0.5 percent and mining output fell 2.3 percent; winter weather contributed to the declines in both sectors. The index for utilities jumped 6.0 percent, as demand for heating surged following a move from unusually mild temperatures in December to unusually cold temperatures in January.
Higher borrowing costs, volatile markets and economic uncertainty have made it more difficult for private equity firms to exit their existing investments through sales or initial public offerings.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a study from Cerulli Associates indicates a lack of fee transparency represents a significant hurdle for many investors when considering working with a financial advisor. Which suggests that while advisors might be hesitant to publish their fees on their website before being able to meet face-to-face with prospects, doing so (and linking the fees to the value proposi
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Top clicks this week These 15 funds destroyed the most shareholder value over the past decade. (morningstar.com) Some classic investing lessons from Ed Thorp. (moontower.substack.com) Some signs of internal weakness in the stock market. (allstarcharts.com) A valuation analysis of the Magnificent Seven. (aswathdamodaran.blogspot.com) In the long run, fundamentals matter.
Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending February 10, 2024 • Active inventory increased, with for-sale homes 13.9% above year ago levels. For a 14th consecutive week, active listings registered above prior year level, which means that today’s home shoppers have more homes to choose from that aren’t already in the process of being sold.
The integration of documented processes with CRM workflows empowers organizations to streamline operations, enhance customer satisfaction and drive sustainable growth.
While there is a plethora of ways that financial advisory firm owners can build and run their practices (from service models to specialties to fee structures and beyond), one of the most complex activities shared by many growing firms are those that involve hiring, training, managing, and retaining employees. And with the increasing shift to remote and hybrid work in recent years, these skills have become even more important.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Markets Why the Magnificent Seven are outperforming: earnings. (apolloacademy.com) Markets work: the case of lithium. (marginalrevolution.com) Alternatives Alternative investments are generally sold, not bought. (ofdollarsanddata.com) Per KKR ($KKR), family offices are set to boost their exposure to alternatives. (institutionalinvestor.com) IPOs These five startups, like SpaceX, should be public already, but aren't.
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Friday: • At 8:30 AM ET, Housing Starts for January. The consensus is for 1.470 million SAAR, up from 1.460 million SAAR. • Also at 8:30 AM, The Producer Price Index for January from the BLS. The consensus is for a 0.1% increase in PPI, and a 0.1% increase in core PPI. • At 10:00 AM, University of Michigan's Consumer sentiment index (Preliminary for February).
A pair of advisors from Snowden Lane have broken away to create Coral Reef Advisors, a registered investment advisory firm in Florida’s Ponte Vedra Beach.
The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • A Cycle of Misery: The Business of Building Commercial Aircraft : Making commercial aircraft (large jetliners purchased by commercial airlines) is in some ways like any other manufacturing industry. A company develops a product and tries to sell it for enough to cover the costs of developing and producing it.
Automation is transforming finance but without strong financial oversight it can introduce more risk than reward. From missed discrepancies to strained vendor relationships, accounts payable automation needs a human touch to deliver lasting value. This session is your playbook to get automation right. We’ll explore how to balance speed with control, boost decision-making through human-machine collaboration, and unlock ROI with fewer errors, stronger fraud prevention, and smoother operations.
Autos How three different companies are handling autonomous driving. (freethink.com) Toyota ($TM) is seeing the benefit of rising demand for hybrids. (wsj.com) Tesla ($TSLA) has a hazardous waste problem in California. (theverge.com) Existing guardrails are not holding up to today's larger vehicles. (slate.com) Why EVs are inevitable - they use less energy.
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-February 2024 A brief excerpt: This 2-part overview for mid-February provides a snapshot of the current housing market. Let’s talk house prices, sales, inventory, mortgage rates, rents and more! I always like to start with inventory, since inventory usually tells the tale !
This week, we speak with Bill Dudley , former president and chief executive officer of the Federal Reserve Bank of New York , where he also served as vice chairman and a permanent member of the Federal Open Market Committee. He was executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Podcasts Brendan Frazier talks with Sten Morgan, the founder of Legacy Investment Planning, about better communicating with clients. (wiredplanning.com) Michael Kitces talks with David Savir who is the Co-Founder and CEO of Element Pointe Family Office, about crafting an employee equity program. (kitces.com) Daniel Crosby reads another chapter from his forthcoming book "The Soul of Money.
From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment. The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase.
I enjoy studying market history not because it makes it any easier to predict the future but because it can set helpful baseline assumptions. For example, there have been permabears predicting a massive financial crisis and stock market crash every single year since the Great Financial Crisis in 2008. A crash is always a possibility, of course. But there have only been five crashes in the 50% or worse range over the past.
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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