The Big Picture
FEBRUARY 14, 2024
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.
Abnormal Returns
FEBRUARY 13, 2024
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.
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Nerd's Eye View
FEBRUARY 12, 2024
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.
Calculated Risk
FEBRUARY 14, 2024
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.
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
FEBRUARY 15, 2024
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 ).
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
FEBRUARY 16, 2024
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
Alpha Architect
FEBRUARY 16, 2024
While analysts underwrite high growth for companies that have grown quickly and slow growth for companies that have grown slowly in the past, a large body of evidence demonstrates that reversion to the mean of both positive and negative abnormal earnings growth is the norm. On the Persistence of Growth and Value Stocks was originally published at Alpha Architect.
The Big Picture
FEBRUARY 10, 2024
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.
Abnormal Returns
FEBRUARY 11, 2024
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.
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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.
Calculated Risk
FEBRUARY 13, 2024
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.
Wealth Management
FEBRUARY 15, 2024
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.
The Big Picture
FEBRUARY 16, 2024
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.
Abnormal Returns
FEBRUARY 16, 2024
The biz Podcasting now makes up some 50% of Slate's revenues. (semafor.com) Why audio companies are still laying off workers. (axios.com) Don't forget that modern podcasts are businesses, big businesses. (youtube.com) Economy Justin Carbonneau and Jack Forehand talk all things inflation with Cullen Roche. (youtube.com) Sean Illing talks with Brad Delong, author of "Slouching Towards Utopia: An Economic History of the Twentieth Century" about the end of the globalization wave.
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.
Advisor Perspectives
FEBRUARY 12, 2024
There are three pitfalls that I most commonly see income investors fall victim to. I hope illustrating them will help you avoid their damaging effects on your investment portfolio.
Wealth Management
FEBRUARY 12, 2024
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.
A Wealth of Common Sense
FEBRUARY 15, 2024
Josh Brown joined me again this week to discuss questions about career advice for younger advisors, when it makes sense to hire a financial advisor for retirement, 401ks vs. brokerage accounts and how to deploy cash in the face of all-time highs in the stock market. Further Reading: How Rich Are the Baby Boomers? The post When Should You Hire a Financial Advisor?
Abnormal Returns
FEBRUARY 13, 2024
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.
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.
Advisor Perspectives
FEBRUARY 15, 2024
Moderating mortgage rates, possible Fed rate cuts, and a lack of exiting inventory have led to increased builder confidence as the National Association of Home Builders (NAHB) Housing Market Index (HMI) rose for a third straight month to its highest level since August. The index is at 48, up 4 points from January and above the forecast of 46.
Wealth Management
FEBRUARY 14, 2024
In his new role as CEO of a nascent RIA and multifamily office within a bank-owned trust company, Hopkins hopes to fill a service gap he noticed during his time with Carson Wealth.
Trade Brains
FEBRUARY 16, 2024
Welcome to our in-depth exploration of Azad Engineering Limited, a key player in the production of components for energy turbines and aerospace & defence aircraft. The company recently made waves in the financial markets with its IPO with an astonishingly high Price-to-Earnings (PE) ratio of 292x! The stock has rallied 23 percent, from the day it got listed on December 29, 2023.
Abnormal Returns
FEBRUARY 11, 2024
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.
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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!
A Wealth of Common Sense
FEBRUARY 13, 2024
There are now six stocks in the S&P 500 with trillion-dollar valuations: Microsoft ($3.1 trillion) Apple ($2.9 trillion) Nvidia ($1.8 trillion) Amazon ($1.8 trillion) Google ($1.9 trillion) Facebook ($1.2 trillion) The numbers are getting so big it’s almost hard to comprehend. Bank of America noted in a research piece last week that Nvidia by itself is now worth more than the entire Chinese stock market.
Wealth Management
FEBRUARY 15, 2024
The integration of documented processes with CRM workflows empowers organizations to streamline operations, enhance customer satisfaction and drive sustainable growth.
Advisor Perspectives
FEBRUARY 13, 2024
Financial advisors can get swept up in the whirlwind of big marketing initiatives. But routine, everyday tactics are vital. Here are nine routines to embrace.
Abnormal Returns
FEBRUARY 14, 2024
Podcasts Peter Lazaroff talks all things equity compensation with Derek Jess. (peterlazaroff.com) Barry Ritholtz talks value investing with Jeremy Schwartz of WisdomTree Investments. (ritholtz.com) Carl Richards talks with Jamie author of "Confessions of a Sociopath: A Life Spent Hiding in Plain Sight." (50fires.com) Taxes What tax planning entails.
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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.
NAIFA Advisor Today
FEBRUARY 16, 2024
Glenn Crawford is a Certified Divorce Financial Analyst (CDFA®) and a licensed insurance agent holding a Series 65 Investment Advisor Representative distinction. His mission is to support better financial outcomes for clients by educating, enabling, and empowering them to make sound decisions about their financial well-being. Glenn has also dedicated a significant part of his practice to advising clients on the financial aspects of divorce.
Wealth Management
FEBRUARY 16, 2024
TIAA IRA customers paid more than $900,000 in combined expenses that could have been avoided by investing through a “brokerage window” with lower-cost share classes, according to the regulator.
Trade Brains
FEBRUARY 14, 2024
Titagarh Railsystems vs Jupiter Wagons : Railways are used to transport goods in bulk to any location with connectivity, which is beneficial to the logistics industry. The growing population and faster transportation will make railways a better choice for travel due to cost, comfort, and efficiency. Titagarh received an order for Rs. 857 crore from GMRCL for 72 standard gauge cars, and Jupiter Wagon received an order for Rs. 1,617 crore from Railways for 4,000 wagons.
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