Sat.Feb 25, 2023 - Fri.Mar 03, 2023

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Does International Diversification Work?

Alpha Architect

In this article, the authors examine the research on the benefits of international diversification. Some argue that because equity markets generally crash simultaneously, there are no benefits to having equity diversification. The evidence from this paper rejects this hypothesis. Does International Diversification Work? was originally published at Alpha Architect.

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Rent Increases by County

The Big Picture

Fascinating dive into rent increases on a county by county basis via USAFacts: Rents rose in 58% of all counties nationwide between 2020 and 2023. Data shows that rents rose and dipped between neighboring zip codes. Housing prices jumped during the COVID-19 pandemic as remote work caused many Americans to reconsider their living situations. Rent prices also rose, with inflation-adjusted median rent growing from $1,163 in 2019 to $1,191 in 2021, according to the US Census Bureau.

Marketing 312
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The Joke

The Reformed Broker

Act I Our hero Josh Brown spends a decade working at a succession of third-tier brokerage firms on Long Island and in New York City. He’s in his early twenties and knows less than nothing about stocks, bonds, mutual funds, investing, the economy, financial advice or anything else germane to the profession. He works for thieves, hustlers, well-meaning know-nothings and the morally compromised, men who will say and se.

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Adviser links: asking good questions

Abnormal Returns

Podcasts Christine Benz and Jeff Ptak talk with Derek Tharp about retirement-spending strategies, sequence risk, and portfolio construction. (morningstar.com) Daniel Crosby talks with Rachel J. Robasciotti is the Founder and CEO of Adasina Social Capital. (standarddeviationspod.com) Michael Kitces talks with Danqin Fang who is a Lead Advisor for Austin Asset, an independent RIA.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Framing Prospect Conversations Around What Motivates Them Today (And Not Their Future Goals)

Nerd's Eye View

When holding discovery meetings with a prospective client, financial advisors often ask the prospect about their goals. The hope is that these conversations will help the prospect ease into a positive frame of mind (by thinking about a vacation, retirement, or another future aspiration) and, at the same time, present the advisor with an opportunity to show how their services can help the prospect achieve their goals.

Clients 230

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The Past, Present and Future of Financial Media

The Reformed Broker

It was a lot of fun hanging with my old friend Howard Lindzon on his show this week. Listen above or wherever fine podcasts are played. The post The Past, Present and Future of Financial Media appeared first on The Reformed Broker.

Media 177
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Podcast links: a growing crisis

Abnormal Returns

The biz There's really no distinction between podcasts and audiobooks. (hollywoodreporter.com) Podcasts are coming to YouTube Music. (techcrunch.com) Nicole Lapin is launching the Money News Network. (variety.com) Startups Patrick O'Shaughnessy talks with Doug Leone who is a long time Partner at Sequoia Capital (joincolossus.com) David Cover and Brett Beshore talk with Anu Hariharan of YCombinator about managing small businesses.

Startup 229
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Weekend Reading For Financial Planners (March 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 amid economic and market headwinds, the pace of RIA M&A activity was slower in January and February compared to the same period last year. If this trend continues, 2023 would be the first year in more than a decade to see fewer transactions than the year before, though some industry observers continue to see significant appetite for deals.

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10 Friday AM Reads

The Big Picture

My end-of-week, Non-NonFarmPayroll, morning train WFH reads: • American workers aren’t returning to the office like their international counterparts—here’s why : Even as people got vaccinated and Covid restrictions eased over the years, U.S. office occupancy remains stagnant around 40% to 60% of pre-pandemic levels, Meanwhile, office attendance has returned to 70% to 90% in Europe and the Middle East, and around 80% to 110% in some Asian cities, meaning some workers are spending more time in the

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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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Warren Buffett Strikes Back!

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: ►Berkshire Letter – “Buffett went after the buyback people” ►Bad Year for 401(k)s – “New Fidelity data show a steep drop in seven-figure account balances.” ►Back to Basics – & The post Warren Buffett Strikes Back!

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Friday links: risk and luck

Abnormal Returns

Markets Retail investors can't quit Tesla ($TSLA) stock. (wsj.com) Softbank is planning to IPO chip maker Arm Holdings in New York. (cnbc.com) Short-dated options are distorting market data. (ft.com) Strategy When does it make sense to take on duration in your bond portfolio? (awealthofcommonsense.com) Index funds have two major advantages. (morningstar.com) Berkshire Hathaway Evidence that Warren Buffett has become less verbose over time.

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Realtor.com Reports Weekly Active Inventory Up 67% YoY; New Listings Down 16% YoY

Calculated Risk

Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report released today from Chief economist Danielle Hale: Weekly Housing Trends View — Data Week Ending Feb 25, 2023 • Active inventory growth continued to climb with for-sale homes up 67% above one year ago. Inventories of for-sale homes rose again, but climbed on par with last week’s pace, which was a slightly slower yearly pace than we saw late January and early February.

Sales 145
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10 Thursday AM Reads

The Big Picture

My morning train WFH reads: • All the recessions that didn’t happen. The future doesn’t always cooperate with the present because whatever is going to happen hasn’t happened yet. So forecasters are frequently wrong. They’ll never stop forecasting, but their recent track record should make you skeptical every time you hear somebody predicting a recession. ( Yahoo Finance ) • World’s Rich Take Advantage as $1 Trillion Property Market Craters : Wealthy investors were the most active buyers of comme

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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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Why Aren’t Housing Prices Crashing?

A Wealth of Common Sense

The latest Case-Shiller national home price index data was released this week. Here’s where we stand in terms of the drawdown from peak prices: This is the third largest national home price drawdown since 1987 but I’m sure lots of people are surprised prices haven’t fallen more what with 7% mortgage rates and unsustainable price gains in recent years.

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Sunday links: too many theories

Abnormal Returns

Berkshire Hathaway Some of the best nuggets from Warren Buffet's latest shareholder letter. (investmenttalk.substack.com) Warren Buffett has been badmouthing GAAP for awhile now. (tker.co) A link to the 2022 Berkshire Hathaway ($BRK.A) annual shareholder report. (berkshirehathaway.com) Warren Buffett isn't shy about admitting mistakes. (bloomberg.com) Companies Why you shouldn't fall in love with companies.

Ethics 215
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FDIC: Problem Banks Decreased to Record Low 39 in Q4 2022

Calculated Risk

The FDIC released the Quarterly Banking Profile for Q4 2022: Reports from 4,706 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $68.4 billion in fourth quarter 2022, a decrease of $3.3 billion (4.6 percent) from the third quarter. Lower noninterest income and higher provision expenses offset an increase in net interest income.

Banking 144
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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of coffee, grab a seat by the fire, and get ready for our longer-form weekend reads: • The Inside Story of How Wellington and Vanguard Became Partners : Last year, Greenwich Associates founder Charles Ellis published “Inside Vanguard: Leadership Secrets From the Company That Continues to Rewrite the Rules of the Investing Business.

Assets 265
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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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Does Long-Term Investing Work Outside of the United States?

A Wealth of Common Sense

I write a lot about the benefits of investing in the stock market over the long-run. Anytime I share a chart or data point about these benefits invariably a handful of people will push back. What about other countries they ask. Isn’t the U.S. just survivorship bias they protest. I don’t mind people taking the other side here. That’s what makes a market.

Investing 122
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Personal finance links: generational wealth

Abnormal Returns

Podcasts Peter Lazaroff talks with Robin Powell about evidence-based investing. (peterlazaroff.com) The Mad Fientist talks with Ramit Sethi author of "I Will Teach You to Be Rich." (madfientist.com) Retirement Why retirement planning is not easy - uncertainty. (awealthofcommonsense.com) Some questions you need to ask yourself about retirement. (humbledollar.com) If you love something, why wouldn't you want to do it indefinitely?

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Hotels: Occupancy Rate Down 1.5% Compared to Same Week in 2019

Calculated Risk

From CoStar: STR: Weekly US Hotel Occupancy Eclipses 64% U.S. hotel performance increased from the previous week, according to STR‘s latest data through Feb. 25. Feb. 19-25, 2023 (percentage change from comparable week in 2019*): • Occupancy: 64.2% (-1.5%) • Average daily rate (ADR): US$156.51 (+22.2%) • Revenue per available room (RevPAR): US$100.43 (+20.3%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.

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Presentation: How to Avoid Financial Disasters

The Big Picture

I did a brand new presentation last week, the first one since the pandemic lockdown began 3 years ago this month. I mentioned how much fun it was to get back on stage , but it definitely took a while to settle into a groove. Haven’t brought myself to watch the full discussion yet, but from the first 5 minutes you can see lots of excess nervous energy and pacing about the stage.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Talk Your Book: The “Tech Heavy” Nasdaq

The Irrelevant Investor

Today’s show is brought to you by Nasdaq: We are joined by Phil Mackintosh, Chief Economist and Senior Vice President at Nasdaq, live from the Exchange ETF Conference in Miami! On today’s show, we discuss: If the Fed cuts rates this year or not, and what that means for the market Will there be a recession this year? What’s surprised Phil about the economy in the last 24 months How the labor market is this stro.

Economy 118
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Thursday links: the Fed’s job

Abnormal Returns

Markets The stock market is getting oversold. (quantifiableedges.com) Small caps are still outperforming. (wsj.com) Finance The SEC is charging an insider trading case using 10b5-1 plans. (wsj.com) Now you can bet on Jim Cramer's stock picks via these new ETFs. (advisorperspectives.com) Global A year later some companies are stuck in Russia. (nytimes.com) Russia is going to great lengths to avoid sanctions.

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MBA: Mortgage Purchase Applications Decreased, Lowest Level Since 1995

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 February 24, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7 percent on a seasonally adjusted basis from one week earlier.

Economics 142
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10 Wednesday AM Reads

The Big Picture

My mid-week morning train WFH reads: • The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales : At least eight businesses that went public through mergers with “blank-check” companies have sought protection from creditors. ( Businessweek ) • Why WFH Will Not Doom Cities : Academics tend to overestimate the impact of current trends on cities today.

Economics 144
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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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Managing the business risk that is cyber

Norman Marks

I am pleased to announce that my latest book is now available on Amazon (see below). The intent is to help business leaders and information security practitioners discuss cyber risk in business rather than technical language, enabling executives and the board to make informed and intelligent business decisions.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Also on the site The 2023 Credit Suisse Global Investment Returns Yearbook is here! (abnormalreturns.com) Do less to do better. (abnormalreturns.com) Top clicks this week Ben Carlson, "You don’t have to manage millions or billions of dollars to succeed as an investor." (awealthofcommonsense.com) How to generate cash flow by selling non-dividend paying shares.

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Construction Spending Decreased 0.1% in January

Calculated Risk

From the Census Bureau reported that overall construction spending decreased: Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1 percent below the revised December estimate of $1,827.5 billion. The January figure is 5.7 percent above the January 2022 estimate of $1,726.6 billion. emphasis added Private spending was "virtually unchanged" and public spending decreased: Spending on private construction was at a seasonally adjusted a

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