A Wealth of Common Sense
FEBRUARY 2, 2023
A reader asks: Without getting into the politics of throwing the U.S. government into default the threat is very real. How bout a discussion of how should retirees position themselves to protect their portfolio? Us old guys don’t have years to recover from a political sabotage of the markets and the economy. You know old folks read and listen to your stuff too!
The Reformed Broker
JANUARY 28, 2023
We had a great time learning from Nathan Vardi this week. Nathan is the author of the new book For Blood and Money, which documents the story behind the biggest winners the stock market has ever. It’s also the story of some very interesting characters who were involved, including the hedge fund manager Joe Edelman, who is the best performing hedge fund manager from 1999 to 2020.
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The Big Picture
JANUARY 30, 2023
We live in an age of contextless slogans. It is the stock in trade of Instagram Influencers, TikTok Investors, and grinding side hustles. It’s a new flavor of b t designed to sell unwitting dupes some garbage product or worse, a destructive half-assed philosophy. In 2020, all you had to do was Hodl Meme stocks; In 2021, it was day trade your way to wealth; before that, just be a Crypto bro, or you can “ Have fun being poor !
Abnormal Returns
FEBRUARY 1, 2023
Podcasts Christine Benz and Jeff Ptak talk with Ann Garcia the author of the book "How to Pay for College." (the-long-view.simplecast.com) Larry Bernstein talks with Victor Hagani and Myron Scholes about the essentials of investing. (elmwealth.com) Layoffs Steps to take, and not, if you get laid off. (thisisthetop.substack.com) Make sure you take advantage of all the resources available to you when you get laid off.
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.
Nerd's Eye View
JANUARY 31, 2023
Welcome back to the 318th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Ali Swart. Ali is a Partner and the Managing Director for Waldron Private Wealth, a multi-family office based in Bridgeville, Pennsylvania that oversees nearly $3 billion in assets under management for 280 ultra-high-net-worth family households.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
FEBRUARY 2, 2023
My morning train WFH reads: • How Extreme Bets Fueled an $11.4 Billion Fortune : A look inside BlueCrest reveals Michael Platt’s many acts — including outsize returns and some harrowing losses. ( Bloomberg ) • Stock, Bond and Crypto Investors Call Fed’s Bluff on Interest Rates : Many are skeptical as central bank says battle against inflation isn’t over. ( Wall Street Journal ) see also Wall Street: We Want Lower Rates.
Abnormal Returns
FEBRUARY 3, 2023
Turning the tables Howard Lindzon talks with Ted Seides of Capital Allocators fame. (howardlindzon.com) Meb Faber talks with Jim O'Shaughnessy about the launch of OSV. (mebfaber.com) Matt Reustle and Dom Cooke talk with Patrick O'Shaughnessy about the business of Colossus. (joincolossus.com) David Cover and Brent Beshore talk compounding knowledge with Shane Parrish of Farnam Street.
Nerd's Eye View
FEBRUARY 1, 2023
Financial advisors who pay third parties to solicit or refer prospective clients to generate new business have historically been subject to the SEC’s Cash Solicitation Rule. However, that rule was drafted in an era where most paid referral relationships were between individuals, such as a financial advisor who paid a third-party accountant to refer clients their way.
The Reformed Broker
FEBRUARY 1, 2023
Gavin Spitzner loved the wealth management industry and the industry loved him back. Gavin was the founder of Wealth Consulting Partners and he was one of the most well known and beloved voices in the business. He passed away on Monday according to his family after struggling with acute myeloid leukemia (AML) which he was diagnosed with in September.
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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.
The Big Picture
JANUARY 31, 2023
My Two-for-Tuesday morning train WFH reads: • The U.S. Consumer Is Starting to Freak Out : The flush savings accounts and cheap credit that helped keep Americans spending at high rates since 2020 are disappearing. ( Wall Street Journal ) see also The Decline of the Nice-to-Have Economy : Consumers are reining in their spending on pandemic-era luxuries and conveniences, just as investors are doing the same—putting startups in a double bind ( Wall Street Journal ) • After 30 Years, the King of ETF
Abnormal Returns
JANUARY 30, 2023
Markets How worried should investors be about the debt ceiling drama? (theirrelevantinvestor.com) Is the VIX broken? No, but the options market is changing. (ft.com) Strategy What can you assume about stock, bond and cash returns over the long run. (awealthofcommonsense.com) Rubin Miller, "The stock market is brashly indifferent to our opinions." (fortunesandfrictions.com) Why you need a well-articulated investment strategy to ride out tough times.
Pragmatic Capitalism
JANUARY 31, 2023
Here’s the second batch of answers from the Ask Me Anything. If you missed part 1 you can catch it here.
The Reformed Broker
JANUARY 28, 2023
Somehow, incredibly, January is already pretty much in the books. That’s how fast 2023 is going. We got through the first wave of Q4 earnings reports from the likes of Intel, IBM, Microsoft, Netflix, the banks, Visa and American Express – so far, not terrible. Some bad reactions but some genuinely good ones. Just adds to the existing confusion.
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.
The Big Picture
JANUARY 30, 2023
My back-to-work morning train WFH reads: • Breakup of Google’s Ad Business Would Reshape $500 Billion Sector : If government prevails, an asset spinoff is thought to be more likely than a sale. ( Wall Street Journal ) • China’s Big Comeback Is Just Getting Started : The country’s stocks are up 50% since officials rolled back Covid-19 restrictions.
Abnormal Returns
JANUARY 31, 2023
Strategy Everybody talks their book. (covestreetcapital.com) 20 lessons Seth Klarman learned from the GFC including 'Do not accept principal risk while investing short-term cash.' (investmenttalk.substack.com) Crypto Tesla ($TSLA) a big hit on its Bitcoin holdings. (electrek.co) Putting Grayscale Bitcoin Trust ($GBTC) into retirement accounts has backfired.
Calculated Risk
FEBRUARY 3, 2023
From the BLS : Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent , the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike.
The Reformed Broker
FEBRUARY 3, 2023
Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Jason Hsu, and Downtown Josh Brown discuss the latest FOMC meeting, the Chinese market, hard vs soft data, the housing market, earnings for Apple, Amazon, and Google, the Adani rout, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!
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.
The Big Picture
FEBRUARY 1, 2023
Welcome to February! Kick off the new month with our mid-week train WFH reads: • The Shipping Industry Is Getting a Slew of New Vessels—Right as Demand Cools : Carriers plowed pandemic profits into a fleet of bigger cargo vessels. They’re arriving just as trade growth is softening. ( Businessweek ) • The Junkification of Amazon : Why does it feel like the company is making itself worse?
Abnormal Returns
JANUARY 28, 2023
Autos How pickup trucks got so darn big. (axios.com) The longer an EV is driven the better the carbon impact. (hannahritchie.substack.com) Bike lanes are good for local businesses. (kottke.org) Energy Why solar panel prices are falling. (bnnbloomberg.ca) Why not turn parking lots into solar power hubs? (wired.com) What's holding up major renewable projects?
Calculated Risk
FEBRUARY 3, 2023
This was a strong report, and the revisions show job growth was stronger over the last year than originally reported. With revisions: The 4.81 million jobs added, 2022 was the 2nd best year for job growth in US history behind only 2021 with 7.27 million. The headline jobs number in the January employment report was well above expectations, and employment for the previous two months was revised up by 71,000, combined.
The Reformed Broker
JANUARY 31, 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: â–şS&P Reshuffles – “Growth and value indexes run by S&P Dow Jones Indices saw record turnover, with almost a third of their market capitalization affected” â–şTop 10 Stocks – “A remind.
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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!
The Big Picture
JANUARY 28, 2023
The weekend is here! Pour yourself a mug of Guatemala Quetzaltenango coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Who Owns the Generative AI Platform? Many hot technology trends get over-hyped far before the market catches up. But the generative AI boom has been accompanied by real gains in real markets, and real traction from real companies.
Abnormal Returns
JANUARY 30, 2023
Podcasts Daniel Crosby talks with Jamie Hopkins, Managing Partner of Wealth Solutions at Carson Group, about understanding our money stories. (standarddeviationspod.com) Michael Kitces talks Jennifer Climo, the CEO and a Senior Advisor for Milestone Financial Planning, about the logistics of merging two practices in just 7 years. (kitces.com) Penn Phillips on four pieces of advice you can ignore this year, or any year.
A Wealth of Common Sense
JANUARY 29, 2023
Each year Aswath Damodaran at NYU kindly updates the annual returns for stocks (S&P 500), bonds (10 year Treasuries) and cash (3-month T-bills) going back to 1928. I love this data because stocks, bonds and cash are the building blocks of asset allocation.1 Sure, you can add other asset classes and strategies but those three are where most investors should start when it comes to figuring out your portfolio mix.
The Reformed Broker
FEBRUARY 1, 2023
Josh Brown breaks down Wednesday’s post-Fed market action from CNBC. The post Clips From Today’s Closing Bell appeared first on The Reformed Broker.
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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.
The Big Picture
FEBRUARY 1, 2023
We are hiring! We are looking for client service associates who can help us continue to grow. We offer fantastic perks and benefits such as: Great company culture We embrace diversity and inclusion Remote/Work from home Comprehensive Benefits package 401k with match Generous time off Paid Parental Leave Support for Community Volunteering Exclusive employee discounts, special offers, and tickets to top attractions, theme parks etc.
Abnormal Returns
FEBRUARY 2, 2023
Books Insights from Bent Flyvbjerg's new book “How Big Things Get Done: The Surprising Factors That Determine the Fate of Every Project, from Home Renovations to Space Exploration and Everything In Between.” (wsj.com) Insights from Dacher Keltner's new book "Awe: The New Science of Everyday Wonder and How It Can Transform Your Life." (noemamag.com) Technology Why AR/VR seems to be getting pushed farther into the future.
Calculated Risk
FEBRUARY 1, 2023
From the Census Bureau reported that overall construction spending decreased: Construction spending during December 2022 was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4 percent below the revised November estimate of $1,817.3 billion. The December figure is 7.7 percent above the December 2021 estimate of $1,681.0 billion. The value of construction in 2022 was $1,792.9 billion, 10.2 percent above the $1,626.4 billion spent in 2021. emphasis added Both private and public
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