Sat.Oct 22, 2022 - Fri.Oct 28, 2022

Can Anyone Catch Nokia?

The Big Picture

Today’s edition of “ Nobody Knows Anything ” is about a once-dominant mobile phone maker. Exactly 15 years ago, Forbes’s new cover story lauded Olli-Pekka Kallasvuo, Nokia’s CEO.

Monday links: bond market losses

Abnormal Returns

Strategy How much has indexing saved investors in fees? evidenceinvestor.com) Some investors may not understand when they take on leverage. rogersplanning.blogspot.com) Companies Brad Gerstner on how to turn Meta's ($META) stock around.

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Why The Value Of A Roth Conversion Is Calculated Using (True) Marginal Tax Rates

Nerd's Eye View

Roth conversions are, in essence, a way to pay income taxes on pre-tax retirement funds in exchange for future tax-free growth and withdrawals.

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Auto Repossessions Are on the Rise, As People Walk Away From Car Loans

Mish Talk

Consumer Finance Protection Bureau (CFPB) Chart. The CFPB is Examining the Potential Credit Impact of High Vehicle Costs for Consumers.

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Best Practices to Ace Your Close

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

Whether you’re on a 1-day close or a 10-day close, there are some fundamental commonalities that all strong accounting departments share when it comes to the month-end close. Please join us for an informative webinar where we share best practices that your team can implement today to ace your close.

How the Fed Causes (Model) Inflation

The Big Picture

My colleague Ben Carlson asked the question “ Why Isn’t Inflation Falling?

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Weekend Reading For Financial Planners (Oct 29-30)

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 SEC has proposed a rule that would require RIAs to conduct enhanced due diligence and recordkeeping when using certain outsourced investment management services and other third-party service providers.

Did Republican Odds of Winning the Senate Jump By One Seat or Three?

Mish Talk

538 Senate Forecast as of OCT. 26, 2022, AT 8:43 PM. I ask "Really?!". On Tuesday, Democrat John Fetterman and Republican Mehmet Oz had their first and only debate. It was a disaster for Fetterman, and even the Democrats admit as such.

2024 Rolls Royce Spectre EV

The Big Picture

The Rolls Royce Spectre is the first electric car to come from the luxe auitomasker (owned by BMW); its all-electric powertrain produces 577 horsepower and 664 pound-feet of torque. The stats are impressive: 0-to-60 mph = 4.4 seconds. Top speed of 155 mph. 577 horsepower and 664 pound-feet of torque.

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Personal finance links: transformative purchases

Abnormal Returns

Podcasts Peter Lazaroff talks with Bob Seawright about how to make behavioral finance actionable. peterlazaroff.com) Christine Benz and Jeff Ptak talk FIRE with Kiersten and Julien Saunders authors of a new book called "Cashing Out: Win the Wealth Game by Walking Away."

Global Hiring Guide for Startups

Grow your startup beyond borders and boundaries. In this eBook, you’ll discover how you can gain a competitive edge over your business rivals through the latest technology, harnessing global contractors, and using a global employment platform.

Are the Bond Vigilantes Back?

Pragmatic Capitalism

Bond vigilantes reflect the idea that bond investors can attack a government debt market and dictate terms that the government wouldn’t otherwise desire. I’ve never liked this concept as I [ …

There Is Only 25 Days of Diesel Supply, the Lowest Since 2008

Mish Talk

Bloomberg reports Diesel Supply of Just 25 Days Poses Problem for Biden Key Points The US is has just 25 days of diesel supply, the lowest since 2008, according to the Energy Information Administration.

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Meta-Four

The Big Picture

We discussed how ephemeral and short-lived great success can be yesterday in Can Anyone Catch Nokia? As I was writing it, I had no idea it was a metaphor for what would happen a few hours later, a coincidental preface to a discussion about another mega-cap tech — META, aka Facebook.

Tuesday links: the heat of the moment

Abnormal Returns

Markets Given the market downturn, why isn't the VIX higher? ft.com) 52-week lows have dried up. allstarcharts.com) Rates Why the rapid rise in short term interest rates is a big deal. fortunesandfrictions.com) The 40 in 60/40 portfolio is looking a lot better these days.

Redefining Wealth: Money Management, FinTech, Inclusion, and Belonging

Speaker: Marguerita Cheng - Chief Executive Officer at Blue Ocean Global Wealth

Join Marguerita Cheng for an engaging conversation on rethinking the concept of wealth and how everyone can benefit from professional money management.

Comparing Alternative RIA Custodians: The List To Consider Beyond The Big 2

Nerd's Eye View

The choice of an advisory firm’s custodial affiliation is easily one of its most important business decisions. The advisory firm is the front end of the client relationship, but it entrusts client assets, and key aspects of their service, to a custodian that safeguards the money and provides the underlying platform.

The Entry-Level House Has Become a Myth, Few Can Afford Them

Mish Talk

The once-ubiquitous entry-level home is now mostly a myth. Point2Homes comments on Starter Homes & Where to Find Them. Once upon a time, nearly 70% of all new builds were starter homes — single-family houses with 1,400 square feet or less that started at $6,990. But that was in the 1940s.

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Dare Ya

The Big Picture

is Mr. Market daring Jerome Powell to keep raising rates? That’s one way to read into today’s surging market — Nasdaq up 2.9%, the Dow tacking on over 800 points (2.6%), and the S&P 500 added 2.5%.

Wednesday links: overweighting today’s news

Abnormal Returns

Strategy Why investors have turned away from actively managed funds. on.ft.com) Why so few investors utilize managed futures. blog.validea.com) There really are only four outcomes to a trade. allstarcharts.com) Innovation Nokia ($NOK) is an object lesson in the innovator's dilemma. ritholtz.com) Newly minted unicorns are once again a rarity. wapo.st) a16z is feeling the pain of the crypto crash. wsj.com) Sports Is online sports betting more addictive than in-person gambling?

Top 7 Global Employment Challenges

Global expansion brings many opportunities for companies. However, there are pitfalls along the way that can slow down progress. In this eBook, we look at the 7 key challenges to global growth, and ways to minimize expansion headaches.

The One with Matt Levine and Mary Childs

The Reformed Broker

Welcome to the latest episode of The Compound & Friends.

Jamie Dimon Says “We are getting energy completely wrong” and He's Right

Mish Talk

Transition to Where, When? "We We are getting energy completely wrong and it's made the environment worse." Eventually, we will transition because we have to. But not as fast as expected, and certainly not without pain.

10 Friday AM Reads

The Big Picture

My end-of-week morning train WFH reads: • For Diving FAANG Stocks, It’s the End of an Era : The five FAANG stocks are on track for their worst simultaneous losses ever, a far cry from their late-2021 highs.

Friday links: the blah economy

Abnormal Returns

Bonds The bond market is setting all sorts of historical records this year. ft.com) Why TIPS failed just when investor needed them the most. morningstar.com) Twitter Elon Musk tried to wriggle out of it, but he is now the proud owner of Twitter.

Global Hiring Guide: Top Emerging Fintech Hubs

The fintech industry is growing exponentially. Companies can find the talent they need in top emerging fintech hubs around the world. Highly skilled global candidates are available to hire — companies just need to know where to look for them.

Clips From Today’s Halftime Report

The Reformed Broker

Final Trades: Merck, Defense, Clearway Energy & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker

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How Long Can Japan Defend the Yen From a Speculative Attack?

Mish Talk

Yen vs the US dollar chart courtesy of StockCharts.Com, annotations by Mish. Since the beginning of 2021, the yen has declined about 32 percent vs the US dollar. I discussed this setup on October 20 in Yen Tops ¥150 vs. the Dollar for the First Time in Over Three Decades Line in the Sand Mercy me!

MiB: Marta Norton, Morningstar Investment Management

The Big Picture

This week, we speak with Marta Norton, Chief Investment Officer for Morningstar Investment Management (MIM ). The firm manages or advises on about $250 billion in advisor assets. Norton’s responsibilities include equity, alternative and fixed income research, asset allocation, and portfolio management. Before joining Morningstar in 2005, Norton was an economist with the Bureau of Labor Statistics and a research analyst at LECG LLC.

Podcast links: planning a podcast

Abnormal Returns

The biz How an idea becomes a podcast: the case of the new 'Work Appropriate' pod. annehelen.substack.com) Is listening to audiobooks really reading? wired.com) How to write a podcast script. casted.us) Business Jim O'Shaughnessy talks with Jeremiah Lowin of Prefect.io about making original mistakes.

The HR Compliance Playbook: How to Improve Speed-to-Hire

Every global growth to-do list should begin with compliance. Navigating international jurisdictions can be complex and time-consuming, but with solid, up-to-date compliance procedures, companies can maximize efficiency, speed-to-hire, and mitigate risks.

Clips From Today’s Closing Bell

The Reformed Broker

Meta needs to focus on real revenue streams, not the Metaverse, says Ritholtz’s Josh Brown from CNBC. The post Clips From Today’s Closing Bell appeared first on The Reformed Broker

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A Huge Surge in Government Spending Drives Up GDPNow Forecast

Mish Talk

GDPNow data from the Atlanta Fed, chart by Mish. Chart Notes The blue line is the base forecast. It is about all the public sees or hears about when the BEA releases its GDP report. The red line is Real Final Sales (RFS). That is the bottom line estimate for the economy.

10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of BeanBox coffee, grab a seat in the lobby, and get ready for our longer-form weekend reads: • Rent Going Up? One Company’s Algorithm Could Be Why. Texas-based RealPage’s YieldStar software helps landlords set prices for apartments across the U.S. With rents soaring, critics are concerned that the company’s proprietary algorithm is hurting competition. For years, RealPage has sold software that uses data analytics to suggest daily prices for open units.