A Wealth of Common Sense
FEBRUARY 12, 2023
Here is a headline about what happens after a bull market: And here is a headline about what happens after a bear market: Both of these pieces were written by the Wall Street Journal’s Jason Zweig. The bull market piece about ARK came out a little more than a year ago not long after the fund had seen spectacular returns. The bear market piece about covered calls came out this past week after that strategy outperfo.
Calculated Risk
FEBRUARY 17, 2023
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 11, 2023 • Active inventory growth continued to climb with for-sale homes up 70% above one year ago. Inventories of for-sale homes rose again, on par with the yearly gains we saw last week.
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Wealth Management
FEBRUARY 14, 2023
Real estate values in wealthy neighborhoods are reflecting broader pandemic migration.
The Big Picture
FEBRUARY 15, 2023
Source: The Measure of a Plan The post U.S. Stock Market Returns Over Rolling 1/5/10/20 Year Periods appeared first on The Big Picture.
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Nerd's Eye View
FEBRUARY 17, 2023
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC is proposing to expand the adviser custody rule beyond securities and funds to cover all assets in a client’s portfolio, including private securities, real estate, derivatives, and cryptoassets.
Calculated Risk
FEBRUARY 17, 2023
From CoStar: STR: US Hotel Rates Maintain Strength in First Full Week of February U.S. hotel performance increased from the previous week, according to STR‘s latest data through Feb. 11. Feb. 5-11, 2023 (percentage change from comparable week in 2019*): • Occupancy: 57.8% (-8.7%) • Average daily rate (ADR): $150.97 (+13.4%) • Revenue per available room (RevPAR): $87.21 (+3.6%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
The Big Picture
FEBRUARY 16, 2023
Do you want to continue working from home? Is it past time to return to the office? How much collaboration can you do remotely? How much screen time are you wasting in the office? This has become a contentious debate between senior management at large companies and their staffers; it is especially true for younger employees. As always, there are much broader factors driving this issue than what appears on the surface.
Abnormal Returns
FEBRUARY 14, 2023
Crypto The SEC continues to push back against crypto companies. (bloomberg.com) Susquehanna Advisors Group and Citadel Securities have reported stakes in crypto-friendly bank Silvergate Capital ($SI). (theblock.co) Everyone is lining up to try to close the NAV discount for the Grayscale Bitcoin Trust ($GBTC). (wired.com) Spotify Spotify ($SPOT) invested big in podcasting and is struggling to make it all work.
Calculated Risk
FEBRUARY 16, 2023
The DOL reported : In the week ending February 11, the advance figure for seasonally adjusted initial claims was 194,000 , a decrease of 1,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 196,000 to 195,000. The 4-week moving average was 189,500, an increase of 500 from the previous week's revised average.
Wealth Management
FEBRUARY 14, 2023
Investments like real estate and other private markets can generally weather difficult market conditions better than their more liquid counterparts and, over the long run, have historically provided higher returns and lower volatility.
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.
The Big Picture
FEBRUARY 14, 2023
Over the weekend, a NATO general was asked by a bright-eyed reporter whether or not the various flying objects that were being shot down might be aliens visiting from elsewhere in the galaxy. His throwaway response of “ We don’t rule anything out ” was sufficiently ambiguous to set the conspiracy theorists atwitter. “Of course, they dropped this during the Superbowl, when no one’s paying attention,” was the LOL tweet.
Nerd's Eye View
FEBRUARY 13, 2023
While it can be easy for financial advisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be aware of what their advisors do for them behind the scenes outside of their annual meetings (e.g., rebalancing their investment accounts or reviewing their insurance policies). Without knowledge of this ‘shadow work’, clients might not recognize the full breadth of responsibilities their advisor (and the firm’s back-offi
Calculated Risk
FEBRUARY 15, 2023
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 42, up from 35 last month. Any number below 50 indicates that more builders view sales conditions as poor than good. From the NAHB: Cautious Optimism for Builders in February Two consecutive solid monthly gains for builder confidence, spurred in part by easing mortgage rates, signal that the housing market may be turning a corner even as builders continue to contend with high construction costs and bu
Wealth Management
FEBRUARY 16, 2023
In a decision this week, a district court judge overturned FAQs indicating that rollover recommendations for a 401(k) fall under ERISA, though attorneys believe the DOL will likely appeal.
Speaker: David Worrell, CFO, Author & Speaker
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.
The Big Picture
FEBRUARY 17, 2023
My end-of-week morning train WFH reads: • It’s a Richcession, Not a Recession. Most economic downturns hit lower-income Americans hardest, but this time is different. The stock market’s winners and losers will be different too. Here’s your investing playbook. ( Wall Street Journal ) • From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal : Gary Wang and Sam Bankman-Fried are offering dueling accounts of the FTX fiasco and of who’s ultimately to blame. ( Bloomberg ) s
The Reformed Broker
FEBRUARY 11, 2023
It was a wild and wonderful week in stock-land and we covered pretty much everything that happened across all the firm’s blogs and shows. We know you can get your news and insights about the market from anywhere, so we appreciate that so many of you turn to us for all the breakdowns and write-ups. If you haven’t been reading Nick, Ben and the rest of the gang lately, you’re missing some amazing stuff.
Calculated Risk
FEBRUARY 14, 2023
The Cleveland Fed released the median CPI and the trimmed-mean CPI: According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.7% in January. The 16% trimmed-mean Consumer Price Index increased 0.6% in January. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report".
Wealth Management
FEBRUARY 17, 2023
The chief marketing officer of Docupace details what to look for when introducing new technology to a business to fill gaps in productivity.
Speaker: Erroll Amacker
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.
The Big Picture
FEBRUARY 11, 2023
The weekend is here! Pour yourself a mug of coffee, grab a seat by the window, and get ready for our longer-form weekend reads: • How HBO’s creatives survived corporate chaos Authors Felix Gillette and John Koblin explain how your favorite shows kept HBO afloat. ( The Verge ) • What is ChatGPT and why does it matter? Here’s everything you need to know : This AI chatbot’s advanced conversational capabilities have created quite the buzz.
Abnormal Returns
FEBRUARY 17, 2023
Markets European natural gas prices are back down to Q4 2021 levels. (ft.com) Zero day options are growing in popularity. (marketwatch.com) Strategy Copycat investing is blind alley. (rationalwalk.com) Share buybacks aren't good or bad, they just are. (wsj.com) Fund management With other mutual funds companies adopt Vanguard's approach to ETFs? (morningstar.com) Index funds now own more Tesla ($TSLA) shares than Elon Musk.
Calculated Risk
FEBRUARY 13, 2023
Altos reports inventory was down 3.0% week-over-week. Usually inventory bottoms in early February, so we'd expect inventory to bottom seasonally soon. Here are the same week inventory changes for the last five years: 2023: -13.6K 2022: -6.5K 2021: -12.0K 2020: -9.7K 2019: -4.1K Click on graph for larger image. This inventory graph is courtesy of Altos Research.
Wealth Management
FEBRUARY 16, 2023
As sellers become more concerned about marketing a property that fails to sell, it has opened up more opportunities for investors looking for off-market acquisitions.
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The Big Picture
FEBRUARY 13, 2023
My back-to-work morning train WFH reads: • How State Street Has Used AI to Find ‘Hidden Gems’ Since 2018 : Natural-language processing used in stock picking: Bartolini Wanted something forward-looking, dynamic, he says of the ETF. ( Bloomberg ) • What Recession? Some Economists See Chances of a Growth Rebound. The Federal Reserve has raised rates rapidly.
Abnormal Returns
FEBRUARY 13, 2023
Podcasts Daniel Crosby talks with Tom Howard about behavioral finance vs. behavioral investing. (standarddeviationspod.com) Peter Lazaroff talks with Dasarte Yarnway about the importance of diversity in financial services and how to increase it. (peterlazaroff.com) Michael Kitces and Carl Richards on why you need to be clear, upfront about your minimums.
Calculated Risk
FEBRUARY 14, 2023
From the BLS : The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5 percent in January on a seasonally adjusted basis , after increasing 0.1 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.4 percent before seasonal adjustment. The index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for foo
Wealth Management
FEBRUARY 16, 2023
The author of the recently published book, Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track, discusses the challenges of retirement planning from both an advisor’s and client’s perspective.
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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?
The Big Picture
FEBRUARY 12, 2023
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Rudy Then and Rudy Now : None of his doofus mishaps endear him to his detractors. His toxicity levels are too high. When Giuliani was revealed as a mystery contestant on Fox’s The Masked Singer, one of the judges, Ken Jeong (Knocked Up, the Hangover movies), walked off the set in disgust.
Abnormal Returns
FEBRUARY 15, 2023
Work Jack Raines, "Money can buy you freedom, but the never-ending pursuit of money is a prison of its own." (youngmoney.co) Is $200,000 a good annual income. It depends. (ofdollarsanddata.com) How to prepare for a layoff before it actually happens. (nytimes.com) Family Mixing love and money is always challenging. (joylere.substack.com) How 'micro-conversations' can help a couple manage their money relationship.
Calculated Risk
FEBRUARY 14, 2023
Today, in the Calculated Risk Real Estate Newsletter: Current State of the Housing Market: Overview for mid-February A brief excerpt: Here is a graph of new listing from Realtor.com’s January Housing Trends Report showing new listings were down about 5% year-over-year in January. Although new listings are at a record low for January, the year-over-year decline was smaller in January than in Q4 2022.
Wealth Management
FEBRUARY 15, 2023
Open, honest and candid discussions about the latest news in the RPA industry.
Speaker: Aaron Berson
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
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