Abnormal Returns
DECEMBER 5, 2023
Markets The premium for green energy stocks has evaporated. (wsj.com) The reversal in lithium prices is impressive. (ft.com) Lumber prices are flatish year-over-year. (calculatedriskblog.com) The market is pricing in the chance of multiple Fed rates cuts in 2024. (ft.com) Strategy The Fed matters for markets less than you think. (awealthofcommonsense.com) It's hard to build long term wealth with T-bills.
The Big Picture
DECEMBER 2, 2023
This week, we speak with Michael Fisch , CEO and co-founder of American Securities , a $27-billion dollar private equity firm. He is a managing member of the general partners of the American Securities Partners’ series of private equity funds and a member of the investment committee of AS Birch Grove. He was previously a partner in two private equity funds, a consultant in the Paris office of Bain & Co., and worked in the mergers and acquisitions department of Goldman Sachs.
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Nerd's Eye View
DECEMBER 4, 2023
Welcome to the December 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news that Black Diamond has announced the launch of its own CRM system, targeting advisors at mid-size firms who have data complexity and workflow needs greater than what more basic CRM options can accommodat
Calculated Risk
DECEMBER 5, 2023
Today, in the Calculated Risk Real Estate Newsletter: Asking Rents Down 1.1% Year-over-year A brief excerpt: Here is a graph of the year-over-year (YoY) change for these measures since January 2015. Most of these measures are through October 2023, except CoreLogic is through September and Apartment List is through November 2023. The CoreLogic measure is up 2.6% YoY in September, down from 2.9% in August, and down from a peak of 13.9% in April 2022.
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Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.
Abnormal Returns
DECEMBER 3, 2023
Also on the site On the end of the influential The Reformed Broker blog. (abnormalreturns.com) Top clicks this week Why market timing is so difficult. (ritholtz.com) On the Magnificent 7 vs. Other 493 narrative. (investmenttalk.co) Jason Zweig, "More than almost anyone I’ve ever known, Munger also possessed what philosophers call epistemic humility: a profound sense of how little anyone can know and how important it is to open and change your mind.
Financial Advisor Source brings together the best content for financial advisor professionals from the widest variety of industry thought leaders.
Nerd's Eye View
DECEMBER 5, 2023
Welcome back to the 362nd episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jeff Brown. Jeff is the President of Stratos Private Wealth, an RIA based in San Diego, California, that oversees almost $1.5 billion in assets under management for just over 350 client households. What's unique about Jeff, though, is how his firm has developed associate advisor compensation plans and career tracks, with well-defined Level 1, Level 2, and Level 3 performance indicators of
Calculated Risk
DECEMBER 5, 2023
Notes: This CoreLogic House Price Index report is for October. The recent Case-Shiller index release was for September. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA). From CoreLogic: US Home Price Growth Continues Slow But Steady Increase in October, CoreLogic Reports • U.S. single-family home prices increased by 4.7% year over year in September, the 141st straight month of annual appreciation. • CoreLogic projects that annual home price growth will rel
Abnormal Returns
DECEMBER 2, 2023
Tesla Who is the audience for the Tesla ($TSLA) Cybertruck? (ritholtz.com) The Tesla ($TSLA) Cybertruck is no favor to the environment. (wired.com) EVs Now is a good time to buy an EV. (bloomberg.com) Why do EV range estimates vary so much? (wsj.com) Which EVs charge the fastest? (arstechnica.com) A look at the growing Formula E circuit. (wsj.com) Transport How e-bikes and scooters reduce carbon emissions more effectively than EVs.
The Big Picture
DECEMBER 4, 2023
My back-to-work morning train WFH reads: • 7 Deadly Stocks : Mega cap tech got destroyed in 2022. Google fell -46%, Amazon -56%, Nvidia -66%, Facebook -77%. An equal-weighted Mag7 portfolio had a 48% drawdown in 2022. You can’t talk about 2023 without looking at 2022. Over the last two years, the Magnificent 7 has barely beaten the S&P 500. ( Irrelevant Investor ) • Inflation Is Your Fault : If people are so mad about high prices, why do they keep buying so many expensive things?
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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.
Nerd's Eye View
DECEMBER 6, 2023
Over the past several years, the financial services industry has undergone a tremendous evolution in how financial advisers deliver and charge for their services. While commission-based models remain in use, fee-for-service models (including AUM, hourly, retainer, and subscription) have become increasingly popular. And because many service offerings have traditionally focused on areas like investments and securities recommendations, there has been little debate about the need to register as an a
Fintoo
DECEMBER 5, 2023
It is that time of the year when you’re supposed to share your investment declaration proofs with your employer. While there are sufficient ways to make tax-saving investments, you will need to declare it to your employer by submitting the required proofs or supporting documents to claim these deductions. But what proofs are required to […] The post Complete Guide On Income Tax Declaration appeared first on Fintoo Blog.
Abnormal Returns
DECEMBER 4, 2023
Podcasts Daniel Crosby talks with Ali McCarthy. Ali is a corporate marketing advisor who has seen many sides of the wealth management business. (standarddeviationspod.com) Brendan Frazier on getting clients to actually implement your advice. (podcasts.apple.com) The biz Software is eating financial advice. (theirrelevantinvestor.com) The lastest in adviser fintech including new CEOs at Tifin and Nitrogen.
The Big Picture
DECEMBER 6, 2023
My mid-week morning plane reads: • The Fed Matters Less Than You Think : Listen, I’m not saying the Fed’s rate hikes had no bearing on inflation. It certainly helped slow hot sectors of the economy like the housing market. But their actions have mattered far less than you think during this bizarre pandemic-induced economic cycle. ( A Wealth of Common Sense ) • The Takeaways Two Years After ‘Transitory’ Timed Out : Whether or not you choose to use that word, price pressures weren’t permanent. ( F
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.
Calculated Risk
DECEMBER 4, 2023
Today, in the Calculated Risk Real Estate Newsletter: IICE (Black Knight) Mortgage Monitor: "Home prices continued sending mixed signals in October" A brief excerpt: And on Florida inventory: Florida has experienced some of the largest inventory gains in recent months • In fact, six of the nine markets seeing the strongest inventory growth over the past three months – Palm Bay (+22pp), Lakeland (+21pp), Tampa (+19pp), Cape Coral (+18pp), North Port (+16pp) and Orlando (+14pp) – are located in th
Wealth Management
DECEMBER 5, 2023
The vehicle, with a specialty in assisted living and memory care properties, aims to eventually be accessible to both accredited and non-accredited investors.
Abnormal Returns
DECEMBER 5, 2023
Active management Active investing has a tax problem. (alphaarchitect.com) Why the active management space may be bigger than currently measured. (papers.ssrn.com) Replication Managed futures strategies are ripe for replication. (caia.org) How to replicate fund performance using index and smart beta funds. (insights.finominal.com) Factors What happened to the momentum effect?
The Big Picture
DECEMBER 6, 2023
The Charlie Munger Manifesto / PDF The post The Charlie Munger Manifesto (via Vishal) appeared first on The Big Picture.
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.
A Wealth of Common Sense
DECEMBER 5, 2023
These were some of the prevailing narratives from the post-GFC world: We only had a bull market in the 2010s because of the Fed juicing the economy. The only reason tech stocks did well is because of low interest rates. The only reason stocks kept recovering from every correction so quickly is because of the Fed put. These narratives all have a kernel of truth to them.
Calculated Risk
DECEMBER 4, 2023
Altos reports that active single-family inventory was down 1.8% week-over-week and is now up 1.0% year-over-year. Inventory will decrease seasonally for next several weeks (for the Holidays). Click on graph for larger image. This inventory graph is courtesy of Altos Research. As of December 1st, inventory was at 556 thousand (7-day average), compared to 566 thousand the prior week.
Abnormal Returns
DECEMBER 3, 2023
Markets Should you care what Wall Street strategists have to say about 2024? (tker.co) There are a lot of stocks, especially on the Nasdaq, trading below $1 a share. (wsj.com) Strategy Remember all that talk about how the 60/40 portfolio was broken? (nytimes.com) It's easy to load up on cash, harder to put it to work. (awealthofcommonsense.com) There are a lot of different asset allocations you can live with.
Wealth Management
DECEMBER 5, 2023
Reps with UBS' Athletes and Entertainers Group will provide “holistic” financial advice to prepare athletes for their post-NFL careers. Other firms with the designation include Goldman Sachs and Morgan Stanley.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.
A Wealth of Common Sense
DECEMBER 3, 2023
After Charlie Munger passed away this week, I went looking through an old post I wrote about his investing principles from a decade ago. There was a table I recreated that showed the annual returns from the Munger Partnership, which was the fund he ran before joining Buffett at Berkshire Hathaway for good: The results are spectacular but look at how volatile his returns were.
Calculated Risk
DECEMBER 5, 2023
From the BLS: Job Openings and Labor Turnover Summary The number of job openings decreased to 8.7 million on the last business day of October , the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) changed little. emphasis added The following graph shows job openings (black line), hires (dark blue), L
Abnormal Returns
DECEMBER 4, 2023
Strategy Investing is hard. Really hard. (awealthofcommonsense.com) Be skeptical of anyone offering you better returns absent higher risk. (obliviousinvestor.com) Crypto Coinbase ($COIN) is benefiting from the rally in Bitcoin and issues with its competitors. (barrons.com) Binance's legal problems are not done - the SEC is still on the line. (wsj.com) Companies Alaska Air ($ALK) has offered to buy Hawaiian Airlines ($HA).
Wealth Management
DECEMBER 4, 2023
Advances in AI and automation have made it possible for advisors to effortlessly add trust and estate administration services to their practices.
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Creating a winning digital lending experience requires plenty of focus on the needs of customers and more. Biz2X Chief Product Officer Aaron Traub covers everything from how to create such an experience, areas to hone in on, pitfalls to avoid, and plenty more in this insightful article. Discover how to utilize new technology without alienating existing customers, what to emphasize when working on your platform, and how to utilize the data at your disposal while not becoming overly reliant on it.
Carson Wealth
DECEMBER 4, 2023
The S&P 500 gained 8.9% in November for one of its best monthly returns ever. One month ago, stocks were in a correction, fear was everywhere, and talk of a new bear market and a recession were in the news. Then a funny thing happened … stocks soared! The year-end rally continued last week, with stocks up five weeks in a row. Stocks soared in November for one of the best months ever, but history suggests more gains are likely.
Advisor Perspectives
DECEMBER 4, 2023
Use the holiday season to understand what's important to our clients and what they want to achieve with their money.
Abnormal Returns
DECEMBER 6, 2023
Podcasts Morgan Housel and Doug Boneparth discuss Charlie Munger's legacy. (open.spotify.com) Christine Benz and Jeff Ptak talk all things retirement with Dan Haylett. (morningstar.com) Retirement The case for (and against) taking Social Security early. (humbledollar.com) Why some people choose to come out of retirement. (humbledollar.com) How many more years do you have to live (on average)?
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