This is going to be BIG.

FEBRUARY 27, 2023

“Extend your runway.” That’s what every VC is telling their portfolio companies these days. The very important part they’re leaving out, however, is, “But keep growing at the same pace before the cuts.” In other words, they’re telling companies that, in order to get next round funding, they’re somehow supposed to stay the same fast growers they were before the tech downturn, but just do that longer and get to higher aggregate revenue and performance numbers.

Startups 166

Startups Capital Financing Finance 166

A Wealth of Common Sense

MARCH 3, 2023

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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Mr. Money Mustache

FEBRUARY 26, 2023

Well, looks like it has happened again. Since the last time we spoke, I got sucked into building my 17th(?) kitchen, and I have finally emerged from its messy yet addictive grasp as I stand here at the new breakfast bar, typing this report to you. Why am I so hooked on this strange pastime? And more importantly, why am I so excited to tell you about it, when most MMM readers probably don’t have house building at the top of their list of life priorities?

Resale 135

Resale Bidding Investing 135

The Big Picture

MARCH 3, 2023

Have a look at the BAML chart above. 1 It is one of my favorites, but for reasons that might not be readily apparent at first glance. The chart shows the peak-to-trough declines of all the bear markets with the popular definition of a 20% decline, measured up until the start of the first 20% rally. 2 The current move from 2021 highs is shown in red.

Financing 134

Financing Finance Stakes Debt 134

The Reformed Broker

FEBRUARY 26, 2023

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.

Mutual Funds 117

Mutual Funds Funds Investing 117

A Wealth of Common Sense

FEBRUARY 26, 2023

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 145

Investing Stock Market Stock Market 145

The Big Picture

FEBRUARY 27, 2023

Physics has been seeking a grand “ Unified Field Theory ” that can explain everything in the universe. I sometimes wonder if we cannot find a similar overarching theory about all bad decision-making. The closest I have found as that single point of failure is the Dunning Kruger effect. Recall last week , we were discussing thinking about the impact of retiring Baby Boomers on the equity markets and of rising rates on housing.

Mutual Funds 130

Mutual Funds Hedge Funds Taxes Consulting 130

Financial Times M&A

MARCH 2, 2023

Room to grow margins, tons of cash flow — and bad habits

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A Wealth of Common Sense

MARCH 2, 2023

A reader asks: Can we get a breakdown from Ben on the pros and cons of long-term vs. short-term bonds? I’ve probably gotten more questions/comments about bonds over the past 6 months than I’ve received in the previous 6 years. The huge losses in fixed income last year have forced investors to become more thoughtful about how they allocate to this asset class.

Assets 143

Assets Investors 143

Financial Times: Moral Money

MARCH 1, 2023

New rules could sharply reduce the volume of bonds that qualify for a green label, say analysts

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100

The Big Picture

MARCH 2, 2023

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.

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126

Financial Times M&A

MARCH 1, 2023

Bain Capital adviser Stephen Pagliuca says clubs must recognise the value of robust competition

Buyout 98

Buyout Capital 98

A Wealth of Common Sense

FEBRUARY 28, 2023

I did an interview with Janet Alvarez for The Business Briefing on SiriusXM last week and she asked me for something I’m thinking about that not a lot of investors are talking about at the moment. It’s kind of hard to find something no one is talking about because so many people are talking all the time now what with 24-hour financial news channels, a plethora of financial media companies, blogs, Substacks, ne.

Stock Market 141

Stock Market Stock Market Investors Companies 141

Walkner Condon Financial Advisors

FEBRUARY 28, 2023

In general, people should strive to have an emergency fund that covers 3-6 months of living expenses. These funds should be held in a liquid account that can be easily accessed in case of a sudden emergency or unexpected expense. However, not all savings accounts are created equal. If you’re not earning much in interest on your cash you are losing purchasing power as prices continue to rise.

Funds 98

Funds Accounting Banks Taxes 98

The Big Picture

FEBRUARY 27, 2023

My back-to-work morning train WFH reads: • How to Print Money : Cash may seem old-fashioned these days — but in much of the world, cash is still king. The process of making money requires teams of experienced designers and engravers who etch the plates with portraits, vignettes, lettering and ornamentation. The designs are crafted with both aesthetics and security in mind. ( New York Times ) • Apartment Rents Fall as Crush of New Supply Hits Market : Declines signal tenants may be maxed-ou

Buyout 116

Buyout Shareholders Assets Debt 116

Financial Times M&A

MARCH 1, 2023

European exchange operator pulls cash-and-stock offer for fund platform

Bidding 98

Bidding Funds 98

A Wealth of Common Sense

MARCH 1, 2023

Today’s Animal Spirits is brought to you by YCharts: Enter your information here to get 20% off YCharts (new clients only) On today’s show, we discuss: 10 years of A Wealth of Common Sense The most important charts for 2023 Soft landing? More like no landing Apartment rents fall as rush of new supply hits market There’s no going back to the old normal Tightening monetary policy and patterns of consumpt.

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FMG

FEBRUARY 27, 2023

We get the pleasure of building website for a variety of financial advisors, including these amazing female-led firms. From their intuitive design to the way they market their businesses, these examples are sure to wow you. Read on to learn more about each website and why we chose to include it on our list. 10 Examples of Female-Led Firms and Their Websites The eight firms below have continued to impress us with their lead-generation tactics, the unique niches that they cater to, and much more,

Prospects 98

Prospects Fee Structure Asset Management Education 98

The Big Picture

MARCH 3, 2023

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

Pension Funds 111

Pension Funds Consulting Consultants Asset Management 111

Financial Times M&A

FEBRUARY 27, 2023

Tobacco group targets vaping company after writing down investment in Juul

Companies 98

Companies Investing 98

A Wealth of Common Sense

FEBRUARY 27, 2023

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.

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Integrity Financial Planning

FEBRUARY 26, 2023

Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return.

Taxes 98

Taxes Financing Finance Returns 98

The Big Picture

MARCH 2, 2023

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

Consulting 111

Consulting Consultants Financing Finance 111

Financial Times M&A

FEBRUARY 27, 2023

Australian group has until end of next month to close deal to buy site of UK start-up

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98

A Wealth of Common Sense

MARCH 2, 2023

A reader asks: Can we get a breakdown from Ben on the pros and cons of long-term vs. short-term bonds? I’ve probably gotten more questions/comments about bonds over the past 6 months than I’ve received in the previous 6 years. The huge losses in fixed income last year have forced investors to become more thoughtful about how they allocate to this asset class.

Assets 98

Assets Investors 98

Integrity Financial Planning

MARCH 3, 2023

With the holidays over, we are officially approaching the thick of the winter season. This time of year can be difficult, whether it be the bitter cold, lack of daylight, or decrease in social gatherings. But there is one perk that winter brings: comfort food. Comfort food gives rise to a psychologically comfortable and pleasurable state when eaten. [1] Embracing Comfort Food As the name suggests, comfort food is any type of food that brings a person some fulfillment.

Financing 97

Financing Finance 97

Walkner Condon Financial Advisors

FEBRUARY 27, 2023

What is Bond Duration? It is important to understand that duration is a way of measuring how much bond prices are likely to change if and when interest rates move. In more technical terms, duration is measurement of interest rate risk. The key point to remember is that rates and prices move in opposite directions. When interest rates rise, the prices of bonds fall, and vice versa.

Funds 97

Funds Portfolios Returns Investors 97

Financial Times M&A

FEBRUARY 26, 2023

Alison Harding-Jones, who runs M&A business in Europe, Middle East and Africa, to depart in March

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A VC: Musings of a VC in NYC

FEBRUARY 27, 2023

I saw Dan Primack assert that the venture capitalist’s customer is their limited partners in this tweet about the Citizen app, the recap, and their VCs: Regular reminder that, ultimately, VC funds works for their limited partners, not for their portfolio companies. [link] — Dan Primack (@danprimack) February 25, 2023 I DM’d Dan to let him know that is not the right way to think about the venture capital business.

Venture Capital 94

Venture Capital Shareholders Capital Portfolios 94

Million Dollar Round Table (MDRT)

FEBRUARY 26, 2023

By Jaslyn Ng If there is one word to describe CEOs, it would be the word “busy.” This is backed by a 2018 study outlined in the Harvard Business Review that revealed CEOs work on average 9.7 hours per weekday and 62.5 hours per week. Having worked with more than 30 CEOs and key executives as my clients in 2022, I’ve extracted the five biggest financial mistakes ubiquitously made by them.

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The Big Picture

MARCH 1, 2023

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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Financial Times M&A

FEBRUARY 26, 2023

Value of German group’s holding in UK telecoms company has tumbled almost £4bn

Stakes 98

Stakes Companies 98

Financial Times: Moral Money

MARCH 2, 2023

Also in today’s newsletter, despite the Inflation Reduction Act, US battery imports from China increase

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Million Dollar Round Table (MDRT)

FEBRUARY 28, 2023

By Matt Pais, MDRT Content Specialist Not long after he came to the U.S. from India, Devang Patel, CFP, CLU , broke his leg playing volleyball. He had no health insurance, and his parents weren’t able to pay his medical bills. To Patel’s surprise, the doctor said, ”No charge – just pay it forward.” “They could have given me a payment plan or asked me to pay later.

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