The Reformed Broker
DECEMBER 1, 2022
LET’S GIVE A ROUND OF APPLAUSE TO SAM BANKMAN-FRIED pic.twitter.com/HIVB3nTX2V — The_Real_Fly (@The_Real_Fly) November 30, 2022 Last night’s interview between the New York Times’ Andrew Ross Sorkin and Sam Bankman-Fried ended with the host thanking the accused criminal mastermind for coming, despite the protestations of his lawyers. The audience applauded as the screen went black.
The Big Picture
NOVEMBER 17, 2022
. There is a new 60/40 in town, and it is the contribution to inflation from consumer demand for goods and the pandemic-broken supply chain. That is according to a study by Julian di Giovanni, who publishes at the NY Fed’s blog Liberty Street Economics. Over the summer, he posed a fascinating question: How Much Did Supply Constraints Boost U.S. Inflation?
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Mish Talk
DECEMBER 11, 2022
"CZ" Image likeness courtesy of Coin Telegraph article below. Binance's Proof of Reserves Statement When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users assets 1:1, as well as some reserves. When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure client funds are fully backed.
A Wealth of Common Sense
OCTOBER 16, 2022
There’s an old saying that they don’t ring a bell for you at the top. I know this to be true because investors spent more than 10 years during the bull market of the 2010s calling everything they saw a top. The regime changes are rarely obvious until after the fact. The same is true when trying to call a bottom during a bear market. They don’t announce these things over a PA for everyone to hear.
A VC: Musings of a VC in NYC
DECEMBER 5, 2022
The advances in AI over the last year are mind-boggling. I attended a dinner this past week with USV portfolio founders and one who works in education told us that ChatGPT has effectively ended the essay as a way for teachers to assess student progress. It will be easier for a student to prompt ChatGPT to write the essay than to write it themselves.
Wealthfront
SEPTEMBER 3, 2022
Today we announced that together with UBS we decided to terminate our pending acquisition and will instead remain an independent company. We are continuing to explore ways to work together in a partnership and UBS has given us $69.7 million in financing at a $1.4 billion valuation. I am incredibly excited about Wealthfront’s path forward […]. The post Our Plans to Remain an Independent Company appeared first on Wealthfront Blog.
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Fortune Financial
AUGUST 8, 2022
A recurring theme in my articles has been the importance of industry-level economics to the success of an investment; it is not uncommon for all participants in an industry with favorable dynamics to outperform, and, similarly, it is all too common for even the best operators in a poor industry to underperform. However, industry importance is not limited to economics; competitive structure is crucial as well.
Million Dollar Round Table (MDRT)
OCTOBER 30, 2022
By Matt Pais, MDRT Content Specialist Maybe you think you have your work-life balance under control. If you color-coded your calendar according to how you divided your time, though, how would it look? Wayne Cotton, CLU , a 46-year MDRT member from Lake Country, British Columbia, Canada, said he was able to counteract his workaholic tendencies by designing his calendar this way, increasing his focus at work and appreciation of time off.
Indigo Marketing Agency
DECEMBER 19, 2022
As a financial advisor, your job requires you to stay on top of leading industry information, the evolving ways to connect with clients, and new strategies for managing money. With so much going on, it can be challenging to keep track of everything. That’s why we’ve identified the top 41 financial influencers we believe will greatly impact the industry in 2023.
Financial Times M&A
NOVEMBER 7, 2022
Move comes months after Chelsea was sold to consortium led by American financier Todd Boehly for £2.
The Reformed Broker
NOVEMBER 8, 2022
A lot of reporters and public intellectuals were writing their obituaries for Twitter this weekend. First, we saw the revolt of the Blue Checkmarks. Then, the first inklings of an advertiser exodus. The timing of all this – on the eve of a midterm election that will determine whether or not Americans actually care about democracy – could not have been more ominous.
The Big Picture
OCTOBER 26, 2022
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. The headline trumpeted: “Nokia, one billion customers – can anyone catch the cell phone king?” It was posted online October 26, 2007 — 15 years ago today.
Mish Talk
DECEMBER 16, 2022
Early Benchmark Revisions of State Payroll Employment Please consider Early Benchmarks for All 50 States and the District of Columbia for the second quarter of 2022. Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES).
A Wealth of Common Sense
NOVEMBER 15, 2022
Boring is better this year in the markets. The more exciting your portfolio, the worse your performance is in this bear market. Those old stodgy blue chip stocks in the Dow that pay dividends and have stable cash flows are crushing the innovation-led stocks that have more potential than profits in 2022. This is in stark contrast to the FOMO days of 2020 and 2021 when it felt like the only place to put your money was the.
A VC: Musings of a VC in NYC
MAY 22, 2022
Back in February of last year, I wrote a blog post with the same title and said this about the asset price bubble we were living in and investing in over the last few years: The big question is how does this end? I believe it ends when the Covid 19 pandemic is over and the global economy recovers. Those two things won’t necessarily happen at the same time.
Wealthfront
NOVEMBER 10, 2022
Today, we’re excited to announce we’ve doubled the FDIC insurance you get on your deposits in a Wealthfront Cash Account. Your Cash Account deposits are now insured for up to $2 million through our partner banks, which is 8x the amount available in a traditional bank account. For joint accounts, Cash Account deposits are now […]. The post The Wealthfront Cash Account Now Offers $2M in FDIC Insurance appeared first on Wealthfront Blog.
Investment Writing
OCTOBER 4, 2022
Have you ever struggled to generate topics for your blog posts, white papers, and other publications? You are not alone. I have some solutions to help you brainstorm. 1. Write about your clients’ mistakes and problems. The most powerful brainstorming advice I can give you is to start “ Blogging the mistakes your clients make.” My post on this topic gives you a template for writing this kind of blog post. 2.
Financial Times: Moral Money
MAY 25, 2022
World’s second-largest asset manager cites its duty to maximise returns for clients
Mr. Money Mustache
DECEMBER 10, 2022
One of the reasons I don’t write as often these days is that my life has gradually evolved into a Personal Finance Bubble. . The people around me have learned to be purposeful with their money, which means they now have plenty of savings and never have to stress about the stuff. Good ideas have naturally spread between the old group of friends, and new ones with similar values have drifted in over the years.
The Big Picture
OCTOBER 18, 2022
At the beginning of each quarter, I prepare a short but in-depth conference call for RWM clients. The team & I put together the most revealing and informative slides. In that half hour, I blow through ~40 slides that capture and explain what is going on. About a quarter of the October 2022 slides were focused on real estate. This is atypical. The reason we emphasized real estate this Q is that housing is very often where we see FOMC policy having its most immediate effect.
The Reformed Broker
OCTOBER 3, 2022
I’m going to tell you a quick story in the order in which it happened. You were there. You will be familiar with the sequence of these events. But you may not have reached the shocking conclusion that I have. At least not yet. Wait for it… Our story begins in 2019… It was the best of times, it was the best of times. The tail end of a decade of uninterrupted asset price appreciation for the top decile of.
A Wealth of Common Sense
SEPTEMBER 25, 2022
Don’t fight the Fed used to be a positive slogan. That’s not the case anymore. If anything, it feels like the Fed wants to fight us, all of us, including the stock market and the economy. The Fed is actively trying to crash the stock market, break the housing market and push the economy into a recession. How do I know this? Because Fed officials are literally telling us this every time they speak.
A Wealth of Common Sense
SEPTEMBER 5, 2022
According to Bill Bryson, the visible universe is a million million million million miles across. That’s a 1 with 24 zeroes after it (1,000,000,000,000,000,000,000,000). That sounds rather large. But the universe beyond what we can see is even harder to comprehend: The number of light years to the edge of this larger, unseen universe would be written not “with ten zeroes, not even with a hundred, but with million.
A Wealth of Common Sense
SEPTEMBER 11, 2022
Following the Great Financial Crisis of 2008 a number of macro doom-and-gloomers began predicting a collapse of the U.S. dollar. The Fed was “printing” trillions of dollars. Interest rates had never been that low before. It was an appealing narrative if you were someone stuck in the negative feedback loop of the biggest economic crash since the Great Depression.
A Wealth of Common Sense
DECEMBER 9, 2022
Nationwide price declines in the housing market are relatively rare. Since 1987, there have been just three times when the Case-Shiller National Home Price Index has been in a state of drawdown: The first was in the early-1990s when housing prices fell a little more than 2% nationally. Then you have the housing crash at the end of the 2000s when prices fell nearly 27%.
A Wealth of Common Sense
SEPTEMBER 23, 2022
Earlier this week I posted a chart showing how volatile the stock market has been this year: Things have gotten even more volatile since then. This post prompted the following response from someone on Twitter experiencing their first bear market: Yes, there is precedent for this. These are all of the bear markets since World War II: If anything, it’s surprising the current iteration isn’t down more.
A Wealth of Common Sense
OCTOBER 14, 2022
A new research paper from an economist at Yale did a deep dive into 50 of the most popular personal finance books of all-time. If you’re a personal finance nerd like me you should be familiar with the authors — Dave Ramsey, Suze Orman, Robert Kiyosaki, Ramit Sethi, David Bach and the like. The point of the paper was to show how typical personal finance advice differs from academic economic models.
The Big Picture
AUGUST 30, 2022
Source: AgWeb. If you are interested (as I am) in Real Estate , then allow me to suggest you consider exploring the world of Farmland. It is something I have done for a while, and it is a fascinating rabbit hole to fall into. Not so much as an investor, but as someone interested in how agriculture works (but yes, there is an investor angle here as well).
The Reformed Broker
SEPTEMBER 23, 2022
A recession so contrived and man-made that every economist, politician, business owner, college student, CEO, rapper and professional athlete has been able to see it coming in real-time for months and months… Take a picture, you may never see anything so obviously about to happen ever again. A child could have foreseen it. At a certain point, a person who is charge of price stability should probably look in the mirr.
A Wealth of Common Sense
NOVEMBER 17, 2022
A reader asks: I’ve been minimally invested in bonds as a long-term investor but if I can get 5% or more interest, I’d love to allocate funds and lock that in for as long as possible. I’m looking at corporate investment grade new issues and they largely seem to be callable in a year. While I would be happy if rates came down and I got my principal back in a year, I’d also be happy holding them if they are not call.
A Wealth of Common Sense
NOVEMBER 18, 2022
Scott Galloway once said, “It’s never been easier to become a billionaire, or harder to become a millionaire.” I’m not sure I agree but it does seem like more people want to become a billionaire these days. I honestly don’t think it’s worth it. More money in your life is obviously better than less money but only up to a certain point.
A Wealth of Common Sense
DECEMBER 20, 2022
Think back to 2010. After you got done signing up for some new app called Instagram and finished 17 shows and movies about vampires, maybe you finished reading The Girl With the Dragon Tattoo trilogy. Once all that pop culture consumption was done, you would have needed some non-fiction to keep up with the intellectual crowd so you moved on to The Big Short by Michael Lewis.
A Wealth of Common Sense
DECEMBER 13, 2022
Unless we get a Christmas miracle, the U.S. stock market is going to finish the year with double-digit losses. If this downturn holds, it would be the 12th time in the past 95 years this has happened. So it’s relatively rare but not completely out of the range of possibilities. There’s nothing special about calendar year returns. It’s not like market cycles die on December 31st and are born again each ye.
A Wealth of Common Sense
NOVEMBER 27, 2022
It feels like we can’t go a week without some crazy cheating scandal popping up. First, there were the professional fishermen who put lead weights and raw fish fillets into the fish they caught to literally tip the scales in their favor. Then there was the bizarre chess cheating affair where one of the top players in the world was accused of using a vibrating device placed in his rear end.
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