2022

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Why they clapped for Sam Bankman-Fried

The Reformed Broker

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.

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Supply Chain Is 40% of Inflation

The Big Picture

. 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?

Capital 145
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Trending Sources

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Binance's Alleged Crypto Audit Failed, Not Even Its Auditor Would Vouch For It

Mish Talk

"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.

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What a Stock Market Bottom Looks Like

A Wealth of Common Sense

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.

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Sign Everything

A VC: Musings of a VC in NYC

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.

Education 139
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Our Plans to Remain an Independent Company

Wealthfront

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.

Companies 139

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The Optimal Industry Structure

Fortune Financial

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.

Investors 119
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41 Top Influencers for Financial Advisors in 2023

Indigo Marketing Agency

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.

Education 116
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Organize your time through color-coding

Million Dollar Round Table (MDRT)

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.

Education 115
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Financial Advisor’s Guide to an ADA Compliant Website

Advisor Rankings

Complying with ADA guidelines enables your website to provide a better user experience for millions of Americans, opens up your business to more potential clients, and helps you to avoid possible legal action against your firm. What is the Americans with Disabilities Act (ADA)? The ADA, enacted in 1990 and amended in 2009, aims to protect people with disabilities by mandating businesses to support the former’s needs.

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Twitter is cigarettes

The Reformed Broker

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.

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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. 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.

Companies 145
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The Philadelphia Fed Just Revised Jobs Lower by 1.2 Million for Q2

Mish Talk

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).

Banks 144
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What is the Fed Doing?

A Wealth of Common Sense

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.

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How This Ends

A VC: Musings of a VC in NYC

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.

Assets 138
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The Wealthfront Cash Account Now Offers $2M in FDIC Insurance

Wealthfront

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.

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Brainstorm ideas for your publications

Investment Writing

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.

Prospects 117
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Liverpool FC sale explored by US owners Fenway Sports Group

Financial Times M&A

Move comes months after Chelsea was sold to consortium led by American financier Todd Boehly for £2.

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Vanguard refuses to end new fossil fuel investments

Financial Times: Moral Money

World’s second-largest asset manager cites its duty to maximise returns for clients

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Lessons From the Badass Muscular Neurobiologist

Mr. Money Mustache

Have you ever noticed that as a whole, our society has its daily habits almost completely backwards? We’re generally so “busy” that we don’t have time to get much exercise. And then we spend countless sedentary hours sitting in our cars each week because we think that car driving saves us time. To fuel our bodies during these chaotic days, we pack ourselves with whatever convenient or tasty food we happen to crave at the moment, then add in additional snacks between meals, while watching TV, and

Education 127
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Collapse in Prospective Home Buyer Traffic

The Big Picture

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.

Prospects 145
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You weren’t supposed to see that

The Reformed Broker

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.

Assets 145
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Living Like Nothing Matters

A Wealth of Common Sense

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.

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Boring is Beautiful in Investing

A Wealth of Common Sense

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.

Investing 144
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Why I Remain Bullish on the United States of America

A Wealth of Common Sense

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.

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What Happens If Housing Prices Fall 20%?

A Wealth of Common Sense

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%.

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Navigating the Pain of Your First Bear Market

A Wealth of Common Sense

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.

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U.S. Cropland Values Hit Record Highs

The Big Picture

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).

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You’re not good at this.

The Reformed Broker

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.

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How Often is the Market Down in Consecutive Years?

A Wealth of Common Sense

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.

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The S&P 500 is Not the Economy

A Wealth of Common Sense

Technology stocks make up nearly 24% of the S&P 500. And that number is probably understating things since many of the biggest companies aren’t technically in the tech sector. Amazon and Tesla are two of the biggest holdings in the consumer discretionary sector. Facebook, Google and Netflix are in the communications sector. Many of these companies are now such a part of our lives that it’s difficult to cla.

Companies 141
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The Many Ways the FOMC Can Be Wrong…

The Big Picture

Since it is late on a Friday, I thought I might share some quick thoughts about the week. I have been wondering, more than usual, about the disconnect between what we see in falling prices and the Federal Reserve’s anti-inflation actions. It is difficult to reconcile Fed rhetoric with the actual price of Goods. One can reach only so many conclusions: Perhaps the Fed is right and everybody else is wrong.

Financing 141
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Why Are There So Many Cheaters These Days?

A Wealth of Common Sense

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.

Financing 141
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MiB: Antti Ilmanen, Co-Head, Portfolio Solutions, AQR

The Big Picture

This week, we speak with Antti Ilmanen, who is the principal and global co-head of the portfolio solutions group at AQR Capital Management. His research into markets and valuation has won numerous accolades and recognitions, including the Graham and Dodd award, the Harry M. Markowitz special distinction award, multiple Bernstein Fabozzi/Jacobs Levy awards for his articles, and CFA Institute’s 2017 Leadership in Global Investment Award.