The Takeaway
May 22, 2013
The Takeaway: Hedgies now offering expert performance chasing
PortfolioAre we in a bubble? Let's ask Russell! (iShares)Michael Santoli: Of all the things to be worried about, the Fed is the least of your problems. (Unexpected Returns)Stop worrying about volume and other things that haven't mattered. (MarketWatch)The BizETFs hit the $1.5 trillion AUM mark this week. That was easy! (Index Universe)Advisers attend open forum and speak their minds out loud. Fines and sanctions will, presumably, be forthcoming. (Advisor One)This is what your 2-and-20 gets you in all those "alternatives" buckets you've been filling - expert performance-chasing. (Barron's)Jason Kephart: Where are the fund shareholders' yachts. LOL. (Investment News)Also, this: "That's just how it works. If I want to be successful in this industry, I'm going to want to destroy five guys.” Nice! (Bloomberg)OutliersSo this is still happening... (Buzzfeed)***Disclaimer: Joshua Brown is an investment advisor representative... Read full post
May 21, 2013
The Takeaway: S&P at 2,100 by 2015? Goldman thinks so
PortfolioGoldie: S&P headed to 2100 by 2015. (Scribd)Peter Schiff on gold. I'll let you guess what he thinks... (Index Universe)Russell 2000 small cap index breaks 1000 for the first time ever. (The Reformed Broker)The BizJamie keeps his job(s) after all. Here's how he did it: (Working Capital)Riskalyze's Aaron Klein: So you want to be a Tweet Superstar. (RIA Biz)LPL Financial hit with largest email fine ever imposed :( (Investment News)OutliersDoug Kass: Here's why I got the market wrong this year. (MoneyBeat) ***Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment advice or a solicitation to trade any securities. Mr. Brown or his firm may be long or short securities mentioned above for client or personal accounts at any time.... Read full post
May 20, 2013
The Takeaway: The weirdest pro-bond argument ever — and it kind of makes sense
PortfolioRussell cracks through 1000 for the first time ever. (Focus On Funds)James Surowiecki: Sorry, it's not a bubble. (The New Yorker)The weirdest pro-bond allocation argument I've yet read...and it makes sense sort of. (Rick Ferri)The BizDeath of the Wirehouse? Maybe not, but who cares? What about the invincibility of the RIA model? (Washington Wealth Management)HighTower raises another round, gears up to take more wirehouse guys. (Financial Planning)"LPL Financial is shifting its focus toward building 13,000 mini-empires — and dialing back on adding critical mass for its own sake." Umm, what? (RIA Biz)9 myths for breakaway brokers becoming RIAs. (Advisor One)Only half of the investment advisors expected shift from SEC to state oversight. Now what? (Financial Planning)OutliersMuppet Product of the Week: Goldman's fund of hedge funds mutual fund: 5.5% sales load on the A share plus 2% management fees. Year one, you... Read full post
May 17, 2013
The Takeaway: The uselessness of money management
PortfolioOops. Even the smartest guys in the game have trouble with market-timing. (Above The Market)JPMorgan goes crazy-bullish: S&P target taken from 1580 to 1715. (The Tell)Ed Yardeni: PE ratios are merely expanding from fear-depressed levels, this is mean reversion and not a mania. (Dr Ed's Blog)Yes, stocks are up and no, this is not 1999. (The Reformed Broker) and (Business Insider)The BizChinese investment banks invading Wall Street. Wonder if they'll undercut us on M&A and underwriting fees... (DealBook)On the indispensability of Jamie Dimon. (The Epicurean Dealmaker)Active mutual funds are hilariously investing in passive ETFs. (WealthManagement)The money management industry is now the decider of how much gold is worth. That's some safe haven. (Focus On Funds)Every Day is an Investment: How are you investing your time? To whom are you giving it to? (Seth's Blog)Justin Fox on the uselessness of the asset management... Read full post
May 16, 2013
The Takeaway: What if these are the good old days?
PortfolioGoogle exemplifies why PE ratios are irrelevant for early-stage growth companies. (Ivanhoff)Art Cashin: The market has closed up 18 Tuesdays in a row. Don't make a big deal about it though. (Business Insider)What if these are the good old days? (The Reformed Broker)Jesse Eisinger: What if the Fed-hating hedge fund managers are right? (DealBook)The BizPhilip Palaveev on why adviser benchmarking is important. (Investment News)Why Jamie Dimon is so indispensable to JPMorgan Chase. (BusinessWeek)Five everyday leadership traits of elite advisers (WealthManagement)Being bearish and wrong is almost unforgivable when managing other peoples money. (The Big Picture)Merrill broker caught plagiarizing his own firm's research reports. Wait - what? (Broke and Broker)OutliersMuppet Product of the Week: How about a "sound money" ETF, actively managed currencies. For 65 basis points. (IndexUniverse)***Disclaimer: Joshua Brown is an... Read full post
May 15, 2013
The Takeaway: Morgan Stanley rising
PortfolioThree reasons the rally is accelerating. (See It Market)How much of the last few years' worth of gain has been due to the shrinkage factor? (The Reformed Broker)Bank analyst Mike Mayo boosts share price target on Morgan Stanley, he's a fan of James Gorman's work as well. (Bloomberg)The BizDoes the wealth management biz need to worry about Spaceship Bloomberg hovering over its turf? (DealBook)Cantor Fitz successfully fights off $13 million wrongful termination suit, settles for a fraction. (Broke and Broker)Should we be worried about Obama's 2014 cap on tax-deferred retirement accounts? (New York Times)I don't believe this and would like to see the data - but anyway, supposedly women financial advisers "outperform" (whatever that means) their male counterparts regularly because of risk aversion. (Financial Planning)OutliersBucket strategies may be doing more harm than good - but should we keep speaking in those terms... Read full post
May 14, 2013
The Takeaway: Stocks are still cheap ... enough
PortfolioDavid Tepper / New York Fed on the equity risk premium and why stocks are still cheap. (Business Insider)A deep dive into WisdomTree's dividend products. (ETF trends)This new academic study is changing the way portfolios are constructed. (Index Universe)The BizNew Morgan Stanley hedge fund mutual fund product checks every box on the Muppet list - it has words "dynamic" and "strategies" right in the title! I'm pumped. (Hedgeweek)Jeff Concepcion, against all odds, builds a massive LPL OSJ. (RIA Biz)Cold calling is dying and brokerage firms haven't quite figured out how to replace it. (Bloomberg)Speaking of hedge funds - the price-cutting has begun, will it ever go back again? (No.) (DealBook)Retirement is a late 20th century phenomenon. For most of history, males just worked until they were dead. So get over the whole labor force participation rate thing. (The Big Picture)OutliersActual story: "Rich Manhattan moms hire... Read full post
May 13, 2013
The Takeaway: Help! My adviser is trying to put me into a wrap account!
PortfolioRadically different approaches to the dividend ETF: "VIG has a 1.2% allocation to utilities, whereas utilities is the largest sector weighting in DVY at 30.2%." (ETF Trends)And all of a sudden everyone became a "tactical" adviser, at precisely the wrong time. (The Reformed Broker)Oh boy - "BofA: 92% Of Investors Are Expecting A Great Summer" (Business Insider)Bill Gross has just precisely pinpointed the top of the bond market for us. Which is helpful. (Investment News)People can't predict markets but markets can predict people. (Rick Ferri)The BizTax Freedom Day is arriving across America this week. (Tax Foundation)Banks think they're just going to waltz into the wealth management biz, gonna be tougher than that. (Financial Planning)What dollar figure is Jamie Dimon worth to JPMorgan shareholders? JPM - Jamie Dimon = Citigroup? BAC? (Working Capital)Carl Richards on the adviser action bias and a parallel with soccer.... Read full post
May 10, 2013
The Takeaway: Bernanke says the play date needs to end
PortfolioWhat the S&P vs Gold may say about a New Age of America. (Charts etc)Michael Santoli sees echoes of 1995 in the market's behavior this year. I wasn't around then, was listening to a ton of Wu-Tang in a dorm room, so I'll take his word for it. (Unexpected Returns)Guys, Bernanke just dropped the first hint that you need to start acting like adults again in the yield space. (The Reformed Broker)The BizAdvisers sound off on the best use of technology to run their practices and service their clients. (AdvisorOne)To use alts or not to use alts, that is the question. (Financial Planning)Envestnet's big data play for financial advisers is starting to take shape. (RIA Biz)OutliersShort-sellers being carried out feet first (Reuters)***Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment... Read full post
May 9, 2013
The Takeaway: High yield, preferred ETFs launch into orbit
PortfolioYour favorite blogger was at the Ira Sohn Conference yesterday and took copious notes for you. (The Reformed Broker)Capital Spectator: Stop messing around with the components of your asset allocation and focus on the progress of the whole portfolio. (Capital Spectator)Now listen, I don't want to set off any alarm bells - but have you seen the charts of high yield bond ETFs lately? How about preferreds? (Bespoke)The BizHow many financial advisors had PTSD after 2008? All of them. (MarketWatch)Three broker-dealers nailed for almost a million in fines for lax AML oversight. Let's stay aware out there. (Investment News)RIA reps: Her's how we use LinkedI to steal wirehouse clients. (RIABiz)Three hidden sources of new prospective business you may be ignoring. (WealthManagement)Fidelity: Here's why some of the top wirehouse producers cling to the mothership (I will tell you the real answer, it's because they are close to... Read full post
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