Last Wednesday, InvestmentNews hosted its annual market outlook webcast, titled “Money, Markets and Mystery.” The timing couldn’t have been better, because that day’s trading action brought money, markets and mystery to the fore, with GameStop Corp. shares embodying the “mystery.”
The heavy shorting of GME stock underlies the coverage — and shorting remains a mystery to so many, including new investors and long-term market observers. Couple that with some of this activity reportedly coming from new online arenas for investors, Twitter and Reddit, where gamification of investing was brought to the fore.
The massive money moves led to breathless coverage of these names on financial and mass media, and gave me flashbacks to 1999-2000, as market pundits waved their arms over these small names. It was energizing — but it misses the point.
The long-term reality of the market was captured on the webcast by Commonwealth Financial vice president Peter Essele, who said there was a reason for the sell-off that was lost in the barrage of information about GameStop; the real factor behind the sell-off, he said, was the Fed’s dovish tone in its statement after the Open Market Committee meeting.
Despite drama and gamification, the mystery of the market is no real secret: It always comes back to long-term fundamentals, and not passing drama around an off-the-run name.
The advisors on the move include two brothers leading a family practice in Connecticut, and a husband-and-wife tandem working with business owners in the West Coast.
Business owners and their heirs may be making assumptions instead of having conversations, creating challenges for succession planning, according to new research.
The Kansas-based mega-RIA is giving clients access to dedicated care coaches as new surveys show caregiving duties are straining Americans' finances.
Aspen's affiliated RIAs now manage $15 billion after the New York-based platform added Kalamazoo-based CWS Financial Advisors.
The Chicago-based mega-RIA's latest additions, spanning six office locations and over 40 team members, pushes its W-2 platform assets to roughly $35 billion.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
