ByteDance Ltd.’s options for TikTok in the US are looking increasingly desolate, as the tech war between Washington and Beijing boils over.
The U.S. economy and stock market are entering 2025 from a position of strength, but risks of volatility—especially pertaining to policy—are much higher compared to last year.
Dollar bulls emboldened by Donald Trump’s win are entering a month that has historically punished the greenback.
It’s the anniversary of the first-ever controlled nuclear fission chain reaction. And it’s the day that Enron filed for Chapter 11 bankruptcy in 2001.
Astoria rounds up its 10 ETFs for 2025, providing unique thought leadership and actionable investment ideas.
Trump's election win spurred market optimism, driving rallies in equities, crypto, and cyclical sector.
It’s been nearly two years since generative artificial intelligence (AI) took the world by storm, with the release of large language models like ChatGPT, Copilot, and Gemini dazzling humankind with their ability to interpret human requests and respond with the desired output.
Saturday marks two years since OpenAI posted an oddly named widget called ChatGPT to the web. Its staffers placed bets on how many users it would accumulate, the highest estimate being 100,000. How wrong they were.
News broke this week that the US Department of Justice wants to force Alphabet Inc.’s Google to sell Chrome, its dominant web browser. That has led to much head scratching in the tech industry.
“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday.
Canada’s University Health Network said its Toronto Western Hospital would be the first non-US site of a trial for a device created by Neuralink Corp., Elon Musk’s brain-implant company.
If Wall Street learned one thing during Donald Trump’s first term as president, it’s that the stock market is a way he keeps score. At various points he took credit for equities rallies, urged Americans to buy the dip, and even considered firing Federal Reserve Chairman Jerome Powell, who he blamed for a selloff.
Much of modern finance falls into one of two camps, neoclassical finance and behavioral finance. The former posits efficient markets, the latter posits the opposite.
While baby boomers can be slower to embrace technology, younger investors tend to seek out and prefer tech-focused services and providers. This preference for technology is something advisors should lean into to connect with younger generations of investors.
Consistent communication through market events is vital for advisors concerned about client retention.
In this article, Russ Koesterich discusses why he believes U.S. exceptionalism is a trend that is likely to continue.
Meta Platforms Inc. CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.
The "ideal life" is a harmful myth that can distort perceptions of success and happiness. By recognizing different values and goals, you can foster a more inclusive – and realistic – understanding of what it means to lead a fulfilling life.
Most advisors grow by referral and word of mouth. But what happens when your clients stop talking about you? Here are three ways to start marketing.
Memory inflation of past events amplifies one's emotions and behaviors. As I will discuss, I believe that distress from recent price inflation is causing many investors to overly fear that a similar situation will reoccur.
A call for taking a closer look at hard assets given the macro backdrop has been a recurring theme this fall.
Explore how AI fuels nuclear investments, drives energy demand, and attracts tech giants to nuclear power.
I have developed a seven-step framework that has been used countless times to assist advisors looking to build a $1 million, 100-days-off practice, as well as help leaders of seven-figure firms scale their success to new heights.
Around 110 million years ago, a dinosaur went hunting. Stalking through ferns along a riverbank, he twitched his nose to the wind and caught scent of a plant-eater ahead. His head darted upward. His eyes locked on the target. The dinosaur drew his sickle claws upward, ready to make a lethal strike. But something wasn’t right.
Navigating space is hard. It’s expensive, complex, time-consuming and dangerous. And yet you have to hand it to Elon Musk: His SpaceX firm makes it look easy.
This unique bull market is still young relative to history and, for now, supported by relatively healthy breadth and broadening participation.
With over 20 years of experience in web design and development, I’ve seen firsthand how the right website can transform a financial advisor’s business.
It’s my birthday week and I have guests and family gathering in the next room, so this will hopefully be a quick letter as well as ending with what will likely be controversial food for thought.
Facebook parent Meta Platforms Inc. debuted a new artificial intelligence tool that can generate or edit videos based on a simple text prompt, elevating competition with rivals like OpenAI and Google in the race to develop the world’s most advanced AI technology.
Earned media acts as a third-party stamp of approval for your firm, generating more referrals while boosting existing referrals.
Expanding outreach to include a well-orchestrated digital lead generation strategy is the most effective and efficient way to grow a client roster and help new generations navigate the Great Wealth Transfer with optimal financial strategies.
Two weeks ago, I began reviewing Martin Gurri’s important book, The Revolt of the Public. Rather than try to do a general review, I am going to liberally quote from Gurri’s book and interviews, trying to let him explain himself in his own words.
I attended and spoke at the European Blockchain Convention this week in Barcelona, where the energy around digital assets, Bitcoin and Web3 was palpable. Among the 6,000 attendees, there was a sense that we’re on the brink of a new era in finance and digital infrastructure.
The economy is not the stock market. And that’s good news.
Sam Altman has his hands in countless projects while also building “mankind’s last invention”: artificial general intelligence, or AI systems that surpass our own cognitive abilities. These galactic aspirations were reinforced on Monday when Altman published a dramatic blog post reminding us that superintelligence will bring prosperity for everyone. It’s just a “few thousand days” away, he added.
As the back-to-school season fills your social media feed with first-day photos and ads for the latest school supplies, it is also a prime opportunity for financial advisors to reconnect with clients about their education savings plans.
Marketing is an ongoing evolution – a living conversation with your ideal clients – so the opportunity to level-up is omnipresent (and part of what I love in my work).
In my cycles book I’m reviewing the forecasts of Neil Howe, Peter Turchin, George Friedman, and Ray Dalio. For different historical reasons and patterns, all see a crisis culminating at the end of this decade. Some readers have legitimately pushed back, saying no one knows the future.
Tech companies of a certain size have long expected an easy ride from authorities, and for good reason. They always got it. Apple Inc. for years abused loopholes to pay virtually zero tax in the European Union while generating record profits there, thanks to special treatment from Ireland, where it bases its European headquarters.
When you pay attention to details in the financial services industry, you elevate your firm’s standing and demonstrate to clients that their relationships are valued. Small, considerate gestures can transform clients’ perception of your service, often bridging the gap between a satisfactory experience and an exceptional one.
While technology is a powerful driver of economic growth, it also presents challenges that can negatively impact productivity, equality, mental health, and societal cohesion. Addressing these issues ensures that technological advancements promote sustainable and inclusive economic growth.
The all-in view of Tesla Inc. was summed up in a line from a report this summer by one of the more all-in analysts covering the company: “The car is to Tesla what the video game chip is to Nvidia.
US Bitcoin exchange-traded funds have posted their longest run of daily net outflows since listing at the start of the year, part of a wider retreat from riskier assets in a challenging period for global markets.
The US stock market has given us plenty of real and perceived calendar anomalies to think about. There’s the observed tendency for stocks to experience a “Santa Claus rally” (during the last five trading days of the year and the first two of the next) and the weekend effect (where stocks have a habit of slumping on Mondays).
Investors should be careful what they wish for in hoping for an aggressive Fed rate cutting cycle, given stocks tend to do better when cuts are slow and steady.
Using infographics to illustrate your firm’s financial planning process is a great way to show the value you provide. Whether in your marketing materials, initial consultations, or new client onboarding, these visuals can help set the stage for a successful and growing relationship.
Cliff Asness says he sounds like an “old man whinging,” but that’s not stopping him from writing 23 pages on his latest thesis: Financial markets these days aren’t what they were.
It’s the story of so many stock market manias: A transformative technology juices a few companies, a bunch of more questionable outfits follow in their wake, and Wall Street buys it all. Then time sorts out what’s real from fake.
The last two years of high school can be particularly important as students approach the final college decision. Our Bill Cass highlights some action items for students and parents.
As the AI halo begins to fade, equity investors are seeking companies that can profit from—and not just pontificate about—artificial intelligence.
The term “recession” made a big comeback in news stories and social media posts this month. Goldman Sachs Group Inc.’s Chief Economist Jan Hatzius was among those who formally bumped up his odds of a downturn to considerable media hoopla.
Silver is an important component of solar photovoltaic (PV) panels, meaning that for China to reach its ambitious climate targets, it must import massive amounts of the white metal. In June alone, China spent over $228 million on silver, a new monthly record based on Bloomberg data going back to 2009.
Quant traders at Man Group Plc are betting that unlocking the secrets of private markets will give them an edge in trading public stocks.
Criticism is a gift when it is used to push people to greatness and watch them develop into their potential.
Haidt’s The Anxious Generation documents the post-iPhone 4 explosion of anxiety and depression disorders among adolescents. Haidt calls the substitution of screen time for play “The Great Rewiring” of young brains that is directly responsible for the dramatic increase in adolescent mental health disorders.
One of the most critical factors explaining the performance differences between small-cap value and large-cap growth stocks is the sector in which the companies operate, and the earnings growth associated with each industry.
The Biden administration is nearly finished divvying up $39 billion in grants under the Chips and Science Act, the landmark bipartisan legislation aimed at revitalizing the domestic semiconductor industry. The bigger test still lies ahead.
Savvy advisors that blend classic prospecting methods with modern tech are not only reviving successful strategies from the past but are also setting the stage for sustainable future growth.
When dealing with millennials and often with more seasoned investors, it’s important to understand their barriers to acceptance of a boring approach to investing.
The rise of LLMs and public availability of generative AI tools has driven a wave of excitement over AI’s potential to transform society, economies, and workflows.
Canadian entrepreneur Andrew Wilkinson’s early decision to ditch a career as a journalist and teach himself web design has proved lucrative, making him the majority owner of a technology investment firm worth more than $300 million.
A lack of clients is not a lead generation problem. It’s a conversion problem.
President Joe Biden’s withdrawal and endorsement of Vice President Kamala Harris has sent shockwaves through the political establishment, and while former President Donald Trump remains the frontrunner, the wind has certainly shifted in Harris’s favor.
While it's too early to declare small caps' recent outperformance as a meaningful trend shift, we continue to think high-quality companies and industries will likely perform well.
Financial advisors are increasingly turning to social media platforms to expand their client base. But in today’s rapidly evolving digital landscape, the traditional marketing funnel model – comprising awareness, engagement, and conversion stages – often falls short when applied to these platforms.
The stock market is not a balloon that gets bigger when money “flows into” it. It doesn’t get smaller because money “flows out” of it. Holding the number of shares constant, the stock market gets bigger if investors pay a higher price for those shares. Period.
Welcome to the second installment of our new blog series, “Navigating Earnings Season,” where I examine the world of earnings reports from major companies — giants like JP Morgan and Pepsi, as well as niche players in various sectors.
A young colleague came to me recently with a shameful admission: Despite the lecturing of her friends and family, as well as her own best intentions, she had not yet signed up for the company 401(k) plan. She lives in an expensive city and is nervous about tying up her money for the next 40 or 50 years.
Apple Inc. surged to another record high on Monday after the tech giant was named a top pick at Morgan Stanley, with the broker seeing the launch of the company’s artificial intelligence platform triggering a record rush among users to upgrade their smartphones, tablets and computers.
Younger investors are thinking about their investment portfolios all wrong, and it’s not entirely their fault. Ultimately, it’s up to them to recognize where the best long-term returns lie before too much precious time is wasted.
Piper Sandler & Co. is eliminating its price target for the S&P 500 Index. Its Wall Street counterparts should follow suit.
Implementing the net wealth mindset in practice involves developing detailed financial plans that align with each client's needs and priorities, and crafting a client-centered service model.
The labor market continues to normalize and soften, but we think any further weakening might push the Fed to cut rates before the 2% inflation target is reached.
Those wishing to explore the gap between the nation’s apparent macroeconomic success and its microeconomic malaise would do well to consult Ruchir Sharma’s What Went Wrong with Capitalism.
In this piece, we attempt to answer a number of questions we have gotten from clients about the impacts that rising levels of passive investing may have had on the stock market.
As Apple Inc. prepared to introduce its Vision Pro headset a year ago, the worry at Meta Platforms Inc. was that the hardware geniuses in Cupertino were about to unveil a breakthrough in mixed reality, some new take on a computing platform that Chief Executive Officer Mark Zuckerberg had been trying to crack for more than a decade.
The petrodollar died this month -- or so I learnt via the financial blogosphere. In the past fortnight, Google searches for “petrodollar” have spiked to a record, and viral posts about Saudi Arabia ditching the greenback have ricocheted throughout commodity and currency trading rooms. Apparently, a cataclysmic event has ended American economic hegemony.
This year's tale of two markets has underscored resilience at the index level but considerable weakness at the individual member level, leading to massive performance divergences.
I may as well just say it. Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week.
The latest consumer survey data from the New York Federal Reserve had interesting data.
This summer, countless bankers and financiers will get away to the Hamptons or vacation in Europe. And a handful will be traveling nearly every weekend — to play lacrosse.
Yes, differentiation is hard, which is why developing a niche target market has become so popular recently. It can dramatically reduce the number of competitors. But even advisors who focus on a niche have competition.
Here’s why giving up the pleasure of talking will lead to more conversions.
A Tesla Inc. shareholder sued to challenge an upcoming proxy vote about whether the electric-car maker should move its corporate home to Texas and re-approve a $56 billion pay package for co-founder Elon Musk that was thrown out by a Delaware judge.
Apple Inc. isn’t typically the first to embrace new product categories — as it famously showed with its iPhone, smartwatch and Vision Pro. All those areas were established before the company showed up, but Apple found a way to make its mark.
Celebrity fund manager and activist investor Bill Ackman just sold 10% of his investment management company in a deal that valued Pershing Square at $10.5 billion. An initial public offering could come as soon as next year, the Wall Street Journal has reported.
GameStop Corp. shares surged after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $116 million position in the video-game retailer.
The people who experience the US economy continue to disagree with the people who measure it, and the most likely reason is inflation: Most Americans still see it as a major problem, while most economists don’t. But this debate recently veered from economics to semantics.
Corporate greed is not causing inflation, despite the claims of many on the political left who failed to understand the very basics of economic supply and demand.
Social Media
From TikTok to Nvidia, the Tech War Is Getting Uglier
ByteDance Ltd.’s options for TikTok in the US are looking increasingly desolate, as the tech war between Washington and Beijing boils over.
2025 U.S. Stocks and Economy Outlook
The U.S. economy and stock market are entering 2025 from a position of strength, but risks of volatility—especially pertaining to policy—are much higher compared to last year.
Dollar Faces Treacherous December on Trump, Rate Risks
Dollar bulls emboldened by Donald Trump’s win are entering a month that has historically punished the greenback.
Enron 2.0 — So Bad It’s Good?
It’s the anniversary of the first-ever controlled nuclear fission chain reaction. And it’s the day that Enron filed for Chapter 11 bankruptcy in 2001.
Special Report: Astoria’s 10 ETFs for 2025
Astoria rounds up its 10 ETFs for 2025, providing unique thought leadership and actionable investment ideas.
BUZZ Investing: Election Sparks 'Trump Trade' Rally
Trump's election win spurred market optimism, driving rallies in equities, crypto, and cyclical sector.
The Value of AI in Asset Management
It’s been nearly two years since generative artificial intelligence (AI) took the world by storm, with the release of large language models like ChatGPT, Copilot, and Gemini dazzling humankind with their ability to interpret human requests and respond with the desired output.
ChatGPT’s $8 Trillion Birthday Gift to Big Tech
Saturday marks two years since OpenAI posted an oddly named widget called ChatGPT to the web. Its staffers placed bets on how many users it would accumulate, the highest estimate being 100,000. How wrong they were.
Google Chrome's Divorce Is the DOJ's Antitrust Warm-Up Act
News broke this week that the US Department of Justice wants to force Alphabet Inc.’s Google to sell Chrome, its dominant web browser. That has led to much head scratching in the tech industry.
MicroStrategy's Infinite Money Glitch Won’t Last
“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday.
Elon Musk’s Neuralink Cleared to Start Brain Chip Trial in Canada
Canada’s University Health Network said its Toronto Western Hospital would be the first non-US site of a trial for a device created by Neuralink Corp., Elon Musk’s brain-implant company.
Trump’s Scoreboard Is the S&P 500, and It’s Wall Street’s Best Hope
If Wall Street learned one thing during Donald Trump’s first term as president, it’s that the stock market is a way he keeps score. At various points he took credit for equities rallies, urged Americans to buy the dip, and even considered firing Federal Reserve Chairman Jerome Powell, who he blamed for a selloff.
The Efficient Market Hypothesis vs. Roaring Kitty (JPM Series)
Much of modern finance falls into one of two camps, neoclassical finance and behavioral finance. The former posits efficient markets, the latter posits the opposite.
How Financial Advisors Can Target the Next-Gen Recipients of Generational Wealth
While baby boomers can be slower to embrace technology, younger investors tend to seek out and prefer tech-focused services and providers. This preference for technology is something advisors should lean into to connect with younger generations of investors.
Thinking Long Term, Communicating Short Term
Consistent communication through market events is vital for advisors concerned about client retention.
Reasons to Remain Overweight U.S. Stocks
In this article, Russ Koesterich discusses why he believes U.S. exceptionalism is a trend that is likely to continue.
Meta Warns of Worsening AI Losses After Sales Narrowly Beat
Meta Platforms Inc. CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.
The "Ideal" Life is a Harmful Myth
The "ideal life" is a harmful myth that can distort perceptions of success and happiness. By recognizing different values and goals, you can foster a more inclusive – and realistic – understanding of what it means to lead a fulfilling life.
How to Start Marketing (if You Never Have Before)
Most advisors grow by referral and word of mouth. But what happens when your clients stop talking about you? Here are three ways to start marketing.
Memory Inflation Warps Bond Yields
Memory inflation of past events amplifies one's emotions and behaviors. As I will discuss, I believe that distress from recent price inflation is causing many investors to overly fear that a similar situation will reoccur.
Hard Assets to the Rescue: Gold, Bitcoin & Commodities
A call for taking a closer look at hard assets given the macro backdrop has been a recurring theme this fall.
Memory Inflation Warps Bond Yields
Memory inflation of past events amplifies one's emotions and behaviors. As I will discuss, I believe that distress from recent price inflation is causing many investors to overly fear that a similar situation will reoccur.
AI's Impact on the Surge of Nuclear Investments: Everything You Need to Know
Explore how AI fuels nuclear investments, drives energy demand, and attracts tech giants to nuclear power.
Building a $1 Million, 100-Days-Off Practice With a Proven 7-Step Framework
I have developed a seven-step framework that has been used countless times to assist advisors looking to build a $1 million, 100-days-off practice, as well as help leaders of seven-figure firms scale their success to new heights.
How Market Forces Came for the Dinosaurs
Around 110 million years ago, a dinosaur went hunting. Stalking through ferns along a riverbank, he twitched his nose to the wind and caught scent of a plant-eater ahead. His head darted upward. His eyes locked on the target. The dinosaur drew his sickle claws upward, ready to make a lethal strike. But something wasn’t right.
In Space, No One Can Hear Musk's Rivals Scream
Navigating space is hard. It’s expensive, complex, time-consuming and dangerous. And yet you have to hand it to Elon Musk: His SpaceX firm makes it look easy.
Is the Two-Year-Old Bull Market 2 Legit 2 Quit?
This unique bull market is still young relative to history and, for now, supported by relatively healthy breadth and broadening participation.
Aligning Your Website to Your Target Audience
With over 20 years of experience in web design and development, I’ve seen firsthand how the right website can transform a financial advisor’s business.
The Crisis of Free Speech
It’s my birthday week and I have guests and family gathering in the next room, so this will hopefully be a quick letter as well as ending with what will likely be controversial food for thought.
Meta Unveils AI Video Generator, Taking On OpenAI and Google
Facebook parent Meta Platforms Inc. debuted a new artificial intelligence tool that can generate or edit videos based on a simple text prompt, elevating competition with rivals like OpenAI and Google in the race to develop the world’s most advanced AI technology.
How to Leverage Earned Media for More Referrals
Earned media acts as a third-party stamp of approval for your firm, generating more referrals while boosting existing referrals.
The Great Wealth Transfer: Five Tips for RIAs to Attract New Clients
Expanding outreach to include a well-orchestrated digital lead generation strategy is the most effective and efficient way to grow a client roster and help new generations navigate the Great Wealth Transfer with optimal financial strategies.
The Revolt of the Public, Part 2
Two weeks ago, I began reviewing Martin Gurri’s important book, The Revolt of the Public. Rather than try to do a general review, I am going to liberally quote from Gurri’s book and interviews, trying to let him explain himself in his own words.
How M-PESA Is Leading a Financial Revolution Across Africa
I attended and spoke at the European Blockchain Convention this week in Barcelona, where the energy around digital assets, Bitcoin and Web3 was palpable. Among the 6,000 attendees, there was a sense that we’re on the brink of a new era in finance and digital infrastructure.
Taking Stock: Q4 2024 Equity Market Outlook
The economy is not the stock market. And that’s good news.
Sam Altman Is Spreading Himself Too Thin
Sam Altman has his hands in countless projects while also building “mankind’s last invention”: artificial general intelligence, or AI systems that surpass our own cognitive abilities. These galactic aspirations were reinforced on Monday when Altman published a dramatic blog post reminding us that superintelligence will bring prosperity for everyone. It’s just a “few thousand days” away, he added.
Back to School, Back to Saving!
As the back-to-school season fills your social media feed with first-day photos and ads for the latest school supplies, it is also a prime opportunity for financial advisors to reconnect with clients about their education savings plans.
How 'Personal' Should Your Firm's LinkedIn Page Be?
Marketing is an ongoing evolution – a living conversation with your ideal clients – so the opportunity to level-up is omnipresent (and part of what I love in my work).
The Revolt of the Public
In my cycles book I’m reviewing the forecasts of Neil Howe, Peter Turchin, George Friedman, and Ray Dalio. For different historical reasons and patterns, all see a crisis culminating at the end of this decade. Some readers have legitimately pushed back, saying no one knows the future.
Big Tech’s Easy Ride Is Coming to an End
Tech companies of a certain size have long expected an easy ride from authorities, and for good reason. They always got it. Apple Inc. for years abused loopholes to pay virtually zero tax in the European Union while generating record profits there, thanks to special treatment from Ireland, where it bases its European headquarters.
Small Changes Can Make Big Impacts in Enhancing Client Interactions
When you pay attention to details in the financial services industry, you elevate your firm’s standing and demonstrate to clients that their relationships are valued. Small, considerate gestures can transform clients’ perception of your service, often bridging the gap between a satisfactory experience and an exceptional one.
Technological Advances Make Things Better – Or Does It?
While technology is a powerful driver of economic growth, it also presents challenges that can negatively impact productivity, equality, mental health, and societal cohesion. Addressing these issues ensures that technological advancements promote sustainable and inclusive economic growth.
Musk’s AI Side Gig Should Keep Its Distance From Tesla
The all-in view of Tesla Inc. was summed up in a line from a report this summer by one of the more all-in analysts covering the company: “The car is to Tesla what the video game chip is to Nvidia.
US Bitcoin ETFs Bleed $1.2 Billion in Longest Run of Net Outflows
US Bitcoin exchange-traded funds have posted their longest run of daily net outflows since listing at the start of the year, part of a wider retreat from riskier assets in a challenging period for global markets.
Stock-Selloff Fears for September Are Overblown
The US stock market has given us plenty of real and perceived calendar anomalies to think about. There’s the observed tendency for stocks to experience a “Santa Claus rally” (during the last five trading days of the year and the first two of the next) and the weekend effect (where stocks have a habit of slumping on Mondays).
It's Time … For a Fed Pivot
Investors should be careful what they wish for in hoping for an aggressive Fed rate cutting cycle, given stocks tend to do better when cuts are slow and steady.
Showcase Your Value With Financial Planning Process Infographics
Using infographics to illustrate your firm’s financial planning process is a great way to show the value you provide. Whether in your marketing materials, initial consultations, or new client onboarding, these visuals can help set the stage for a successful and growing relationship.
Cliff Asness Is ‘Old Man Whinging’ as Markets Get Less Efficient
Cliff Asness says he sounds like an “old man whinging,” but that’s not stopping him from writing 23 pages on his latest thesis: Financial markets these days aren’t what they were.
Shorts Are Circling Some of the AI Boom’s Biggest Question Marks
It’s the story of so many stock market manias: A transformative technology juices a few companies, a bunch of more questionable outfits follow in their wake, and Wall Street buys it all. Then time sorts out what’s real from fake.
College-Bound High School Juniors and Seniors Focus On a Strong Finish
The last two years of high school can be particularly important as students approach the final college decision. Our Bill Cass highlights some action items for students and parents.
In an AI Arms Race, Investors Should Focus on Profit Potential
As the AI halo begins to fade, equity investors are seeking companies that can profit from—and not just pontificate about—artificial intelligence.
Recession Guesswork Is Just as Reliable as It Sounds
The term “recession” made a big comeback in news stories and social media posts this month. Goldman Sachs Group Inc.’s Chief Economist Jan Hatzius was among those who formally bumped up his odds of a downturn to considerable media hoopla.
The Fine Line Between Content Moderation and Censorship in the Digital Age
Silver is an important component of solar photovoltaic (PV) panels, meaning that for China to reach its ambitious climate targets, it must import massive amounts of the white metal. In June alone, China spent over $228 million on silver, a new monthly record based on Bloomberg data going back to 2009.
Man Group Quants Are Riding Private Boom for Public Stock Trades
Quant traders at Man Group Plc are betting that unlocking the secrets of private markets will give them an edge in trading public stocks.
When Criticism Is a Gift
Criticism is a gift when it is used to push people to greatness and watch them develop into their potential.
The Great Rewiring
Haidt’s The Anxious Generation documents the post-iPhone 4 explosion of anxiety and depression disorders among adolescents. Haidt calls the substitution of screen time for play “The Great Rewiring” of young brains that is directly responsible for the dramatic increase in adolescent mental health disorders.
Is There Value in Small Cap Value Versus Large Cap Growth Stocks?
One of the most critical factors explaining the performance differences between small-cap value and large-cap growth stocks is the sector in which the companies operate, and the earnings growth associated with each industry.
With US Chips Act Money Mostly Divvied Up, the Real Test Begins
The Biden administration is nearly finished divvying up $39 billion in grants under the Chips and Science Act, the landmark bipartisan legislation aimed at revitalizing the domestic semiconductor industry. The bigger test still lies ahead.
Classic Rewind: How RIA Prospecting Tactics From the Past Are Making a Comeback
Savvy advisors that blend classic prospecting methods with modern tech are not only reviving successful strategies from the past but are also setting the stage for sustainable future growth.
We Need to Make “Boring” Cool
When dealing with millennials and often with more seasoned investors, it’s important to understand their barriers to acceptance of a boring approach to investing.
How AI Is Transforming Investing
The rise of LLMs and public availability of generative AI tools has driven a wave of excitement over AI’s potential to transform society, economies, and workflows.
Ackman-Backed Tech Founder Tries to Fulfill His ‘Berkshire 2.0’ Promise
Canadian entrepreneur Andrew Wilkinson’s early decision to ditch a career as a journalist and teach himself web design has proved lucrative, making him the majority owner of a technology investment firm worth more than $300 million.
If You Can’t Convert New Clients, Stop Blaming Your Leads
A lack of clients is not a lead generation problem. It’s a conversion problem.
How 2024’S Election Could Reshape Your Portfolio
President Joe Biden’s withdrawal and endorsement of Vice President Kamala Harris has sent shockwaves through the political establishment, and while former President Donald Trump remains the frontrunner, the wind has certainly shifted in Harris’s favor.
Brea(d)th of Life: Market Leadership Shifts
While it's too early to declare small caps' recent outperformance as a meaningful trend shift, we continue to think high-quality companies and industries will likely perform well.
Six Reasons to Shift from Traditional Marketing Funnels, and What to Do Instead
Financial advisors are increasingly turning to social media platforms to expand their client base. But in today’s rapidly evolving digital landscape, the traditional marketing funnel model – comprising awareness, engagement, and conversion stages – often falls short when applied to these platforms.
You’re Soaking in It
The stock market is not a balloon that gets bigger when money “flows into” it. It doesn’t get smaller because money “flows out” of it. Holding the number of shares constant, the stock market gets bigger if investors pay a higher price for those shares. Period.
Navigating Earnings Season: The Death of Price over Volume
Welcome to the second installment of our new blog series, “Navigating Earnings Season,” where I examine the world of earnings reports from major companies — giants like JP Morgan and Pepsi, as well as niche players in various sectors.
Yes, You Can Save Too Much for Retirement
A young colleague came to me recently with a shameful admission: Despite the lecturing of her friends and family, as well as her own best intentions, she had not yet signed up for the company 401(k) plan. She lives in an expensive city and is nervous about tying up her money for the next 40 or 50 years.
Apple Hits Record High Again After Being Named Top Pick at Morgan Stanley
Apple Inc. surged to another record high on Monday after the tech giant was named a top pick at Morgan Stanley, with the broker seeing the launch of the company’s artificial intelligence platform triggering a record rush among users to upgrade their smartphones, tablets and computers.
Gen Z’s Alternative Investing Bug Will Cost Them Dearly
Younger investors are thinking about their investment portfolios all wrong, and it’s not entirely their fault. Ultimately, it’s up to them to recognize where the best long-term returns lie before too much precious time is wasted.
Market Strategists Thankfully Abandon S&P 500 Targets
Piper Sandler & Co. is eliminating its price target for the S&P 500 Index. Its Wall Street counterparts should follow suit.
Boosting Your Advisory Business With a ‘Net Wealth’ Mindset
Implementing the net wealth mindset in practice involves developing detailed financial plans that align with each client's needs and priorities, and crafting a client-centered service model.
Just a Job to Do: Assessing the Labor Market
The labor market continues to normalize and soften, but we think any further weakening might push the Fed to cut rates before the 2% inflation target is reached.
First World Problems
Those wishing to explore the gap between the nation’s apparent macroeconomic success and its microeconomic malaise would do well to consult Ruchir Sharma’s What Went Wrong with Capitalism.
FAQ: Passive Investing
In this piece, we attempt to answer a number of questions we have gotten from clients about the impacts that rising levels of passive investing may have had on the stock market.
Zuckerberg’s VR Vision Validated by Apple’s Vision Pro Pullback
As Apple Inc. prepared to introduce its Vision Pro headset a year ago, the worry at Meta Platforms Inc. was that the hardware geniuses in Cupertino were about to unveil a breakthrough in mixed reality, some new take on a computing platform that Chief Executive Officer Mark Zuckerberg had been trying to crack for more than a decade.
The Petrodollar Is Dead, Long Live the Petrodollar
The petrodollar died this month -- or so I learnt via the financial blogosphere. In the past fortnight, Google searches for “petrodollar” have spiked to a record, and viral posts about Saudi Arabia ditching the greenback have ricocheted throughout commodity and currency trading rooms. Apparently, a cataclysmic event has ended American economic hegemony.
Hard to Concentrate: Top-Heavy Market
This year's tale of two markets has underscored resilience at the index level but considerable weakness at the individual member level, leading to massive performance divergences.
You Can Ring My Bell
I may as well just say it. Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week.
Consumer Survey Shows Rising Bullishness
The latest consumer survey data from the New York Federal Reserve had interesting data.
Wall Street Bankers Skip Hamptons Summer for Pro Lacrosse League
This summer, countless bankers and financiers will get away to the Hamptons or vacation in Europe. And a handful will be traveling nearly every weekend — to play lacrosse.
Three Tools to Differentiate Your Firm
Yes, differentiation is hard, which is why developing a niche target market has become so popular recently. It can dramatically reduce the number of competitors. But even advisors who focus on a niche have competition.
The Biggest Marketing Myth of Them All
Here’s why giving up the pleasure of talking will lead to more conversions.
Tesla Investor’s Suit Targets Vote on Texas Move, Musk Pay
A Tesla Inc. shareholder sued to challenge an upcoming proxy vote about whether the electric-car maker should move its corporate home to Texas and re-approve a $56 billion pay package for co-founder Elon Musk that was thrown out by a Delaware judge.
Here’s Everything Apple Plans to Show at Its AI-Focused WWDC Event
Apple Inc. isn’t typically the first to embrace new product categories — as it famously showed with its iPhone, smartwatch and Vision Pro. All those areas were established before the company showed up, but Apple found a way to make its mark.
Do You Trust Bill Ackman to Build a $250 Billion Fund Manager?
Celebrity fund manager and activist investor Bill Ackman just sold 10% of his investment management company in a deal that valued Pershing Square at $10.5 billion. An initial public offering could come as soon as next year, the Wall Street Journal has reported.
GameStop Shares Surge as Gill’s Reddit Return Shows Huge Bet
GameStop Corp. shares surged after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $116 million position in the video-game retailer.
Inflation Feels Bad No Matter How You Define It
The people who experience the US economy continue to disagree with the people who measure it, and the most likely reason is inflation: Most Americans still see it as a major problem, while most economists don’t. But this debate recently veered from economics to semantics.
No, Corporate Greed Is Not The Cause Of Inflation.
Corporate greed is not causing inflation, despite the claims of many on the political left who failed to understand the very basics of economic supply and demand.