Last month, I asked readers of Advisor Perspectives to help me think through some complicated issues regarding the future of the profession. Should the professional associations (like the FPA and NAPFA) consolidate in order to create more scale and unity, or should we maintain a healthy competition between them? Today we look at the responses I received.
The Tax Cuts and Jobs Act as created a media frenzy and widespread confusion. With that in mind, I will provide a brief overview of the new provisions, followed by some practical ideas on how clients can reduce taxes.
Mid-sized advisor firms, upon graduating from being a one- or two-person operation, find themselves contending with all sorts of growing pains. All of a sudden they have the marketing issues of a larger firm – with an infrastructure that hasn’t caught up. Here’s my best advice to escape the trap of the mid-sized advisor firm.
David was the King of Israel and the writer of many of the Psalms. He spent his formative years as a shepherd and framed his life’s work around the key concepts from his profession. Herds were the primary form of wealth back then, while common stocks are a primary form today.
These are two of the most important paragraphs we have encountered in more than 47 years of studying markets. DO NOT read them just once. Go off to a quiet spot that invites contemplation and READ THEM SEVERAL TIMES. Then reflect on all of the mistakes you have made in trading and investing.
When the report on international trade came out earlier this month, protectionists were up in arms. Through February, the US' merchandise (goods only, not services) trade deficit with the rest of the world was the largest for any two-month period on record. "Economic nationalists" from both sides of the political aisle, think this situation is unsustainable.
The economic calendar is normal, with an emphasis on housing. Earnings season begins in earnest, with widespread, high expectations.
TIPS declined 1.1% on average in the 2018 first quarter, less than the 1.6% decline in comparable maturity straight Treasurys. The average breakeven spread widened to 222 bp from 184 bp at the end of 2017. Short-maturity TIPS delivered a positive return, as investors sought a haven from rising interest rates and inflation.
2018 began much as 2017 ended, with steadily rising equity markets, low interest rates and burgeoning market optimism. Indeed, investors were increasingly convinced that the lowest stock and bond market volatility since 1965 was set to continue in 2018. Who could blame them?
Note: With the release of March Retail Sales and Consumer Price Index, we've updated this commentary to include the latest Real Retail Sales. Month-over-month nominal sales in March increased by 0.6% (0.62% to two decimals). Real Retail Sales, calculated with the seasonally adjusted Consumer Price Index, increased by 0.54%.