The independent advisory firm’s succession process was working out great: A next-generation adviser had become the majority shareholder and titular head of the company as planned. There was just one problem — the founder continued working at the firm, actively making decisions, offering guidance when approached by staffers, and, in the process, undermining the new owner. “The best practice would be for the founder to say, ‘That’s a great question, let’s go discuss it with [the new owner],” says Dave DeVoe, CEO of consultancy DeVoe & Co., in San Francisco. A founder’s failure to take transition seriously is among the most serious frustrations adviser teams have with their firm’s leaders. Other common gripes, according to consultants to independent firms, range from understaffing to micromanaging to … [Read More...]
Bing COVID Tracker 7/4/2020 (8:49 AM) America’s Hardest Hit County Relief, Mexico Trails
According to the Bing COVID-19 Tracker, the number of global cases has reached 11,037,625, up 163,479, which continues a two-week string of days when the increase per day was almost always above… [Read More...]
July 4 COVID-19 Test Results
The US is now conducting over 600,000 tests per day, and that might be enough to allow test-and-trace in some areas. Based on the experience of other countries, the percent positive needs to be well under 5% to really push down new infections, so the US still needs to increase the number of tests per day significantly.According to Dr. Jha of Harvard’s Global Health Institute, the US might need more than 900,000 tests per day.There were 644,930 test results reported over the last 24 hours.There were 52,406 positive tests. Click on graph for larger image.This data is from the COVID Tracking Project.The percent positive over the last 24 hours was 8.1% (red line). For the status of contact tracing by state, check out testandtrace.com. [Read More...]
Saturday links: college-for-all fever
AutosThe pandemic has killed the auto show. (businessinsider.com)Cities got used to having little traffic and gridlock in lockdown. They now don’t want to go back to normal. (nytimes.com)There is a good chance your next car will be electric. (mondaynote.com)Two routes to drive across the country in an EV. (insidehook.com)EnergyRenewable energy isn’t immune to the pandemic but is much better situated that standard energy sources. (nytimes.com)Energy generation is becoming much smaller and more nimble. (bloomberg.com)ScienceSaharan dust is a vital ingredient in ecosystems in the Western Hemisphere (vox.com)How can a massive star just disappear? (gizmodo.com)Air travelCash-strapped airlines are giving up on the whole ‘social distancing’ thing. (pastemagazine.com)Airports are getting their own coronavirus testing sites. (fastcompany.com)The airport of the … [Read More...]
US lawyer says Prince Andrew subjecting Epstein victims to ‘torture test’
The Duke of York’s silence on Jeffrey Epstein was akin to a “torture test” for his victims, said a US lawyer.Attorney Gloria Allred said that Prince Andrew was “avoiding and evading” US authorities as Epstein’s ex-girlfriend, Ghislaine Maxwell, appeared in court accused of facilitating his sexual exploitation of underage girls. [Read More...]
WSJ Wealth Adviser Briefing: Opportunity Window, Softbank’s Roles, Retirement Plans
Creative Planning, which made its first acquisition only last year, said it was buying Sunrise Advisors, which is based in Leawood, Kan., and manages about $700 million in client assets. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more. CORONAVIRUS OUTLOOK 140,000 Businesses Listed on Yelp Are Still Closed Because of Covid-19 Pandemic: Retailers and restaurants are hardest-hit, but there is surge in searches for black-owned businesses. PLANNING & INVESTING Blackstone’s James Says Pandemic Window of Opportunity Closed Quickly: The chance to bargain-hunt after March’s market crash lasted just two weeks, Tony James, the firm’s executive vice chairman, told a California pension. MARKET TALK From … [Read More...]
Concerning Trends From Novice Investing Community
As if a global pandemic is not enough to worry about, there are troubling signs that the novice investing community is growing and trading, well, like one would expect novices to trade. If this does not remind you of the folks who quit their day jobs in the late 1990’s to become full-time day traders, it should. That did not end well and we have seen similar examples outside of the financial markets since. Remember when every day it seemed like ESPN was airing hours of World Series of Poker (WSOP) coverage from Las Vegas? There were a lot of people who quit their jobs to become professional poker players (I knew one personally) and it is safe to assume that most did not last more … [Read More...]
Well-Known Energy Companies Highlight Goldman Sachs Stocks to Buy Under $10
These five stocks trading under the $10 level have big upside to the Goldman Sachs price targets and could prove exciting additions to portfolios looking for solid alpha potential. [Read More...]
June 27 COVID-19 Test Results
The US is now conducting over 500,000 tests per day, and that might be enough to allow test-and-trace in some areas. Based on the experience of other countries, the percent positive needs to be well under 5% to really push down new infections, so the US still needs to increase the number of tests per day significantly.According to Dr. Jha of Harvard’s Global Health Institute, the US might need more than 900,000 tests per day .There were 590,877 test results reported over the last 24 hours.There were 43,471 positive tests. This is the second most positive tests ever. Click on graph for larger image.This data is from the COVID Tracking Project.The percent positive over the last 24 hours was 7.4% (red line). For the status of contact … [Read More...]
Saturday links: wrestling with stuff
AutosA list of the ‘most American cars’ includes three Tesla ($TSLA) models. (barrons.com)Nvidia ($NVDA) is teaming up with Mercedes-Benz to build in-vehicle computing system with artificial intelligence for autonomous driving (investors.com)The shuttered General Motors plant in Lordstown, Ohio is now gearing up to build an electric pickup truck. (npr.org)How Columbus, OH is incentivizing the purchase of EVs. (arstechnica.com)Everything you need to know about the new Ford ($F) F-150. (arstechnica.com)EnergyWhy America’s balkanized electric grid needs reform. (vox.com)Wind energy in Europe has a NIMBY problem. (bloomberg.com)Why American farmers can help lead in the production of “renewable natural gas.” (ft.com)EnvironmentBanks are finding ways to protect themselves against the risk of making 30-year mortgages in the age of climate change. … [Read More...]
CDC maps show Florida's deepening coronavirus crisis, as state shatters daily case record
The Sunshine State reported nearly 9,000 new cases on Friday as its death toll ticked over 3,400. [Read More...]
WSJ Wealth Adviser Briefing: China Money Market, Robinhood’s Challenge, Loan Payment Collapse
A financial advice team that managed $1.2 billion at UBS has taken the leap to independence with the assistance of Dynasty Financial Partners. According to Barron’s, which cited WealthManagement.com, the new firm will be called Cyndeo Wealth Partners. The name comes from the Greek word syndeo, which means “connect.” Led by Matt Kilgroe, the St. Petersburg, Fla.-based team, which includes seven other advisors and six support members, advises sports and entertainment professionals. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more. CORONAVIRUS OUTLOOK To Test or Not to Test: Business Owners Grapple With Coronavirus Checks for Staff: Many small-business owners across the country … [Read More...]
Suicide by Robinhood User Shows Some Folks Should Consult With Investing Pros
The stories behind the Robinhood generation of investors is getting worse:Rookie trader kills himself after seeing a negative balance of more than $700,000 in his Robinhood accountIt seems that startups bringing free trades and app-based investing to the uninformed masses might need to be reined in a bit. The narrative in recent years has been that investing can be a low-cost, do-it-yourself kind of thing, where paying professionals a fee is a complete waste of money and only eats into your returns. Of course, that is only true if the small investors have as much knowledge and experience as the professionals and therefore would get zero value from the professional advice (that caveat is rarely mentioned in the same conversation).Now yes, … [Read More...]
Nebraska’s 5.8% Unemployment Rate Is Lowest in America
The U.S. Bureau of Labor Statics says that Nebraska’s unemployment rate was the lowest in the country last month. [Read More...]
June 20 COVID-19 Test Results; Most Positive Results Since May 1st
Note: I started posting this graph when the US was doing a few thousand tests per day. Clearly the US was way under testing early in the pandemic. I’ll continue posting this graph daily at least until the percent positive is continuously under 3% and the daily positive is significantly lower than today.The US is now conducting over 500,000 tests per day, and that might be enough to allow test-and-trace in some areas. Based on the experience of other countries, the percent positive needs to be well under 5% to really push down new infections, so the US still needs to increase the number of tests per day significantly.According to Dr. Jha of Harvard’s Global Health Institute, the US might need more than 900,000 tests … [Read More...]
Saturday links: offering all you can
AutosThe global pandemic has put the entire auto industry in a hole. (axios.com)Global EV sales topped 2 million in 2019. (axios.com)Americans have swapped flying for driving. (thereformedbroker.com)The problem of licensing new drivers in the age of pandemic. (ozy.com)EnergyHow farmers and utilities are capturing methane and burning it for energy. (washingtonpost.com)Fossil fuel production by country visualized. (visualcapitalist.com)TravelGreece handled the coronavirus well and will likely benefit from it this Summer. (bloomberg.com)Some European cities, like Madrid, are enjoying the respite from tourists. (marketwatch.com)Tourists do not want to visit the US while the pandemic is ongoing. (qz.com)A chunk of the New York hotel market will not reopen to guests. (wsj.com)Has the pandemic changed the equation for travel insurance? (nytimes.com)AppsChatbot apps are gaining … [Read More...]
President Trump threatens 'any protesters' at his rally: Tulsa is a 'different scene' than liberal cities
A day before his scheduled rally in Tulsa, the president tied protesters to "anarchists, agitators, looters or lowlifes" in a tweet. [Read More...]
WSJ Wealth Adviser Briefing: Day Trading, Unilever Restructuring, Backyard Room
Amid the disruption caused by the coronavirus crisis, a lot of people are looking for financial advice. Vanguard Group is hoping to capitalize on that, while also expanding the reach of the world’s second-largest money manager to a younger clientele. The firm is launching a robo advisory service that covers key elements of long-term financial planning at the low cost for which the company is known. The automated service, called Digital Advisor, is aimed at younger investors and cuts out human financial advisers entirely. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more. CORONAVIRUS OUTLOOK Coronavirus Took Heavier Toll on Emerging Markets, Dow Jones Data … [Read More...]
Pandemic Trading Action Reinforces Importance of Simplifying One’s Investing Approach
With the stock market rallying in recent weeks over optimism for a relatively smooth nationwide reopening of the economy, and daily trading becoming a little more calm (day traders speculating in bankrupt equities notwithstanding), I am able to take a breath now that earnings season is mostly over and reflect on the past few months. Of course, a second wave of virus could quickly bring back volatility and fear, but let’s stay positive.The tables have turned pretty quickly and I am now actually finding opportunities to lighten up on securities that I was buying during the height of the recent market meltdown. As was the case when I was bargain hunting with fresh client cash in March, I am trying to keep things simple. Take a … [Read More...]
Bing COVID-19 Tracker 6/13/2020 (8:54 AM): LA Problems, UK Recovery
According to the Bing COVID-19 Tracker, the number of global cases has reached 7,617,591, a surge of 115,313 since yesterday. Active cases number 3,591,420 and are 47% of the total of confirmed cases… [Read More...]
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