How to start a hedge fund from scratch

[embedded content] Josh here – Dan McMurtrie and his partners founded Tyro Partners, a New York City-based hedge fund, at a time when hedge fund closings are much more common than emerging fund launches. Dan lists some of the most important things he’s figured out on his journey. He also talks about how one of […]

Rich Greenfield on all the streaming video plays

[embedded content] We had Rich Greenfield stop by and tell us about who’s who in the Streaming Wars and what investors need to know about the prospects for these companies. Greenfield has been covering the Tech Media Telecom (TMT) space since the 1990’s and knows the players involved forward and back. There’s a lot of […]

Rooting for a Correction

[embedded content] Unless you’re 90 years old and intend to spend the last dollar in your portfolio next month, I don’t know why you’d be rooting for endless all-time high streaks. I’m definitely not. Be sure to subscribe to our channel so you never miss an update On an all new What Are Your Thoughts, […]

What new investors should focus on

We built Liftoff for newer investors who want to get started with us for small dollar amounts and build their first financial plan. Betterment is our partner on Liftoff and it works great. I have an account on there of my own. The more I think about the topic of early investing, the more I […]

The Bull Market for Financial Advisors

[embedded content] Be sure to subscribe to our channel so you never miss an update Josh here – According to Echelon Partners, “2019 was the seventh straight record-setting year interms of number of deals completed, with 203 transactions recorded in ECHELON’sM&A Deal Tracker. This represents a 12.2% increase over 2018 and a 15.4% annualgrowth rate […]

Professor Galloway on Not Meeting People

I have found that once you meet people, it becomes much harder to write about them. My blog has probably gotten more diplomatic in the last ten years as a result of my having met pretty much everyone on Wall Street. I’m not saying that’s good or it’s bad, it’s just what it is. Professor […]

Lost in Yesterday

[embedded content] You gotta check out the new video from Tame Impala for ‘Lost in Yesterday’, off their new album which comes out this week. There’s a lot going on here. I think about it as a metaphor for how our memories of the past grow fonder as time goes on, and we start to […]

Billions Season 5 Trailer Hits!

[embedded content] It’s been an honor to serve as the show’s technical advisor for the second season. David, Brian and the whole writers room have cooked up some amazing plot lines and stories this time around. Sunday May 3rd can’t come soon enough!

Energy vs Tech could be the monster mean reversion of a lifetime

Check out my Chart o’ the Day from Jon Krinsky, I love this stuff. It gets right to heart of all the things we talk about here – cyclical vs secular, and how to tell which is which, value vs growth, innovation vs entrenchment, etc. Energy vs. Technology – the daily RSI hit 9 yesterday, the […]

What Are Your Thoughts: YouTube revenues, Amazon Prime subs, etc

All new episode dropped today, hope you like it. Subscribe to the channel so you never miss it! [embedded content] In this edition of What Are Your Thoughts, Michael Batnick and Josh Brown discuss: * YouTube revenue growth is on fire, but who gets the money?* Netflix vs Cable Subs – crossover imminent!* The short […]

Greatest Short Squeeze of All Time?

Now this is just breathtaking – I have no skin in the game on this one but cannot stop watching it. I think what’s happened with Tesla recently represents the greatest short squeeze of all time. A rally since around October when they surprised to the upside in an earnings report has just culminated in […]

Don’t Fall For It!

[embedded content] My colleague Ben Carlson has a new book out about the history of financial fraud and what lessons investors can take away from that in modern times. It turns out that the new scams aren’t very different from the old scams, and that bull markets are fertile breeding grounds for credulous investors and […]

They’re going to invert the yield curve again.

They’re going to invert the yield curve again. But it’s mostly a function of Coronavirus fears and the Fed’s very widely telegraphed activities in the overnight repo market – flushing the system with cash to stabilize an otherwise mundane, routine process that can occasionally be overwhelmed by high demand for dollars, for a variety of […]

What Long Term Investors Can Learn From Traders

[embedded content] Josh recently met up with Scott Redler at the New York Stock Exchange to discuss moving averages, and trading vs investing. Scott is the Chief Strategic Officer at T3 Live. Subscribe to The Compound here!

Incumbency

Greetings from Inside ETFs, where over 2,000 financial advisors, asset management professionals, specialist firms, fintech vendors and media people gather each winter to celebrate the industry’s success, lament its challenges and look toward the next big thing. It’s hard to imagine, however, the next big thing being a new ETF. A recent study said that […]

Three Things You Can Learn This Week

Three weeks into January and the squad is firing on all cylinders. Three things you can learn this week courtesy of Nick, Michael and Ben: You will often hear that there is something wrong or artificial about the current secular bull market because of the relatively high concentration of the FAAMG stocks – Facebook, Apple, […]

The Next Trillion Dollar Stocks: What Are Your Thoughts?

[embedded content] Be sure to subscribe to our channel so you never miss an update In this edition of What Are Your Thoughts, Michael Batnick and Josh Brown discuss: *Gold vs Bitcoin, let the trolling begin!* Google joins the Trillion Dollar Club, who’s next?* Can Bill Simmons sell The Ringer podcast network for $200 million?* […]

How high above the 200-day can the S&P 500 get?

The big news this past week is that the S&P 500 got way out ahead of its 200-day moving average – more than 11% above, in fact. Michael wrote about how shitty of a timing signal this measure is here, if you haven’t read it yet you CANNOT miss it. In the meanwhile, Jon Krinsky […]

NBA Desktop @ringer

[embedded content] Shout to Jason Concepcion and the whole Ringer crew, thanks so much for having me on! My segment begins at the 1:28 mark.

Dow 29,000 and the markets are grinding away

[embedded content] Josh here – Michael Batnick and I discuss the recent milestones for the Dow Jones Industrial Average and the incredibly slow grind that’s gotten us here. According to the Wall Street Journal “hasn’t moved 1% or more in either direction since mid-October, its sixth-longest streak since the end of 1969 and third-longest since […]

Bond Market Doesn’t Bite

Quick one from Peter Boockvar, the bond market isn’t biting on the phase one hype… Like I’ve said in the past, I wish the 10 yr Treasury yield could speak to us and say what they’re thinking about the growth story because the yield just sits there and does nothing in light of this trade […]

The “Trade Deal” is Hilarious

There’s no third party enforcement or oversight of whether the two sides are meeting their obligations. Basically, it’s just political cover. The market doesn’t care. Stocks wanted a resolution and this will do for now. Here’s Ethan Harris and the BofA Merrill US Economics research team: The more interesting part of the deal is China’s […]

Who is Accountable?

Eric Peters wrote a masterpiece this weekend… *** “I do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States […]

Three Life-Changing Questions

I attended a wake last night for a close friend’s mom. The room was filled with people who loved her. She was thrown a curveball at the end. Curveballs come out of nowhere. They force us into a moment of clarity, but what if we had that clarity beforehand? What if we really knew what […]

The Dow Jones during Wartime

[embedded content] Be sure to subscribe to our channel so you never miss an update The recent flare-up in the Middle East has investors asking questions about what might happen to their portfolios if a war breaks out. While every scenario is different and the variables change, there are some important things to understand about […]

Client for Life

This weekend my wife’s engagement ring had a loose stone. To back up a bit, when we first got engaged in 2003, I didn’t have two nickels to rub together, so the ring I proposed with was very modest. But I did promise her that as soon as I could, I’d get it upgraded. That […]

Uncut Gems is a Personal Finance Movie!

[embedded content] Subscribe to The Compound! On a new edition of What Are Your Thoughts, Josh Brown and Michael Batnick discuss the hottest topics in finance and investing: * Is there any such thing as the optimal time to rebalance your portfolio?* Is Instagram ad targeting weirding you out or doing you a favor?* Vanguard […]

Talking with Tyrone Ross about life and the advisory biz

[embedded content] Thanks to my friend Tyrone Ross for all of his encouragement and support, we became instant friends from the first day we met. Telling him about my life and career was a lot of fun. Hope you enjoy this. This video / podcast brought to you by Altruist, the new custodian for RIAs.

Optimism as a Default Setting

“The man who is a bear on the future of the United States will always go broke.”– J.P. Morgan We begin with a story from one hundred years ago… From My Favorite J.P. Morgan Story by Mark Skousen: In the early days of the Twentieth Century, when J.P. Morgan ruled Wall Street, a visitor came to […]

Hard to have euphoria when everyone’s expecting pink slips

I was way ahead of this one. I had almost forgotten I’d written it until someone emailed me. This week, the Wall Street Journal ran a story about the massive drop in headcount among analysts on the sellside. As more institutional money goes toward quant strategies, passive indexing and private equity, and trading commissions drop […]

The State of the US Consumer

As I mentioned in my piece the other day, the consumer is now singlehandedly holding up the US economy, representing almost 80% of activity and growth. Strong consumer confidence is based upon the wealth effect from booming 401(k) balances, the steady rise in wages (especially at the lower end these past few months), the tight […]

The Decade in Sports

I thought this was really well done. So many great moments. Watch it! I can’t recommend this incredible @SportsCenter recap of sports in the 2010’s enough. pic.twitter.com/iVriE565qv — Field Yates (@FieldYates) January 1, 2020

How Things Go Viral

[embedded content] I’ve never seen someone talk Barry Ritholtz into absolute submission. Derek is crazy smart. You should be subscribed to our channel if you aren’t already. We’re going to crush it this year.

No asterisks

Here’s what happened in the markets during the 2010’s decade… No recessions. Not one. The 2010’s were the first decade without a recession since record-keeping began in the 1850’s. Only one down year for the S&P 500 in ten years. On a total return basis, the only year stocks fell during the entirety of this […]

Bartender School

In the late 1990’s I enrolled in bartender school with like ten of my friends. None of us were planning on becoming bartenders, it just seemed like a cool summer job or part-time job during college. I was a horrendous bartender. During the handful of gigs I took at clubs and bars, my signature greeting […]

Ithaka

As you set out for Ithakahope the voyage is a long one,full of adventure, full of discovery.Laistrygonians and Cyclops,angry Poseidon—don’t be afraid of them:you’ll never find things like that on your wayas long as you keep your thoughts raised high,as long as a rare excitementstirs your spirit and your body.Laistrygonians and Cyclops,wild Poseidon—you won’t encounter […]

The Most Disruptive Trend of the Decade

What would you say was the most disruptive trend of the 2010’s decade ending today? The iPhone? Facebook and Twitter? Cloud computing? Okay, they were extremely disruptive, but I’d throw out another trend into the ring – the shale oil boom. For me, it’s been the hidden disruptive trend – the one we don’t talk […]

Two Investment Tricks You Can Use For 2020

How did you do this year? Let’s take a hypothetical portfolio of 60% S&P 500 and 40% Barclays Aggregate Bond Index, on a total return basis. Assuming a single rebalance at the mid-point of the year, you’re up 20.1% for 2019. Let’s say you had international exposure – this hypothetical portfolio consists of 30% S&P […]

A time to rest

I’ll be taking the week off from posting at The Reformed Broker for my family’s annual trip down to Delray Beach in South Florida. I look forward to this annual tradition all year. This time I’m leaving the laptop home. I’m exhausted, but in a good way. In 2019, we hired five new employees bringing […]

in which Doug teaches me about good coffee

This was fun. My now infamous coffee rant felt like an attack on my buddy Doug Bonaparth, but rather than cry about it, he came by The Compound to school me. We did a blind taste test with three different brews and I learned the difference between the bilge water I normally drink and the […]

Sonya Dreizler’s ‘Do Better’ Series

I know a lot of my blog’s readers are men working in financial services – advisors, traders, asset managers, etc. I am going to ask you guys to do something… Sonya Dreizler is a consultant to investment firms and RIAs as well as an author, speaker and subject matter expert in impact investing and ESG. […]

Why Apple is the most emblematic stock of 2019

[embedded content] Be sure to subscribe to our channel so you never miss an update Downtown Josh Brown and Michael Batnick go head-to-head for a brand new What Are Your Thoughts! In this edition, Josh and Michael cover: * It was almost impossible to lose money this year* Does the success of DoubleLine over the […]

The Top Performing Stocks of the Decade

In theory, long-termism and buy and hold investing are great concepts, but harder to pull off in real life. The vast majority of companies that have ever existed have since disappeared, either through going private, mergers and acquisitions or bankruptcy. Even in the course of one decade, it’s hard to know which companies will thrive […]

European Stocks Breaking a Twenty Year High

Jon Krinsky made a big call this fall – in late October he titled his weekly technical research note Prestige Worldwide and informed us about some big moves happening in overseas markets. The whole world was likely on the verge of breaking out and Jon stuck his neck out just before it happened. I wrote […]