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Millennials may be your practice's biggest advocate
Reuters
They don't care where you went to school or what certificates hang on your wall. But once you win them over, wealthy young clients may be your biggest advocates and your best customers. Financial industry professionals say Generation Y clients — the "millennials" born after 1982 — can be tough nuts to crack. Connecting with them requires a willingness to abandon the tried-and-true formulas that worked for baby boomers who wanted investment strategies spelled out for them.
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Staying aware of risks in 2014
CFA Chicago
Following the financial crisis, monetary policy and politics have significantly shaped the investment environment. In early 2014, a new chair will take the helm at the Federal Reserve. What opportunities might the investment landscape offer in 2014? What should investors consider in developing their 2014 investment strategies? How might higher interest rates impact investment choices? Join us for our forecast event where keynote speaker, Austan Goolsbee and our panel of leading strategists in economics, equities, and fixed income will share their insights and outlook for 2014.
The strategy behind Adams Street Partners' success
CFA Chicago
T. Bondurant "Bon" French, CFA, is responsible for the management of Adams Street Partners and actively participates as an investment professional. French has been with Adams Street Partners and its predecessor organizations since 1980 and has been instrumental in the development of its private equity investment strategies, fund management and client service. Join CFA Chicago on Feb. 25 for the T. Bondurant "Bon" French Distinguished Speaker Series.
Memes are analytical weapons of mass destruction
CFA Institute's Enterprising Investor
It’s been said that a clever phrase can stop people from thinking for a whole generation. In the world of investing, clever phrases abound. And investing against the grain can be a difficult and gut-wrenching experience. Of course, when it comes to investing, memes (an idea that spreads from person to person within the market) can be either right or wrong.
Bernanke: 2014 could be better year for US economy
Bloomberg via Crain's Chicago Business
Ben S. Bernanke said the headwinds that have held back the U.S. economy may be abating, leaving the country poised for faster growth as his tenure as Federal Reserve chairman comes to an end. “The combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation bodes well for U.S. economic growth in coming quarters,” Bernanke said Jan. 3 in remarks prepared for a speech in Philadelphia.
John Taylor and David Rosenberg: Idea of secular stagnation is bunk
Money News
The argument being advanced by former White House adviser Larry Summers and others that the economy is in a period of secular stagnation doesn't hold water, says Stanford University economist John Taylor.
"The evidence continues to mount that government policy has been to blame for the disappointing economic performance in recent years," he writes in The Wall Street Journal.
"Yet many don't want to hear it, and they offer a series of alternative explanations including most recently the re-emergence of a chestnut, secular stagnation."
JPMorgan nears $2 billion settlement in case tied to Madoff
Chicago Tribune
JPMorgan Chase & Co is nearing a $2 billion settlement with federal authorities to resolve suspicions that the bank ignored signs of Bernard Madoff's Ponzi scheme, the New York Times reported, citing people briefed on the case.
The bank's civil and criminal settlements would also involve a deferred prosecution agreement, a criminal action that would suspend an indictment as long as the bank acknowledged the facts of the government's case and changed its behavior, the NY Times said.
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Looking for positivity on the markets? Don't hold your breath
Morningstar
A high-profile weatherman in Chicago is well regarded in meteorology-geek circles, but he's also well known for being overly pessimistic in his forecasts. When this particular meteorologist is predicting a foot and a half of snow followed by negative temperatures, as he was recently, we know that we'll have a decent amount of snow and cold temps, but that the bad weather won't rise to the level of his gloomy forecasts. So why does this forecaster continue to be venerated for his accuracy?
Private equity deal volume likely to rise, investor power may wane
Pensions & Investments
Private equity experts are split on whether prices paid for portfolio companies will continue to rise in 2014, leading to a potential bubble, or prices will drop as a consequence of rising interest rates and the resulting higher cost of capital. In the new year, some experts see an end to the negotiating power institutional investors have had over their general partners as more capital is committed to the alternative asset class in 2014.
S&P 500 companies add $3.7 trillion value in 2013
Crain's Chicago Business
Five years after the equity bull market started, U.S. investors returned to stocks in 2013, just in time for the best relative returns versus bonds on record. Exchange-traded and mutual funds investing in shares took in about $162 billion, the most since 2000, according to data compiled by Bloomberg and the Investment Company Institute. At the same time, the Standard & Poor’s 500 Index climbed 29 percent, beating government debt by 32 percentage points, the widest spread since at least 1978, according to data compiled by Bank of America Merrill Lynch and Bloomberg.
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Looking for positivity on the markets? Don't hold your breath
Morningstar
A high-profile weatherman in Chicago is well regarded in meteorology-geek circles, but he's also well known for being overly pessimistic in his forecasts. When this particular meteorologist is predicting a foot and a half of snow followed by negative temperatures, as he was recently, we know that we'll have a decent amount of snow and cold temps, but that the bad weather won't rise to the level of his gloomy forecasts.
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Advisors: What the 'new rich' clients need
Financial Planning
It’s not just the top 1 percent anymore. Around 20 percent of U.S. adults now fall into what is being called the “new rich,” according to new research.
This label, which denotes households with annual income of $250,000 or more at some point in their working lives, tends to be made up of mostly older professionals, working married couples and more educated singles.
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Diversification or diworsifcation?
CFA Institute's Enterprising Investor
During the financial crisis one mangled term to gain widespread use was “diworsification,” the counterintuitive idea that carrying all your investment eggs in one basket might be a better idea than old-fashioned diversification. In recent years, tactical asset allocation and trading out of trouble seemed to protect capital better than traditional approaches.
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More lawsuits filed challenging state pension cuts
The Associated Press via WBBM-TV
Two groups of retired state employees recently became the latest organizations to pursue a court challenge of a new plan to eliminate Illinois’ $100 billion public pension shortfall.
The Illinois State Employees Association Retirees and the Retired State Employees Association filed separate class-action lawsuits in Sangamon County Circuit Court on behalf of their members. They argue that the landmark plan approved by Illinois lawmakers last month violates a provision of the state constitution that says pension benefits may not be diminished.
Senate set to confirm Yellen as Fed Chair
CNN
The U.S. Senate is expected to confirm Janet Yellen to serve as the next chair of the Federal Reserve, after Ben Bernanke's second term ends in January. She will be the first woman to head the Federal Reserve in its 100-year history. Yellen brings a robust résumé to the job, including more than a decade in various Fed positions. In her recent role as Fed vice chair, she voiced deep concerns about high unemployment and spoke in favor of the Fed's bond-buying program as a way to stimulate the economy.
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