Recap of CFA Wealth Management

I spent two days earlier this week in Ft. Lauderdale with more than 300 advisors for the CFA Wealth Management conference.  Last year, I stepped in at the last minute as the moderator of the conference in Los Angeles. I was honored to receive the call to return as co-moderator this year, sharing the responsibility…

The Yield Curve Inverted, but You’re Telling Me This Time is Different

Last Friday, the yield curve for U.S. Treasuries inverted. Three-month T-Bills had a slightly higher yield (2.46%) than 10-Year Treasury bonds (2.44%). That sounds crazy because it is. The inverted yield curve made national news because yield curve inversions have preceded the last nine economic recessions. Charlie Bilello shared a great visual of inverted yield…

Five Pearls of Wisdom from Gayle Benson

This weekend, I attended an event where Gayle Benson, owner of the New Orleans Saints and the New Orleans Pelicans, gave the opening keynote address. Normally, I do not schedule events at 8:30am on a Saturday morning, but for Gayle, I made an exception. It was the 5th annual Tulane University, Women Making Waves conference,…

Diversification Isn’t Sexy

Don’t put all of your eggs in one basket is the oldest adage in investing. Be sure to diversify your risk. Here’s the rub. Diversification isn’t sexy. We will not hit the stock market jackpot by buying the entire market. Market returns are average, and who wants to be average? Hindsight is 20/20, and there…

The Easiest Decade for DIY Investors

The S&P 500 Index is up 397% since the bottom of the 2008-2009 financial crisis. For 10 years, it has beat every asset class except for growth stocks. The rally was led by some of the most beloved companies with a direct connection to the end consumer – Apple, Amazon, and Netflix. This is unique…

The Deep Value Manager that Started a Crypto Fund

Years ago, I followed and read everything written by an esoteric, deep value manager named Murray Stahl of Horizon Kinetics. I found his contrarian and independent voice refreshing in the sea of closet-indexers paying to play on the wirehouse platform. In the summer of 2008, just before the carnage of the Great Financial Crisis, I…

On International Women’s Day

The CFA Institute launched an awareness campaign targeting high net worth investors in North America this week. I am optimistic it will raise the profile of the CFA(R) Charter among potential clients. You can view it on the campaign’s website: The Right Question. Today is International Women’s Day, and CFA Institute asked me to contribute…

This Week on The Belle Curve – Mardi Gras

I’m in the heart of Mardi Gras celebrations in New Orleans, and my final paper for graduate school is due Sunday. Somehow, between parades and lunches in the French Quarter, I will submit that assignment. Wish me luck. I was a guest on a couple of podcasts that dropped this week. When I was in…

Substance

I was a guest on Tim Mullooly’s podcast last week, and he asked me a fantastic question: What do you think is the number one thing that needs to change about the financial services industry? Rather than revisit the squabble over fees versus commissions or fiduciary versus suitability, I simply said we need to raise the…

Dear Former Branch Manager

I have been interviewed a few times since my controversial op-ed ran in the New York Times last month. Some were long-form podcast interviews that took a deep dive in to my career path. While revisiting the story of how I got here, I realized that I never thanked someone who had a major impact…