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The New Skyline

Our story begins in 2009 with a little-known Los Angeles-based private equity firm called CIM. The firm’s three managing partners, a former Drexel Burnham banker and a pair of former Israeli paratroopers, quietly dropped in on Manhattan’s punch drunk post-financial crisis real estate market with money to spend. CIM moved quickly, writing checks to bail…

The Riskalyze Report: Advisors Add the Permanent Portfolio

My friends at Riskalyze share the stocks and funds that advisors all over the country have used in their clients’ accounts each week. This data has been aggregated from across the client accounts of the thousands of advisors who use the software. Most of it comes directly through the third-party custodians where advisors’ assets are held. I hope we…

The Death of the A Share (and nobody cares)

As the retail brokerage model continues its steady decline into irrelevance, one of its cornerstone products, the mutual fund A share, now finds itself in the opening throes of a death rattle years in the making… via Investment News: The “A” share-class grouping — the largest among retail mutual funds — is largely made up of…

TRB Turns Six: Thank You

Six years ago, in November of 2008, The Reformed Broker blog was born. By tuning in each day, sharing my links and taking interest in what I have to say, you – all of you – have had some role in changing my life. Your continued readership means everything to me. I try my best…

Jon Stewart Regrets Abusing Jim Cramer

“You begin to believe your own responsibility to ‘get this guy’ – even though that’s complete bullshit….I think the Cramer thing was one of those that negatively impacted me like that because that came out of alchemy but it became such a big deal.” – Jon Stewart on the The Howard Stern Show, 11/18/2014 Jon…

QOTD: Understatement of the Year

  As the United States’ central bank now exits the extraordinary measures it undertook to defeat the financial crisis’s aftereffects – and Europe first wades into the waters of stimulus – it’s worth thinking about the consequences of trying versus not trying to save one’s economy. We did the former, imperfectly but doggedly. Europe went…