Warren Buffet once said the best way to make money is to make sure you don’t lose it. We couldn’t agree more. That’s why we’re moving our clients to cash. In early February, our Market Sentiment Indicator (MSI) crossed over from bullish to be...

At heart, Smead Capital Management is a stock picking organization. On top of our bottoms-up stock picking discipline, we are driven by our belief and respect for the laws of economics. One example of this is the subject of demographics. As long...

U.S. equities finished sharply higher last week with the S&P 500 increasing 2.3% and all major U.S. averages up more than 2%. 1 The rapid market recovery from the January pullback is a bigger surprise than the pullback that preceded it...

Two years ago, I remember meeting a founder of an RIA firm in the Midwest who we'll call Mark.  Mark had struggled with growth over his career and it was apparent why: he lacked a solid group of talent surrounding him.  As a result...

In its answers to frequently-asked questions, the North American Securities Administrators Association (“NASAA”) makes preparing for a securities examination sound easy. NASAA gave the following guidance to Registered Investment...

More views from the audience at Heckerling (2014)

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those clients in their early 30’s to their late 40’s.   When the first Gen X’er turns the age of 50, I...

So the will says you're coming into money. There are 20,000 or so estates worth more than $20 million that are transferred each year, and it's estimated there will be trillions of dollars inherited over the next few decades. Inherited...

When preparing your financial advisory practice for sale, one of the most challenging aspects of the transaction is coming up with a proper value. If you are like many financial advisors, you may not have considered how much your practice is worth...