Brandon Langley

Recent Posts

Anyone Want to Acknowledge the Bear Market in Bonds?

Posted by Brandon Langley on 5/25/21 11:50 AM

In a time when seemingly all assets are “melting up,” allow me to invoke one of my favorite Saturday Night Live characters, Debbie Downer, and provide a less-than-rosy dose of reality: U.S. government bonds, which have a “market cap” that’s equivalent to 2x the U.S. stock market, have all entered a bear market.

If you know the Debbie Downer persona, you probably read that statement with her voice in your head – and you’ll definitely be able to “hear” the sound of these words: WAH! WAHHH!

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Topics: Systematic Investing

Protecting the Financial Advisor’s Blind Side

Posted by Brandon Langley on 4/28/21 9:34 AM

The 2021 NFL Draft, which begins tomorrow, is expected to highlight more than ever that quarterback is arguably the most important position in all of sports.

If we stick to football and assume QB is indeed the most important role, what is second? Many cases can be made, but if money talks, then shouldn’t the answer be found in how NFL teams invest their hard-capped dollars?

And if so, what lessons can advisors take from this to improve their practices?

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Topics: Advisor Practice Management

Flows Before Pros

Posted by Brandon Langley on 3/8/21 3:39 PM

This is not another article about Reddit, Robos, and Robinhood.

Well actually, it a little bit is. But hear me out: We’ll be light on the pontification (you don’t need a 4,000th article on GameStop) but heavy on the conundrum financial advisors face and the trump card held by providers of financial advice.

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Topics: Advisor Practice Management

Bubbles – Are We in One and Does It Even Matter?

Posted by Brandon Langley on 2/11/21 12:58 PM

Perhaps the most striking characteristic of economic bubbles – which is also what fuels their very existence – is our blindness to them.

Historically, few have correctly called a bubble in advance. And yet, in modern times, people have been asking if we’re in the bubble since 2010. What gives?

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Topics: Behavioral Finance, Systematic Investing

2021 Market Predictions are Trash

Posted by Brandon Langley on 1/5/21 12:27 PM

A colleague recently shared with me a story about a January tradition of the Kiwanis Club of Cape Fear in Fayetteville, NC, which holds a contest to see who can best predict where the Dow Jones Industrial Average will end the year.

She described how some members have a thoughtful internal debate while others jot down numbers seemingly at random. By the following year, pretty much no one remembers the guess they submitted, and rarely is the winner someone within financial services. A chiropractor won in 2020, a national defense analyst the year before.

What made the contest sound so fun to me is that the guesses and winners seem so haphazard and unexpected. Why? Because most predictions are garbage.

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Topics: Behavioral Finance

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