FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
6 Must Reads For Financial Advisors (The Wall Street Journal)
The Wall Street Journal reached out to financial advisors and found that they find these books helpful:
1. “The Charge: Activating the 10 Human Drives That Make You Feel Alive” by Brendon Burchard. 2. “Raving Fans: A Revolutionary Approach To Customer Service” by Ken Blanchard and Sheldon Bowles. 3. “18 Minutes: Find Your Focus, Master Distraction, and Get the Right Things Done” by Peter Bregman. 4. “Traction: Get a Grip on Your Business” by Gino Wickman. 5. “Seeds of Greatness” by Denis Waitley. 6. “Who Stole the American Dream?” by Hedrick Smith
The Renminbi’s ‘Prestige, Tradability, And Valuation’ Mean It Will Continue To Rise (Advisor Perspectives)
Hayden Briscoe at Alliance Bernstein writes that renminbi will 1. “Appreciate by 2% – 3% a year on average, just to keep pace with the country’s persistent trade surpluses, and by up to 5% a year once economic rebalancing is factored in.” 2. Be fully-convertible by 2015. 3. Become a reserve currency, especially among emerging markets and in Asia.
Despite the recent slowdown, Briscoe says he believes in the country’s structural reforms. “The currency’s prestige, tradability and valuation,” are driving these expectations.
Federal Judge Approves Bank Of America’s $2.43 Billion Settlement Over Its Merrill Lynch Acquisition (Thomson Reuters News & Insight)
Bank of America has been granted federal approval for a $2.43 billion settlement with shareholders that said it failed to disclose important information when it bought Merrill Lynch. U.S. District judge Kevin Castel said the settlement was “fair, reasonable and adequate.”
Over the past 13 weeks, U.S. commercial banks have dumped holdings of U.S. Treasuries and bonds at almost a 10 per cent annual rate, according to Gluskin Sheff’s David Rosenberg. And the last time they dumped treasuries this fast was in 2007, “just ahead of one of the great bond rallies in recent history.” He expects banks to “scramble” and load up on Treasuries again this time.
Here Are The 10 Best Trades For Spring (Bank of America)
With stocks having hit news highs in the first quarter, many expect the market to correct in the next two quarters. With that in mind, Bank of America’s Michael Hartnett has 10 trade recommendations for spring. Hartnett and his team expect stocks to outperform in 2013 and 2014.
1. “Own volatility in Q2.” 2. “Telecom and utilities are the best defensive contrarian equity play.” 3. “Sell treasuries into Q2 strength.” 4. “Long the U.S. dollar versus commodities.” 5. “favour stocks over bonds. High yield over high grade in 2013.” 6. “Own Japanese financials.” 7. “Buy German equities on Q2 weakness.” 8. “Long U.S. financials, short Canadian financials in 2013.” 9. “Long U.S. industrials, short European industrials.” 10. “Long BRIC resources versus Emerging Markets in Q2.”