I hope you had a great weekend!
After the excitement of last week, I didn’t know if we’d be seeing a bank failure over the weekend as all those regional bank stocks tanked on Thursday and recovered on Friday. It was a crazy swing there.
But the wise among us know that the FDIC insurance has our back. No need to panic. Just keep calm and carry on! 😂
Here are your gems for today:
Every dollar you spend on one of these things is a GREAT investment:
One paragraph in one book can change the trajectory of your life and business.
The catch is you don't know which book it's in.
There's only one way to find out.
— Josh Spector (@jspector) February 19, 2023
This explains why my performance is so good and my career so bad… [Klement on Investing] – “Attractive fund managers attract more money and have a higher chance of being promoted. Fund managers whose faces are one standard deviation more attractive (whatever that is supposed to mean) benefit from an average increase in flows into their funds of 1.1% per year. At fund platforms where the face of the fund manager is shown to retail investors, the excess fund flows increase to 1.9% of assets. No surprise also when we learn that attractive fund managers are more likely to be promoted internally and take charge of more funds and bigger funds over time. Where things get weird is when the study claims that fund managers with less attractive faces systematically outperform fund managers with more attractive faces.” Fascinating! AI is now Hot or Not.
Fidelity Money Transfer Lockdown: Block Fraudulent ACAT Transfer Brokerage Scams [My Money Blog] – “One scam that you may not have heard of is the ACAT Transfer scam. A thief will obtain enough of your personal information to open a new E*Trade brokerage account, and then they will request an ACAT transfer of the entire contents of your existing brokerage account (ex. Fidelity) to that new fake E*Trade account which they control. At this point, they can quickly liquidate the account and send the money elsewhere. The key here is that they just need to be able to open an empty, new brokerage account in your name plus find your Fidelity account numbers from a statement. They don’t need your Fidelity username and password (or pass two-factor authentication).” I did not know about this type of scam (or how easy it seems to be to pull off!)