DAILY UPDATE: Amazon Up, Capital One Bank Down as BioTech Hubs Are In

Posted on October 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Statistic: 13%. That’s how much Amazon’s revenue grew last quarter. The behemoth saw business picking up after a tough 2022 and cost-saving measures taking effect to boost the bottom line. The company also said it had its “biggest ever” Prime day sale this past quarter. (CNBC)

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In 2019, Capital One bank was hit by a cyber attack that resulted in the exposure of millions of its customers’ data. The incident led to a collective complaint against the bank by its customers. After a long legal process, Capital One agreed to pay $190 million in compensation to the 98 million affected customers.

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The Biden administration announced this week the creation of 10 biotech hubs across the US under its Tech Hubs program, with each hub eligible to apply for up to $75 million to invest in areas like research and development and job creation. The hubs are spread across the US, primarily in rural areas, and are part of a $500 million investment from the Biden administration that’s intended to boost the tech industry’s growth beyond the coasts.

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Filed under: Alternative Investments, Drugs and Pharma, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: Amazon, Amazon stock, bank, banks, biden hubs, biotech, biotech hubs, capital one bank, CNBC, DJIAm, energy, gold, inflation, markets, NASDAQ, oil, Russell Index 2000, S&P 500 | Leave a comment »

DAILY UPDATE: Medicare Part C Dropped, Inflation Slows as the Markets Crash Again

Posted on October 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Today, October 28th, has been the best day of the entire year for stocks since 1950, according to Dr. David Edward Marcinko MBA of http://www.MarcinkoAssociates.com. Black Monday (also known as Black Tuesday in some parts of the world due to timezone differences) was the global, severe and largely unexpected stock market crash on Monday, October 19th, 1987. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.

Of course it’s a Saturday this year; today.

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One large health system with hospitals in Virginia and Ohio this year cut off in-network access to consumers enrolled in some Anthem Blue Cross Blue Shield Medicare and Medicaid health insurance plans. Two doctors groups with Scripps Health in San Diego are terminating contracts with private Medicare plans over concerns about payments and routine denials.

PODCAST: https://medicalexecutivepost.com/2023/10/24/podcast-medicare-advantage-part-c-fraud/

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Inflation’s summer decline slowed last month. Still, inflation has improved enough recently for Federal Reserve officials to hold interest rates steady at their meeting next week.

CITE: https://www.r2library.com/Resource

The personal-consumption expenditures price index, the Fed’s preferred inflation gauge, rose 0.4% in September from the prior month, the same pace as in August, the Commerce Department said Friday. But so-called core prices, which exclude volatile food and energy categories, increased 0.3% in September from the prior month, compared with a 0.1% rise in August. Higher prices for services drove the increase.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 19.86 points (0.5%) at 4,117.37, down 2.5% for the week and down 10.6% from a July peak; the Dow Jones Industrial Average (DJI) was down 366.71 points (1.1%) at 32,417.59, down 2.1% for the week; the NASDAQ Composite was up 47.41 points (0.4%) at 12,643.01, down 2.6% for the week.
The 10-year Treasury note yield (TNX) was down about 1 basis point at 4.835%.
CBOE’s Volatility Index (VIX) was up 0.61 at 21.29.

Banking and energy were among the weakest sectors Friday, with the latter under pressure despite strength in crude oil futures. Another leg down in small-cap stocks suggested investors are growing increasingly concerned about the economy, as the Russell 2000 Index (RUT) closed at its lowest level in nearly three years and dropped 2.6% for the week.

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DAILY UPDATE: Pfizer Revises amid US Economic Growth as the Stock Markets Plummet

Posted on October 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Pfizer, a key producer of the COVID-19 vaccine, has revised its earnings outlook for 2023, cutting its projected earnings per share and revenue estimates. Pfizer saw its 2022 revenue surpass a record $100 billion as company CEO Albert Bourla vowed that everyone will have a “perfectly normal life with just injection maybe once a year.” Bourla received a 36% pay hike and netted $33 million through the pandemic.

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The U.S. economy grew at its fastest pace in nearly two years in the third quarter as higher wages from a tight labor market helped to power consumer spending, again defying dire warnings of a recession that have lingered since 2022. Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. Economists polled by Reuters had forecast GDP rising at a 4.3% rate.

CITE: https://www.r2library.com/Resource

Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was down 49.54 points (1.2%) at 4,137.23; the Dow Jones Industrial Average (DJI) was down 251.63 points (0.8%) at 32,784.30; the NASDAQ Composite was down 225.62 points (1.8%) at 12,595.61.
The 10-year Treasury note yield (TNX) was down about 11 basis points at 4.845%.
CBOE’s Volatility Index (VIX) was up 0.49 at 20.68.

Energy shares were among the weakest-performing sectors Thursday after a larger-than-expected increase in U.S. oil inventories last week sent WTI crude futures down more than 2% to a two-week low. Communication services and technology were also lower.

The market’s overall weakness belied some notable pockets of strength, including in banks and utilities, as the KBW Regional Banking Index (KRX) jumped more than 3%. Small-caps offered possible signs that a recent steep downdraft may be waning, with the Russell 2000 Index (RUT) dropping to a 12-month low earlier in the day before recovering to close about 0.7% higher.

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DAILY UPDATE: Physical Therapy Month, UAW Strike and the Markets

Posted on October 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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October is Physical Therapy Month, a time to celebrate the contributions that physical therapists, their aides, and assistants make to the industry. There are more than 300 million annual physical therapy visits in the US, and the profession is estimated to be worth $46 billion, according to the American Physical Therapy Association. Make sure to take some time to appreciate any physical therapists in your life.

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The United Auto Workers union said it reached a tentative labor contract with Ford that, if ratified, would mark the biggest gains for unionized auto workers in decades. The deal includes a 25% pay bump over the four years of the contract, cost-of-living adjustments that had been previously suspended, and a quicker timeline for new workers to reach the highest wage ($40 an hour for assembly workers by the end of the contract).

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Here is where the major benchmarks ended:

The S&P 500 Index was down 60.91 points (1.4%) at 4,186.77; the Dow Jones Industrial Average (DJI) was down 105.45 points (0.3%) at 33,035.93; the NASDAQ Composite was down 318.65 points (2.4%) at 12,821.22.
The 10-year Treasury note yield was up about 11 basis points at 4.946%.
CBOE’s Volatility Index (VIX) was up 1.30 at 20.27.

Communication services and technology were among the market’s weakest sectors Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping more than 4%. Small-cap stocks also remained under pressure, with the Russell 2000 Index (RUT) falling more than 1% to near a 13-month low.

Small-caps are often seen as being more sensitive to the domestic economic cycle because they tend to conduct most of their business in the United States. Utilities and consumer staples were among the few areas of strength.

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MICROSOFT & GOOGLE: Earnings Up!

Posted on October 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Google and Microsoft, the two tech giants, reported big jumps in earnings revenue, another sign that Big Tech’s growth has rebounded following last year’s downturn?

Google parent Alphabet reported 11% revenue growth to about $77 billion for the third quarter, thanks mainly to increased advertising sales.

Meanwhile, Microsoft’s revenue jumped 13% to $56.5 billion as AI created more demand for its products. Still, it wasn’t all rosy: Alphabet shares fell in extended trading after it missed on revenue estimates for its cloud division.

Meta reports its third-quarter earnings today, and Amazon posts tomorrow.

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DAILY UPDATE: Meta Sued as Markets Rise!

Posted on October 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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A bipartisan group of 33 attorneys general is suing Meta over addictive features aimed at kids and teens, according to a complaint filed Tuesday in a federal court in California. The support from so many state AGs of different political backgrounds indicates a significant legal challenge to Meta’s business.

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Here is where the major benchmarks ended today:

The S&P 500 Index was up 30.64 points (0.7%) at 4,247.68; the Dow Jones Industrial Average (DJI) was up 204.97 points (0.6%) at 33,141.38; the NASDAQ Composite (COMP) was up 121.55 points (0.9%) at 13,139.87.
The 10-year Treasury note yield was down about 2 basis points at 4.815%.
CBOE’s Volatility Index (VIX) was down 1.51 at 18.89.

Utilities were among the strongest performers Tuesday, with the Philadelphia Utility Index (UTY) rising nearly 3%. Semiconductors and communications services shares were also higher.

Energy stocks were pressured by a more than 2% drop in WTI crude oil futures, which briefly fell under $83 a barrel.

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10 YEAR T-BONDS: Hit Five Percent [5-%]

Posted on October 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

And … Bill Gross Speaks

By Staff Reporters

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The yield on the 10-year Treasury bond shot above 5% in early trading yesterday—hitting its highest since 2007 and rattling investors—before retreating a bit so everyone could chill out. While a high return on long-term government debt sounds like something only a Wall Street wonk would fret about, it can raise borrowing costs for everyone from homebuyers to small businesses.

Treasury yields have been rising steadily for almost two years as investors kept anticipating (correctly) that Jerome Powell would raise interest rates to combat persistent inflation.
Bond yields are used as the measure against which lots of other interest rates are set, so recent sky-high yields have contributed to the current eye-popping mortgage rates, which have made homeownership 52% more expensive than renting, and they’re part of the reason why the number of Americans struggling to make car payments is at its highest since at least 1994.
CITE: https://www.treasurydirect.gov/

Yields crossed the symbolically significant 5% mark yesterday because investors rushed to sell off 10-year bonds, making them cheaper, per supply and demand—that boosted the bond yields, since yields move in the opposite direction from price.So, why did Wall Street press “sell” on Treasurys?

CITE: https://www.r2library.com/Resource

It’s usually a sign of confidence in the economy, but some analysts are concerned that this time, investors are shedding government debt because they perceive the US as being a spendthrift as the deficit grows. However, the traditional psychology may also be at play: The influential billionaire investor Bill Ackman is believed to have single-handedly stopped yesterday’s bond market sell-off by saying he’d ended his bet on 30-year Treasury bond prices falling because he thinks there is “too much risk in the world” and the economy isn’t as strong as it seems. The 10-year bonds dropped back to 4.85% yesterday afternoon.

BILL GROSS: https://fortune.com/recommends/investing/the-inverted-yield-curve-recession/?utm_source=search&utm_medium=suggested_search&utm_campaign=search_link_clicks

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DAILY UPDATE: Mixed Markets

Posted on October 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended today:

The S&P 500^® Index (SPX) was down seven points (0.2%) at 4,217.04; the Dow Jones Industrial Average (DJI) was down 191 points (0.6%) at 32,936.41; the NASDAQ Composite was up 35 points (0.3%) at 13,018.33.
The 10-year Treasury note yield was down about nine basis points at 4.845%.
CBOE’s Volatility Index (VIX) was down 1.4 points at 20.35.

The communication services, technology, and consumer discretionary were the best sector performers, thanks in part to gains in big tech companies.

Energy was the laggard Monday, as WTI crude dropped 2.6% to below $86 a barrel.

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DAILY UPDATE: US Budget Deficit and Treasury Yields Rise as Chevron Buys Hess

Posted on October 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The 2023 federal budget deficit surged by 23% to $1.7 trillion, leaving the US in its deepest yearly fiscal hole outside of the Covid era, according to the Treasury Department, which released the data on Friday.

But a closer look reveals the financial picture is even worse than the headline #s suggest.

The Treasury recorded the Biden administration’s ~$300 billion student loan forgiveness program as a cost last year, but it was struck down by the Supreme Court and never took effect, resulting in the Treasury considering it a savings this year.
That means the year over year increase effectively doubled from $1 trillion in 2022 to $2 trillion in 2023.

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The benchmark 10-year Treasury bond yield rose above 5% and to its highest since 2007 on Monday, as a roaring U.S. economy led investors to expect interest rates to stay high for an extended period. The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data, and pushed global shares down to seven-month lows.

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Chevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil’s deal to buy Pioneer Natural Resources. The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.

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DAILY UPDATE: US Budget Deficit Rises as Stock Markets Drop

Posted on October 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly.

The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden’s first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region.

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CITE: https://www.r2library.com/Resource

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Here is where the major benchmarks ended:

The S&P 500^® Index was down 53.84 points (1.3%) at 4,224.16, down 2.4% for the week; the Dow Jones Industrial Average (DJI) was down 286.89 points (0.9%) at 33,127.28, down 1.6% for the week; the NASDAQ Composite was down 202.37 points (1.5%) at 12,983.81, down 3.2% for the week.
The 10-year Treasury note yield was up about 8 basis points at 4.907%.
CBOE’s Volatility Index (VIX) was up 0.26 at 21.71.

Small-cap stocks, which are considered to be more exposed to economic uncertainty, were also soft, as the Russell 2000 Index (RUT) dropped to a 12-month low and was 2.2% lower for the week.

Gold futures rose 2.3% for the week and ended near a three-month high, as the fighting in the Middle East fueled demand for assets considered to be safe havens. Volatility based on the VIX spiked to its highest level since March.

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ECONOMY: Still Strong

Posted on October 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.MarcinkoAssociates.com

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In the last 20 months, the US Federal Reserve has jacked up interest rates to a 22-year high to tame soaring inflation. And inflation has come down to about half of its June 2022 peak. But the economy is still strong.

The Fed’s rate-hiking jamboree was expected to slow hiring, spending, and broader economic growth as unfortunate side effects of popping the inflation balloon. However, a series of recent reports shows that the US economy is still roaring in the ’20s:

Jobs: Employers smashed expectations by adding 336,000 jobs in September, and the unemployment rate remains at a low level of 3.8%.
Spending: Retail sales also blew past estimates in September, a sign that American consumers remain the undisputed shopping world champs. This probably helped: Americans’ household wealth surged 37% from 2019 to 2022, according to Fed data released on Wednesday. That’s more than double the second-highest increase on record.
Economy: After the strong retail sales numbers came out this week, Morgan Stanley raised its Q3 economic growth outlook to 4.9% from 4.5%. Context: One year ago this week, Bloomberg economists predicted a 100% chance of a recession…within a year.

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DAILY UPDATE: Soaring Bond Yields and the U.S. Markets

Posted on October 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Bond yields, which impact borrowing costs for all kinds of loan products, moved higher this week as investors fretted over higher-for-longer interest rates. After notching a 16-year-record earlier this month, the yield on the 10-year Treasury bond continued to surge on Thursday, rising to 4.958%.

CITE: https://www.r2library.com/Resource

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Here is where the major benchmarks ended:

The S&P 500 Index was down 36.60 points (0.9%) at 4,278.00; the Dow Jones Industrial Average (DJI) was down 250.91 points (0.8%) at 33,414.17; the NASDAQ Composite was down 128.13 points (1.0%) at 13,186.18.
The 10-year Treasury note yield was up about 9 basis points at 4.988%.
CBOE’s Volatility Index (VIX) was up 2.09 at 21.31.

Powell’s speech and Treasury yields at least partly overshadowed earnings reports from a few major companies, including Netflix (NFLX), whose shares soared 16% after the company reported stronger-than-expected quarterly results.

Otherwise, most areas of the market eroded, with consumer discretionary and real estate among the weakest-performing sectors. Energy shares held up somewhat better as crude oil futures rose for the fifth day in the past six and ended near a three-week high above $89 a barrel.

Gold futures jumped 1% and closed near a three-month high.

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DEFINITION: “Infinite” Banking?

Posted on October 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Infinite banking is a complicated financial insurance concept. What’s more, borrowing from a whole life insurance policy rather than a bank introduces a unique set of problems. These loans don’t have set repayment schedules but they do accrue interest. Here’s what you should know about borrowing from an insurance policy:

PROs:

Easier to secure than a bank loan, especially if you have bad credit.
May only take a few days to receive funds.
Interest rates may be lower than other loans.

CONs:

You may need to pass a physical to qualify for an insurance policy.
Policy loans can decrease the death benefit.
Premiums can run significantly higher than comparable term policies
Payment issues can result in losing your policy and/or paying tax penalties.
Interest rates may be variable and fixed rates can be high.
Borrowing limits are often capped at a percentage of the cash value.
It can take years to accrue enough cash value to take out a significant loan.

CITE: https://www.r2library.com/Resource

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RISK MANAGEMENT AND INSURANCE: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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DAILY UPDATE: Big Banks, Health Insurance Costs and the Markets

Posted on October 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Though high interest rates have consumers and businesses feeling the pinch, they’ve been a boon to the US’s largest banks. JPMorgan Chase, Citigroup, and Wells Fargo all had stronger-than-expected third-quarter results. In total, the banks earned $22 billion in profit, more than a third higher than in Q3 2022, the Wall Street Journal reported. Their combined revenue was $81 billion, or 14% higher than last year.

Bank stocks dipped last month following the Fed’s meeting, where it held interest rates steady. But though high rates have hurt some smaller banks, they’ve helped keep the large banks’ net interest margins healthy according to CNBC. JPMorgan’s Net Interest Income (NII) was up 30% year over year, rising to $22.9 billion. Wells Fargo’s declined slightly from last quarter, but was still 8% higher than it was last year.

The US economy remains strong, but shows some signs of slowing, bank executives said during recent earnings calls. JPMorgan and Citi took note of consumer spending, with JPMorgan CFO Jeremy Barnum saying, “we are coming on off a very low base. And so there’s a hope and an expectation that we are on the path to normalization and improvement.”

CITE: https://www.r2library.com/Resource

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The average cost for a family health insurance plan offered through an employer jumped 7% this year to $23,968 − the highest rate increase in a decade, according to the annual employer health benefits survey released yesterday by KFF, a nonprofit health policy organization. Prices are far higher than they were a year ago, when premiums increased by 1%.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 58.60 points (1.3%) at 4,314.60; the Dow Jones Industrial Average (DJI) was down 332.57 points (1.0%) at 33,665.08; the NASDAQ Composite was down 219.44 points (1.6%) at 13,314.30.The 10-year Treasury note yield was up about 6 basis points at 4.906%.CBOE’s Volatility Index (VIX) was up 1.42 at 19.30.

Weaker-than-expected quarterly results from some airlines and shipping companies weighed on the transport sector, with the Dow Jones Transportation Average (DJT) sinking 3.4% to end near a four-month low. Financial shares were also lower, with the KBW Regional Banking Index (KRX) dropping nearly 3%. Energy was one of the few areas of strength after WTI Crude Oil futures (CLZ3) jumped above $87 a barrel to a two-week high following a larger-than-expected drop in U.S. supplies. Gold futures rose 1.4% near a two-month high.

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DAILY UPDATE: Retirement Catch-Up Contributions Delayed as Markets Go Down

Posted on October 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The IRS recently announced some welcome news for higher-income workers with 401-k[s] and similar retirement plans. The agency delayed implementing a new rule that would have required catch-up contributions made by people earning over $145,000 to be directed into an after-tax Roth account.

CITE: https://www.r2library.com/Resource

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Here is where the major benchmarks ended:

The S&P 500 Index was down 0.43 point at 4,373.20; the Dow Jones Industrial Average was up 13.11 points at 33,997.65; the NASDAQ Composite (COMP) was down 34.24 points (0.3%) at 13,533.75.
The 10-year Treasury note yield was up about 13 basis points at 4.84%.
CBOE’s Volatility Index (VIX) was up 0.68 at 17.89.

Technology shares were among the market’s weakest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) dropping more than 1%. Banks and retailers did better.

The KBW Regional Banking Index (KRX) rose 2% to end near a four-week high. Small-cap stocks were also higher, with the Russell 2000 Index (RUT) gaining more than 1%.

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NET WORTH: Average by Age

Posted on October 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.CertifiedMedicalPlanner.org

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The average net worth of someone younger than 35 years old is $76,300, as of 2019. From there, average net worth steadily rises within each age bracket. Between 35 to 44, the average net worth is $436,200, while between 45 to 54 that number increases to $833,200. Average net worth cracks the $1 million mark between 55 to 64, reaching $1,175,900.

Average net worth again rises for those ages 65 to 74, to $1,217,700, before falling to $977,600 for someone over age 75.

CITE: https://www.r2library.com/Resource

The median net worth within every single age bracket, however, is lower than the average net worth.

MARCINKO & ASSOCIATES: http://www.MarcinkoAssociates.com

PHYSICIAN NET WORTH: https://medicalexecutivepost.com/2023/09/27/physician-assets-liabilities-and-personal-net-worth/

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Medical Endowment Fund Manager Selection

Posted on October 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

Are External Financial Consultants Necessary?

[By Dr. David E. Marcinko MBA CMP]

http://www.CertifiedMedicalPlanner.org

John English, of the Ford Foundation, once observed that:

[T]he thing that is most interesting to me is that every one of the managers is able to give me a chart that shows me he was in the first quartile or the first decile. I have never had a prospective manager come in and say, ‘We’re in the fourth quartile or bottom decile’.

According to Wayne Firebaugh CPA, CFP® CMP™ most medical endowment funds today, even those with internal investment staff, rely heavily upon consultants and external managers.

In fact, a 2006 Commonfund Benchmarks Healthcare Study revealed that 85% of all surveyed institutions relied upon consultants with an even greater percentage of larger endowments relying upon consultants. The common reasons given by endowments for such reliance are augmenting staff and oddly enough, cost containment. In essence, the endowment staff’s job becomes one of managing the managers.

Manager Selection

Even those endowments that use consultants to assist in selecting outside managers remain involved in the selection and monitoring process. Interestingly, performance should generally not be the overriding criterion for selecting a manager. Selecting a manager could be viewed as a two-step process in which the endowment first establishes its initial allocation and determines what classes will require an external manager. The second part of the process is to select a manager that due diligence has indicated to have two primary characteristics: integrity and a repeatable and sustainable systematic process. These characteristics are interrelated, as a manager who embodies integrity will also strive to follow the established investment selection process.

Of Medical-Managers

In medicine, obtaining the best care often means consulting a specialist. As a manager of managers, the average endowment should seek specialist managers within a given asset class. Just as physicians and healthcare institutions gain additional insight and skill in their area of specialty, investment managers may be able to gain informational or system advantages within a given concentrated area of investments.

Assessment

Since most plan managers are seeking positive alpha by actively managing certain asset classes, many successful endowments will use a greater number of external managers in the concentrated segments than they will in the larger, more efficient markets.

Conclusion

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DAILY UPDATE: Citigroup and JPMorgan Chase are Up while the Markets are Down

Posted on October 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Citigroup chief Jane Fraser has unveiled a plan to eliminate five layers of management in what is poised to become the bank’s largest restructuring in two decades, according to a presentation unveiled Friday. Since major reorganization changes were announced last month, Citigroup has scrapped its two core operating units — which had focused on institutional and consumer clients — and reorganized into five key business units including trading, banking, services, wealth management, and US consumer offerings. The stock price was up 3%.

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JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 21.83 points (0.5%) at 4,327.78, up 0.4% for the week; the Dow Jones Industrial Average (DJI) was up 39.15 points (0.1%) at 33,670.29, up 0.8% for the week; the NASDAQ Composite (COMP) was down 166.98 points (1.2%) at 13,407.23, down 0.2% for the week.
The 10-year Treasury note yield (TNX) was down about 9 basis points at 4.623%.
CBOE’s Volatility Index (VIX) was up 2.63 at 19.32.

Technology shares were among the market’s weakest sectors Friday, with the Philadelphia Semiconductor Index (SOX) tumbling more than 2%. Regional banks and transportation were also lower.

The small-cap focused Russell 2000 Index (RUT) extended a recent slide and was down 1.5% for the week. Energy shares led sector gainers as WTI crude oil futures soared more than 5%, capping a gain of nearly 6% for the week, after reports the U.S. had tightened sanctions against Russian crude exports.

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DAILY UPDATE: US Markets Down a Tad

Posted on October 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended today:

The S&P 500 Index was down 27.34 points (0.6%) at 4,349.61; the Dow Jones Industrial Average (DJI) was down 173.73 points (0.5%) at 33,631.14; the NASDAQ Composite was down 85.46 points (0.6%) at 13,574.22.
The 10-year Treasury note yield (TNX) was up nearly 11 basis points at 4.703%.
CBOE’s Volatility Index (VIX) was up 0.58 at 16.67.

Small-cap stocks led the way lower Thursday, as the Russell 2000 Index (RUT) sank more than 2% to a one-week low.

Retailers and utilities were also lower. Semiconductors and energy producers were among the few areas of strength, the latter posting modest gains even after a larger-than-expected increase in U.S. crude stockpiles sent oil futures lower.

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EARNINGS SEASON: Consumer Spending

Posted on October 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Markets: Stocks notched their fourth winning day in a row yesterday as investors digested the news that the Fed was split about future rate hikes at its last meeting while waiting for this morning’s report on how much consumer prices rose last month.
Ozempic continues eating into investors’ appetites for other industries. Its maker, Novo Nordisk, rose on the news that the diabetes drug may help treat kidney failure, but dialysis providers DaVita and Fresenius Medical Care plunged.

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Earnings season is back: PepsiCo, Delta, Dominos, and big banks headline the start of earnings season, one that will have investors looking at how slowing inflation has affected the ability of companies to pad their profit margins. Pepsi’s report will be closely watched as its snack division, Frito-Lay, could be tested by the increasing popularity of weight-loss drugs like Wegovy. Major banks like JPMorgan are expected to post strong results.

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US consumer spending: Has remained surprisingly strong despite rising interest rates, and a senior spending spree could explain it. According to the Department of Labor, Americans aged 65 and older accounted for 22% of consumer spending last year, the highest percentage since records began in 1972. It also helps that 17.7% of the US population is 65 and older, the highest on record dating to 1920. Better health, longer lifespans, and changes in attitude toward saving for a rainy day after the pandemic have boomers feeling OK about their finances.

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PRIVATE COMPANIES: Raising Capital is Hard ~ No Very Tough!

Posted on October 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.MARCINKOAssociates.com

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The markets are down again and stocks continued their September slump with tech companies getting hit especially hard as investors fretted about another possible Fed rate hike because of data showing prices for manufacturing and services trending upward. It was a mixed bag for the meme stock faithful, with AMC hitting an all-time low after releasing a plan to sell new shares and GameStop rising after-hours thanks to better-than-expected sales last quarter.

MEME: https://medicalexecutivepost.com/2021/10/23/what-are-meme-stocks/

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This all may demonstrate that private companies looking to fund growth in this high-interest rate environment are facing a tough time raising capital amidst falling valuations, according to a new Deloitte survey.

The problem is particularly acute for smaller companies. Many of the companies challenged by capital raising saw themselves putting out the “For Sale” sign within the next six months, which could lead to an M&A boom later this year.

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“The No. 1 largest factor that people saw as a challenge or a barrier was a decrease in valuations of their business,” Wolfe Tone, vice chair and US and Global Deloitte Private leader, told CFO Brew. “Clearly, increasing interest rates and pricing was closely behind that. Liquidity challenges not far behind that.”

Private companies have been looking to raise capital to fund a range of growth initiatives; meeting talent needs and expanding tech capabilities are at the top of the list, Tone said. Not far behind was “increasing productivity and improving cost structures.”

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DAILY UPDATE: IPOs Favorable as Markets Rise

Posted on October 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Resilient economic and earnings data, an expected end to Fed rate hikes, lower market volatility, and a broader recovery in the equity markets are favorable signs for IPO activity. With 8 of the 10 largest tech IPOs ever, the NYSE is ready when you are. Learn more.

***

Here is where the major benchmarks ended:

The S&P 500 Index was up 18.71 points (0.4%) at 4,376.95; the Dow Jones Industrial Average (DJI) was up 65.57 points (0.2%) at 33,804.87; the NASDAQ Composite was up 96.83 points (0.7%) at 13,659.68.
The 10-year Treasury note yield (TNX) was down nearly 10 basis points at 4.558%.
CBOE’s Volatility Index (VIX) was down 0.93 at 16.10.

Real estate and utilities were among the market’s strongest sectors Wednesday, with the Dow Jones Utility Index (DJU) jumping more than 1% to a two-week high. Communication services and technology shares were also higher.

Energy stocks led sector decliners as crude oil futures fell more than 2%, pressured by reports Saudi Arabia will support efforts to stabilize oil markets to account for uncertainty caused by the fighting in Israel.

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DAILY UPDATE: Birkenstock IPO, Bond Yields and the Markets

Posted on October 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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After months of speculation, Birkenstock made its first move to go public in September, sending its prospectus document to the U.S. Securities and Exchange Commission. In the filing, Birkenstock stated it would sell close to 32.26 million shares priced between $44 and $49 per ordinary share to raise about $1.58 billion for the company and its private equity owner L Catterton, which is backed by the French luxury fashion house LVMH. At the low end, the valuation would hover around $8.3 billion, and at the high end about $9.2 billion, according to the numbers revealed in the filing. The prospectus also stated that LVMH CEO Bernard Arnault’s family holding company Financière Agache is interested in buying up to $325 million in shares. Alexandre Arnault, Bernard’ son, will join Birkenstock’s board of directors after the offering. While no date has been confirmed for when the company will officially go public, Birkenstock’s debut on the stock exchange could come as soon as Wednesday, Oct. 11th, 2023.

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A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end. Top central bank officials have signaled in recent days that they could be done raising short-term interest rates if long-term rates remain near their recent highs and inflation continues to cool.

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Here is where the major benchmarks ended:

The S&P 500 Index was up 22.58 points (0.5%) at 4,358.24; the Dow Jones Industrial Average (DJI) was up 134.65 points (0.4%) at 33,739.30; the NASDAQ Composite was up 78.60 points (0.6%) at 13,562.84.
The 10-year Treasury note yield was down about 13 basis points at 4.653%.
CBOE’s Volatility Index (VIX) was down 0.66 at 17.04.

Shares of retailers, regional banks, and technology companies were among the market’s strongest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) up more than 1% to a three-week high.

Small-caps also strengthened, with the Russell 2000 Index (RUT) up about 1.5%, outpacing their large-cap counterparts. WTI crude oil futures fell for the first day in three, while the U.S. dollar index (DXY) eroded for the fifth day in a row to touch its lowest level in more than a week.

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DAILY UPDATE: Strong Stock Index at Week’s End

Posted on October 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended this week:

The S&P 500 Index rose 50 points (1.2%) to 4,308.52 and gained 0.5% for the week; the Dow Jones Industrial Average (DJI) was up 288 points (0.87%) at 33,407.58 but was down 0.3% for the week; the NASDAQ Composite was up 211 points (1.6%) at 13,431.34 and gained 1.6% for the week.
The 10-year Treasury note yield was up eight basis points at 4.788%.
CBOEs Volatility Index (VIX) fell one point to 17.47.

Energy shares were among the market’s strongest sectors behind a rebound in crude oil futures, though oil prices still ended down more than 8% for the week. Technology and industrial stocks were also strong.

Small-caps joined the upswing as the Russell 2000 Index (RUT) gained over 1% Friday but still ended the week with a loss of nearly 2%.

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Citigroup, Moderna and A.I. Referee

Posted on October 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Citigroup announced a major reorganization aimed at eliminating unnecessary management layers. It will involve layoffs, but the bank didn’t say how many.

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One day after the CDC recommended that everyone above six months old get the new Covid booster, Moderna stock shot up. But it was mostly because the company showed it’s got a future beyond the virus with encouraging flu-shot trial results.

Elon Musk called for a regulator to ensure that AI development proceeds safely following a closed-door meeting with US lawmakers that also included Alphabet CEO Sundar Pichai and Meta’s Mark Zuckerberg—which was probably an awkward run-in for Musk.

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DAILY UPDATE: The Markets, US Budget and Carmot Therapeutics Mulling IPO?

Posted on October 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

The stock markets ended Q3 last week with a whimper despite new data showing that the Fed’s favorite CPI inflation measure cooled in August. September was the worst month of the year for the S&P 500 and the NASDAQ. But Blue Apron soared on the news that it’s being bought by Wonder Group, a food delivery startup helmed by a former Walmart exec.

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America’s debt today stands at $33 trillion, a figure some politicians, finance mavens and everyday citizens find astonishingly high.

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Carmot Therapeutics, which is developing drugs for diabetes and weight-loss, is reportedly mulling an IPO or possible sale to a large pharmaceutical company at a valuation of at least $1B. The biotech company has two injectable GLP-1 drug candidates in Phase 2 development for type 1 and type 2 diabetes, according to the company’s website.

Carmot enlisted JP Morgan and Bank of America as underwriters on an IPO, which could come as early as this year if market conditions are favorable. The company has also received “takeover interest” from large drug makers at a valuation of over $1B, according to a Bloomberg report. Carmot had a post-money valuation of $1.25B following a $150M funding round in May, Bloomberg added.

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NYSE: Game-On for IPOs

Posted on October 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.CERTIFIEDMEDICALPLANNER.org

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DEFINITION: An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors An IPO is typically underwritten by one or more investment banks who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.

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After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information.

Cite: Wikipedia

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Now, the NYSE is the world’s largest stock exchange, and for good reason. From thrilling new entries into the public market to a relentless commitment to transformative tech, the NYSE is constantly upping their game.

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SEC: New Cyber-Security Regulations

Posted on October 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The SEC’s new cybersecurity regulations went into effect last week. Most companies are “largely ready” to comply, Matt Gorham, senior managing director and leader of PwC’s Cyber & Privacy Innovation Institute, told CFO Brew, “but that doesn’t mean there isn’t work to do.”

As their companies’ finance leaders, CFOs are instrumental in determining whether a cybersecurity incident is material, but they have other roles to play as well. Gorham shared his advice for how CFOs can help their organizations comply with the new regs. Now, aAs a reminder, the regulations consist of what Gorham refers to as three “buckets.” Companies that file with the SEC are required to:

Declare any material cybersecurity incidents to the SEC on Item 1.05 of Form 8-K within four business days of determining materiality
Disclose information about their cyber risk management and strategy on a new section of the 10-K called Item 1C
Disclose information about their boards’ and management’s role in overseeing cybersecurity risk

The first two “buckets,” Gorham said, will likely require the most work to comply with.

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DAILY UPDATE: Major Stock Markets

Posted on September 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended today:

The S&P 500 Index was down 11.65 points (0.3%) at 4,288.05, down 0.7% for the week; the Dow Jones Industrial Average (DJIA) was down 158.84 points (0.5%) at 33,507.50, down 1.3% for the week; the NASDAQ Composite (COMP) was up 18.05 points (0.1%) at 13,219.32, up slightly for the week but down 5.8% for the month.
The 10-year Treasury note yield (TNX) was down about 1 basis point at 4.583%.
CBOE’s Volatility Index (VIX) was up 0.18 at 17.52.

Energy stocks were among the market’s weakest performers as crude oil futures extended a pullback from a rally earlier in the week that sent prices to 13-month highs above $93 a barrel.

Health care and financial sectors were also soft. Regional banks, retailers, and consumer discretionary shares were among the strongest performers.

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DAILY UPDATE: McKinsey & Company Pays as Markets Slightly Rise

Posted on September 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Consulting firm McKinsey & Co has agreed to pay $230 million to resolve lawsuits by hundreds of U.S. local governments and school districts alleging it fueled an epidemic of opioid addiction through its work for bankrupt OxyContin maker Purdue Pharma and other drug companies.

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Here is where the major benchmarks ended:

The S&P 500 Index was up about 1 point (0.02%) at 4,274.51; the Dow Jones Industrial Average fell 69 points (0.20%) to 33,550.27; the NASDAQ gained 29 points (0.22%) to 13,092.85.
The 10-year Treasury note yield was up 7 basis points at 4.613%.
CBOE Volatility Index (VIX) fell half a point to 18.42.

Energy stocks were among the best performers Wednesday, with the S&P 500 Energy Sector rising 2.5%. The U.S. Dollar Index (DXY), which has been rising since July as investors digested the likelihood of “higher-for-longer” interest rates, remained at its highest level so far this year.

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Physician Assets, Liabilities and Personal Net Worth

Posted on September 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

How are Assets and Liabilities Related to Doctor Net Worth?

Dr. David E. Marcinko MBA

Before the relationship among financial assets, liabilities and net worth can be examined, some based definitions must be understood.

LINK: http://www.CertifiedMedicalPlanner.org

[A] Short-Term Assets

Short-term goals (less than 12 months) require liquidity or short-term assets. These assets include cash, checking and saving accounts, certificates of deposit, and money market accounts. These accounts have two things in common. The principal is guaranteed from risk of loss, and pay a very low interest rate. As an investment, they are considered substandard and one would only keep what is actually needed for liquidity purposes in these accounts.

[B] Long-Term Assets

Longer-term assets (more than 12 months) include real estate, mutual funds, retirement plans, stocks, and life insurance cash value policies. Bonds may also be an appropriate long-term investment asset for a number of reasons, for example, if you are seeking a regular and reliable stream of income or if you have no immediate need for the amount of the principal invested. Bonds also can be used to diversify your portfolio and reducing the overall risk that is inherent in stock investments.

[C] Short-Term Liabilities

Short-term liabilities (less than 12 months) include credit card debt, utility bills, and auto loans or leasing. When a young doctor leaves residency and starts practice, the foremost concern is student debt. This is an unsecured debt that is not backed by any collateral, except a promise to pay. There are recourses that an unsecured creditor can take to recoup the bad debt. Usually, if the unsecured creditor is successful obtaining a judgment, it can force wages to be garnished, and the Department of Education can withhold up to ten percent of a wages without first initiating a lawsuit, if in default. It is also probable that young medical professionals have been holding at least one credit card since their sophomore year in college. Credit card companies consider college student the most lucrative target market and medical students hold their first card for an average of fifteen years. There are several other types of other unsecured debt, including department store cards, professional fees, medical and dental bills, alimony, child support, rent; utility bills, personal loans from relatives, and health club dues, to name a few.

[D] Long-Term Liabilities

A secured debt, on the other hand, is debt that is pledged by a specific property. This is a collateralized loan. Generally, the purchased item is pledged with the proceeds of the loan. This would include long-term liabilities (more than 12 months) such as a mortgage, home equity loan, or a car loan. Although the creditor has the ability to take possession of your property in order to recover a bad debt, it is done very rarely. A creditor is more interested in recovering money. Sometimes, when borrowing money, there may be a requirement to pledge assets that are owned prior to the loan.

For example, a personal loan from a finance company requires that you pledge all personal property such as your car, furniture, and equipment. The same property may become subject to a judicial lien if you are sued and a judgment is made against you. In this case, you would not be able to sell or pledge these assets until the judgment is satisfied.

A common example of a lien would be from unpaid federal, state or local taxes. Doctors can be found personally liable for unpaid payroll taxes of employees in their professional corporations. Be aware that some assets and liabilities defy short or long-term definition. When this happens, simply be consistent in your comparison of financial statements, over time.

[E] Personal Physician Net Worth

Once the value of all personal assets and liabilities is known, net worth can be determined with the following formula: Net worth = assets minus liabilities. Obviously, higher is better. In The Millionaire Next Door, Thomas H. Stanley, PhD, and William H. Danko give the following benchmark for net worth accumulation. Although conservative for physicians of a past generation, it may be more applicable in the future because of current managed care environment.

Here is the guide: Multiple your age by your annual pre-tax income from all sources – except inheritances – and divide by ten.

Real-Life Medical Example: As an HMO pediatrician, Dr. Curtis earned $ 60,000 last year. So, if she is 35, her net worth should be at least $ 210,000.

How do you get to that point? In a word, consume less, save more and watch the student loans. Stanley and Danko found that the typical millionaire set aside 15 percent of earned income annually and has enough invested to survive 10 years, at current income levels if he stopped working. Now, if Dr. Curtis lost her job tomorrow, how long could she pay herself the same salary?

[F] Common Liability Management Mistakes

A common liability management mistake is not recognizing when you are heading for trouble. If doctors are paying only the minimum payments on credit card debt, while continuing to charge purchases at a rate faster than the pay-down, trouble is brewing. If you don’t categorize your debt, you could find yourself paying down non-priority debt while ignoring priority debt.

A priority debt is one that is essential or subject to serious consequences, if not paid. Examples include rent, mortgage payments, utility bills, child support, car payments, unpaid taxes, and other secured debt. If in one month, a doctor had to choose between paying his accounting bill or his rent, it would be essential to pay the rent.

CITE: https://www.r2library.com/Resource/Title/082610254

Conclusion

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:Invite Dr. Marcinko

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DAILY UPDATE: Down on NASDAQ

Posted on September 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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DEFINITION: The NASDAQ, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake NASDAQ stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.

Cite: Wikipedia

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Stocks last week capping off the S&P 500 and the NASDAQ’s worst week since March as investors wait to see whether lawmakers will manage to keep the government from shutting down. Klaviyo, Instacart, and Arm—the three recent IPOs that all briefly soared on their debut also were down.

CITE: https://www.r2library.com/Resource

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DAILY UPDATE: Cisco-2-Splunk and the Markets

Posted on September 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Cisco Systems has struck a $28 billion deal to buy analytics and security-software company Splunk as the networking-equipment giant looks to tap further into the rise of artificial intelligence. Cisco said Thursday it has agreed to pay $157 a share in cash for Splunk, a 31% premium to Wednesday’s closing price of $119.59 for the San Francisco company.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 72.20 points (1.6%) at 4,330.00; the Dow Jones Industrial Average (DJIA) was down 370.46 points (1.1%) at 34,070.42; the NASDAQ Composite (COMP) was down 245.14 points (1.8%) at 13,223.98.
The 10-year Treasury note yield (TNX) was up about 14 basis points at 4.49%.
CBOE’s Volatility Index (VIX) was up 2.40 at 17.54.

Recession or interest rate concerns weighed particularly heavily on sectors viewed as having greater exposure to those factors. Shares of real estate, consumer discretionary, and financial companies were among the market’s poorest-performing sectors Thursday, with the KBW Regional Banking Index (KRX) sinking to an 11-week low.

The outlook for higher-for-longer interest rates helped lift the U.S. Dollar Index (DXY) to a 6½-month high, though it faded later.

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RITE AID: Gets it Financially Wrong?

Posted on September 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Last quarter, interest expense grew to $65 million from $48 million last year, contributing to Rite Aid reporting a net loss of $306.7 million despite sales of $5.6 billion. Management forecasts a net loss of between $650 million and $680 million for the full fiscal year 2024. Rite Aid’s losses leave it with little financial wiggle room to navigate two significant headwinds: a looming lawsuit and increasing losses from theft.

RISK MANAGEMENT: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

In March, for example, the Department of Justice filed a civil suit against Rite Aid, claiming pharmacists “repeatedly filled prescriptions for controlled substances with obvious red flags” and alleging it “intentionally deleted internal notes about suspicious prescribers.”

The lawsuit continues a string of high-profile cases brought against companies contributing to the spread of the opioid epidemic. Opioid drugmakers Purdue Pharma, Endo Pharmaceuticals, and Mallinckrodt have already declared bankruptcy because of lawsuits. Walgreens and CVS Health have inked opioid settlements valued at $5.7 billion and $4.9 billion over the past year.

How much Rite Aid would need to pay to settle its suit remains to be seen, but a billion-dollar price tag isn’t unfathomable, given Walgreens and CVS’ outcomes.

CITE: https://www.r2library.com/Resource

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IPOs: More Caution Ahead

Posted on September 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

http://www.MARCINKOASSOCIATES.com

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From 2020 to 2021, when VC money was cheap and tech IPOs were hot, the tech companies that went public via IPO were mostly growth-focused unicorns that had yet to see any profits. But Instacart, which has turned a profit for the last five quarters, is something different.

Chip design company Arm, which debuted last week in the year’s biggest IPO, was the first venture-capital-backed startup to go public in the US since December 2021. It may have broken the ice, but Instacart is the next big test.

However, being profitable and being valuable aren’t the same thing. In 2020, investors valued Instacart at $39 billion, its highest valuation and roughly $29 billion more than what it’s expected to be worth to investors today.

Late-stage investors in Instacart, such as Fidelity and T. Rowe Price, stand to lose 40% or more.
Sequoia Capital—Instacart’s largest external shareholder—was also one of its earliest. Its initial $8 million investment in 2013 is worth $1 billion today, but its later investment of $50 million in 2021 has shrunk to $12 million.

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FTC & DOJ Announce Revised Merger Guideline

Posted on September 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Health Capital Consultants, LLC

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FTC & DOJ Announce Revised Merger Guidelines

On July 19, 2023, the Federal Trade Commission (FTC) and the Department of Justice (DOJ) released a draft update of its Merger Guidelines, which guides the regulatory agencies in their review of both mergers and acquisitions in evaluating compliance with federal antitrust laws.

The new Guidelines replace, amend, and consolidate the Vertical Merger Guidelines and Horizontal Merger Guidelines, which were published in 2020 and 2010, respectively.

This Health Capital Topics article will discuss the new Guidelines and the proposed changes to antitrust laws that may affect the future of healthcare. (Read more…)

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DAILY UPDATE: Medicare B & D and the DOWN Markets

Posted on September 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Medicare Part B and D are likely increasing in 2024

Due to a new Alzheimer’s treatment coming to the market (Leqembi, from pharmaceutical companies Eisai and Biogen), Medicare beneficiaries are expected to pick up the cost. Therefore, Medicare Part B prices are expected to increase in 2024. The costs are projected to go up from the current $164.90 to $174.80, a nearly $10 increase per month.

CITE: https://www.r2library.com/Resource

While you may not see a huge difference in the amount you’re paying for Medicare Part D, it still could be slightly lower. The average total monthly Part D premium is projected to decrease from $56.49 in 2023 to $55.50 in 2024, according to the Centers for Medicare & Medicaid Services (CMS). That’s nearly $10 each month.

CITE: https://www.r2library.com/Resource

MORE Citations:

Medicare.gov. (2022). Medicare & You 2023.
Medicare.gov. (2022). When does Medicare coverage start?
Kaiser Family Foundation. (2019, Aug 9). Data Note: Prescription Drugs and Older Adults.
Medicare.gov. (2022). How to get prescription drug coverage.

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Here is where the major benchmarks ended:

The S&P 500 Index was down 54.78 points (1.2%) at 4,450.32, down 0.2% for the week; the Dow Jones Industrial Average (DJIA) was down 288.87 points (0.8%) at 34,618.24, up 0.1% for the week; the NASDAQ Composite was down 217.72 points (1.6%) at 13,708.33, down 0.4% for the week.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.332%.
CBOE’s Volatility Index (VIX) was up 0.97 at 13.79.

Technology shares were among the market’s weakest performers Friday after Reuters reported Taiwan Semiconductor Manufacturing Co. (TSMC) had told its major suppliers to delay delivery of high-end chipmaking equipment because of concerns over demand.

The Philadelphia Semiconductor Index (SOX) sank more than 3% to a four-week low. Most market sectors were under pressure, including energy, despite crude oil futures extending a climb above $90 a barrel.

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Pricing Increases at Independent Hospitals Post-Acquisition

Posted on September 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Health Capital Consultants, LLC

Pricing Increases at Independent Hospitals Post-Acquisition

Over the past decade, hospital acquisitions have changed the healthcare market, with transactions leading to hospital consolidation and resulting in larger health systems and fewer hospitals.

CITE: https://www.r2library.com/Resource

An August 2023 study conducted by the Public Policy Institute of health insurer Elevance Health (formerly known as Anthem) found that when independent hospitals are acquired by health systems, employers, payors, and consumers are exposed to higher pricing without a similar increase in hospital care access or quality of care. This Health Capital Topics article will review the Elevance study and the impact of acquisitions on independent hospital pricing. (Read more…)

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Arm IPO: NASDAQ Success over NYSE

Posted on September 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks shot up yesterday on the strength of Arm’s IPO. Investors were pleased with the British chip-maker’s debut: Shares surged 25%, leading to the best day for the Dow since early August.

Arm’s debut was also a big win for NASDAQ, which hopes to parlay the successful IPO into grabbing more listings over rival NYSE.

IPOs: https://medicalexecutivepost.com/2023/05/01/initial-public-offerings/

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DAILY UPDATE: Social Security COLA, Illegal Drugs and the Markets

Posted on September 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The forecast for next year’s Social Security increase rose to 3.2% from 3% on Wednesday after the government said inflation ticked up in August. Annual inflation in August rose to 3.7%, from 3.2% in July but off a 40-year high of 9.1% in June 2022. Without the volatile food and energy sectors, the so-called “core” inflation rate was 4.3%, down from July’s 4.7%.

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Illegal drugs are expected to be one of the biggest threats to national security in 2024 as overdose deaths topped 100,000 in the last year, according to the Department of Homeland Security’s annual threat study. In its report released Thursday, DHS said it expects illegal drugs produced in Mexico and sold in the United States will continue to kill more Americans than any other threat.

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U.S. stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week. The rally boosted a broad array of assets. All three major stock indexes ended higher, as did all 11 major sectors of the S&P 500. The dollar jumped to a six-month high, 10-year Treasury yields rose, and crude oil futures hit their highest this year, helping energy stocks outperform the broader market.

A spate of economic data released before the opening bell showed energy prices, specifically gasoline, were largely responsible for a hotter-than-expected producer prices print and a consensus-beating retail sales reading.

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Here is where the major benchmarks ended:

The S&P 500 Index was up 37.66 points (0.8%) at 4,505.10; the Dow Jones Industrial Average was up 331.58 points (1.0%) at 34,907.11; the NASDAQ Composite (COMP) was up 112.47 points (0.8%) at 13,926.05.The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.286%. CBOE’s Volatility Index (VIX) was down 0.69 at 12.79.

Retailers were among the market’s strongest sectors Thursday in the wake of stronger-than-expected August retail sales reported by the Commerce Department. Energy companies also climbed as crude oil futures extended a rally and topped $90 a barrel for the first time since mid-November. Small-cap stocks joined the upswing, with the Russell 2000 Index (RUT) rising nearly 1.5% and ended at a one-week high. Volatility based on the VIX fell under 13.00 and near pre-pandemic levels of early 2020.

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DAILY UPDATE: Rothification and the Markets

Posted on September 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

REMINDER

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Starting in 2026, high-income earners over the age of 50 who make more than $145,000 can no longer make catch-up contributions to regular 401(k)s. Instead, those catch-ups will head to Roth accounts. That carries significant tax implications.

MORE: https://taxfoundation.org/blog/what-rothification-means-for-tax-reform/

CITE: https://www.r2library.com/Resource

***

Here is where the major benchmarks ended yesterday:

The S&P 500^® Index (SPX) was down 25.56 points (0.6%) at 4,461.90; the Dow Jones Industrial Average (DJIA) was down 17.73 points at 34,645.99; the NASDAQ Composite was down 144.28 points (1.0%) at 13,773.61.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.272%.
CBOE’s Volatility Index (VIX) was up 0.42 at 14.22.

While tech was the weakest performing sector Tuesday, consumer discretionary and communication services shares were also lower. Energy shares led sector gainers Tuesday as oil prices continued to rise.

The Philadelphia Oil Service Index (OSX) gained more than 2% and ended at its highest level since April 2019. WTI crude futures, the U.S. benchmark, extended gains to near $90 a barrel after OPEC, in a report, slightly increased its forecasts for global consumption in 2023 and 2024.

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DAILY UPDATE: SEC Approves CAT, Wells-Fargo and Instacart

Posted on September 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

The Securities and Exchange Commission approved a funding proposal for the Consolidated Audit Trail (CAT), a database designed to allow regulators to monitor all activity and trades in the US equity market.

Up until now, regulators “lacked a consolidated view of the material information” of National Market System securities “to trace orders from originations, modifications, cancellations, routings, and executions,” according to SEC Chair Gary Gensler, who supported the proposal.

With the new proposal, though, brokers will largely be footing the bill. So, while the plan was approved by three of the five commissioners, it’ll face an uphill battle to win approval from broker and asset manager-adjacent trade groups.

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According to a report by Bloomberg, Wells Fargo & Co. has received federal approval for a $1 billion settlement in a shareholder lawsuit concerning unauthorized customer accounts. However, U.S. District Judge Jennifer L. Rochon greenlit the settlement after a hearing in New York, bringing the bank’s total payouts for the scandal to nearly $5 billion. The lawsuit, filed in 2020, accused former CEO Tim Sloan and other executives of misleading investors and the public about the bank’s regulatory interactions following a 2016 scandal.

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Instacart is aiming to go public at a valuation between $8.6 billion and $9.3 billion, according to reports from The Wall Street Journal and Reuters.
The initial figures reflect a striking departure from what Instacart was worth in the past.
The company’s stock is expected to trade on the NASDAQ under the ticker “CART,” and Goldman Sachs is leading the offering.
Instacart is expected to officially disclose its expected IPO valuation range today.

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DAILY UPDATE: Arm’s IPO, Bill Gates and the Markets

Posted on September 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Chip design firm Arm just submitted an updated filing for its upcoming blockbuster initial public [IPO] offering on the New York Stock Exchange, setting a price range between $47 and $51.
Only 9.4% of Arm’s shares will be freely traded on the NYSE.
Arm was previously dually listed in London and New York, before SoftBank acquired it for $32 billion in 2016.

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Bill Gates’s Acquired 1,703,000 Shares of BUD BEER Amid Slump As Brand Aims To Win Back Customers With NFL Sunday Ticket Campaign.

More: https://finance.yahoo.com/news/bill-gatess-bold-bet-bud-154755104.html

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Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was down 18.94 points (0.4%) at 4,496.83; the Dow Jones Industrial Average (DJIA) was down 195.74 points (0.6%) at 34,641.97; the NASDAQ Composite (COMP) was down 10.86 points (0.1%) at 14,020.95.
The 10-year Treasury note yield (TNX) was up about 10 basis points at 4.272%.
CBOE’s Volatility Index (VIX) was up 0.18 at 14.00.

Trucking firms and other transportation companies were among the market’s weakest performers Monday, with the Dow Jones Transportation Average (DJT) dropping more than 2% to a two-month low. Financial shares were also under pressure, with the KBW Regional Banking Index (KRX) down more than 2%. Energy companies were among the few gainers, lifted by oil’s brief rise above $88 per barrel.

The U.S. Dollar Index (DXY) rose to its highest level in nearly six months, thanks in part to weak economic data reports from Europe and China.

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NURSING HOMES: Federal Minimum Staffing Levels

Posted on September 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

A JOE BIDEN PROPOSAL

By Staff Reporters

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WASHINGTON (Reuters) – President Joe Biden’s administration just proposed setting federal minimum staffing levels for nursing homes, a move aimed at addressing longtime complaints about abuse and neglect in the industry that were highlighted during the COVID-19 pandemic.

MORE: https://medicalexecutivepost.com/2019/02/18/government-report-finds-92-percent-of-nursing-homes-employ-convicts/

Biden pledged last year to protect American seniors’ lives and life savings by cracking down on nursing homes that commit fraud or endanger patients’ safety and address the chronic under staffing at long-term care facilities that was exposed during the pandemic.

PODCAST: https://medicalexecutivepost.com/2021/07/24/podcast-nursing-home-care/

USBLS: https://www.bls.gov/iif/factsheets/workplace-violence-healthcare-2018.htm

The nursing home industry takes in nearly $100 billion a year from U.S. taxpayers, yet many under staff their facilities, the White House said. The new rule proposes that facilities have a registered nurse (RN) on site around the clock. It says each resident should receive 2.45 hours (two hours and 27 minutes) of care from a nurse aide every day, plus at least 33 minutes of care from an registered nurse every day.

CITE: https://www.r2library.com/Resource

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DAILY UPDATE: The Economy and Dell

Posted on September 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Hiring unexpectedly picked up in August as employers added 187,000 jobs despite high interest rates and inflation but totals for the prior two months were revised down sharply. The unemployment rate, which is calculated from a separate survey of households, rose from 3.5% to 3.8%, the Labor Department said Friday. That’s because of a surge of Americans into the labor force, which includes people working and looking for jobs. Economists surveyed by Bloomberg had estimated that 168,000 jobs were added.

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Stock spotlight: Dell had its best day since going public (for a second time) in 2018 after far surpassing expectations for Q2. Analysts called it an early winner in the AI boom.

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DAILY UPDATE: Medicare Drug Price Negotiations and the Markets

Posted on August 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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President Joe Biden’s signature Inflation Reduction Act (IRA), signed into law last year, allows the Medicare health program for Americans aged 65 and over to negotiate prices for some of its most costly drugs.

Medicines on the list include Merck & Co’s diabetes drug Januvia, Eliquis rival Xarelto from Johnson & Johnson, and AbbVie’s leukemia treatment Imbruvica. Other drugs on the list include Amgen’s rheumatoid arthritis drug Enbrel, Boehringer Ingelheim and Eli Lilly’s diabetes drug Jardiance, J&J’s arthritis and Crohn’s disease medicine Stelara and insulin from Novo Nordisk.

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Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was up 64.32 points (1.5%) at 4,497.63; the Dow Jones Industrial Average (DJIA) was up 292.69 points (0.9%) at 34,852.67; the NASDAQ Composite was up 238.63 points (1.7%) at 13,943.76.
The 10-year Treasury note yield (TNX) was down about 10 basis points at 4.112%.
CBOE’s Volatility Index (VIX) was down 0.62 at 14.46.

Technology, Communications Services and Retail shares were among the market’s strongest performers Tuesday. Energy stocks also climbed behind continued strength in crude oil futures, which closed at a two-week high.

The U.S. Dollar Index (DXY) fell along with expectations that interest rates will remain elevated.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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DAILY UPDATE: C-Suite and the Markets

Posted on August 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months. The survey polled more than 600 C-suite executives from a variety of public and private companies.Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did.Economists, policymakers, and executives “see…the possibility of a soft landing,” Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”

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Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was up 27.60 points (0.6%) at 4,433.31; the Dow Jones Industrial Average (DJIA) was up 213.08 points (0.6%) at 34,559.98; the NASDAQ Composite was up 114.48 points (0.8%) at 13,705.13.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.21%.
CBOE’s Volatility Index (VIX) was down 0.60 at 15.08.

Energy shares were among Monday’s strongest sectors, as crude oil futures rose for a third-straight session and closed at the highest level in over a week. Regional banks and retailers were also higher.

The U.S. dollar index (DXY) eased slightly but remained near a three-month high, reflecting expectations interest rates will stay elevated.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: "Ask-an-Advisor", Financial Planning, Funding Basics, Investing | Tagged: CBOE, DJIA, DOW, DXY, NASDAQ, Pulse Survey, PwC, regional banks, retailers, S&P 500, SPX, TNX, US Dollar, VIX | Leave a comment »

GROWING: Wealth Gap

Posted on August 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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According to the Institute of Taxation and Economic Policy (ITEP), more than one in four dollars of wealth in the U.S. is held by a small fraction of households with a net worth of over $30 million.

ITEP suggested a nationwide tax of 2% on wealth over $30 million could have raised nearly $415 billion if it were in effect, and a similar tax applying only to wealth in excess of $1 billion could have raised $62 billion. This would only affect 1 in 400 households — or 0.25% of the population

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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COMMENTS APPRECIATED

Thank You

***

Filed under: "Ask-an-Advisor", Alerts Sign-Up, Funding Basics, Investing, Taxation | Tagged: Institute of Taxation and Economic Policy, ITEP, OxFam, Taxation, wealth gap | Leave a comment »

Health Care Entity: Venture Capital Funding

Posted on August 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

http://www.MARCINKOASSOCIATES.com

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Venture capital funding in the digital health space cooled a bit in 2022 following a red-hot 2021. Overall, digital health companies raised $15.3 billion last year, down from the $29.1 billion raised in 2021—but still above the $14.1 billion raised in 2020, according to Rock Health a seed fund that supports digital health startups.

MORE: https://marcinkoassociates.com/fmv-appraisals/

Nevertheless, analysts predict VC investors and bankers will still put a good amount of money into digital health in 2024 and 2025, especially in alternative care, drug development, health information technology technology, EMRs and software that reduces physician workload.

CITE: https://www.r2library.com/Resource

Of course. an essential first part of attracting VC interest and money is the crafting and presentation of your formal business plan [“elevator pitch”]; as well as the needed technical and managerial experience. This is crucial for success and exactly where we can assist.

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CONTACT: MarcinkoAdvisors@msn.com

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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Career Development, Experts Invited, Funding Basics, Health Economics, Healthcare Finance, Interviews, Investing, Marcinko Associates, Sponsors, Touring with Marcinko | Tagged: david marcinko associates, Marcinko, Marcinko Associates, VC, VCs, Venture Capital, venture capitalists | Leave a comment »

DAILY UPDATE: Mortgages Rates and the Markets are Up!

Posted on August 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Home Mortgage rates just hit their highest mark since 2002, making home ownership even less attainable to potential buyers. Stagnation in the housing market could also put a squeeze on consumer spending, slowing broader economic growth. The average 30-year fixed-rate mortgage, a popular home loan, hit 7.09% last Thursday, up from 6.96% the week before, according to mortgage behemoth the Federal Home Loan Mortgage Corporation (Freddie Mac).

In a statement tied to the release, Freddie Mac noted that the rise of the 10-year Treasury yield and the strength of the economy both contributed to the high rate.

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Here is where the major benchmarks ended:

The S&P 500^® Index rose 49 points (1.1%) to 4,436.02; the Dow Jones Industrial Average (DJIA) rose 184 points (0.54%) to 34,472.98; the NASDAQ Composite (COMP) rose 215 points (1.59%) to 13,721.03.
The 10-year Treasury note yield (TNX) fell 15 basis points to 4.180%.
CBOE’s Volatility Index (VIX) fell roughly 1 point to 16.03.

Communication services—which is home to tech-adjacent companies such as Google parent Alphabet (GOOG), Facebook parent Meta (META), and Netflix (NFLX)—and technology were the top-performing sectors Wednesday.

Energy was the laggard, as crude oil futures slipped more than 1% to below $79.

***

COMMENTS APPRECIATED

Thank You

***

Filed under: "Ask-an-Advisor", Accounting, Breaking News, Funding Basics, Investing, LifeStyle | Tagged: 10 year treasury yield, CBOE, DJIA, DOW, Federal Home Loan Mortgage, FOMC, Freddic Mac, GOOG, home loans, home martgagers, inflation, interest rates, Meta, mortgage rates, NASDAQ, NFLX, S8P 500, TNX, Treasury yields, VIX | Leave a comment »

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