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[ad_1] Deere posts strong earnings on pricing boost, sees higher profit next year [ad_2] Source link

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[ad_1] Jakarta Starts Administering Second COVID-19 Booster for Elderly  Tempo.co English Jakarta anticipates COVID-19 case surge by ensuring bed availability  ANTARA English Ministry issues second booster vaccine permit for elderly  ANTARA English Jakarta Predicts November Will See Peak of COVID-19 Cases  Tempo.co English Indonesia Permits Second Boosters of Covid-19 for Elderly People  Tempo.co English View Full coverage on Google News [ad_2]

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[ad_1] Movement Mortgage CEO Casey Crawford and President Mike Brennan. Movement Mortgage’s deal to acquire top indie retail lender Mortgage Network marks a shift in the South Carolina-based company’s strategy. “Over the years, we’ve been more focused on organic growth, one loan officer at a time,” said Mike Brennan, who became Movement’s president in January 2021. “But that’s changed: we’re now attracting bigger groups, bigger producers.”   The shrinking mortgage market is the primary reason why. With most lenders heavily in the red these days, Brennan said Movement on average gets three or four offers a week to acquire struggling competitors. One thing is culture: there are, during some times in the mortgage business, revolving doors. So, the thing that attracts us most is a good culture fit. Mike Brennan, president of movement mortgage Brennan does not expect that to change anytime soon. “In the next couple of quarters, it’s going to be tough for a lot of companies, and we feel for them.”   It will be especially tough for the group of lenders originating $1 billion to $2 billion a year, many of which are already receiving margin calls from investors amid a 50% drop in volumes. “The truth is, I don’t see in the next two quarters that that’s going to change for them – unless you see a drastic move in rates,” he said. Despite many offers, Movement says “no” to about 99.5% of them, according to Brennan.  In an interview with HousingWire, Brennan outlined the reasons.  “One thing is culture: there are, during some times in the mortgage business, revolving doors,” Brennan said. “So, the thing that attracts us most is a good culture fit.” In addition, Movement, a distributed retail lender, has no plans to expand to other channels, eliminating some potential targets. “We do not go into wholesale, and we don’t get into correspondent (channel). We want to stay laser-focused on what we’re great at.” Even though there is no limit to the company’s size to be acquired, Movement prefers to target midsize lenders, which means between $5 billion and $7 billion in origination volume per year. (Brennan said he’s seen competitors struggle to make the most of big acquisitions.)    Beside the acquisition of Mortgage Network, Movement has struck a few deals over the last few years.  It bought a big piece of Lennar’s mortgage arm, Eagle Home Mortgage, in January 2019, expanding its Pacific Northwest and Mountain West market share. It added $1.5 billion in annual mortgage loan volume to its platform.  The company also acquired the brokerage Superior Rate Mortgage of New England in August 2022, adding more than $400 million in annual sales volume and 48 employees.  The financial terms of the deals were not disclosed. Movement doesn’t necessarily consider geography in its expansion plans via M&A transactions, as it has a presence in all U.S. states. “I wouldn’t say we target specific areas,” Brennan said. Cash is king   A top-25 U.S. mortgage lender, Movement funded just under $20 billion in residential mortgages through the first nine months of 2022, down 23% year-over-year, according to data from Inside Mortgage Finance. Over the last couple of years, as we had record years in profit, we just put everything back into the company. So we have a strong balance sheet. That’s now helping us in this market.  Mike Brennan, president of movement mortgage Like nearly all of its competitors, Movement has instituted several job cuts this year as interest rate hikes crushed mortgage demand, but it considers it’s in a “good place right now, with the team aligned,” according to Brennan. Amid the shrinking market, Movement will support its acquisition plans with a war chest built over the last couple of years.  Movement is owned by Casey Crawford, a former pro football player who founded the lender in 2008, and the Movement Foundation, which has a 49% share. Crawford is the only board member of the foundation.   “Casey is always about pouring everything back into the organization, not taking everything out. So, over the last couple of years, as we had record years in profit, we just put everything back into the company, so we have a strong balance sheet. That’s now helping us in this market,” Brennan said. Brennan did not specify how much cash Movement has and how many acquisitions it is planning to make in the coming year.  Regarding the lender’s business, he said Movement is not a “transactional company, but a relational company,” meaning that it has always focused on partnerships with real estate agents and purchase loans. Brennan said purchase loans declined from 90% of the mix prior to the pandemic, to 67% during the pandemic.  Data from mortgage tech platform Modex shows Movement originated just under 71% in purchases over the last 12 months when the total volume reached $24.7 billion. The company has 1,810 loan officers and 482 branches, Modex data shows.  Movement has invested in its servicing book, a business it debuted in March 2020. According to Brennan, the company now services most of its loans and has about 240,000 clients. “Obviously, with the rates being 5% and 6%, people are not going to refi out. What we have done is we added our own HELOC program,” he said.  One side of the business Movement that has been given more attention is the affinity group, which focuses on relationships with organizations to be their preferred lenders. In total, the company has 15 clients. [ad_2] Source link

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[ad_1] Back in the day, I always enjoyed perusing the annual asset class rotation chart that investment giant Franklin Templeton used to distribute to financial advisors and media. Even though it’s years out of date, I still have the 2015 chart on my office wall. Curious about the chart’s fate, I asked the company what had become of it and learned it’s still available. But now it’s only available in digital format online.  Canada’s best dividend stocks Read now Reading the Franklin Templeton chart We have reproduced it for this column and as always I find it enormously instructive. It’s still titled “Why Diversify? Because Winners Rotate.” The top of the chart reads: “One year’s best performer might be the next year’s worst. A diverse portfolio can protect you from downturns and give you access to the best performing asset classes this year—every year.” Given that 2022 has proven to be a painful year for investors in virtually all asset classes, some may find it helpful to revisit this chart, despite the fact that the latest cycle seemed to top out in November 2021.  Looking at the Annual Returns of Key Asset Classes Source: Franklin Templeton The chart lists annual returns in Canadian dollars, based on various indexes.  Right off the top, you see that U.S. equities (the S&P 500 index) are often the single top-producing asset class. It topped the list five of the last nine years—from 2013 to 2015, then again in 2019 and 2021.  On the flip side, bonds tend to be the worst asset class. Over the 15 years between 2007 and 2021, at least one bond class was at the bottom seven of those years. Global bonds (as measured by the Bloomberg Global Aggregate Bond Index) in 2010, 2019 and 2021, U.S. bonds (Bloomberg US. Aggregate Bond Index) in 2019, 2012 and 2017, and Canadian bonds (FTSE Canada Universe Bond index) in 2013.  It is interesting that all those years were considered—in retrospect—a multi-decade bull market for bonds. You can imagine how bonds will look going forward, now that interest rates have clearly bottomed and are slowly marching higher.  The chart runs only till December 2021, but as investors know all too well, even bond funds have been under water in 2022, particularly long-term bond funds and aggregate bond funds that contain many long-term bonds. Longer term bonds are even more susceptible to interest rate increases. As you might expect, volatile asset classes like emerging markets (EM, which is measured by the MSCI Emerging Markets index) tend to generate both outsized gains and outsized losses. EM topped the chart in five of the last 15 years (2007, 2009, 2012, 2017 and 2020) but were also at the bottom in 2008 and 2011. EM’s largest gain in that period was 52% in 2009, immediately following the 41% loss in 2008. Therein lies a tale!  Looking at the Standard Deviation of Key Asset Classes Source: Franklin Templeton The latest Franklin Templeton online charts also include a second version titled “Risk is more predictable than returns.” This chart notes: “Higher returns often come with higher risks. That’s why it’s important to look beyond returns when choosing a potential investment.” And it ranks the asset classes from lower risk to higher risk and here the results are remarkably consistent across almost the entire 15-year time span between 2005 and 2021.  The lowest risk in every one of the time periods covered is Canadian bonds, typically with returns of between 3% and 4% (a 4.77% high from 2019 to 2021). And consistently the riskiest is EM equities, which were listed as the riskiest single asset class from 2005 to 2019, replaced only by Canadian equities between 2018 and 2021. Almost as consistently, the second lowest risk asset class were global bonds, while the second riskiest were International equities (MSCI EAFE index from 2010 to 2017) and Canadian equities (from 2005 to 2011.) Looking outside of the chart This is all valuable information, but, alas, these charts seem to focus almost exclusively on the big two asset classes of stocks and bonds, precisely the two that are the focus of all those popular all-in-one asset allocation exchange-traded funds (ETFs) pioneered by Vanguard and soon matched by BMO, iShares, Horizons and a few others in Canada.  Even these seemingly prudent broad-based diversified investments will likely show disappointing results once these charts are updated for 2022. When a classic 60/40 balanced fund, like Vanguard’s VBAL is down 13% through October 31 (I know, because I own it), you know we’re in tough times, even for conservative investors.  For me, the disappointment is that the “Why diversify” chart—like most of the asset allocation (AA) ETFs, for some reason—ignores alternative asset classes like gold or precious metals, real estate or real estate investment trusts (REITs), commodities, inflation-linked bonds and cryptocurrencies.  Refer to my earlier column this year on Ray Dalio’s All-Weather portfolio, which holds many of these. Interestingly, I see that Fidelity added 2% or 3% crypto exposure to its new asset allocation ETFs, depending on how aggressive of a mix you pick.  The ETF panelists for the 2022 edition of the MoneySense’s Best ETFs in Canada wisely passed on awarding the Fidelity AA ETFs an all-star status this year, a decision that was soon vindicated by the June crash in crypto, where even bitcoin plunged below USD$20,000 and lately has been languishing below USD$16,000 ever since.  So much for the claim that cryptos are an inflation hedge. It may be better to go with more proven inflation hedges, like precious metals. Gold is trading slightly lower from where it started the year, but at least it hasn’t fallen like most other asset classes in 2022.  Again, the Franklin Templeton chart doesn’t show pure bullion or real estate, or more esoteric asset classes like farmland, art or wine. However, while gold stocks and REITs are included in the more general equity categories, it would be interesting to see some of these alternatives with their

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