This summer, Bank of American Chief Investment Strategist Michael Hartnett predicted a market crash in three to four months, according to ZeroHedge.com. (We’re currently in that territory.) But now Hartnett has changed his timeline and expects a stock market correction of 10 percent or more sometime between Thanksgiving and Valentine’s Day. “He now contends that having entered the market’s melt-up somewhat late, a bubble which, as shown before, has unleashed raging purchases of tech stocks and credit, especially junk bonds... he expects the upside S&P momentum to linger, bursting to 2,670 before finally getting swept under the bubble tide,” writes Tyler Durden on ZeroHedge.com. Hartnett identifies 10 triggers, such as the BofAML Bull & Bear Indicator exceeding a “sell signal” of 8 (it’s currently at 7.4); when peak policy climaxes with U.S. tax reform; and when the U.S. ISM Manufacturing Index drops sharply toward 52.
Insider shares of Betterment are trading on secondary market site EquityZen at a price that values the entire company at $1 billion, according to Business Insider. Stein told the website that the automated advice platform was growing assets, on average, $12 million a day. It’s not clear how accurate EquityZen’s valuation is; the company is a platform for private company investors to sell their shares to accredited investors, but it’s likely not far off—Betterment was most recently valued at $800 million after its latest investment round in July.
Two super offices of supervisory jurisdiction in the Midwest have formally established an affiliation, according to an announcement on Thursday. IHT Wealth Management, a national firm based in Chicago, has agreed to partner with Kansas-based nVision Wealth Group, a regional super-OSJ and hybrid registered investment advisory group managing $570 million in assets. The five Kansas-based independent practices that are part of nVision will transition their RIA assets to IHT’s platform and join that firm’s super-OSJ. They include 14 advisors who oversee an aggregate of roughly $570 million in client assets.