Nick87
Well-known member
I have no idea who that is or what the F they're talking about.
Asset management and or Private equity invesments
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noharleyyet
Well-known member
You really need a day off….
SAJ-99
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ismith
Well-known member
There’s no way that those are her sex trophies. She’s an older sister or stepmom.
noharleyyet
Well-known member
Ex nanny…stepmom. Democratised (French spelling)
ismith
Well-known member
Definitely ex nanny, the kids love her and so does Daddy.
LopeHunter
Well-known member
The five year return of VGT vs VOO is not exciting me enough to move off being mostly in VOO and VTI which are less heavy into tech sector than VGT though is a lot of tech valuation in VOO and VTI these days.
I am smitten for a couple of decades with the large bucket, diversified ETFs very low cost annual fees so I give you an A+ compared to the individual stock pickers that as a whole net less gain and the losers never strut around just as losers returning from Vegas never strut around so you only hear about the few big winners and the liars wanting attention. Your blood pressure is likely lower, too, and have more free time for things you enjoy while your investments are chugging along past the bulk of the rabbits swinging wildly for the chance for a big score vs. the overall market return.
I was not timing the market earlier this year but instead needed a pile of cash for a second home purchase which fell out of closing after the inspection process and about that time Trump started the tariff rooster strut through the barnyard.
Unless Trump capitulates on his tariff ambition and does several mea culpa mea culpas soon, I will wait to go back in the market after the summer ends. He seriously misplayed the hand he was dealt by Biden and the poker table is schooling him with China building its chip stack. I may put some of the idle funds into VXUS if the U.S. dollar continues to ebb vs the Euro. Mostly will go into VTI and perhaps a bond ladder now that am retired.
So, I have let the funds sit in the money market since first week of February. A similar thing happened when pulled out funds to cover 8 years of college costs for the twins in early 1999. Stocks went on sale not long after had the pile of cash sitting there. Had a big bonus come through the week before 9/11 and went all in with that bonus when the markets stopped the freefall after reopened. I do not think I am causing market pullbacks but am now nervous when a bag of money falls from the sky.
Go forth and prosper!
longbow51
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SAJ-99
Well-known member
The new mob. All legal, with less work.
noharleyyet
Well-known member
npaden
Well-known member
Seeing this pop back up reminded me of the continuous harassment I get from PE firms trying to leverage themselves into the public accounting industry. (i.e. buy an ownership stake in our accounting firm).
It doesn't make sense for well managed firms, so the ones selling are generally the ones that have issues, primarily poor succession planning. They are doing the same with engineering firms, architects and other professional services. They (PE firms) don't do anything but buy poorly performing companies and then put lipstick on them and try to resell them. Evidently if you are ruthless enough it works out well.
I think the end result is going to be bad for the accounting profession as these PE firms put pressure for rapid growth at the expense of quality work. I think that it's going to be a tough market for PE to break into but we will see.
It doesn't make sense for well managed firms, so the ones selling are generally the ones that have issues, primarily poor succession planning. They are doing the same with engineering firms, architects and other professional services. They (PE firms) don't do anything but buy poorly performing companies and then put lipstick on them and try to resell them. Evidently if you are ruthless enough it works out well.
I think the end result is going to be bad for the accounting profession as these PE firms put pressure for rapid growth at the expense of quality work. I think that it's going to be a tough market for PE to break into but we will see.
westbranch
Well-known member
There was just a merger of 13 PE backed CPA firms announced, the "new" firm jumped into the top 50 by revenue. Still small potatoes compared to the Baker Tilly/Moss Adams merger announced last month with a large PE investment. Doesn't seem to be slowing down.
Agree on the succession planning. As advisors that tell their clients to plan for succession most CPAs don't do a good job of it themselves. And with continued offshoring at most large local/regional firms I am not sure I would feel positive about getting into the industry as a college student picking their major.
Maybe we can get Trump to put tariffs on the off-shoring of accounting jobs.
SAJ-99
Well-known member
That's depressing. PE certainly was a contributing factor in the decline of US manufacturing, now they are doing the same to services. Succession planning has been blown up. In a lot of service stuff like accountants, physicians, FAs, the owners used to think they could retire and sell the business. Now the incoming "replacement" partners either can't or don't want to "buy" the business. In the physician space, PE likes to consolidate groups so they can negotiate with the hospitals. Hospitals are getting wise and just requiring new Drs to become employees. I'm sure it is similar in accounting - being bigger is requirement for survival. New CPAs peaked in 2016, CFAs have declined since 2018. CFP is about the only thing that seems to still be going up, and I think AI will eventually take aim at that space. would be interesting to have someone with insight into the law space can give an opinion on what they see.
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