Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Global equity markets continued their strength in the third quarter, ending the period with double-digit year-to-date gains. In the quarter, the fund’s Investor Class fund ARTMX returned 8.80%, Advisor Class fund APDMX posted a return of 8.80%, and Institutional Class fund APHMX returned 8.83%, compared to a 2.78% return for the Russell Midc ...

Core Insights - The Goldman Sachs Group, Inc. reported third-quarter 2025 adjusted earnings per share of $12.25, exceeding the Zacks Consensus Estimate of $11.11 and up from $8.40 in the same quarter last year [1][9] - Despite strong earnings, shares fell 2.2% in pre-market trading following the results [1] Revenue and Earnings Performance - Net revenues increased by 20% year over year to $15.2 billion, surpassing the Zacks Consensus Estimate by 7.4% [4][9] - Net earnings on a GAAP basis rose 37% from the prior-year quarter to $4.1 billion [3] - Investment banking fees surged 42% year over year to $2.7 billion, with advisory fees increasing by 60% [2][9] Segment Performance - The Global Banking & Markets division generated revenues of $10.1 billion, an 18% increase year over year, driven by strong performances in equities and fixed income [6] - The Asset & Wealth Management division reported revenues of $4.4 billion, up 17% year over year, attributed to higher management fees and net revenues in private banking [5] - The Platform Solutions division saw revenues soar by 71% year over year to $670 million [6] Expenses and Provisions - Total operating expenses rose 14% year over year to $9.5 billion [4] - Provision for credit losses decreased by 15% from the prior-year quarter to $339 million [4] Capital and Shareholder Returns - The Common Equity Tier 1 capital ratio declined to 14.4% from 15.5% year over year [7] - The company returned $3.25 billion to common shareholders, including $2 billion in share repurchases and $1.3 billion in dividends [8] Future Outlook - The results indicate a strong quarter with resilient revenues and improved profitability, supported by active client engagement and a solid position in mergers and acquisitions [11]

And then there was one. Creative Planning’s blockbuster acquisition of the $250 billion retirement-focused RIA SageView Advisory Group will create a massive firm with $640 billion in total client assets and 550 advisors, according to a statement. It is also one of the largest deals to date in an industry experiencing unprecedented levels of M&A. Experts said it’s a harbinger of future multi-trillion dollar deals to come, particularly in the retirement planning segment. “We were two of the top retirement ...

Market Overview - The current market environment is characterized by a lack of margin for error, with risks in the real economy being underestimated [2] - The US economy is expected to experience a slowdown in growth, particularly in the third quarter, continuing into the second quarter of the next year [6][7] - The AI buildout boom is currently offsetting the economic slowdown, but if the economy worsens, it could negatively impact the market [8] AI Sector Insights - The AI buildout is still accelerating, with significant investments and developments expected to continue [3] - Companies like Oracle are projecting substantial revenue growth, indicating a competitive landscape in the cloud business [13] - Some AI-related stocks are becoming overvalued, while others, like Microsoft, are still considered undervalued [14] Real Economy and Value Stocks - Many real economy stocks, particularly in the commodity chemical and industrial sectors, have seen significant declines, with some companies reporting a 50% year-over-year drop in EBITDA [4][10] - There is a focus on undervalued sectors such as real estate, energy, and healthcare, with real estate trading at a 7-8% discount to fair value [16][17] - Specific undervalued stocks include Ventas and Health Peak in the healthcare REIT space, and Bristol Myers in the healthcare sector, which is trading at a 33% discount to fair value [19][20] Financial Sector Analysis - The financial sector is viewed as overvalued, with expectations that large banks will report strong numbers, but smaller overlooked names like LPL Financial are considered undervalued [22][23] Recommendations on Portfolio Adjustments - Stocks like Reddit and Sherwin Williams are recommended for profit-taking due to their overvaluation, with Reddit trading at a 50% premium and Sherwin Williams at a 30% premium to fair value [25][28]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Mercer Hires Integration Leader from LPL Mercer Global Advisors, the acquisitive $86 billion registered investment advisor based in Denver, has hired Katelyn (Kate) Shackleton from LPL Financial to lead its partner integration team. Shackleton joins Mercer as executive managing director, new partner success, to lead the integration of new firms. Mercer makes the move during what it bills as a “ ...

Core Insights - The value of silver has increased by over 78% this year, reaching a record high, while some economists caution that it may be riskier than gold despite its strong performance [1][6][10] Price Movements - Spot silver rose approximately 3.5% to $52.25 per ounce, while silver futures increased by 6.7% to around $50.45 [1] - Silver prices broke the $50 threshold, surpassing the previous record of $49.95 set in January 1980 [2] Market Dynamics - Global silver inventory in London has declined, leading to a lack of liquidity, which is described as unprecedented by investment professionals [3] - Goldman Sachs analysts predict that silver prices will likely continue to rise due to the government shutdown and anticipated interest rate cuts from the Federal Reserve [3][10] Investment Considerations - While silver and gold prices typically move together and are considered safe-haven assets, economists expect more volatility and downside risk for silver compared to gold [4] - Central banks are more likely to invest in gold due to its higher per-ounce value and scarcity [5] Future Projections - Bank of America has raised its price forecasts for gold to $5,000 per ounce and for silver to $65 per ounce by 2026, while also warning of potential near-term risks for silver [7] - The current liquidity squeeze in silver may be temporary, with expectations that higher prices will restore liquidity as the metal flows back from other regions [7] Broader Market Context - Precious metals have gained from economic and policy uncertainty in the U.S., with gold recently surpassing $4,000 [10] - Factors such as a weaker U.S. dollar, hopes for interest rate cuts, and inflation concerns are driving the rally in precious metals [10]

Core Insights - WealthVest has appointed Kevin Beard as chief strategy officer to enhance its growth strategy and support for financial institutions [1][4] Company Overview - WealthVest, based in Bozeman, Montana, specializes in wholesaling annuities and structured products and was founded in 2009 [1][2] - The company has established branded wholesaling teams for major firms such as MassMutual, USAA, Genworth, and Hartford Life [2] Leadership and Strategy - In his new role, Beard will lead a team of account managers supporting over 900 broker/dealers, banks, credit unions, and registered investment advisors (RIAs) [2][3] - Beard will also spearhead WealthVest Investment Services, aimed at providing firms with enhanced portfolio options and a robust due diligence process for compliance with Regulation Best Interest [3][4] Goals and Initiatives - The initiative seeks to alleviate compliance and supervisory burdens for financial institutions [3] - Beard's experience is expected to drive growth opportunities for WealthVest's partners, focusing on practice management support and business development for advisors [4][5] Background of Kevin Beard - Beard co-founded Atria Wealth Solutions in 2017 and previously held a leadership role at AIG Advisor Group [5][6] - His departure from Atria followed the firm's acquisition by LPL Financial, where he left alongside several top executives [6]

Americans' stock holdings are at an all-time high, a trend that has proved positive as the markets have continued to climb. However, experts are now warning that this has left many overly exposed to a potential slump. Direct and indirect stock holdings account for 45% of American households' financial assets in the second quarter, according to data from the Federal Reserve Bank of St. Louis. This record-setting level of stock ownership can be attributed to a number of factors, CNN reports. For starters, ...

Labor Market Overview - Several firms and economists have released estimates indicating a loosening labor market amid the ongoing government shutdown, with many reporting a decline in job growth [1][2][3][5] - The Carlyle Group estimated that 17,000 jobs were added in the U.S. last month, which is lower than the 22,000 nonfarm jobs reported by the Bureau of Labor Statistics (BLS) for August [1] - Bank of America analysts noted a 0.5% annual payroll growth in September, down from previous months' growth rates of 0.85% to 0.97%, suggesting a potential increase in unemployment [2] - Goldman Sachs reported an underlying job growth tracker indicating 80,000 jobs added in September, but highlighted a loosening labor market with more workers than available positions [3] - Revelio Labs reported 60,000 jobs added in September, primarily in education and health services, despite a broader decline in job openings [4] Employment Trends - Challenger, Gray & Christmas reported a 58% decline in new hires this year compared to the previous year, marking the lowest level since 2009, with over 202,000 workers cut in Q3 [5] - ADP reported a decrease of 32,000 private-sector payrolls in September, the largest decline since March 2023 [5] Economic Projections - Economists project the unemployment rate to settle at 4.3% for September, with Wall Street estimating about 50,000 nonfarm jobs added last month [7] - The Federal Reserve indicated a substantial weakening of the labor market, with rising unemployment rates expected [8] Consumer Sentiment - Surveys from the University of Michigan and the Conference Board show increasing pessimism among Americans regarding job availability, with only 26.9% of consumers stating jobs are "plentiful," the lowest since February 2021 [10]

We came across a bullish thesis on LPL Financial Holdings Inc. on investing subreddit by InternationalTop4495. In this article, we will summarize the bulls’ thesis on LPLA. LPL Financial Holdings Inc.'s share was trading at $336.52 as of September 25th. LPLA’s trailing and forward P/E were 23.07 and 23.47 respectively according to Yahoo Finance. 11 Best Growth Stocks to Buy and Hold Forever LPL Financial Holdings Inc. (LPL) presents a compelling investment opportunity following a sharp 7.5% sell-off, whi ...