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David Bowie during his last show as Ziggy Stardust filmed mostly at The Marquee Club in London, England.
David Bowie sold "Bowie Bonds" (Consumer Affairs)
Consumer Affairs reports, in the late 1990s David Bowie sold the royalty rights to his first 25 albums for $55 million dollars. The so-called "Bowie Bonds" received an A3 rating at Moody's, and returned 7.9% over their 10-year life before being paid off, according to Investopedia. Bowie's vision for scrutinizing intellectual property is now duplicated by several industries including film, music, pharmaceuticals and may more. In fact, Bloomberg says, 21% of all securitizations over the past year were made up of intellectual property.
Goldman Sachs beat (Business Insider)
The investment-banking giant earned an adjusted $4.68 per share, easily beating the $3.62 that Wall Street was anticipating. Revenue of $7.27 billion topped the $7.11 billion that was expected by the Bloomberg consensus. Goldman has beat on both adjusted EPS and revenue in eight of the past nine quarters."Looking ahead, we believe our strong global client franchise leaves us well positioned to generate superior returns over the long term," CEO Lloyd Blankfein said in the statement.
The CBO thinks the budget deficit is going to widen even further (Think Advisor)
The Congressional Budget Office says that laws put in place since August will cause the budget deficit to widen an additional $130 billion in 2016. According to Think Advisor, the CBO's new forecast projects a $544 billion deficit this year. The forecast was made after Congress approved $680 billion worth of tax cuts that will take place over the next decade.
What to pay a new hire (Investment News)
Investment News suggests advisory firms shouldn't just look at national averages when deciding how much to pay a new hire. They should also consider broker-dealer studies, industry benchmarks and salary websites to determine what is a fair salary based on experience and title. Firms should avoid a low ball offer, which could lead to high turnover for the position. Investment News' 2015 survey found the median lead adviser salary in 2014 was $115,000.
2 RIAs are merging (Financial Planning)
Colorado-based RIAs Sargent Bickham Lagudis and Colorado Financial Management have agreed to combine forces. Financial Planning reports, the merger creates a behemoth that will house $1.25 billion in assets under management under the name Colorado Financial Management. "This is an important step in ensuring our company will be here for our clients, employees and communities for the next 25 years and more," managing partner Brad Bickham said in a statement.