InvestHL Archives

Jun

2023

Investing in Gold and Silver: a Guide

By Samuel Becker | Growing Wealth, invest, Investing | Comments Off

Precious metals can be an important part of a diversified portfolio. Here’s what to know before you invest.

Jun

2023

What Is Monetary Policy?

By Inyoung Hwang | mortgage, Terminology | No Comments

Monetary policy is how a central bank or similar government organization manages the supply of money, interest rates, and overall economic growth.

In the U.S. the central bank is known as the Federal Reserve. The Fed has a dual mandate: first, to maintain stable prices, and second, to promote full employment.

Read on to learn more about monetary policy and the integral role that the Fed plays.

Overview of Fed Monetary Policy

The U.S. Federal Reserve sets the level of the short-term interest rates in the country, which then has an impact on the availability and cost of credit. We’ll discuss how the short-term rates the central bank sets has a direct impact on a key interest rate for banks.

The Fed also has an indirect effect on longer-term interest rates, currency exchange rates, and prices of bonds and stocks, as well as other assets. Through these channels, monetary policy can influence household spending, business investment, production, employment, and inflation.

A country’s economy sometimes experiences inflation, which is when the prices of goods and services overall are rising. The central bank can use monetary policy to tame inflation, mainly by raising interest rates, as it has in 2022 and 2023.

In rare instances, the economy may have been in a period of deflation when overall prices have fallen. Then the central bank typically responds by loosening monetary policy, either by lowering interest rates or using the more extreme measure of buying assets directly. A sharp period of deflation occurred after World War I, as well as during the first several years of the Great Depression.

What Is the Fed Funds Rate?

The Federal Reserve System has a committee, the Federal Open Market Committee (FOMC), which meets several times a year to review key economic factors. The FOMC watches for signs of recession or inflation. It then sets what’s called the federal funds rate — what banks charge one another on an overnight basis.

It may seem counterintuitive that banks would loan money to each other, but here’s why they do. Banks are required to meet the reserve requirement set by the Fed. This is the least amount of cash a bank must have on hand, either in its own vault or in one of the regional Fed banks.

For example, during the housing bubble of 2008, the Fed lowered the federal funds rate to 0.25% to encourage banks to lend. This was part of the Fed’s strategy to mitigate the financial crisis. In contrast to that rate, in 1980, the federal funds rate was 20%, the highest in our nation’s history.

Rates set by the Fed have an impact on the overall financial market. For example, when rates are low, it’s less expensive and easier to borrow, which can boost the market’s liquidity. Overall, when rates are low, the economy grows. When high, it typically retracts.

How Monetary Policy Can Affect You

If a bank doesn’t have enough to meet its reserves, it borrows the funds from a bank with excess cash. The lending bank can benefit financially because it would earn interest in the amount of whatever the federal funds rate is that day.

This system helps ensure that each bank has enough cash on hand for its business needs that day, and it also caps that bank’s lending ability because the bank needs to keep a certain amount of cash on hand, rather than lending it out.

Then, banks can decide to set their prime interest rates, or the rates that they charge their best customers — those who are considered low risk. So, if the federal funds rate goes up, your bank may decide to charge a higher interest rate on loans — if it goes down, a lower rate.

Moves made by the Fed can have a significant impact on ordinary people’s personal finances. As the federal funds rate changes, it’s likely that banks’ prime rates will change in response — which in turn affects what consumers are likely to be charged on mortgage loans, car loans, personal loans, credit cards, and so forth.

This can affect consumers who owe money on a variety of loan types, but this is often more the case for people who have short-term variable interest rate loans. As the federal funds rate and the prime interest rates at banks go up or down, so can the monthly loan payment. In addition, a credit card rate could be tied to the prime rate plus a certain percentage.

Famous Fed Decisions

If you want information in significant detail, you can see meeting minutes from the Federal Reserve going back to 1936. You can also see the entire history of rate changes since 1954.

An entire book could be written about Federal Reserve policies and the Great Depression — a decade-long, deep economic downturn when production numbers plunged and unemployment figures skyrocketed. It’s been acknowledged that mistakes the Fed made contributed to this economic disaster.

During this time period, the Fed was largely decentralized, and leaders disagreed on how to address the growing economic challenges. Some policies were implemented that unintentionally hurt the economy. The Fed raised interest rates in 1928 and 1929 to limit securities speculation, and economic activity slowed. The Fed made the same error in judgment in 1931, on the brink of the Great Depression.

In 1973, President Richard Nixon stopped using the gold standard to support the U.S. dollar. When inflation rates tripled, the Fed doubled its interest rates and kept increasing them until the rate reached 13% in July 1974. Then, in January 1975, it was significantly dropped to 7.5%.

This monetary policy didn’t effectively address the inflation, and in 1979, then Fed Chairman Paul Volcker raised rates and kept them higher to end inflation. This might have contributed to the country’s recession, but the inflation problem was solved.

Recommended: History of the Federal Reserve

Monetary Policy vs Fiscal Policy

Both monetary policy and fiscal policy are tools government organizations use to manage a nation’s economy. Monetary policy typically refers to the action of central banks, such as changes to interest rates that then affect money supply.

Meanwhile, fiscal policy typically refers to tax and spending by the federal government. In the U.S., fiscal policy is decided by Congress and the presidential administration.

For instance, when the Covid-19 pandemic wrought havoc on the U.S. economy, forcing many businesses to shut down, U.S. fiscal policy generated stimulus packages that included supplemental unemployment benefits, stimulus checks, and small-business loans. These measures were intended to prop up the economy during a difficult time.

The Takeaway

Monetary policies are a key way that central banks try to influence a country’s economy. The main tools that central banks, like the U.S. Federal Reserve use are interest-rate levels and money supply.

On a macroeconomic level, monetary policy can be a powerful, important way to fend off recessions or tame inflationary pressure. On a microeconomic level, the monetary policy interest rates that a central bank sets also affect loans that everyday consumers take from their banks.

Understanding how monetary policy works can help investors gauge the future of economic growth and consequently, the direction of financial markets. Central bank decisions and interest-rate changes have an impact on the prices of bonds, stocks and commodities — all of which can play into investors’ long-term plans.

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Jun

2023

How to Make Talking About Finances Fun, Not a Fight

By AJ Smith | Family Finances, invest, Life & Career | No Comments

Ask couples what they fight about most, and money is sure to be at the top of the list. Decades of research have shown that common clashes are sparked by different spending habits, different financial values (which influence spending habits), and how to raise financially smart kids.

While dealing with money isn’t always easy, it doesn’t have to drive a wedge in your relationship. These strategies will ensure your financial discussions with your partner are productive and — dare we suggest — maybe even something to look forward to.

Meet Regularly — but Don’t Discuss Money

When couples fight about money, the classic mistake is to think that having a regular “money talk” will help solve things. Unlikely.

That’s because the source of most financial disagreements is that one person’s values don’t line up with the other’s. In order to truly ease money stress, you have to start by understanding the bigger wants and needs and priorities of your partner.

Make time to meet regularly and focus on things you both want out of life. It doesn’t have to be a long conversation — maybe 30 minutes, or an hour.

Come Prepared

Consider bringing a list of topics to each meeting, but don’t expect to cover them all. There will be other meetings, and it’s more important to leave each conversation with a sense that you understand each other better. You might raise some common questions:

Do you want kids? Do you want pets? Do you want to live a certain lifestyle? Start a business? Retire early? Send the kids to private school vs. public?

How important is it to have a vacation each year, or is it more important to have a beautiful home — or both?

Do you both believe in working hard and playing hard? Working to live or living to work? These may sound like cliches, but dig into each topic to get at each person’s core feelings.

Create a Safe Space

A key aspect of these non-money talks has to be a spirit of openness, not criticism or judgment. You’re trying to get to know one another in a slightly different way. Ask questions, take time to listen to each other’s answers.

While these sessions may seem uncomfortable at first, having these non-financial conversations may actually prevent important issues from causing conflicts.

Again, keep these conversations fairly short. The idea is to find common ground, and that may not happen right away. So don’t expect to agree, expect to learn something new about your partner.

Look for Shared Goals and Points of Agreement

Even couples that fight about money, also agree on plenty of financial issues. Be sure to pay attention as you discover these points in common, and celebrate the fact that you have them.

Knowing that you have financial goals and priorities in common, not just pain points, can build your confidence and momentum and lead to the good part of all this: Having more fun because you’re not stressed about money squabbles!

Address Financial Topics as Organically as You Can

Rather than set up more meetings (who has time?), you can use your newfound empathy and sense of shared values to tackle topics as they come up naturally in your day-to-day lives.

Now you can talk about spending when you get the credit card bill, or when you have to make a tough choice between two competing priorities. In some ways it’s less stressful to discuss whether to refinance the house or set up a Roth IRA when that question comes up organically, rather than trying to anticipate bigger issues.

Be sure to take the opportunity to make sure you’re including something fun in your financial plan. Money is for the future, and it’s also for the present, so make sure you enjoy it.

Let Go of Resentment

Financial inequity between partners — say, if one person has a lot of debt or there’s a large disparity between incomes — can be a common source of tension.

If you feel like one person’s debt is holding you both back, remember that it doesn’t have to last forever. There are many strategies for paying off debt — talking it through will help you find the right path for you both. You might also decide to meet with a financial advisor who can help you prioritize, budget, and sometimes even refinance to break even faster.

In cases of income disparity, it may help to reframe each partner’s contribution to the household. Yes, one person may bring in more (or all) of the household income, but be clear on the non-monetary intangibles that the other person is contributing. Cooking, cleaning, watching the kids, caring for aging relatives — these duties all add up and represent what each of you is bringing to the household.

Reward Yourselves

Create incentives to stick with your financial meeting schedule. Maybe that means taking your laptops to your favorite coffee shop, or treating yourselves to a movie night afterward.

Another idea is to reward yourselves as a couple after you hit a predetermined financial goal or milestone. For example, every month you successfully increase your emergency fund by a target amount, you might choose to enjoy a nice restaurant meal.

Even a free indulgence — like a walk around your favorite lake after the discussion — can be effective. Just make it something that you both enjoy (bonus points if it’s something that you don’t do all the time so it feels extra special). That way, you’ll look forward to it.

The Takeaway

The best way to take the sting out of discussing finances with your partner is to start by getting in sync as people, understanding each other’s values and perspectives. Scheduling time to talk monthly (or whatever cadence works for you) allows you to also savor the ways you are on the same page already, and what some of those shared goals are.

Don’t try to meet about big hairy financial goals that aren’t on the table yet. You do have to plan ahead, but it’s also important (and less stressful) to address money matters as they arise naturally. Then, get back to the fun of living your lives together the rest of the time.

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Jun

2023

Buying IPO Stocks: What You Need to Know

By Inyoung Hwang | Growing Wealth, invest, Investing | No Comments

IPO stocks are shares of companies that have recently, or are about to, go public. When a company IPOs, its stock becomes available to most investors for the first time, which can create a frenzied feel in the market.

Deciding whether to buy IPOs is a bit more complicated. IPOs require investors to research a company’s financial history and understand how they might grow their business in the future. There’s a lot to consider, and it’s important to do some homework before investing in IPO stocks.

Private vs Public Companies

An initial public offering, or IPO, is the first time that shares of a company are offered for sale to the public. Once an IPO occurs, company stock is listed on a stock exchange and is available for pretty much anyone to buy.

Before the IPO, the company is considered to be private. Private companies may still have shareholders, but it’s often a relatively small circle that may include founders, early employees, or even private investors such as venture capitalists.

Outsiders can invest in a company while it’s private, but doing so can be more cumbersome and involve bigger checks or investment vehicles like private equity or mutual funds. For the most part, companies that choose to remain private are small or medium-sized companies, though there are some large companies that have remained in private hands.

Why Do Companies IPO?

Two benefits that private companies enjoy is getting to choose who invests in them and not having to report financial results to a large pool of investors. Once a company goes public, it falls under the regulations of the Securities and Exchange Commission (SEC), which requires quarterly earnings reports.

However, companies may hit a ceiling when it comes to how much private capital they can raise, and an IPO can give them access to large sums that can help them continue growing.

If demand increases for shares, companies can issue more shares in a secondary offering. These can occur when a large stakeholder in the company sells their shares, which doesn’t dilute the existing pool of stocks available on the market. Or a company can create all new shares, which raises the overall number available and can result in a drop in share price.

IPOs also often occur with much fanfare, which can help generate publicity for the business. Companies whose stocks are listed on the New York Stock Exchange or Nasdaq may celebrate in a ceremonial bell ringing that signals the opening of stock trading on the day of their IPO, generating press coverage.

IPO Price vs Opening Price

The IPO price is the price at which shares of a company are set before they are sold on a stock exchange. As soon as markets open and the stock is actively traded, that price begins to go up or down depending on consumer demand. This is the opening price, and it can change quickly.

Not everyone has the ability to buy shares at the IPO price. When a company wants to go public, they typically hire an underwriter — an investment bank — that structures the IPO and drums up interest among investors. The underwriter acquires shares of the company and sets a price for them based on how much money the company wants to raise and how much demand they think there is for the stock.

The underwriter will likely offer IPO shares to its institutional clients, and it may reserve some for other people close to the company. The company wants these initial shareholders to remain invested for the long-term and tries to avoid allocating to those who may want to sell right after a first-day pop in the share price.

That’s why most regular investors don’t have access to shares at the IPO price unless they have an in with the company or its underwriter. This is especially true for the largest, most high profile IPOs.

Investment banks go through this relatively complicated process in part to help them avoid some of the risks associated with a company going public for the first time. The bank will try to make sure that the IPO is oversubscribed, when there are more buyers lined up for the stock at the IPO price than there are actual shares. The bank is trying to drive up demand, and subsequently the offering price of the stock.

Alternative IPO Routes

Companies don’t necessarily have to take this route to have an IPO. In recent years, alternatives to the traditional IPO have become more popular.

For example, when Spotify went public in 2018, it skipped the underwriting process, instead going through a “direct listing” – when it offered shares at the same time that it listed them on the stock exchange. The company was able to do this in part because it didn’t need to raise a lot of capital and people already understood what Spotify does. In other words, they didn’t need an investment bank to explain how the company works to investors in order to get them on board with buying shares.

Another way companies have been going public is via SPACs, or special purpose acquisition companies. SPACs are shell companies that raise money through an IPO, then use those proceeds to find a private business to buy. The SPAC then merges with the private business, taking the company public through the process.

SPACs tend to offer a speedier route to going public. They’ve also become more popular since determining the private company valuation is often done through negotiations that are conducted behind closed doors–a process that’s less vulnerable to volatility in the market.

Recommended: How Do SPACs Work?

How to Buy IPO Stock

Steps to Investing in an IPO

1. Read the Prospectus

IPOs can be hard to analyze: It’s difficult to learn much about a company going public for the first time. There’s not a lot of information floating around beforehand since when companies are private, they don’t really have to disclose any earnings with the SEC. Before an IPO, you can look at two documents to get information about the company: Form S-1 and the red herring prospectus.

2. Find Brokerage

If you want to purchase shares of a stock in an IPO, you’ll most commonly have to go through a broker. Some firms also let you buy shares at the offering price as opposed to the trading price once the stock is on the public market.

3. Request Shares

Once a brokerage account is set up, you can let your broker know electronically or over the phone how many shares of what stock you’d like to buy and what order type. The broker will execute the trade for you, usually for a fee, although many online brokerages now offer zero commission trading.

IPO investing at your fingertips.

Don’t miss your chance – get in at the IPO price.

Is It a Good Idea to Buy IPO Stocks?

There can be a lot of buzz and anticipation surrounding an IPO. And that makes sense — remember, it’s the job of the underwriters to get people excited for the company’s debut. You may be tempted to jump in and buy shares immediately, but there are some things to consider.

IPOs tend to be by new companies that haven’t been around for a while. That increases the likelihood that they’re not yet profitable yet, and consequently, the valuation set by the IPO share price may be too high.

Recommended: Guide to Tech IPOs

Direct stock purchase plans (DSPPs) offer another way for individual investors to buy company stock without a broker. Shares purchased in this way may have lower fees and might even be cheaper to buy. A DSPP can also be a handy way for new investors to buy stocks for the first time as DSPPs offer low minimum deposits.

The SEC regulates DSPPs in the same way that it regulates stocks bought through a stock brokerage, so the risks to investors are the same no matter how they purchase the stock. DSPPs may be reserved for a special group of people who are close to the company.

Lock-up Periods 101

Shortly after a company’s IPO there may be a period in which its stock price experiences a downturn as a result of the lock-up period ending.

The IPO lock-up period is a restriction placed upon investors who acquired company stock before it went public that keeps them from selling their shares for a certain period of time after the IPO. The lock-up period typically ranges from 90 to 180 days. It’s meant to prevent too many shares in the early days of the IPO from flooding the market and driving prices down.

However, once the period is over, it can be a bit of a free-for-all as early investors cash in on their stocks. It may be worth waiting for this period to pass before buying shares in a newly public company.

The Takeaway

Investing in IPO stocks is risky, but it can be exciting for many investors. There’s the chance that a newly-public stock could see big gains, but it could also see big losses, too. That’s why it’s important to know what you’re getting into.

Ultimately, investors don’t really know what will happen when a stock goes public. Stock prices could skyrocket, but they could also plummet. If you have your heart set on investing in IPOs, you can find out about upcoming listings by taking a look at stock exchange websites.

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Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.

New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For SoFi’s allocation procedures please refer to IPO Allocation Procedures.
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Jun

2023

How Dark Pools Operate – and Why They Exist

By Colin Dodds | Growing Wealth, invest, Investing, Terminology | Comments Off

Dark pools, sometimes referred to as “dark pools of liquidity,” are a type of alternative trading system used by large institutional investors to which the investing public does not have access.

Living up to their “dark” name, these pools have no public transparency by design. Institutional investors, such as mutual fund managers, pension funds, and hedge funds, use dark pool trading to buy and sell large blocks of securities without moving the larger markets until the trade is executed.

Who Runs Dark Pools?

Investment banks typically run dark pools, but some other institutions run them as well, including large broker-dealers, agency brokers, and even some public exchanges. Some trading platforms, where individual investors buy and sell stocks, also use dark pools to execute trades using a payment for order flow.

Recommended: What Is a Market Maker?

The role of dark pools in the market varies over time. Consider this: At the start of 2021, it comprised half of trades in a single day, but a few months later that share had fallen to 12.91% of U.S. equity volume.

Because trades in a dark pool aren’t reflected in the prices on a public exchange, participants in a dark pool trade based on the prices offered on a public exchange, using the midpoint of the National Best Bid and Offer (NBBO) to set prices.

Why Institutions Use Dark Pools

Large, institutional investors such as hedge funds, may turn to dark pools to get a better price when buying or selling large blocks of a single stock. That’s because of the way that large trades impact the public markets.

If a mutual fund manager, for example, wants to sell a million shares of a given stock because it’s underperforming or no longer fits their strategy, they’d need to use a floor trader to unload the position on a public exchange. Selling all those shares could impact the price they get, driving down the VWAP (volume weighted average price) of the total sale.

To avoid driving down the price, the manager might spread out the trade over several days. But if other traders identify the institution or the fund that’s selling they could also sell, potentially driving down the price even further.

The same risk exists when buying large blocks of a given security on a public market, as the purchase itself can attract attention and drive up the price.

New Risks

The risks of attracting attention from other traders have intensified with the rise of algorithmic trading and high-frequency trading (HFT). These strategies employ sophisticated computer programs to make big trades just ahead of other investors. HFT programs flood public exchanges with buy or sell orders to front-run giant block trades, and force the fund manager in the above example to get a worse price on their trade.

But with a dark trade, that institutional investor can sell a million shares of a stock without the public finding out because dark pool participants don’t disclose their trades to participants on the exchange. The details of trades within a dark pool only show up after a delay on the consolidated tape – the electronic system that collates price and volume data from major securities exchanges.

There are other advantages for an institutional trader. Because the buyers and sellers in a dark pool are other institutional traders, a fund manager looking to sell a million shares of a given stock is more likely to find buyers who are in the market for a million shares or more. On a public exchange, that million-share sale will likely need to be broken up into dozens, if not hundreds of trades.

Criticism of Dark Pools

As dark pools have grown in prominence, they’ve attracted criticism from many directions, and scrutiny from regulators. For instance, the lack of transparency in dark pools and the exclusivity of their clientele makes some investors uneasy. Some even believe that the pools give large investors an unfair advantage over smaller investors, who buy and sell almost exclusively on public exchanges.

The Takeaway

As discussed, dark pools are sometimes referred to as “dark pools of liquidity,” and are a type of alternative trading system used by large institutional investors to which the investing public does not have access. They’re typically run and utilized by large investment banks.

Given the nature of dark pools, they attracted criticism from some due to the lack of transparency, and the exclusivity of their clientele. While the typical investor may not interact with a dark pool, knowing the ins and outs may be helpful background knowledge.

For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.

Photo credit: iStock/DNY59

Investing in Gold and Silver: a Guide

What Is Monetary Policy?

Overview of Fed Monetary Policy

What Is the Fed Funds Rate?

How Monetary Policy Can Affect You

Famous Fed Decisions

Monetary Policy vs Fiscal Policy

The Takeaway

How to Make Talking About Finances Fun, Not a Fight

Meet Regularly — but Don’t Discuss Money

Come Prepared

Create a Safe Space

Look for Shared Goals and Points of Agreement

Address Financial Topics as Organically as You Can

Let Go of Resentment

Reward Yourselves

The Takeaway

Buying IPO Stocks: What You Need to Know

Private vs Public Companies

Why Do Companies IPO?

IPO Price vs Opening Price

Alternative IPO Routes

How to Buy IPO Stock

1. Read the Prospectus

2. Find Brokerage

3. Request Shares

IPO investing at your fingertips.

Don’t miss your chance – get in at the IPO price.

Is It a Good Idea to Buy IPO Stocks?

Lock-up Periods 101

The Takeaway

How Dark Pools Operate – and Why They Exist

Who Runs Dark Pools?

Why Institutions Use Dark Pools

New Risks

Criticism of Dark Pools

The Takeaway

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