The Stewardship of Wealth : Successful Private Wealth Management for Investors and Their Advisors.
Gregory. Curtis
Bok Engelsk 2012 · Electronic books.
| Omfang | 1 online resource (466 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- The Stewardship of Wealth -- Contents -- Preface -- Acknowledgments -- Part 1 The Importance of Private Capital -- Chapter 1 Wealth in America: The Indispensable Rich -- Democracy and Capitalism -- Capitalism and Its Contradictions -- Providential Societies -- Risk and Strength -- America and Decline -- On China -- Addressing the Declinists -- Conclusion: American Distinctiveness and Private Wealth -- Notes -- Chapter 2 Creative Capital -- A (Brief) Moral History of Capitalism -- The Ancients -- Moral Arguments for Capitalism -- Voltaire -- Adam Smith -- Hegel -- Contemporary Discussions -- The Moral Basis of Private Capital -- Creative Capital in America -- Higher Education: The Case of St. John's College -- Politics: The Conservative Resurgence -- New Business Ideas: Venture Capital in America -- Creative Capital and Vibrant Societies -- Why Do Creative Capitalists Persist? -- The Indispensable Nation -- Conclusion: Underdogs and Bullies -- Notes -- Part 2 The Stewardship of Wealth -- Chapter 3 Are We Living in a Permanent Financial Crisis? -- The End of History (Again) -- A Permanent Financial Crisis? -- The Cause of the Crisis Matters -- The Industrial Revolution and Its Aftermath -- The Great (and Strange) Experiment -- Seize the Means of Production! -- The Power to Tax Is the Power to Destroy-Societies -- ``Borrowing ... the Disease Is Incurable'' -- Now What? -- But, First, a Note about Germany -- Investing Capital in a (Very) Uncertain World -- Conclusion: A World At Risk -- Notes -- Chapter 4 Risk -- Families and Investment Risk -- ``Low''-Risk Investments -- ``High''-Risk Investments -- ``Reasonable''-Risk Investments: Marketable Securities -- The Law of Supply and Demand (Again) -- Idiosyncratic Ideas about Risk -- Real Risks: Those Embedded in the Process of Investing -- Individual Stock Risk versus Broad Market Risk.. - Chapter 16 Investing in Private Equity.. - Global Investing in the Real World (or, Maybe, Real Investing in a Global World) -- Is ``Global Equities'' an Asset Class? -- Is It Possible to Succeed as a Global Equity Manager? -- Can a Global Manager Outperform in the U.S. Portion of its Portfolio? -- Do the BRICs Really Matter as Much as We Think? -- What about Investing in Multinationals? -- The Challenge of Stock-Picking in ``Non-Nonsynchronous'' Markets -- Thinking Nonmonolithically -- Conclusion: Think Globally, Act Locally -- Notes -- Chapter 13 Investing in Real Assets -- Real Estate -- Leverage -- Why Invest in Real Estate? -- How to Invest in Real Estate -- Oil and Gas -- Value Creation Mechanisms -- Hedging to Protect Value -- Investing Strategies -- Recommendations -- Commodities -- Sources of Return from Commodities Investing -- The Commodities Indexes -- Historical Risk, Return, and Sharpe Ratios -- Historical Correlations -- Some Thoughts about Historical and Prospective Commodity Returns -- The Role of Commodities in a Diversified Portfolio -- Effects of Rebalancing -- The Impact of Extreme Events -- Summary -- Conclusion: The Use and Misuse of Real Asset Exposure -- Notes -- Chapter 14 Investing in Fixed Income -- Mistakes Bond Investors Make -- Employing Managers Who ``Cheat'' -- Paying Too Much for Bond Management -- Employing Best Practices in Building Bond Portfolios -- Building Laddered Bond Portfolios -- Owning Only High-Grade, Noncallable, Long-Term Bonds -- Actively Managing Municipal Bonds -- Actively Managing Corporate Bonds -- High-Yield Bonds -- Managing Cash -- Conclusion: Fixed Income Is Underappreciated -- Notes -- Chapter 15 Investing in Hedge Funds -- What Is a Hedge Fund? -- Types of Hedge Funds -- Challenges for Hedge Fund Investors -- Building a First-Rate Hedge Fund Portfolio -- Conclusion: Should Anyone but Yale Invest in Hedge Funds? -- Notes.. - Price Volatility -- Wildness in the Tails -- Investor Behavior -- Making a Truly Terrible Decision -- Variance Drain -- Dick and Jane and Variance Drain -- Later, at Le Cirque -- Variance Drain Scenarios -- Behavioral Finance: Are We Hard-Wired for Failure? -- Professor Odean on Behavioral-Inspired Wealth Transfer -- What Can We Do about It? -- Edith and the Headwinds She Faces -- The First Thing Edith Forgot: Variance Drain -- The Second Thing Edith Forgot: Inflation -- The Third Thing Edith Forgot: Investment Costs -- The Fourth Thing Edith Forgot: Taxes -- The Fifth Thing Edith Forgot: Spending -- What Should Edith Do? -- Conclusion: Preserving Wealth Is Hard Slogging -- Notes -- Chapter 5 The Collapse of Ethical Behavior -- What Caused the Crisis? -- An Unsavory Rehash of the Ethical Failures -- Ethical Failures in Subprime Lending -- Ethical Failures among the Subprime Lending Banks -- Ethical Failures in Auction Rate Securities -- Ethical Failures among the GSEs -- The Contemptible Public Disclosures of Financial Firms -- Shorting the Securities You Are Selling to Your Clients -- Paulson Bernanke & -- Co. and the Conspiracy of Silence -- How Scandal Became Crisis -- Trust -- Customers -- Why Such an Ethical Swamp? -- Hedge Fund Wannabees -- ``When the Music Plays You Have to Dance'' -- Compensation Follies -- Conflicts upon Conflicts -- Where Do We Go from Here? -- Conclusion: Fixing the Industry -- Notes -- Chapter 6 Finding the Right Advisor -- Open Architecture as a Disruptive Business Model in the Advisory World -- What Is Open Architecture and Why Is It So Important? -- Open Architecture in the Financial Industry -- The Impact on Investors -- The Outsourced CIO Model -- The Evolution of the Traditional, Nondiscretionary Model -- Documenting the Trend toward the Outsourced CIO Model.. - Unitrust Legislation -- The IRS View -- Total Return Trusts in States without Total Return Legislation -- Conclusion: Let's Get Revolutionary -- Notes -- Part 3 The Rich Get Richer -- Chapter 9 Designing Taxable Investment Portfolios -- The Markowitz Revolution -- Problems with Mean Variance Optimization -- Computational Power -- Garbage In, Garbage Out -- The Challenge of Developing Thoughtful Data Inputs -- Multivariate Modeling -- Taking Taxes into Account -- Monte Carlo Simulations -- The Problem of Fat Tails -- Best Practices in Designing Investment Portfolios for Families -- What Are the Objectives for the Portfolio? -- Current Claims versus Growth Claims on a Portfolio -- Matching Portfolio Assets to Each Type of Risk -- Traditional Asset Allocation Modeling -- Modern Asset Allocation Modeling -- Satisfying Portfolio Claims Prudently -- Conclusion: Art versus Science -- Notes -- Chapter 10 Adding Value to Family Investment Portfolios -- Moving from the Current Strategy to the New Strategy -- Adding Value through Manager Selection -- Adding Value by Tactically Repositioning the Portfolio -- Adding Value through Opportunistic Investments -- Adding Value through Monitoring and Rebalancing -- Conclusion: We Need All The Value-Add We Can Get -- Notes -- Chapter 11 Investing in U.S. and Non-U.S. Equities -- U.S. Large- and Mid-Capitalization Stocks -- U.S. Small-Capitalization Stocks -- International Developed Country Stocks -- International Diversification Is Unnecessary -- Just When You Need It, Diversification Doesn't Work -- It's Easier and Safer to Gain International Exposure by Investing in ADRs -- The Bottom Line -- Emerging and Frontier Markets -- Emerging Markets -- Frontier Markets -- Conclusion: Equity Securities Are At the Core of Most Portfolios -- Notes -- Chapter 12 Investing Globally -- Why Go Global? -- Why Stay Home?.. - What's Driving the Trend toward the Outsourced CIO Model? -- The Outsourced CIO Model Today -- Advantages and Disadvantages of the Outsourced CIO Model -- Is the Outsourced CIO Model Right for Your Family? -- How to Select a Good Outsourced CIO Advisor -- Finding the Right Advisor for Your Family -- Dimensions of the Problem to Focus On -- The Schulberg Family -- Gathering Names -- The RFP Process -- Where Is the Sample RFP? -- Final Diligence -- Where Does Diligence Leave Off and Psychodrama Begin? -- Conclusion: Focusing On a Few Key Variables -- Notes -- Chapter 7 Making Family Investment Decisions -- The Family Investment Committee Today -- The Origin of the Investment Committee -- Committee Dynamics -- Making an Impact -- Attempts to Deal with the Problem -- Asset Allocation Guidelines and Investment Policy Statements -- Using Outside Experts to Populate the Investment Committee -- The Separate Investment Management Corporation -- The Family Investment Committee, Tomorrow -- The Investment Committee Operating Manual -- Opportunity Costs: Prudence versus Returns -- Prudence versus Returns for Trustees -- Prudence versus Returns for Families -- Striving for Prudence and Returns -- Conclusion: Focusing On What Families Do Best -- Notes -- Chapter 8 Trusts -- Open-Architecture Trusts -- A Brief, Unconventional (but Wickedly Accurate) History of the Common-Law Trust from the Client's Perspective -- Professional Management -- Deep Pockets -- Perpetual Life -- Sound Exercise of Discretion -- Down with the Bundled Trust! Up with the Open-Architecture Trust! -- Activities Required to Operate a Trust -- The Nitty-Gritty of Establishing Open-Architecture Trusts -- The Rise of Beneficiary Rights -- If I Was a Big Trust Institution -- Semi-Open Architecture Trusts -- Private Trust Companies -- Total Return Trusts -- The Uniform Principal and Income Act.. - Indispensable advice for building a lasting financial legacy Building wealth is hard to do, but maintaining that wealth across generations is even more challenging. In The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors + Website, wealth advice expert Gregory Curtis reveals the investment secrets of the world's wealthiest families, so that financial planners, fund managers, and wealthy individuals everywhere can follow in their footsteps. Outlining the best practices for preserving and growing wealth, the book details exactly how to build a lasting financial legacy in the face of taxes, inflation, investment costs, and the conflicts of interest that are endemic to the financial advisory business. Wealthy families are at the very heart of America's exceptionalism, of the vigor, resilience, and creativity that have made the U.S. the most successful nation in history. The Stewardship of Wealth's discusses the crucial role private wealth continues to play in America's remarkable economic and cultural success and the issues wealthy families and their advisors face, presenting a step-by-step guide to better managing liquid wealth. Reveals the wealth management strategies employed by America's wealthiest families and their financial managers Explores the challenges to ensuring that money stays in the family, from portfolio design to manager selection to monitoring investment performance, and much more Details the essential steps for ensuring a lasting financial legacy An examination of the key issues involved in managing private wealth, especially for affluent families, The Stewardship of Wealth + Website is the ultimate guide to building a financial legacy that will last.
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| Emner | |
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| ISBN | 9781118420157
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