The Stewardship of Wealth, + Website: Successful Private Wealth Management for Investors and Their Advisors PDF
Preview The Stewardship of Wealth, + Website: Successful Private Wealth Management for Investors and Their Advisors
Table of Contents Series Page Title Page Copyright Dedication Preface Acknowledgements Part One: The Importance of Private Capital Chapter 1: Wealth in America 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 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 Two: 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 The Law of Supply and Demand (Again) Idiosyncratic Ideas about Risk Real Risks: Those Embedded in the Process of Investing Variance Drain Behavioral Finance: Are We Hard-Wired for Failure? Edith and the Headwinds She Faces 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 How Scandal Became Crisis Why Such an Ethical Swamp? 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 The Outsourced CIO Model Finding the Right Advisor for Your Family Conclusion: Focusing On a Few Key Variables Notes Chapter 7: Making Family Investment Decisions The Family Investment Committee Today Attempts to Deal with the Problem The Family Investment Committee, Tomorrow Opportunity Costs: Prudence versus 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 Down with the Bundled Trust! Up with the Open-Architecture Trust! Private Trust Companies Total Return Trusts Conclusion: Let's Get Revolutionary Notes Part Three: The Rich Get Richer Chapter 9: Designing Taxable Investment Portfolios The Markowitz Revolution Problems with Mean Variance Optimization Best Practices in Designing Investment Portfolios for Families 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 Emerging and Frontier Markets Conclusion: Equity Securities Are At the Core of Most Portfolios Notes Chapter 12: Investing Globally Why Go Global? Why Stay Home? Global Investing in the Real World (or, Maybe, Real Investing in a Global World) Conclusion: Think Globally, Act Locally Notes Chapter 13: Investing in Real Assets Real Estate Oil and Gas Commodities Conclusion: The Use and Misuse of Real Asset Exposure Notes Chapter 14: Investing in Fixed Income Mistakes Bond Investors Make Employing Best Practices in Building Bond Portfolios 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 Chapter 16: Investing in Private Equity Why Invest in PE? Persistence of Returns The Importance of Diversification Private Equity Returns The Return Characteristics of PE Investments Gaining Exposure to Private Equity PE Funds of Funds A Global Asset Class Illiquidity and the J-Curve Effect Ramping Up to Your Target Allocation Waterfall Analysis Secondary PE Investing The Evolution of Secondary Investing Secondary Investing Strategies Identifying High-Quality Secondary Funds Conclusion: The Ultimate Aspirational Asset Notes Chapter 17: Working with Money Managers The Business of Money Management Traditional Managers Alternative Managers Conclusion: At Least Managers Are Interesting Notes Chapter 18: Managing Investment-Related Taxes Designing Portfolios from an After-Tax Perspective Asset Location Asset Class Strategies Tax-Aware Managers Harvesting Losses Conclusion: You Can't Eat Gross Returns Notes Chapter 19: Asset Location and Implementation Asset Location Issues Implementation Issues Conclusion: It's Not Just a Technical Issue Notes Chapter 20: Monitoring and Rebalancing Taxable Portfolios Performance Monitoring Rebalancing Taxable Portfolios Conclusion: Monitoring and Rebalancing Are Stewardship Issues Notes Chapter 21: Investment Policy Statements The Investment Policy Statement Spending Policy Statements Cash Guidelines Manager Guidelines The Investment Committee Policy Manual Letters to the Family Conclusion: Don't Skimp on Documenting Your Decisionmaking Chapter 22: Miscellaneous Challenges for Private Investors Asset Custody Concentrated Security Positions Establishing a Family Office Family Investment Partnerships Philanthropy Conclusion: There Are Challenges Everywhere We Look Notes Afterword: On Happiness Stereotypes of the Rich The Rich and the “Faux Rich” The Real Way the Rich Are Different Children and the Wealthy Marriage and the Wealthy Work and the Wealthy Failed Stewardship and Family Unhappiness Wealth and Happiness Notes About the Companion Website About the Author Index
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