Letters to the Family
by Gregory Curtis
The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, + Website
- Cover
- Series Page
- Title Page
- Copyright
- Dedication
- Preface
- Acknowledgements
- Part One: The Importance of Private Capital
- Chapter 1: Wealth in America
- 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
- Chapter 6: Finding the Right Advisor
- Chapter 7: Making Family Investment Decisions
- Chapter 8: Trusts
- Chapter 3: Are We Living in a Permanent Financial Crisis?
- Part Three: The Rich Get Richer
- Chapter 9: Designing Taxable Investment Portfolios
- Chapter 10: Adding Value to Family Investment Portfolios
- Chapter 11: Investing in U.S. and Non-U.S. Equities
- Chapter 12: Investing Globally
- Chapter 13: Investing in Real Assets
- Chapter 14: Investing in Fixed Income
- Chapter 15: Investing in Hedge Funds
- 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
- Chapter 18: Managing Investment-Related Taxes
- Chapter 19: Asset Location and Implementation
- Chapter 20: Monitoring and Rebalancing Taxable Portfolios
- Chapter 21: Investment Policy Statements
- Chapter 22: Miscellaneous Challenges for Private Investors
- Afterword: On Happiness
- About the Companion Website
- About the Author
- Index
Letters to the Family
Although not formal fiduciary documents, a letter from the patriarch or matriarch to children, grandchildren, trustees, or more remote descendants can have even greater effect, because it is a very personal document. See the companion website (www.wiley.com/go/stewardshipofwealth) for samples of effective letters.
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