Family Capital
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Оглавление
Curtis Gregory. Family Capital
Preface
The Titan Family
Organization of the Book
A Note to Middle-Income Investors
Acknowledgments
Prologue: The Titan Family in America
Preparation and Use
The Extended Titan Family
The Titan Family Tree
Summary
Chapter 1. George Titan III and His Catastrophic Mistake
Preparation and Use
How Not to Manage Your Family's Money
The Mistakes George Made
What a Good Advisor Could Have Done for the Titans
Summary
Chapter 2. Ned and Rose Succeed Jake as Co-Heads of the Family
Preparation and Use
Ned and Rose React to George III's Decision to Sell Equities
Jake Picks Ned and Rose as Co-Heads of His Branch of the Titan Family
What the Regional Brokerage Firm Could Have Done Better
Summary
Chapter 3. The Titans Search for and Engage a New Financial Advisor
Preparation and Use
How the Titans Conducted Their Search
Concluding the Search
Summary
Chapter 4. First Meeting: Governance, Investment Strategy, and Other Introductory Matters
Preparation and Use
First Meeting with the Titans' New Advisor
Summary
Chapter 5. The Titans Create an Investment Policy Statement
Preparation and Use
The Titan Family Meeting
Summary
Chapter 6. Establishing the Titan Family's Investment Objectives
Preparation and Use
The Titan Family's Version of Their Investment Objectives
Summary
Chapter 7. The Titans Grapple with Asset Allocation
Preparation and Use
The Asset Allocation Meeting
Summary
Chapter 8. The Manager Search Meeting
Preparation and Use
The Manager Selection Meeting
Summary
Chapter 9. Reviewing the Performance of the Investment Accounts
Preparation and Use
The Performance Reporting Meeting
Summary
Chapter 10. Miscellaneous Investment-Related Discussions
Preparation and Use
Family Investment Education
Adding Value to the Titan Family Portfolio
Investment Committees
Socially Responsible Investing
Summary
Chapter 11. Miscellaneous Non-Investment Discussions
Preparation and Use
Hiring a Custodian
Family Limited Partnerships
Family Philanthropy
The Family Office
How Much to Leave the Kids
Inequality and Wealth
Summary
About the Website
About the Author
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Отрывок из книги
I've written two investment books —Creative Capital (iUniverse Press, 2004) and The Stewardship of Wealth (John Wiley & Sons, 2013). When I sat down to think about my third book, I naturally considered how it might be improved over the first two. I paged through both books and tried to think what topics I'd overlooked, where advances in our understanding of the investment process had occurred that needed to be addressed. I reviewed many other investment books.
But then I stepped back and asked myself a different question. Suppose, I thought, wealthy families had asked me what the best way was to learn the business of managing capital. Or suppose colleagues in the wealth advisory world had asked me how they might best improve their skills to stay at the top of their professions. What would I have told them?
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While Jake didn't resemble his grandfather in many ways, in one way they were very much alike: both were astute judges of character. Jake seemed to know intuitively when a young man had the right stuff to build a company and when he didn't. And if the young man with the wrong stuff nonetheless had a good business idea, Jake considered it part of his legal duty to find men who could take the idea and run with it. Sometimes the young men kept an ownership interest in their ideas, but sometimes they didn't, and Jake rather quickly became known as a man who didn't hesitate to make hard decisions, a man not to be trifled with.
When Jake died of cancer in 1945, he headed a small but very successful law firm. More important for his heirs, he owned important pieces of more than 30 companies, and he had nearly surpassed his grandfather in the accumulation of capital.
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