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Stuart E. Lucas. The Taxable Investor's Manifesto
Table of Contents
List of Illustrations
Guide
Pages
The Taxable Investor's Manifesto. Wealth Management Strategies to Last a Lifetime
Author's Legal Information, Disclaimer, and Disclosure
MORNINGSTAR, INC. DISCLAIMER
About the Author
Acknowledgments
Introduction
Note
CHAPTER ONE Taxable Investors Need to Think Differently
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER TWO Diversify at the Right Time and in the Right Way
KEY CHAPTER TAKEAWAYS
Note
CHAPTER THREE Generate Value from That Magical Liability: Deferred Tax
ALTERNATIVES TO SELLING
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER FOUR If You Want Wealth to Grow, Own Stocks
OVER TIME, STOCKS OUTPERFORM BONDS
GEOGRAPHIC DIVERSIFICATION
MANAGING SHORT-TERM VOLATILITY
ASSET LOCATION: TAXABLE, TAX-DEFERRED, OR TAX-EXEMPT?
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER FIVE Lengthen Time Horizon to Lower Risk and Enhance Returns
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER SIX Control Cash Flow to Perpetuate Purchasing Power
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER SEVEN Don't Be Misled by Performance
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER EIGHT Get Value from Active Management
TACTICS FOR IMPROVING SUCCESS WITH ACTIVE MANAGERS
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER NINE Approach Alternative Investments with Skill and Skepticism, or Not at All
HEDGE FUNDS ARE RARELY GOOD FOR TAXABLE INVESTORS
PRIVATE EQUITY AND VENTURE MAY BE BETTER
SCALE, STRUCTURE, AND TAX ARE IMPORTANT CONSIDERATIONS
ARE YOU PREPARED TO INVEST?
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER TEN Plan Your Estate: It Adds More Value Than Investing
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER ELEVEN Shift from Success to Significance
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER TWELVE Reinforce Positive Family Culture through Financial Design
KEY CHAPTER TAKEAWAYS
Note
CHAPTER THIRTEEN Evaluate the Risks to This Approach
KEY CHAPTER TAKEAWAYS
Notes
CHAPTER FOURTEEN Select an Advisor with Strong Investment Skills, an Interdisciplinary Approach, and a Fiduciary Mindset
KEY CHAPTER TAKEAWAYS
APPENDIX Additional Books about Taxable Investing
Index
WILEY END USER LICENSE AGREEMENT
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Also by Stuart Lucas
Wealth: Grow It, Protect It, Spend It and Share It
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Managing taxable wealth well can be powerfully simple: lower friction costs, raise return potential, and extend your time horizon (in the context of this book, friction costs are the combined drag of fees and taxes). Armed with a few key tools for success – clear objectives, aligned interests with your advisors, a decent system of accountability, and the discipline to persist with your game plan – your money will work for you, not the other way around. Then you can focus most of your attention on what really interests you and what you're really good at. A straightforward strategy is the right answer for most people who have full lives, are leading rewarding careers, and whose careers, families, and other callings are deserving of full attention. This integrated approach to taxable investing is a step-change in thinking that can help you build a more secure future and a more meaningful livelihood in an uncertain world. Nevertheless, because inertia is powerful and people don't change easily, unless you push for change and remain vigilant, change won't happen.
You can also make wealth management really complex. Complexity can add additional value, especially when managing on a multigenerational basis. But the hunt for superior investment returns – the place where most investors and most financial advisors focus their attention – is an extraordinarily competitive zero-sum game. You are competing against, or trying to align with, hundreds of thousands of well-trained professionals, most of whom extract high fees for uncertain value. Those who extract high fees have the resources and incentives to craft highly persuasive marketing efforts.1 Is it their marketing or their skill that makes you think that by hiring them you will outperform? Can you tell the difference, especially after tax?
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