Financial and Investment Advisors to Families

In a financial world where clients have become mere account numbers, and the new emphasis rests on mass-marketing investment products and gathering “Assets Under Management,” we continue to deliver the attentive personal service of a knowledgeable and dedicated family advisor.

We believe that we are better investors because of our heritage as advisors to families and the long-term perspective it requires, and we are better family advisors because we possess the deep understanding and experience of real-life, active investing.



September 17, 2019

There is a famous proverb in the United States: “From shirtsleeves to shirtsleeves in three generations.” Interestingly, many diverse nations have the equivalent saying: “Rice paddies to rice paddies in three generations” in Japan; “Clogs to clogs is only three generations” in England; “Wealth never survives three generations” in China; “The father buys, the son builds, the grandchild sells, and his son begs” in Scotland: these are just a few colorful examples.
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What I learned sailing over an underwater volcano

July 31, 2019

Earlier this summer, with gusting wind in my hair, fine sand between my toes, and harsh salt on my hands, I was sitting at the helm of a 40-foot (12 meters) sailing catamaran. As a sailor I know that alertness and preparation are crucial to not only enjoyment but even, frankly, survival, in some conditions and locations. A particularly treacherous stretch of this trip was the crossing from the island of Carriacou to Grenada (in the Lesser Antilles, Caribbean Sea). This experience and a conversation with a dear friend, crew member, author and investor himself - Jake Taylor led to a discussion about our strengths and weaknesses. It was fascinating to note the way sailing and investing put both to a real test!
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Beyond The Headlines

Asset rich, but income poor

September 4, 2019

With interest rates dropping and yields disappearing while asset prices hover at all-time highs, we find ourselves in a highly unusual predicament. Over the last few years, in many conversations with clients, friends and fellow investors, I have come across a recurring phenomenon. On one hand, over the last ten years they have witnessed an unprecedented rise in the prices of their assets. However, they see that it takes a lot more capital to generate the level of income they’re accustomed to. In other words, they are asset rich, but income poor.
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August 16, 2019

Part I of this paper (July 30, 2019) concluded that conditions have gathered for a “Minsky Moment” (the time when apparent financial and economic stability turns into instability and eventually financial crisis or recession). The wait may be long for that precise moment to materialize, but since, as the saying goes, “trees don’t grow to the sky,” education and experience can give us a pretty good idea of the ultimate outcome. Thus, the main challenge lies in determining the likely timing of that moment, which is what we are going to investigate in this Part II.
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