Skip to content

Stewardship of Wealth, + Website Successful Private Wealth Management for Investors and Their Advisors

Best in textbook rentals since 2012!

ISBN-10: 1118321863

ISBN-13: 9781118321867

Edition: 2013

Authors: Gregory Curtis

List price: $50.00
Shipping box This item qualifies for FREE shipping.
Blue ribbon 30 day, 100% satisfaction guarantee!
what's this?
Rush Rewards U
Members Receive:
Carrot Coin icon
XP icon
You have reached 400 XP and carrot coins. That is the daily max!


Building great wealth is enormously difficult. But maintaining that wealth across the generations is an even greater challenge. In The Stewardship of Wealth, Gregory Curtis outlines the investment secrets of the world's wealthiest families. These "best investment practices" for taxable investors represent the only certain way to preserve and grow private capital in the face of taxes, inflation, investment costs, and the conflicts of interest that are endemic in the financial advisory business.Managing capital successfully is naturally important to wealthy families themselves. But Curtis argues that the role of wealth goes far beyond private advantage. Wealthy families, says Curtis, lie at…    
Customers also bought

Book details

List price: $50.00
Copyright year: 2013
Publisher: John Wiley & Sons, Limited
Publication date: 12/7/2012
Binding: Hardcover
Pages: 464
Size: 6.30" wide x 9.10" long x 1.40" tall
Weight: 1.496
Language: English

The Importance of Private Capital
Wealth in America
The Indespensable Rich
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
Creative Capital
A (Brief) Moral History of Capitalism
The Ancients
Moral Arguments for Capitalism<sup>4</sup>
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
The Stewardship of Wealth
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 &#8230; the Disease Is Incurable"
Now What?
But, First, A Note About Germany
Investing Capital in a (Very) Uncertain World
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
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?
Fixing the Industry
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
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
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
The Rich Get Richer
The Nuts and Bolts of Successful Investing
Designing Taxable Investment Portfolios
Asset Allocation for the Private Investor
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
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
Investing in US and Non-US Equities
US Large and Mid-Capitalization Stocks
US Small Capitalization Stocks
International Developed Country Stocks
Emerging and Frontier Markets
Frontier Markets
Investing Globally
Why Go Global?
Why Stay Home?
Global Investing in the Real World (Or, Maybe, Real Investing In a Global World)
The Bottom Line: Think Globally, Act Locally
Investing in Real Assets
Real Estate
Oil and gas
Summary: The Use and Misuse of Real Asset Exposure
Investing in Fixed Income
Mistakes Bond Investors Make
Employing Best Practices in Building Bond Portfolios
Managing Cash
Summary: Fixed Income Is Under-Appreciated
Investing in Hedge Funds
Conclusion: Should Anyone but Yale Invest in Hedge Funds?
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
Working with Money Managers
The Business of Money Management
Traditional Managers
Alternative Managers
Conclusion: At Least Managers Are Interesting
Managing Invest-Related Taxes
Designing Portfolios from an After-Tax Perspective
Asset Location
Asset Class Strategies
Tax-Aware Managers
Harvesting Losses
Summary: You Can't Eat Gross Returns
Asset Location and Implementation
Asset Location Issues
Implementation Issues
Monitoring and Rebalancing Taxable Portfolios
Performance Monitoring
Rebalancing Taxable Portfolios
Investment Policy Statements
The Investment Policy Statement
Spending Policy Statements
Cash Guidelines
Manager Guidelines
The Investment Committee Policy Manual
Letters to the Family
Miscellaneous Challenges for Private Investors
Asset Custody
Concentrated Security Positions
Establishing a Family Office
Family Investment Partnerships
Conclusion: There Are Challenges Everywhere We Look
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
About the Website
About the Author