Author and investment expert, JARED DILLIAN, joins the podcast for the second time to discuss his new collection of short stories, NIGHT MOVES. We talk about his talent for moving across formats and between fiction and non fiction. We go into the need for story-telling and the importance of holding an audience. Finally, we look for crossovers in his writing from his personal history, his move to South Carolina and his experiences in the Coast Guard and Lehman Brothers. https://www.amazon.com/Night-Moves-stories-Jared-Dillian-ebook/dp/B0DDLB49X1/ "Night Moves" by Jared Dillian From his military experience and investment experience to his DJ'ing prowess and obvious for multi-faceted talent for writing, Jared is a creator and a Renaissance Man- and a terrific, no nonsense person to speak with about the ins and outs of publishing. https://www.youtube.com/watch?v=c7pratxa3EY Writing across formats and how that led to NIGHT MOVES?  Non fiction  Novel  Short story - is the format a challenge or an opportunity? Newsletter - The daily grind of the Daily Dirtnap How to move between the daily pressure of writing a newsletter to the longer form content in non-fiction? Then, how do you move to the character development and world-building involved with fiction? Themes in NIGHT MOVES Sex, desperation, wistfullness Writing in a women's voice (how do you get into that headspace?) What does research consist of for short stories? Genre Favorites? Where you end the story determines whether it’s a comedy or tragedy Do you start knowing where you want to end up? What does the format of a writing day look like?  Ie do the newsletters get in the way or help with other projects? Do you get stuck?  (Is there where it’s convenient to have the newsletters) Music and Writing- The Crossover into NIGHT MOVES DJ’ing composing - what are the similarities in that process? Any crossover to investing? Where do we find the book and how else can people keep track of JARED? JARED'S SUBSTACK DAILY DIRTNAP Jared on "Wealth Actually" talking about his previous book, "NO WORRIES" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "Wealth Actually" by Frazer Rice

"How to Retire" (by Christine Benz) deals with a concept full of fear, emotion, math and uncertainty: retirement. Even the wealthiest, who have a margin of safety, run into issues of purpose, time management and legacy. Layer onto that the risks of longevity, dementia, divorce, managing cash and investments in inflationary times, and navigating the byzantine health and elder care systems. No wonder "retirement" is a scary topic. Christine Benz' new book "How to Retire" is here to help get our arms around this topic. With 20 interviews with experts in the field, Christine has written a terrific reference for retirees to get their arms around this stage in life. Her book covers the numbers, the emotion and the structure for people entering the golden years. CHRISTINE BENZ is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, "The Long View", which features in-depth interviews with thought leaders in investing and personal finance. https://www.amazon.com/How-Retire-lessons-successful-retirement-ebook/dp/B0CP5X3TYK/ How to Retire How to Retire with Christine Benz The Numbers (Funding Retirement and Resilient Investing) The Transition to Retirement (AKA "The Countdown") With a plan in mind, what is the role a Dry Run with Retirement? The Buy-In: Getting consensus from spouses and family on what life will look like The First 2 years: The Importance of a Detailed Calendar How Are You Going to Use the Time? Having entered the role of caregiving, retirement may be more of a "job" than you think "End of Life": When Should you Give up the Keys and Long Term Care with CAROLYN MCCLANAHAN Estate Planning (with past "Wealth Actually" guest JENNY ROZELLE) With all of this frre time, how do spouses adjust to spending so much time together? https://www.youtube.com/watch?v=IN5C7Ko6XBY https://open.spotify.com/episode/50ZO3JLl4bAdf95b64UQIZ?si=XJEYU2h4ToG8rL_Qkou6eA https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice's "Wealth Actually"

The intersection of Technology and Estate Planning is now a dominant talking point in the wealth management space. The pressure for advisors to deliver more client value is intense. As the wealth management industry wrestles with establishing relevance, value, and control with the next generation, the emergence of Technology and Estate Planning to assist the advisor is a central theme in the RIA space and "Fintech." Combining centuries old "analog" concepts with new "digital" tools is the new silver bullet for reaching and keeping clients. Therein lies one of the biggest challenges in delivering this value. The formulation and communication of estate plans and wealth structures for clients and the next generation is tricky business. It requires experienced practitioners and tools that streamline a labor intensive (and often unprofitable) process. Once the picture of one's plan develops, it now requires ongoing maintenance and detailed administration as life marches on and risks and opportunities emerge. I spoke with DAVID BARNARD to understand the state of the art in creating, presenting and managing personalized trust & estate strategies for complex clients with Luminary’s digital collaboration platform. Technology and Estate Planning Issues The challenges in visualizing complicated concepts, Storytelling and the importance of communication in a world of numbers and graphs Helping the advisor have equal footing with other professionals The importance of collaboration (and not competition) with the legal and accounting world in providing coordinated advice Staying on the safe side of unauthorized legal or accounting advice and broader staffing issues The future of administrating wealth. DAVID BARNARD is the CEO and Founder of Luminary- the winner of two awards at the 2024 Family Wealth Awards . He previously led private wealth management for AllianceBernstein, overseeing more than $100 billion in client assets, and has served multiple philanthropic organizations as a director or trustee. Luminary's website is here: https://www.withluminary.com https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Trustee Issues with Crypto-Currency (with Matthew McClintock) Family offices, trust companies and opportunistic individuals are dealing with a new and exciting asset class: cryptocurrencies. New Bitcoin multi-millionaires are "minted" by the day as interest in the space has captured the public's imagination. It has created a host of challenges for the owners of that wealth as they use the usual wealth management tools for intergenerational planning, asset protection, and tax structuring. Bitcoin's Meteoric Rise from 2010 (From ~$0 to ~$10,500 as of 10/2/20) (Here is a quick primer on Bitcoin - A HISTORY OF BITCOIN, INCLUDING PRICING. Today's podcast isn't a discussion of the merits of cryptocurrencies as investments or where they fit in a portfolio). Bitcoin and the other cryptocurrencies are controversial. Cryptocurrencies are grounded in a logical technology workflow (blockchain), but they have a shadowy origin and crypto's intrinsic value is rooted in public confidence around that blockchain workflow, not the usual confidence in the strength of the country that supports fiat currency. However, crypto's popularity has exploded and its value (and volatility) has rocketed along with it. What is unquestionable is that significant wealth has been created with the rapid increase in value of many crypto-currencies. The financial services industrial complex has not kept up and it puts many crypto-wealthholders at risk. There are 13,290 BTC addresses with more than $1mm according to this GlassNode REPORT and this does not include other coins like Ethereum, Ripple and the rest. Much of that wealth has been created in the last five years. Those owners are asking lawyers, accountants, and crypto-exchanges how to protect it, use it, borrow against it, diversify it and transfer it to the next generation or their selected interests. The owners of that crypto-currency wealth are getting older and looking for structures to protect this wealth for future generations. These structures include trusts and involve individual and corporate fiduciaries who have major responsibilities around the safeguarding and reporting of assets (including tricky ones like crypto-currency), the prudent investment of assets, and distribution of assets according to the terms of a trust and, where silent, in accordance with their best discretion. Besides the investment bona fides, what are the issues that these fiduciaries should be worried about? How do institutions, trustees, and others who have responsibility for others' wealth deal with this complex asset. To find out more, I spoke with MATTHEW McCLINTOCK- Partner at the law firm of EVERGREEN LEGACY PLANNING. Based in Evergreen, CO and Newport Beach, CA. The firm focuses on generational wealth planning for affluent clients. Importantly, Matthew has on-the-ground experience planning for cryptocurrency wealth, including clients with crypto-wealth in nine figures. We talk a little bit about the asset class, but focus on spotting the issues for the advisors that have to help client's navigate the high stakes world of crypto-wealth. The outline for our conversation: Matthew, tell us a little about your background- How did you get interested / experienced in cryptocurrency? What makes cryptocurrency so unique as an asset?  What are the properties that make it like a Currency? Property? Commodity? Very quickly, how does one buy, hold and sell crypto currency? How big are crypto-fortunes right now? With intergenerational wealth, often times trusts are used for tax, asset protection and other forms of planning. Trusts are “located” in a jurisdiction, contain assets, have a grantor, a trustee and beneficiaries. The Trustee must safeguard/custody, invest and distribute the assets per the trust. Are people funding trusts with Cryptocurrencies? Being responsible for crypto-wealth

When you have the chance to spend an hour with Jim O'Shaughnessy, you grab it with both hands. Most of us feel like we know him personally based on his thoughtful opinions and Twitter acumen (@JPOSHAUGHNESSY). But Jim is obviously more than just memes and GIFS. Jim is the Principal, Chairman and Co-Chief Investment Officer, Portfolio Manager of O’Shaughnessy Asset Management ("OSAM"). He is a four-time author including the seminal investing book “What Works on Wall Street” and hosts the INFINITE LOOPS PODCAST with Jamie Catherwood. https://www.amazon.com/dp/B005NASI8S/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 I knew about a decent amount about his career and what his company does. However, Jim is a Renaissance Man and a perpetual student who's mind can't get enough. I wanted to get behind his thinking as he made the move from a once mighty investment bank to starting (and building) his own firm. How does someone with ferocious curiosity make joint decisions with family, with colleagues. How did he use his own attributes and processes that helped him build a successful business to help him build a successful family with his wife and kids? Finally, how does someone like Jim think about the inclusion of the family in his business? Who is going to run the business as he has gets older? Finally, how did he get to the ultimate decision of handing the reigns of the firm to his son, Patrick? I hope you enjoy this episode. This is the story family businesses should hear. While the road is littered with family businesses left in tatters due to dysfunction, Jim talks about some of things that worked for him and his family. I include our outline below, but beware. We veer away from the script early and often. Amazingly, by the time we are done we cover many of the questions I had. Ownership and Operational Succession What does OSAM do?Background on your expertise- Take us throughDevelopment of the CompanyWhat is the company focusing on now?CANVASPositive SumInvest Like The Best / Infinite LoopsCapital Camp Managing Transition You’re 60 now!  What has been your thought process about where the company is?  And where it’s going to be?It seems like you embrace younger people – What does this do for you? Energy, new ideas?How have youAt what point did you start to think about the company with you not at the helm?How have you dealt with your other kids on the participation of the business?Did they self-select in or out? Skills?How do you reconcile what you think vs what they want to do?How is your wife’s input on your decision-making?When did Patrick start looking ready to take on the roles that he’s taking?How have you handled it when someone disappoints another?How do big decisions get made at the company?What does a conflict look like?  Who holds the tie-breaker vote?Do you have a board?  Formal or informal? One of your most endearing traits is your open-mindedness.  How do you get to say no?Managing portfolios vs Managing the BusinessWhat are you good at?What are you bad at?Twinges of mortality- what do you want your legacy to be when you look back on life?What are the values that you want your kids and grandkids to have?What have been the challenges there?  How do you get your kids to communicate about the issues related to the business and their roles in it?How have you involved spouses in family decisions?Whom do you go to help you think through the role of the business in the family?Friends, colleagues, professional advisors?How do you think about the ownership of the company going forward?What do you see as the biggest challenge in managing the transition of the company and your role in it going forward? Fun Questions: What haven’t you achieved yet that you would like to?What does an average Tuesday look like for you?Three people (excluding family) alive or dead that you would invite to dinner. I also went ahead and got a loose transcription for those who want...

In this episode of "Wealth Actually", I speak with George Hubbard. George is the Managing Partner and Chief Investment Officer of Algonquin Advisors, a Registered Investment Adviser that focusses on large families, foundations, endowments and other pools of money. He and his firm bring a unique approach to family investment management that uses tried and true institutional principles. Pay special attention to our discussion around alternative assets and the role of the asset class for family investments. George also talks about bringing "trustee" principles to investment implementation. And in honor of the U.S. Open at Winged Foot, we talk about what his dream foursome would be and where it would be played. Introduction Algonquin Advisors T21 Trustees What are the differences between institutional investment thinking and HNW thinking? Taxation Issues Time horizons Liquidity needs (Yale model) Return expectations Access/Deal Flow Position sizing "Real" Due Diligence (how much time/resources should one expect to expend in researching a manager/deal?) The power of concentration to build wealth Where alternatives fit in asset allocation Function of Alternatives Diversification Other types of risk the traditional investor is missing? The ultimate importance of having the private equity portion of a portfolio fund future vintages out of current private equity distributions. (While this is obvious in the institutional world, this kind of thinking is largely absent from most advice to investors who are "sold" private equity!). What can be borrowed from institutional processes to help Individuals make fewer rookie mistakes? Starting at the Beginning: The Investment Policy Statement and The Asset Allocation The Importance of a "Forensic Review" What comprises a "Forensic Review"? The Importance of "Intentional" Investment Decisions How should a trustee think about these things in a true "fiduciary" capacity? Importance of cash management, lock-ups, multiple time horizons, multiple beneficiaries, multiple interests What are the Alternative Asset Classes that investors are focussing on now? -Private Equity (LBO, Venture) -Private Credit -Hedge Funds / derivatives -Managed Futures  -Commodities -Real Estate -Infrastructure -Collectibles -Insurance T21 and the Importance of Getting the Right People into Fiduciary Roles for Families George's Golf Dream Foursome How do we keep track of George and the firms? ALGONQUIN ADVISORS GHUBBARD@ALGADV.COM T21 TRUSTEES GHUBBARD@T21TRUSTEES.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Part of the fun of the Wealth Actually podcast is to delve into topics around wealth management and better ways to help families understand the intersection between wealth and the fulfillment of goals and ideals. I also get to speak to people as they describe their entrepreneurial journeys- which in itself provides many lessons on the path to success. Occasionally, you get both in one conversation. Enter Betsy Brown. In this episode, we talk about: Betsy's background at larger institutions and the entrepreneur "bug" The changing Wealth Management Industry The desperate need for independence and customization for clients The appeal of Tennessee as a legal jurisdiction, a growing business haven, and a nexus for diversified businesses How this led her to the formation of Pendleton Square Trust Company. The development of her support system and the importance of having a community of entrepreneurs to lean on and share ideas (and opportunities!). The importance of story-telling in communicating, not just to the families she speaks with, but the market at large The influencers in her life that provide her "north star". This is a particularly fun I get to see this up close as I work with Pendleton Square Trust Company to bring the message of benefits of Tennessee law to the advisors for family offices, foundations and fiduciaries in the Northeast and beyond. More information about the firm and Betsy can be found on the links below: LINKEDIN: BETSY BROWN Transcript Tell us about the origin of the firm and what makes it special: We chartered Pendleton Square Trust Company in October of 2015- so we are about to celebrate our 5 year anniversary! Happy Birthday, Pendleton Square! We are a chartered trust company regulated by the TN Department of Financial Institutions. The opportunity came about from listening to families frustrated with the traditional corporate trustee options.  We also studied and implemented accounting and administration technology platforms to build our dream independent trust company. I always use the term “we” because it took a team. My partner Derek Church is a genius- he is an attorney and oversees regulatory, compliance and operation side of the business- our board and investors believed in us and supported our plans to build a best in class independent trust company. Our trust officers and team members are serving our families and building efficient processes. I want to stress that we are an independent trust company- our definition of independent is that we are not affiliated with other banks or financial institutions- we focus on trust administration and we do not manage the liquid assets. As a fiduciary we are held by law to the highest standard of responsibility. Our model is designed to avoid conflicts of interest and provide a natural system of checks and balances, we are not managing assets or drafting estate planning documents. In addition- our fee structure is simple and transparent. I also want to share how the concept of INTERdependence is extremely important for our model. We are interdependent on the network of advisors surrounding the family- the financial advisors, estate planning attorneys, family CPAs, insurance specialists. There is constant communication and collaboration with our partners as we serve the family. In many cases, the financial advisor is the quarterback of the relationship- we are there to assist and provide the backbone of trust and estate services. How did you get into the trust business? I cannot believe that I am approaching 25 years in the financial services industry.  I grew up in the traditional big bank environment- and I am so thankful for my strong credit and analysis background. I spent 10 years in Debt Capital Markets- a true transaction business- but my mentor always told me I should be in the long-term relationship business. I transitioned to private wealth and trust business for the next 1...

As summer is starting to wane (before it ever really got going!), I took the time to try to look around the corners of wealth management for clients with BILL SWEET. We discussed today's estate planning environment and the many challenges and opportunities that currently exist and why it's important to get going on that process now. Bill is the CFO of RITHOLTZ WEALTH MANAGEMENT. Founded by Josh Brown and Barry Ritholtz, RWM has burst onto the wealth scene with a media savvy and marketing push that is different than most in the wealth management space. Bill manages the finances of RWM and is the resident expert on taxes for the firm's clients. Bill was also a Captain in the U.S. Army where he presided over $12mm pieces of rolling thunder as a Tank Commander! Military Experience Bill's Experience as a Tank CommanderThe benefits of hiring Veterans and people with military experience:DisciplineExperience with StructureResponsibilityHonor / PrinciplesPhD in Getting Things DoneReady pool of experienced employees Links to Veterans Groups at the bottom for those with further interest. Our veterans are an amazing resource of talent in this country. The Estate Planning Environment Bill and I went into a wide-ranging discussion of the benefits of getting one's estate planning done now and what might change in the near future. Interest Rates are at generational lows which provides extra leverage and flexibility in moving assets out of an estate.This applies to many estate planning and intrafamily loan techniques that have incredible estate and wealth planning powerThe current AFR rates are here: AFR RATES and IRSValuations for assets are low due to the recent market volatility, which means a well-thought out plan can get more intrinsic value out of an estate.Federal Estate Tax Exemptions are at all-time highs: $11.58 million per individual, or $23.16 million per coupleFederal and State finances are going to require more revenue implying an INCREASE IN TAXES. (and probably at all levels)The elections in November could have a massive impact on the generosity and flexibility of the current estate tax climate at the Federal AND State level.States hard hit by the COVID-19 epidemic may face particular economic and social concerns that require extra funding. (New York is a good example)There will be increased State scrutiny for those using low tax jurisdictions for INCOME AND CAPITAL GAINS TAX PLANNING.Very brief discussion of domicile and residence and the art and science of personal state tax planningIt is more than just 180+ days and changing your car registration.Here is a recent Supreme Court Case on the potential for double taxation at the state level: Edelmans’ New York Connecticut Residency Tax CaseThere is going to be a mad rush for a lot of families to accomplish their estate planning before the end of the year (and thus a mad rush around the advisors to implement this planning)Beware of the 9/15 and 10/15 tax deadlines . . . accountants are just now catching their breath from PPP planning and the extended 7/15 deadlineLawyers and financial institutions have not seen a potential crush like this since 2012. We anticipate EXTREME stress on entity formation, trust drafting and reviews, KYC processes and account opening. Waiting until November could be a big mistake.NYS Estate Tax CliffIf you have a net worth of $5mm or higher in NYS, you need to revisit your plans to ensure that your STATE estate tax liability is as low as it can be and if there are any steps you can take to reduce it. My quick primer is HERE.Having health directives etc . . . in place because of COVID illnessesI covered this in detail here: HEALTH DIRECTIVESGetting deposits in on nursing homes to make sure you have a spot locked in etc . . . Final thoughts on getting started even if you aren't in the "1%" Veteran's Groups For veteran's employment programs especially in finance,

In the age of COVID-19, there has been a renewed focus on Health Care Directives. The communicability and finality of the disease have opened up all sorts of fears and uncertainty for many people- especially among the elderly. To that end, I am excited to present the conversation I had with TIFFANY MCKENZIE. She is a partner in the Private Client Group at Bryan Cave in Atlanta. We talked about planning in the COVID-19 environment with extra attention on the often-overlooked health care directives. Description of the Current COVID Environment for Planning The speed and communicability of the diseaseThe higher death rates Many times people enter hospital unaccompanied A Quick Reminder for Listeners: What are the Usual Documents that Need Updating: WillTrustsPowers of AttorneyAnd Health Care Directives Health Care Directives How are this different from a Power of Attorney?Designating Health Care PreferencesDesignating a Health Care Proxy Preferences- What criteria for decision-making should we include?What are  Proxy Who should be in this Role?When does this person make decisions?What should be considered in a COVID environment? Communication issues Being comfortable with remote methodsDeveloping a relationship with doctors and institutions and their decision-makingPreferences for choosing drugs, services Intubations -  What is the process for ventilators?Triage v. Best Efforts What else are should be thinking about in emergency situations? Where can we reach you and keep track of your writings? TIFFANY MCKENZIE BIO TIFFANY ON "HEALTH DIRECTIVES" CHAMBERS COMMENTS

Judy Pearson is the Founder and CEO of Nomadx. Nomadx helps fiduciaries, officers, directors, trust companies and law firms identify the risks in their practices and insure them against liability. She has over 37 years of experience with Chubb, AIG and was a pioneer in the development of directors and officers liability coverage for AON.   We're going to be focussing on the liability issues facing fiduciaries, including individuals, law firms, corporate trustees and private trust companies. Trustee Roles and Responsibilities   The words Trust and Trustee- are big "all encompassing" words that mean different things to different people. Let's try to break it down a bit:   A trust in general has three main roles: Grantor (Person forming the trust) Trustee (Person or entity in charge of running the trust) Beneficiaries (Those people who will benefit from the trust) Insurance Perspective From an insurance perspective, what do you see as the responsibility of the trustees?   What are the duties (i.e. who is the client reporting to?) and risks? Duty of Loyalty (to the trust) Duty of Care (to the trust and the different beneficiaries) Safeguarding the Assets Reporting on the Assets Prudently Investing the Assets Distributing the Assets When dealing with the risks, what do modern trustees do to protect themselves from liability? Good policies, procedures, record keeping around decision making and action (operating with the risks) Setting up good structures to shield liability and get adequate support from experienced trustee providers to help with the job (transferring the risk) Identifying reasonable risks and getting reasonable insurance (insuring against the risk) How does trustee liability insurance look? Are there parallels to E&O and D&O insurance)? And what are the common misconceptions of the trustee insurance market? You don't need insurance Your umbrella policy covers you Your traditional E&O, D&O policies will cover you Trust Protector / Power of Attorney might not be in traditional insurance Belief of Indemnification - Is there an agreement? Can we indemnify beyond the law?  Gross Negligence? Good Insurance advances defense costs to get out of Gross Negligence Reasonable risks:  What are modern trustees worried about? TOLI’s and Life Insurance Distribution questions Interfamily loans Investing and reporting Reg BI Conflict between SEC and state standards 5 states of adopted their own rules and 12 additional states expected to adopt their own rules is 2020 Investment performance will be reviewed in 2020 hindsight Reporting to beneficiaries (look at SEC guidance) Cases to watch Divorce case testing South Dakota Privacy Laws and Asset Protection Breach of Fiduciary Duty Prudent investing internal funds vs. external funds Conflict of interest, mutual fund selection Direction Structures Deep understanding of roles and responsibilities Execution vs. structure of document Beneficiaries - making sure they are educated Future Trends Hybrid solutions with corporate trusteesSpecial Purpose Entities Insurance pooling? Conclusion We've presented a lot of scary scenarios! For current trustees and future trustees what is a good first step they should take in analyzing their situation? How do we keep track of you and Nomadx? WEBSITE: NOMADX LINKEDIN: JUDITH PEARSON https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

In this episode of "Wealth, Actually", we get to dive into the comic-book industry with Gevian Dargan. Gevian is about to launch his comic imprint, Animated Concepts, which is focusing on getting some of the great comic stories from people of color that are out there, but not getting the attention they deserve. The industry itself is going through significant upheaval as the economics of developing IP come under considerable question and distribution systems face significant challenges with digital competitors and a new view of what makes a cool (and monetizable) story. Gevian and I tackle this subject as well as the magic of growing up with the excitement of going to your "local", discovering characters and forming tastes. It's this formative development that we wonder aloud that might be missing and may make it difficult to develop the next Marvel, DC, Harry Potter or other franchise. Here's Gevian on the "Thinking Critical" podcast talking about reaching new black comic readers. (This is a terrific interview BTW) https://www.youtube.com/watch?v=rGQw9Z7qOO0 Here's the outline of our fun conversation (we recorded for over an hour, spoke for two and probably could have gone on all day): Quick introduction- what are you're doing now and dramatic foreshadowing of your Animated Concepts project-Where did the love of comics come from? Talk about the relationship with the Comic Book ShopWhere you used to buy comics and where you buy them now? Challengers Comics + Conversations: www.challengerscomics.com; First Aid Comics: www.firstaidcomics.com; Dark Tower Comics & Collectibles: www.darktowercomics.com;Alternate Reality Comics: www.myalternatereality.comFavorite Characters / and what drew you to them?RobinShazamFavorite Issues/ StoriesFavorite Artists  Who are the artists and writers we should really be looking out for?History, Craft, and Business of Comics (Diamond, New Readers, Promotion, Writing, Drawing, etc.)-How the COMIC BOOK industry has become so tribal politically, whereas before it used to be Marvel vs. DC vs. Indies (just weird now)MCU vs. DCEU What does the future of the comic industry look like?Animated Concepts - Tell us the concept behind it and what are your plans for it?How do we keep in touch with you? INFO@ANIMATEDCONCEPTS.BIZ (Focus Groups are forming in July- reach out to Gevian for more information)FACEBOOK: GEVIAN DARGANTWITTER: @GEVIANDARGAN A quick aside: many of you know of my love of comic books and the myth-making engine of that industry. My pal, Jim Harberson, and I (written under a pseudonym) dipped our toe in the water of the industry with our book, Stay Alive. We wrote our first (the horror/comedy, Stay Alive) and published it through the UK-based, Markosia Enterprises. It was a great experience to work with the multitalented and super-nice Stephen Baskerville. His art is amazing. The industry itself is tough. It's opaque and the chances of publishing, let alone success, are slight. Here's our first foray . . . https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/ and here are some of Gevian's favorite covers:

As businesses and business owners struggle the impact of COVID-19 on operations going forward, I thought it would be useful to revisit the issue of asset protection for wealthy families. Liability is around every corner and the best laid plans can be wrecked with a car accident, an employee suit, or the discovery of asbestos in an investment property. Joining me is IKE DEVJI to discuss some of the ways to address this issue. He is a prominent attorney in Scottsdale, Arizona who focusses on asset protection for executives, business owners, athletes, entertainers, and other high visibility people that can be the object of creditors. Ike has personally practiced from Phoenix and Scottsdale, Arizona for over 17  years as an Asset Protection-only lawyer and helps protect a national client base of thousands of clients representing nearly $6 Billion in personal assets. He can be found at PRO ASSET PROTECTION DAVIS MILES MCGUIRE & GARDENERTwitter: @IKE_DEVJILinkedin: IKE DEVJI A) What is there to worry about? Here are some real examples of the “impossible” that actually happened and resulted in large claims: Parents away for the weekend return to find that a teenager died at their home during a party their child had from the drugs he brought with him;Chiropractor adjusts a patient’s hip and the woman dies on table from cardiac arrest-he is sued for wrongful death;Long time, most trusted employee of medical practice molests a minor female patient during treatment;Employees of moving company get drunk and severely beat another employee and lock him in company truck in company yard over weekend;LLC for real estate development is pierced and a passive member is held jointly and severally liable for the actions of the other members;Dentist works on elderly patient who goes home and dies of unrelated heart attack hours later, dentist sued for wrongful death. B) What are Ike's three layers to good Asset Protection planning? Clean LivingIdentifying the risks that are part of your daily life (and business)Being a good citizen and acting responsibly where at all possible Avoiding behavior that would cause harm and get you suedPutting in processes and procedures around riskier behaviorInsure against the risks you can reasonably identify (and afford)Put structures around and compartmentalize your wealth C) What are the big tactical missteps people make that Ike sees? 1. FAILING TO ACT (Timing)  (AKA - waiting for the tort to happen)The importance of the term: Fraudulent Conveyance 2. THINKING YOU’RE NOT RICH ENOUGH   Many larger high net worth families can absorb a large hit to their net worth and not suffer a reduction in lifestyleFor those people with net worths in the 500K-5mm range, a $1mm settlement can have catastrophic consequences on lifestyle 3. RELYING ON YOUR TRADITIONAL ESTATE PLANNING 4. TOO MANY EGGS IN ONE BASKET What happens if an accident happens on one investment property but you own 8 others? 5. SQUARE PEG ROUND HOLE – USING THE WRONG TOOL 6. DRAGGING LIABILITY INTO YOUR PLAN Ike brings up a terrific example where having your business own your vehicles may be great tax planning in allowing you to deduct those expenses, but it can be terrible asset protection planning if they are used personally and cause a lawsuit. The assets of the business will have been exposed to the action. 7. RELYING ON GIFTING TO RELATIVES (SEE ALSO FAILING TO ACT) 8. USING UNPROVEN, POORLY STRUCTURED TOOLS OR SCAMS LIKE “FRIENDLY LIENS” 9. RELYING ON INSURANCE ALONE OR FAILING TO ADEQUATELY INSURE. WHY CAN’T WE SIMPLY INSURE OUR WAY TO SAFETY? Premiums are expensive The "Business of Insurance" to collect premiums and try to pay out claims as little as possible)If you look hard enough you can find liability everywhere - there isn't enough any to insure away EVERY risk.Having a good P&C Insurance expert is important to makes sure that you have enough insurance to...

With the tensions brought on by the confinement, new roles and financial pressures of the Coronavirus, I thought it would be good to take a new look at one of the greatest threats to wealth . . . Divorce. High-end family law attorney, EVAN SCHEIN, and I got to sit down and talk about what is happening in the world of divorce. Evan is an expert in the field as Partner and Head of the Litigation Department of New York-based divorce firm, BERKMAN BOTTGER NEWMAN and SCHEIN. He has seen it all in the space. Here is a quick outline of what we covered: Are confined spaces and the quarantine causing an increase in the interest in divorces- what are you seeing in your practice?How has the lockdown impacted the process of divorce?What is the process looking like in the new Zoom Conference world?Is there anything new in the legal landscape of divorce?Planning before the wedding generally- what are best practices? What is the best way to be a good client?Asset titling is this still a useful tool?The use of trusts- has this expanded in this day an age?What is the best way to integrate other advisors? Wealth Advisors, Lawyers, Accountants, Business Advisors, Agents?Pre and/or post nuptial agreements- how should one think about pre-nuptial agreements? How do you have that uncomfortable discussion?If you are feeling like divorce is becoming an option in your relationship, what should you do?How do you advise people in communicating with the children in this difficult circumstance?Any crazy stories that you can share?Personalities in the divorce practice?  EXTRA POINTS: Finally, (since I'm running this!), Evan and I take a quick tour of our favorite sports teams and how they are dealing with the sports disruption. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Artificial intelligence and healthcare have been intertwined for a long time. The public has finally noticed. With the emergence of OpenAI and other Large Language Model platforms, we are on the forefront of more huge changes in the business of health care. Healthcare and elder issues are the major concerns for most families planning for their futures. Artificial intelligence has permanently changed the method and pace of research, the role of privacy, the choice and delivery of treatment, and the way people interact with the healthcare community. To better understand these issues, I spoke with Chris Heye. who is working in the space. Background Dr CHRIS HEYE is the CEO and Founder of both Whealthcare Solutions, Inc. and Whealthcare Planning LLC. He is a proven entrepreneur with extensive experience starting and growing technology companies. After confronting dementia in his own family and witnessing elder financial abuse in friends, Chris decided that older adults needed more protection. Chris and I take a look at this intersection. The advances are exciting. Having surveying the landscape, we marvel at the leaps forward to come and worry about the issues that they create. https://www.youtube.com/watch?v=dsGlUlYQG84&t=7s Artificial Intelligence and Healthcare Against that backdrop, we take on these questions: How is the intersection of artificial intelligence and healthcare changing medical research? Is artificial intelligence shifting the methodology and processes of healthcare and is it for the better? After sharing our experiences with dementia and loved ones, Chris and I wonder about the future of dementia management. Will the intersection assist patients with their day-to-day lives? Is artificial intelligence widening the gap between retirement, late stage health and death? Knowing the pernicious effect of ageism, can the financial planning industry properly account for the length and expense of elder living? What can we expect in the near future and what should we look out for? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT Further Wealth Actually updates HERE

https://mehlmancastagnetti.com/wp-content/uploads/After-COVID-Mehlman-Q2-2020.pdf The political consulting firm, Mehlman Castagnetti, put together an interesting presentation on what a post-COVID world is going to look like. HAVEN and I synthesized some of the highlights and broke down what we saw as important. The link is above and it's useful to have in front of you as we deliver our comments. Here is a quick outline of what is covered: SECTION 1: WE WERE NOT PREPARED "Recreational government" is neglecting what the true government functions are. Our system is overly focussed on luxuries and there doesn't seem to be any political will until disaster is upon us. SECTION II- M/C's PREDICTIONS #1- New Psychology- what will the population's mindset look like going forward? #2- "Deglobalization"- Will there be a retrenchment? #3- Freedoms Trade-Off: Can you be worried about the virus, the economy and political freedoms at the same time? #4- "Techlash" - will the suspicion of tech companies persist? It may pause but will return in earnest when our situation stabilizes- #5- Asset Bubbles as search for yields and stability becomes paramount. #6- COVID Inequalities Widen Social Divisions #7- Initiatives will move away from the state SECTION III: REASONS FOR HOPE #1- Americans Stepping Up: Fauci, Front- Liners, Community #2- Innovators Stepping Up #3- Government Trying to Step Up- Even If Incompetently OUR BIG ASK- More Cooperation Between Public and Private Spheres as we look for solutions to the virus and revitalize the economy? A reminder that you can subscribe to the podcast on most major platforms. More from Haven on his PUNDIFICATOR blog below. . . https://pundificator.com/ And "Wealth, Actually" can be found here: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/

The COVID-19 phenomenon has created worldwide economic upheaval and problems for many business owners. One area where the coronavirus has created opportunity is in the field of estate planning. I was able to speak with AARON FLINN about the opportunities that exist right now. We will go into some of the tools in his toolkit (including the use of preferred jurisdictions like Tennessee) to help successful, and often complicated, families take advantage of a difficult economic environment. Aaron is a partner of WALLER, a full-service business law firm based out of Nashville, Tennessee with offices across the Southeast and Texas. He specializes in trust and estate work, wealth preservation, business succession and family office structuring. Why is right now is an optimal time to review estate planning affairs and wealth structure? 1)  The shutdown has been a rare quiet time to think about the how families want to set up future affairs and have internal discussions about the investment, use, direction and purpose of the wealth. 2)  Lower valuations: With markets generally lower across the board, the valuations of most family assets has decreased as well. This provides added flexibility when using estate planning tools and government defined exemptions to shift wealth out of an estate into the ownership of the next generation. 3)  Generationally low interest rates: As the government has lowered interest rates to stimulate the economy, many of the standard interest rates used in estate planning have fallen as well. Government defined "Applicable Federal Rates" (AFR's) are the lowest they have ever been. The amplify the effectiveness of even the simplest of planning techniques. As part of that planning, there are lots of instruments, jurisdictional choices and legal devices to effectuate a family's wishes. What makes Tennessee an interesting state for families to consider? The Friendly Trust Environment of Tennessee The theory behind Tennessee's trust law The interaction of the Bar, Trust Industry, and the Regulators Directed Trusts  Specialized control of a trust's investments - why is that important? Involving Trusted Advisors on Distribution Decisions - why is this important? Why does the use of an Independent Trust Company for administrative purposes make sense? Avoiding State Income Tax on Accumulated Income and Capital Gains How does this work with clients from other states? What should we think about with source income Asset Protection Beneficiary Creditors Self Settled Trusts Distribution Flexibility Perpetual Trusts Flexibility for Family wishes Decanting Trustee Removal Silence Specialized Protection for Independent Advisors Special Purpose Entities (SPE) for investment direction advisors Special Purpose Entities (SPE) for Distribution Advisors Tennessee as an Excellent Environment for Private Trust Companies What is a Private Trust Company? In building these out what is the best way to ensure the multi-generational success of this flexible structure? Jurisdictional and Regulatory "Understanding of the Space" Well-suited legal and corporate fiduciary support located locally as required. COMMENTS or QUESTIONS Aaron can be contacted here: AARON FLINN Additionally, I can be contacted here (FRAZER RICE) or here (FRAZER RICE) for further comments and questions. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

What if the 2020 election was delayed or cancelled? Haven and I take on this scary, and not-out-of-the-question, possibility . . . The mechanics of a delay or a cancellation are complicated. Here are three good articles for context on the topic from: Anthony Fisher, from Business Insider ("We need a backup plan to ensure all Americans can vote in November's presidential election. Our democracy could depend on it.") and . . . https://www.businessinsider.com/coronavirus-we-need-backup-plan-voting-november-presidential-election-2020-4 Ian Millhiser from Vox ('Can Trump Cancel the Election?") https://www.vox.com/2020/3/21/21188152/trump-cancel-november-election-constitution-coronavirus Haven Pell on the Pundificator (World War Three at a Time) https://pundificator.com/world-war-three-at-a-time/ Here is an outline of the potential chaos. Fighting The Three Political Wars and where an Electoral Dysfunction may fit in . . . Novel Coronavirus / Covid-19~1.8/2.0 MM cases in the world 525k/550k in the US~110,000 deaths in the world 20,000 in the USLimited testingVaccines a long way offContinuing though perhaps diminishing fearGenerally good compliance with lockdown, social distancing etc.Dueling Daily Trump and Cuomo briefings. Discussion politicizedR’s lean toward reopeningD’s lean toward public safetyPeople’s lives vs. the stock marketReopening the Country16 MM filed for unemployment in three weeks. Highest by a multiple of 10Stock Market down 36% peak to trough (2/19-3/23)21% peak to today (2/19-4/9)Same today as June 2019, April 2018, November 2017Significant concerns about small businesses e.g. restaurantsSignificant and disruptive long-term changes possible to highly likely Remote workResiliency of supply chains over costAnti-globalist sentimentBusiness travelTourismWhen country reopens how fast will people/customers come backPolitics / ElectionsD primaries essentially fizzled out when Sanders withdrewBiden 49% Trump 43% RCP AverageDemocrats hate Trump more than almost any other President everRepublicans hammering Biden for gaffes, mental infirmitiesNo traditional campaigning during lockdown Conventions – will they happen? Do they need to?Ds Milwaukee 8/17-20Rs Charlotte 8/24-27Who wants to bring thousands of potentially infected travelers into a swing state? There are 535 House members and Senators plus the presidential and vice-presidential candidates. Only 1/3 of the Senate runs, but assume each seat is contested. Eleven governors are up for electionHouse = 435 x 2 = 870Senate = 33 x 2 = 66President Vice President = 2 x 2 = 4Governors 11 x 2 = 22Total candidates = 962Countless candidates for state legislative seatsSince political candidates tend to be older and since they might not be observing public health guidelines, what are the odds on at least one if not several dying during the campaign? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

In this episode we dive into the world of real estate development and the use of LED conversions to save money and drive returns.  Joining us is Judd Stensrud. Judd is the founder and CEO of LUMEN GLOBAL.  The firm uses energy efficiency to help drive real estate returns.  Judd has an undergraduate degree from Duke University in economics and an MBA from the University of Chicago.  However, it wasn’t until he got to Costa Rica in the early 2000's that he began to truly grasp the impact of costs within a vast portfolio of income producing real estate.  Using these tools later in his career, Judd Helped renegotiate a half billion dollar loan with The Bank of China, Was the lead asset manager for The Plaza Hotel in New York, and Led a process where Bill Gates and the Four Seasons Hotels invested over $300 million into a project that was his brainchild. Recognizing the typical reasons that investors miss out on maximizing their profits led him to found Lumen Global. Background- Tell us a little about how your Costa Rica experience and how that impacted your view on managing real estate.How did this and your other experiences lead you to found Lumen Global?Process What does Lumen do to add value? While Lumen Global utilizes a number of energy efficiency measures to help increase your bottom line, we believe there is not a better available tool than converting to LED lighting technology. Why?  What is Your Process? Energy Efficiency measures drop 100% to your bottom line. Most deals have an IRR of 50% to over 100%. Cash outlay, if any, is generally returned within one year. We are a turnkey process… no work for your team. How? We begin with a lighting analysis. We feel the best place to invest your money is through LED light technology. We count all lights on your property. We come back to you with an analysis. We estimate how much you are spending per year buying lights and installing them. We show your total spend on lighting per year and how much you will spend after converting to better looking LED technology. Our analysis will show the turnkey cost to convert to LED. Our professional bonded and insured electricians install the new material. We process all incentive paperwork and use this to decrease the total job cost. Examples Office Buildings Multi-Family Properties Shopping Centers Warehouse Industrials Restaurants Hotels Medical Facilities Parking Lots Interesting Stories McDonald's Warehouse Conversion Others OutroHow do we keep tabs on Lumen Global?For those who want to use you or get involved, how do they contact the firm? LUMEN GLOBAL WEBSITE judd@lumenglobal.com   https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Leanna Haakons is a financial marketing expert, entrepreneur and author of bestseller, Young, Fun & Financially Free. In addition, Leanna is the EIC of TheWellthyMindset.com, and says Millennials those in their (20’s-40’s) don’t need to panic now because they should be thinking about their long term financial goals with plenty of time for their investments to bounce back. Leanna hosts a regular segment on Yahoo Finance and is a seasoned TV guest appearing on CNBC, Bloomberg, ABC News and dozens of other publications. https://www.amazon.com/Young-Fun-Financially-Free-Kick-Ass/dp/0998854638 COVID-19 and Disruption How has this impacted your business? Cash flow (potential job loss / reduction of work) What are you telling your clients and listeners on how to gear up for what looks like a rough set of months coming up? Cash positions (reiterating the importance of having 6 months+ of expenses) Evaluate Expenses (now is a good time to sharpen the pencil on things that you need vs the things that you want) Leverage and borrowing- taking a hard look at the various interest rates that you have and strategizing around them. For those that can, is this a good time to refinance your mortgage? (I'd say yes if you can) Market drops and volatility Saving for retirement and other goals based investing- (I'd argue that this is a great time to continue to do this . . . or start) Is now a good time to invest? (I'd argue yes, if you have the cash flow and time horizon to be able to do so) Using the time well Going deeper into your field- extra study, zoom conferences, making new contacts within your field Developing skills just outside of your field that can make you even more dangerous in your job (Examples: media/PR skills, coding, taking courses in important subjects like contracts etc . . .?) Developing contacts outside of your field that might be helpful (industry associations etc . . . ) Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc. . . .?) Can those be linked together in the future? Spending time with family and friends (even virtually), so that your support community is in place during this time AND after. Rest/exercise where possible Coming out of the Abyss Trying to envision what the future looks like in six months If you have a business, what should you be doing to stabilize it? What are the various programs out there that might be of help? Outro Leanna- how do we keep tabs on you? Where should we find you on social media? Leanna Haakons - Media Reel www.blackhawkfinancial.ca / www.youngfunfree.com Instagram @leanna_hawk / Twitter @leannablackhawk

The country is in the midst of a debate between confinement and distancing in the name public health and the reopening of the country to re-establish the health and stability of the American economy. To that end, Haven Pell (PUNDIFICATOR) and I thought it would be interesting to discuss the ramifications of the choices American businesses are making right now. These are choices related to message, action and communication. Tracking off a study done by Glover Park Group in Washington, we look at some of the trends found in polling of what is important to Americans right now and what will be important in their decision-making around firms and commerce going forward. COVID- 19: An In-Depth Conversation with the American Voter https://assets.documentcloud.org/documents/6821088/GPG-COVID19-Caucus-Insights-0326202.pdf Here are some of the main points that we discuss: Business actions today will shape corporate reputation for years to come. Americans say they will remember who stepped up and made sacrifices for the greater good.Coronavirus has put debates on the social safety net and paid leave front and center. Americans want industries who receive aid to repay that goodwill in how they act and behave. Many worry about their health and the economy but prioritize the needs of those on the frontlines.Americans are grateful for services of essential employees and medical professionals and demand we do more to support them.Be deeply empathetic.It’s not business as usual, so don’t communicate as if it is.Identify what relevant capability or area of expertise you can deploy to play your part.Pass the loyalty test.Remember the lessons of 2008. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

We are all trying to make sense of the difficult environment created by the Covid-19 pandemic. Uncertainty, economic difficulty, loss of routine, new roles and uncomfortable environments have us all on out heels. I thought it would be educational to speak with an expert who is on the front lines helping people deal with life's "normal" problems and the new set of issues that our friendly Coronavirus has dropped in our laps. Dr. Maggie Vaughan is an award-winning, NYC-based psychotherapist with over 15 years of experience offering therapy to adults and specializing in the treatment of anxiety, depression, and relationships.  She is also the founder and executive director of Happy Apple, a Manhattan-based psychotherapy center which provides an array of services to children, teens, families, and adults.   In addition to working with her New York clients, Dr. Vaughan works online with clients in California, Delaware, and New Jersey, the other states in which she’s licensed.  She holds degrees in political science, marriage and family therapy, and clinical psychology.   Her work has been featured in numerous media outlets including The New York Times, The Learning Channel, and The Huffington Post.  Currently, she is providing consultation to companies who employ essential workers, to help ensure the ongoing well-being and adjustment of those employees throughout the social distancing phase of COVID-19.  She can be found on Social Media: INSTAGRAM: HERE and HERE FACEBOOK: HERE Here is the outline of our discussion . . . I hope you enjoy it and take away some useful points as you and your family adjust to our "little disruption." Introduction: What are your clients concerned about and are these issues amplifying problems they are currently facing in relationships and other issues? Fear of the Virus:   Health issues for family (older members / pre-existing issues)Business / Job / Income issues - am I going to be financially ok?Safety issues for those who are aloneUncertaintyOCD / germaphobes - how do they get around this?How we take in information- people questioning the very information that they are receiving The Break Up of Routine (Much) Closer proximity to family, zero proximity to friends, colleagues etc . . .Work From Home (This is what you do all day?!?)New functions- home-schooling, houseworkDistortion of timeLoneliness - ability to perform job functionDifferent regions responding differently (NYC vs elsewhere- some more seriously than others- jealousy) For Professionals Working From HomeLoss of community with work environmentChange in the way people will work in the future- am I outmoded?Am I able to keep up my responsibilities for my employees, customers, vendors etc . . .  Stigma Strange phenomenon where inconsistent testing has created a weird set of haves and have nots Will people "want" to get it (like chickenpox) to re-enter society Benefits Great way to re-evaluate prioritiesGood time to deepen relationships, re-establish intimacyCheck in on faded relationships, Hit the reset button on areas where communication had been ignoredInteresting dry run for retirement (living post career)Interesting time to think about business / side gigs / career Using The Time Well Exploring long set-aside interests or new onesGoing deeper into your field- extra study, zoom conferences, making new contacts within your fieldDeveloping skills just outside of your field that can make you even more dangerous in your jobDeveloping contacts outside of your field that might be helpful (industry associations etc . . . )Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc)Can those be linked together in the future?Spending time with family and friends (even virtually), so that your support community is in place during this time AND after.Rest/exercise where possibleDry run for retirement Coming Out of the Abyss

In the latest episode of the Wealth Actually podcast, we get to sit down with Scott Johnston the author of Campusland. This is Scott's second appearance on WA, but the first where Scott discusses his book. It made it to #15 on the New York Times best seller list and #1 in the humorous books section. In the first part of the podcast, we talked about the incident at his alma mater that got him to write his newest book. We also dove into the business of being an author and the typical hurdles that new authors face. Finally, we spent some time reviewing the typical timetable and scheduling that goes into the production and launch of a book. In the second part, we probed some ground around Campusland's subject matter: the new environment of the college campus and what that means today. A description of the problem Scott saw on campuses and why it was great material to write about.The effect of wealth in the collegiate process both at the endowment and the student level.What are the numbers and the data behind the college environment?How did the admissions numbers game get so lopsided?When did the college campus environment change from the goals of inclusion and diversity of thought to other agendas?What is the impact on the politics of this country?Do alumni have any other options than to divorce themselves and their checkbook from their schools?Was the recent admissions bribery scandal to be expected?What is the impact of online learning? Coronavirus absences?The coming financial difficulties for smaller collegesCan a major university close down? Should it close down?What is the way forward? Are repurposed college campuses an interesting solution for our seniors?How do we keep track of you and Campusland? Scott is on Twitter (@SJohnston60) and CAMPUSLAND can be found here: https://www.amazon.com/Campusland-Novel-Scott-Johnston-ebook/dp/B07MYX3GXM/ WEALTH, ACTUALLY can be found below . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

First off, we're sending best wishes to our listeners. Hopefully, everyone is getting by with the onset of the coronavirus. We have a long way to go to get back to some semblance of normalcy, so take care of yourselves. As always, Haven Pell's writings can be found here: PUNDIFICATOR. In this podcast, Haven and I take on the coronavirus' various impacts on society. We got a taste of the generation gap when we heard about the spring-breakers in Florida: https://www.youtube.com/watch?v=oa4i9Ap6dCg John Branch — normally a sports writer, but with no sports to write, wrote an interesting article on the "late adopters" to the public health crisis that has changed the world: Deniers and Disbelievers: "If I Get Carona, I Get Carona" Between these two examples, we try to take the politics out of it and make sense of where "normal life" fits in the pandemic world now . . . and later when the world assimilates the new virus reality into everyday life. Some of the activities affected in the virus' progression: rock climbing, Mardi Gras, strip club/lap dance, cherry blossoms, self-quarantine The NYC experience (social distancing): Trader Joe’s vs Whole Foods and the recognition of crowding dangers for older people   DC walk- the parks getting used- packed, in fact! "Essential travel": Essential to all . . . or to me?  Remote work: Positive developments to come from this experience Remote work and the hope that technology (ex. Zoom) for the concept improve.  The difference between “in person” and “on camera’ skills  Media presences . . . is the online / on camera experience going to be even more important in regular jobs going forward if we are all teleconferencing? Collegiate environment . . . What does college look like now that it's online. Are we going to be missing the personal interactions on campus? How are we absorbing media on this? Is a little the right amount? Should we hear from anyone other than professionals and analysts? We certainly like to hear from doctors on issues of "Public health!" STAY SAFE, EVERYONE! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Housekeeping: Podcasts drop on Thursday usually in time for your commute- you can subscribe on most of your favorite outlets. HAVEN PELL's blog can be found here: PUNDIFICATOR (Ep.47 was recorded in early December before the primary season and the onset of the Corona Virus and the market tumult . . .) SUSAN PAGE in the USA TODAY from Early December on the Divided America- https://www.usatoday.com/story/news/politics/elections/hiddencommonground/2019/12/05/hidden-common-ground-americans-divided-politics-seek-civility/4282301002/ The Divided America- Is "Partisanship" as bad as it feels?Centrists as the new radicalsRancor FatigueIs the skill of nuanced debate a lost art?Strong (economic) motivations for polarized partiesDoes instagram fame lead to argumentative success?Has the Bell Curve fallen to the concept of Long Tail (Niche) Marketing?Does cable viewership really tell you what the middle of the Bell Curve are thinking?Running out of money in the political process?98% of the job in politics is fundraising- is that right?Parallels in hiring- would you use the political process to hire someone?Is the popularity contest a good proxy for the skills in the job?69% of Americans deal with disagreements in a destructive way and it's getting worse! Public accountability for one's online presence . . .Philip Howard- has the country devolved with mindless compliance? Can individuals be responsible for their own thoughts? Outcomes vs Rules-Based rule-making? Has compliance culture created anger in the constituents AND the regulators? Am I only allowed to do what I'm told?Political parties as businesses. Third Parties . . . . Duopolies protecting themselves. Ross Perot. John Anderson. Jill Stein. Bloomberg and the ill-fated "path to the math." WEALTH ACTUALLY CAN BE FOUND BELOW . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

The transition of wealth between generations has put the spotlight squarely on fiduciary roles. With the rapid changes in the financial services space, directed trustees and independent administrative trust companies have exploded in popularity. The Evolving World of Directed Trustees Most advisors, wealth management firms, and clients under-appreciate the responsibility and risks of proper trusteeship. They remember a culture and business model that existed decades ago. These days, individuals trustees usually can't handle the rigors of the job and law firms are leaving the space for liability reasons. Finally, in an environment where clients want more flexibility and control, the large bank-owned trust departments provide a cumbersome experience and high turnover, With this in mind, modern estate planning has unbundled traditional investment, administrative and distribution trustee roles. There is a huge appetite for jurisdictional planning and best-in-class providers. With all of this change, it is confusing for the advisor to know who is responsible for what and how much it should cost. The Problem for RIAs RIA's do not have the resources to advise or service clients with this complexity. The administration and oversight of these structures is a distraction. Building a trust company to solve this problem does not make business sense in a private equity-backed RIA aggregation environment. Moreover, using conflicted trust providers is out of the question for fear of putting client relationships at risk. An increasingly popular option for RIAs and wealthy families is the use of directed trustees and the independent administrative trust company. CHRISTOPHER HOLTBY is a co-founder of an independent trust company that works specifically with wealth advisors and directed trustees. Not only do we highlight the best practices for identifying and partnering with an administrative trustee, but we also discuss the typical workflow between an RIAs and directed trustees. Chris' Background with Directed Trustees How RIAs work with directed trustees and an independent trust company: 1/ What are the basic requirements of independent trust company? 2/ Accordingly, which "value adds" should RIA firms should look for? 3/ Are there key attributes to spot when deciding to work/partner with an independent trust company? 4/ Lastly, should you be aware of any "Gotchas" in the space? How Do We Stay in Touch with Chris? WEALTH ADVISORS TRUST COMPANY Video of the Podcast: https://www.youtube.com/watch?v=6YyqlULg1GA "Wealth Actually" is now on Video! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Housekeeping: Podcasts should land generally land on Thursdays. You can subscribe to the podcasts on major podcast networks. HAVEN PELL'S Blog can be found here: PUNDIFICATOR On this week's podcast, we have some back and forth on the emerging prevalence of public relations and its increasing importance in corporate strategy. Discussion outline below . . . The Dangers of the "Spindustry".The use of avatars to represent climate change- are they created or natural occurring representatives.Naomi Seibt- as the counterpoint to Greta Thurnberg on climate change- is she a "created" representative. NYPOST: GRETA vs NAOMIThe Potential Damage to Unwitting Avatars (especially those pulled out of central casting)Coronavirus- Catastrophists vs. Slow Adopters. How did views change so quickly? (This was recorded before the Rudy Gobert news and the cancellation of the major sports events)The Innovation of Adoption Lifecycles- Innovators, Early adopters, Early Majority, Late Majority, Laggards."Abundance of Caution" vs "Self Quarantines Don't Work in Democracies."How does one project calm and competence (before having proved these traits)?What happens when people have to actually rethink their lives?Is there a consequence to being over-confident?The Tylenol case- a good example of PR driving the corporate strategy.Crisis Management: Doing the right thing, being smart legally and defending the brand and the business. The tension between the PR strategy and the legal strategy . . .Strategy by Avatar may not work- I can't remember Naomi Seibt's name!!! ESG investing and Public Relations- how is reputation/PR scored?Is it reputation well understood in the investment world? Significant? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

The Impact of Fanboys, Haters and Cancelling on Social Media and Internet Culture- Haven and I hit these topics . . . . Fanboys and Haters in Wealth Management and Financial Twitter Hater Culture in Politics Creating Adversaries as a Marketing Strategy (Us vs. the World) Do Presidents make Markets or Economies (The Head Coach Analogy) The "New News Cycle" and what it does to the markets Brady, Belicheck and the Patriot Effect Recessions and Economies in Political Cycles Moneyball for Politics (Michael Lewis, Bill Clinton and other examples) Binary politics and the destruction of nuance https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

A quick reminder to subscribe on iTunes, Google Play and Android! Podcasts normally drop on Thursday mornings before the EST commute. Haven's blog can be found here: PUNDIFICATORNothing on the blog or podcast is investment advice The Democratic Party is in full swing with Bernie Sanders making an early run in Iowa, New Hampshire and Nevada. However questions about his ideas and electability persist. Joe Biden has stumbled out of the blocks. Elizabeth Warren tries to re-establish her initial leap forward. Mayor Pete, Tom Steyer, and Amy Klobuchar are trying to build additional momentum as the make their case. And Michael Bloomberg lurks with the great political equalizer . . . money. Lots of it made as he built his media empire. He also has a record of achievement as the Mayor of New York and as a poor debater after his performance in Nevada. After watching Donald Trump sweep through a traditional Republican slate in 2016 and shock the world by beating Hillary Clinton in the general election, what should we make of this? What will happen in South Carolina, Super Tuesday and beyond? Check out the latest polling at https://www.realclearpolitics.com/ HAVEN AND I TAKE A LOOK AT THESE ISSUES: - The Democratic Party's tension between the need to "Beat Trump" vs. the negatives of "Buying the Election." - What is the coming DNC dilemma with Bernie Sanders? - Is the debate format counterproductive? - What would be the advice to Mayor Bloomberg at this point? - Without having the benefit of talking to him, what is Trump’s reaction to all of this?  Bloomberg's Presence Would Soon Be Felt . . . https://www.axios.com/newsletters/axios-am-bc324364-4a0f-47e6-9302-d32f7a37647a.html?chunk=0&utm_term=emshare#story0 https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Haven and I reached back into the archives (December) as we discuss GLOBALIZATION: (To reiterate we are NOT providing investment advice, just a discussion of international relations issues that we find interesting) We heavily reference the below presentation from Ken Mehlman's group. It is worth opening up in a new tab. https://mehlmancastagnetti.com/wp-content/uploads/De-Global-2019.pdf 1) The World: Leadership & Direction Up for Grabs 2) Major Economies: Aging Fast 3) Internet Policy: Regionalism Replacing Globalism 4) Populism: The New Path to Power 5) U.S. Politics: Anti-Globalists Ascendant 6) U.S.-China: The Great Decoupling 7) Business: Evolving Strategies for Braving the New World 8) Government Economists: Fewer Fiscal / Monetary Tools 9) Leadership: New Global Players Emerging 10) Super-Disruptors: Climate, Debt, Technology & Urbanization Other interesting issues pop up around our discussion of China as the news of the CORONAVIRUS was in its infancy and nowhere near the level of publicity that is occurring right now. Another concept that we touch on throughout this presentation is "Are things better than we think?" Stephen Pinker has written a book on that topic . . . https://stevenpinker.com/taxonomy/term/4265?page=1 We also discuss Sarah Chase and the impact on the regression of trust in governmental institutions. . . https://en.wikipedia.org/wiki/Sarah_Chayes Enjoy . . . and don't forget to subscribe! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

This week we have a special interview with Peter Goodrich on the tax ramifications of working with crypto-currencies. We packed a lot of information and debate in this quickly evolving field. PETER GOODRICH is a Manager in the Tax Department of Prager Metis CPAs, a member of Prager Metis International LLC.  He specializes in tax planning, consulting, and structuring with domestic and international businesses, whether they are mature or startups, high net worth individuals, and trusts and estates tax planning. He assists and advises on complex business transactions.  He has expertise in several industries including blockchain/ cryptocurrency, entertainment, manufacturing, defense contracting, technology, hedge funds, automotive, hospitality and real estate.  Here is a brief outline of what Peter and I covered: INTRO 1)  Peter, how did you got into accounting and where did your interest in the crypto-space come from? 2)  What we are talking about when we say "crypto"? 3)  What makes the taxation of crypto currencies interesting/controversial?  Is it a currency? Is it property? Is it a security? Is it a collectible? What rules apply? Are there meaningful differences between the different currencies? 4)  The IRS decided that Crypto is essentially property with capital gains implications.  Is there any nuance around that?  Do the same "Long Term/Short Term" concepts apply? 5)  Is there a difference in trading between crypto-currencies vs transacting for goods?  I.e. if I buy a painting with bitcoin and sell it in bitcoin, how is that treated? 6)  Everyone's situation is different, but if someone has a big gain, how should they think about it from a tax perspective?   7)  We always worry about the gains, but can you take losses? The IRS determined that Crypto incorporates "property" tax concepts, but are there wash sales (which would be more of a "security" tax concept)? 8)  Crypto-Currencies are supposed to be "off the grid"? Is this really the case? What about penalties for non-reporting!  It looks like there is a disclosure box in this year's forms? 9) What are the state implications for crypto-taxation? How does one determine and deal with nexus for state tax purposes? 10)  Vision for the future?  Will the government eventually accept payment in crypto? Or adopt their won?  Any other trends? 11)  What's the best way to stay up to date on what you are doing and the direction of crypto-taxation? OUTRO ADDITIONAL READING: Here are a couple of notices on cryptocurrency and taxation from the IRS and a good article from the American Bar Association (written by PARKER TAYLOR and his team from Hughes Hubbard and Reed) on the trustee and fiduciary issues related to cryptocurrencies and estate planning: FREQUENTLY ASKED QUESTIONS ON VIRTUAL CURRENCY TRANSACTIONS REPORT NO. 1433: IRS REPORT ON CRYPTO_CURRENCY ESTATE PLANNING ISSUES WITH CRYPTO-CURRENCY For more on this and other wealth topics, check out my book "Wealth, Actually" here: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Another reminder that the "Wealth, Actually" podcasts come out on Thursday morning before the EST commute. You can subscribe on most major podcast platforms . . . and now on with the show! Remember Todd Marinovich? He was on the cover of Sports Illustrated as the archetype for early specialization and "guaranteed success" in sports . . . his story started out nicely, but ended in a horrible flame out. Here is a recent update on his progress from Rick Telander . . . https://chicago.suntimes.com/2019/1/15/18386050/todd-marinovich-story-is-a-cautionary-tale-for-parents In this Episode, Haven and I engage our society's thirst for sports success, the pressure it puts on early sports specialization and the damage it can cause. We tackle: The role of sports in social mobilityHow colleges and the admissions process have played a role in sports machineThe benefits of team activities in overall developmentThe lottery-like odds of successThe nature of injuries and the risk of specializationThe benefits of specialization and the risk of being left behind Let us know what you think! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

HOUSEKEEPING: Podcasts are scheduled to post every Thursday morning just before the EST commute . . . and now for this week's podcast. Occasionally, you get to look at someone's vision for the future and it fires one's intellectual synapses. In this case, we came across a post at the beginning of the year that fit the bill. It comes from New York venture capitalist, FRED WILSON. In this podcast, we take each of his prognostications in turn . . . his list of ten themes and the full (and interesting) post is linked below. Enjoy and let us which themes we should all be thinking about. https://avc.com/2020/01/what-will-happen-in-the-2020s/ Fred Wilson: What Will Happen In The 2020s 1/ The looming climate crisis will be to this century what the two world wars were to the previous one. 2/ Automation will continue to take costs out of operating many of the services and systems that we rely on to live and be productive. 3/ China will emerge as the world’s dominant global superpower leveraging its technical prowess and ability to adapt quickly to changing priorities. Conversely the US becomes increasingly internally focused and isolationist in its world view. 4/ Countries will create and promote digital/crypto versions of their fiat currencies, led by China who moves first and benefits the most from this move. 5/ A decentralized internet will emerge, led initially by decentralized infrastructure services like storage, bandwidth, compute, etc. 6/ Plant based diets will dominate the world by the end of the decade. Eating meat will become a delicacy, much like eating caviar is today. Much of the world’s food production will move from farms to laboratories. 7/ The exploration and commercialization of space will be dominated by private companies as governments increasingly step back from these investments. 8/ Mass surveillance by governments and corporations will become normal and expected this decade and people will increasingly turn to new products and services to protect themselves from surveillance. 9/ We will finally move on from the Baby Boomers dominating the conversation in the US and around the world and Millennials and Gen-Z will be running many institutions by the end of the decade. 10/ Continued advancements in genetics will produce massive wins this decade as cancer and other terminal illnesses become well understood and treatable. " SUBSCRIBE AND TELL A FRIEND ABOUT THE PODCAST . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

It didn't take long for Haven and I to reach back across the pond for a topic to chew on . . . and this week we wrangle over the mess of the potential "departure" of Prince Harry and his wife Meghan (and son, Archie) from the official royal duties of the British Monarchy. NY TIMES: The Crisis . . . . after the Crisis https://www.nytimes.com/2020/01/15/world/europe/harry-meghan-megxit-brexit.html Page Six opines! https://pagesix.com/2020/01/13/meghan-markle-reportedly-pushed-for-megxit-prince-harry-heartbroken Canada Shrugs: https://www.wsj.com/articles/megxit-causes-global-uproar-canada-shrugs-11579136511 We take some time to go over The implications of this kind of move to the families, the institution of the monarchy and Britain in general.The risks of a "Sussex Royal" brandThe poor Queen Mum having to deal with this . . . Some of the potential motivations behind it,And the likely chaos that could be coming in it's wake . . . We also put on our family governance hats and mused as to what we would do if we were dropped into the family situation and could advise the Royals on a course of action. Hopefully it would produce some short term successes, lay the groundwork for future harmony and, finally, restore some stability and long-term planning and structure for the Crown and its relationship to the country. Enjoy! And if you like the podcast, like, subscribe, comment and refer it to friends. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Haven (https://pundificator.com/) and I (frazerrice.com) took on 2019/2020- here is a quick summary Spring Forward, Look Back . . . FRAZER'S WINNERS: Amazon- the category 5 hurricane in American Consumerism- AMZN continues to charge forward. Kylie Jenner- She sold 51% of her company for $600mm to Coty- this could be the apex of influencer branding. FRAZER'S LOSERS The Federal Reserve- With the patina presidential intervention (and long term low rates), the independence of the institution is up for debate. Online Privacy – Facebook, Google, Alexa Financial Institutions have called into question the public’s trust and opened the door to gov’t regulation. (Extra Credit- I'm convinced that there will be a "Deepfake" incident that takes down a major public figure. When it turns out to be debunked (a la the movie "Rising Sun"), there will be a fundamental shift in the way people view the social media and the "trustworthiness" of video. FRAZER'S PREDICTIONS Nuclear Power will have a renewed place in the climate change debate The Tokyo 2020 Olympics will shine a glaring light on the China/Hong Kong tensions Marvel/Star Wars will take a big breather after a big and "climactic" 2019. . . . And the Knicks will continue to break my heart. . . HAVEN'S WINNERS And Washington Sports in general The Stock Market +29% HAVEN'S LOSERS Populism both Right and Left Political Industrial Complex and their new challenges HAVEN'S PREDICTIONS Political Industry Makes a ton of money in 2020 Longer from Journalism may start to come back . . . Rumsfeld- Knowing about the unknown unknowns will be even more important AND, FINALLY, MY POOR KNICKS . . . https://www.theringer.com/nba/2019/12/9/21002375/an-11-point-plan-to-save-new-york-knicks-david-fizdale-fired My Poor Knicks https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Welcome back to the "Wealth, Actually" podcast and Happy New Year! As we start 2020, Haven ("The Pundificator") and I are taking on "Impeachment". With Nancy Pelosi's withholding of the Articles of Impeachment from the Senate and the resultant delay in the Senate trial, Americans have had a couple of weeks to focus on the holiday season and away from this segment of political theater. Can Donald Trump withstand the latest attacks on his presidency? Will Nancy Pelosi and/or Mitch McConnell's constituencies pay a price for this political gamesmanship? Here's the chance to review what is happening before the media cycle revs back up. First, here are some quick links on . . . THE IMPEACHMENT PROCESS: https://www.nytimes.com/interactive/2019/us/politics/what-is-impeachment-process.html THE ELECTION CLIMATE: https://www.politico.com/news/2019/12/16/trump-2020-reelection-086033 WE'LL TRY TO MAKE SENSE OF: Where we stand right now in the processWere there other options?The probability of President Trump being removedWhat does removal mean? The strategy and tactics for the Democrats, Republicans and the President around this processPotential ramifications in the 2020 electionPotential ramifications for the use of impeachment in the future We hope you enjoy it! And a reminder to subscribe- the podcast is on major platforms. PS- I got the chance to be a part of Meb Faber's "Best Investment Writing, Volume 3. I created an audio version of Chapter 3 of "Wealth, Actually". The link is below. I hope you like it. https://mebfaber.com/2019/12/30/the-best-investment-writing-volume-3-frazer-rice-preparing-for-the-hurricane-of-wealth/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Dr. RICHARD HAASS takes us on a tour of The World's Hot Spots. We also discuss the U.S. in 2024 and the concept of citizen ship.

Haven and Frazer discuss Brexit and its Implications First, some quick housekeeping: "Wealth, Actually" is setting the schedule to post content every Thursday. Interviews with entrepreneurs, experts, and tastemakers AND Haven Pell and I will take on noteworthy and timely topics. SUBSCRIBE today on most major podcast venues. Tell friends, leave comments and get in touch! Second, HAVEN PELL and I are discussing Brexit. We take on . . . . England's Political Process (and how we got here)Some of the Personalities Behind the Election (Boris et al . . . )Labour vs. Tories (and others)5 Years of Labour?Ramifications for the UK and the EUPotential Implications for the US (and the big decisions coming up in our electoral process) Here are a couple of articles that are useful in understanding what just took place: BRITISH ENDGAME: BRITISH VOTERS BACK BORIS AND BREXIT https://pundificator.com/the-u-k-election-wont-solve-brexit/ Find Frazer's book here: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

In a new regular feature on the "Wealth, Actually" Podcast, Haven Pell and I will take on a topic.  (For our first one, we discuss the concept of "College" in modern American Society) With some fun questioning and debate, we'll try to make some sense of a subject that has some controversy, broad policy implications and a little bit of hypocrisy to unwind.  Hopefully, it's weighty and important.  We hope to tackle things that are both evergreen and timely. MEET HAVEN HERE:  https://pundificator.com/haven-pell/ In this first segment, we take on "College". A broad, wide-ranging topic?  You bet. We address: The cost The pressure (on applicants and graduates) The Insider vs the Outsider Viewpoint STEM vs Liberal Arts The Impact on Culture A Year of Service A Venue for People over 60? Sports and University Life Broader Ramifications on the Future of the U.S. Look forward to WEALTH ACTUALLY and the PUNDIFICATOR as regular feature . . . as we take on current events and and some of the big concepts and issues facing society today.  SUBSCRIBE, TELL YOUR FRIENDS AND LEAVE COMMENTS. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT          

In this edition of "Wealth, Actually", I was able to speak with Leslie and Mark Begert of the newly launched, Fabulingua.  The company helps to accelerate the learning of second languages through a unique blend of technology, storytelling and gamification.  The program is initially focussing on English and Spanish, but the Begerts have big plans for the company in the future.  Today we get to hear more about their journey, the nuts and bolts of the company, and, finally, what it's like being married entrepreneurs.  Enjoy! Here is the best way to learn about the company: Device download link via App Store or Google Play Store: https://fabulingua.app.link/XMJRpLZ9h2 Website: https://www.fabulingua.com/ FB:  https://www.facebook.com/fabulingua IG:  https://www.instagram.com/fabulinguakids/ Leslie Omana Begert and Mark Begert of Fabulingua Co-founders of Fabulingua, a company borne out of her deep linguistics and psychology training. Fabulingua is devoted to providing a revolutionary way for kids to learn a second language. It uses many of the features of traditional natural story reading and modern gamified learning techniques so popular today. Backgrounds: Raised in Barcelona, Leslie is a true polymath with academic backgrounds linguistics, psychology and anthropology from Oxford and Cambridge. She further cultivated her professional experience at Goldman and L’Oreal. She has turned her attention to developing a better way for kids to learn a second language by founding Fabulingua with her husband, Mark. Mark began his career in finance and worked internationally (especially in China with wireless company, Linkstone) before locating in Austin. He began focusing on the clean energy economy at Long Branch Capital and then Meridian Solar before starting Fabulingua The Importance of being bi-lingual today . . . How does FabuLingua work? What if there are no other native speakers in the household? There are many products out there (Rosetta Stone, Pimsluer, Duoligo)- what makes FabuLingua different and better? How does the gamification work?  How does the storytelling accelerate the learning process?  Answers to FAQ's about the site can be found here:  https://www.fabulingua.com/faq-fabulingua What is the plan for the business?  Where can we start seeing it? Describe running your own business and entrepreneurship.  How do you balance the raising a family with entrepreneurship?  What is it like working with your husband? What is the best way for us to keep track of your progress or try FabuLingua out? Interesting Facts about the Begerts. Outro: You will notice a new format for the podcast.  I hope you enjoy it. Extra special thanks to Matt Passy who has been extremely helpful in helping me reboot. Please subscribe, tell your friends and leave comments, https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

First, this is the first podcast with some formatting changes (including making it easier to subscribe via iTunes and Google Play) and the addition of music . . . let me know what you think of it . . . now back to the podcast. One of the main themes in 2019 is the focus on effective philanthropy amongst the wealthy.  Following the example of the Bill and Melinda Gates Foundation among others, measurable outcomes, specific examples of positive change and solutions delivered at scale are more and more important to the people making philanthropic investments.  Interested in seeing an example of a difficult philanthropic problem identified and addressed, I spoke with Jasmine Nahhas di Florio, Senior Vice President, Strategy & Partnerships, of EFE-Global.  It's difficult to not be impressed by Jasmine's background and the accomplishments of EFE.  Founded by Ron Bruder after a successful career in real estate development, Jasmine and EFE have devoted their efforts to providing opportunity and structure to men and women in the MENA region (Middle East and North Africa).  Listen with me as we learn about the problems in the area, the challenges overcome and some of the successes that they have been able to achieve in an area that many hear about, but few understand. Below are some of the stories and links to EFE on Twitter and Facebook. https://efe.org/success-stories/alumni-stories Twitter: @EFE_Global https://www.facebook.com/EFEGlobal/ 1)  Introduction Jasmine Nahhas di Florio has over 20 years of experience spanning the nonprofit, philanthropy, government and private sectors. Having joined EFE in 2005, she has worked closely with the organization’s Founder and Chairman, Ronald Bruder, since its startup and is currently Senior Vice President for Strategy & Partnerships. Today, EFE is the leading youth employment and nonprofit job placement network in the Middle East and North Africa. Previously, Jasmine ran programs for private donors in Afghanistan for Afghan Women Leaders Connect at Rockefeller Philanthropy Advisors, and Arzu, a carpet social enterprise. Earlier in her career, Jasmine was a corporate attorney at the international law firm Davis Polk & Wardwell, and she also served as an attorney-advisor at the U.S. Department of Treasury. Jasmine consulted the United Nations (UNFIP) on private-public sector partnerships. A Rhodes Scholar, Frank Knox Scholar and Fulbright Scholar, she is a graduate of the University of Alberta, Oxford University and Harvard Law School. She also completed the Columbia Business School's Social Enterprise Program Senior Leaders Program for Nonprofit Professionals and currently serves on the board of the Middle East Children’s Institute. Jasmine’s expert commentary on economic opportunity, women’s empowerment and youth issues has been featured in The Financial Times, Forbes, Stanford Social Innovations Journal, and Finance Middle East, among others. 2)  How did the EFE come about and how did you become associated with it? 3)  We watch the news and intuit the the economic situation in parts of the Middle East / North Africa are desperate.  How does this relate to the problem that EFE tries to solve? (EFE's WHITE PAPER ON ECONOMIC DEVELOPMENT IN THE REGION) 4)  This seems to be a widely supported goal- what are the challenges in addressing the regions? 5)  What are the different options for programs? 6)  How do you select your initiatives? 7)  Describe some of the successes? 8)  What are some of the future initiatives that are being considered? 9)  How do we stay in touch with you and find out ways to be involved with EFE? https://www.youtube.com/watch?v=ZZNdOo28u4c&feature=youtu.be https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT  

Frazer Rice and Tyrone Ross in the studio for "Wealth, Actually" Welcome back to the "Wealth, Actually" podcast. (Reminder:  There is no investment advice here!) Bitcoin and other cryptocurrencies have come back into the news as they have jumped around in price in the last two years.  To help us understand the crypto phenomenon, I spoke with Tyrone Ross of Noblebridge Wealth. An extra special thank you to Tyrone for his unique insight, not only into cryptocurrencies, but in describing his personal journey in the wealth management space. There are powerful lessons to be learned here. Website: tyroneross.io Twitter: @TR401 Tyrone is a start up investor and financial consultant. He has developed a deep expertise in the cryptocurrency space He has been a go-to expert for many financial advisors as the space evolves.  In addition to his cryptocurrency niche, Tyrone has carved out a burgeoning media and twitter presence with his outspoken and impactful views on the need for inclusion in the closed off world of financial advice.  Tyrone is also officially the fastest person I have ever interviewed as he was an Olympic Qualifier in the 400m back in 2004! (For those looking for excellent primer on the blockchain and how Bitcoin and other cryptocurrencies work, check out BLOCKCHAIN BASICS: A NON-TECHNICAL INTRODUCTION IN 25 STEPS by Daniel Drescher.  You will know more about how Crytpocurrencies and other technologies work [and their limits) than 99.9% of the public.  I also explored the subject in two terrific WA podcasts with Blockchain investor, BART STEPHENS and the CEO and Co-Founder of the Kowala, EILAND GLOVER.) Background: Tell us a bit about your professional background . . . Educational / Family experience Olympic experience- what did you take from it?  How did you use it? How does that inform your advice to clients? How did you get interested in cryptocurrencies? Let's get right to cryptocurrency. What is the appeal of cryptocurrencies? How is the world adopting cryptocurrencies into use cases? How do you distinguish between the use of crypto and investing in crypto? Describe what the market has done in the last couple of years . . . How do we distinguish between Bitcoin, Ethereum, Ripple and the other currencies? Who is equipped to parse through the differences? Do you need to understand code?  How many people really get the underlying structure of the cryptocurrencies? Is blockchain- the technological underpinning behind cryptocurrencies and other uses- a better bet? How would you get exposure to that space? What are you telling clients? Media and Marketing When did you "know" you were an entrepreneur? What was your marketing plan and how have you developed your practice? We met through twitter and I am amazed at the power of that medium- what is your take? Relationships within the #fintwit and media community (Josh Brown, Justin Castelli and Doug Boneparth, among others)- what are your impressions? You tweeted an amazing video on the role of privilege and background in the investment community and lots of great media appearances- Where should these discussions be taking us?  What's next? How do we stay in touch with you? Website: tyroneross.io Twitter: @TR401   DON'T FORGET TO PICK UP YOUR COPY OF WEALTH ACTUALLY- THE LINK IS BELOW. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

  We're back with another "Wealth, Actually" podcast.  This time I got to speak with John Farr, a man who blended his love of movies with the world of movie house restoration.  John Farr has helped restore one historic cinema (The Avon in Stamford) and did it again for the BEDFORD PLAYHOUSE in Bedford, NY.  Boasting a half-century love of great film and a career in advertising, John guides smart audiences to smart films through his website – BEST MOVIES BY FARR. Quick bio- what was your background? Ties to Bedford, career in advertising to interest in movies and that industry . . . Best Movies by Farr . . . tell us how this came to be and what it is. How did you go from being in advertising to becoming urban planner / real estate developer / media mogul? Concept of movie theater as cultural center for a town Brief history of the theater and the closing in 2015.   History of Bedford Playhouse – opened in 1947, It survived my frequent attendance! from 1980 on . . .  What happened in 2015?   Experience with the Avon Theater in Stamford, Jacob Burns in Pleasantville, how did that translate to Bedford? How did you get the various stakeholders around a reinvigorated concept?  How did you meet Ken Horn and how did he get involved? Groundswell and Description of process post-2015. Challenges. What can we look forward to in 2019 and beyond.   What are some of the interesting features that we should be on the lookout for? Favorite movies generally:  Hitchcock, Notorious, Vertigo, Cary Grant Oscar picks How do we stay in touch with the Playhouse, Best Movies by Farr and your other exploits? www.bestmoviesbyfarr.com www.bedfordplayhouse.org Twitter: @BedfordPlayHse Instagram:  @bedfordplayhouse Some additional notes on the history of the Bedford Playhouse: The Bedford Playhouse is a former movie theater located in Bedford, New York which first opened its doors back in April 1947 to much fanfare. It operated continuously in the village for close to seventy years. It had a state of the art sound system and projection, “modern” air conditioning and an exterior designed to blend in with the historic village of Bedford. The owner and designer, Joseph H. Stearns, was a resident of Pound Ridge. In 1983, the theater was divided into two smaller theaters, and much of its majesty and historic nature was lost. In early 2015, the theater closed. A grass roots organization was formed under the leadership of Bedford resident John Farr, with the goal of transforming it into a not-for-profit arts house cinema, cultural center, and community hub. Over $8 million has been raised since then and construction of the new facility began in Spring, 2017. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

I recently spoke with kick-butt entrepreneur, Storey Jones.  She is an expert on divorce and family planning and has founded a company around her expertise.  I'll let her bio from her startup DTOUR.LIFE tell the story: INTRODUCTION "Been there. Done that. Survived and thrived. In 1998 Storey Jones married a technology entrepreneur. By 2001 his company had executed a successful IPO and then an accounting scandal brought everything crashing down leaving her in a highly complex seven-year legal quagmire that included every unimaginable financial and emotional challenge including a protracted high-conflict divorce and custody battle. Though she lost everything including her home, possessions, savings & retirement, she gained a purpose. She recognized the glaring chasm between the human experience of divorce and the legal system; she developed a new business model as a divorce consultant to assist men and women in becoming far more informed, prepared and supported as they navigate their own unique processes. She also worked closely with divorce legal teams to help their clients be better prepared participants in their own divorce. After 12 years as a divorce consultant in the San Francisco Bay area, Storey has now leveraged that experience to build the first holistic end-to-end platform for divorce to bring innovation and technology to an outdated system. She is determined to change the experience by providing education and smart efficiency with expansive day-to-day tools that are designed so both clients and professionals can seamlessly work on and understand the same financial and other case-related data. dtour.life is designed from the ground up to fundamentally redefine this life transition for both spouses and professionals. Prior to founding Lemon Tree Advisors and dtour.life, Storey was president of Addis, a bay area brand strategy and design firm where for 13 years she was integral to its growth and vision. Storey now lives in New York City with her teenage son; she has a B.A. from Colgate University." We covered an enormous amount of ground and I'm excited for you to hear her story: Tell us a little bit about your background and help us understand how you came to start dtour.life "I have a business background and when I found myself quite suddenly and surprisingly in the middle of a highly complex, expensive and protracted divorce at a young age. I realize now how naïve I was, and through my process, I was horrified at the system, the inefficient process and the lack of accountability of the professionals. It was one of those classic “If only I knew then what I know now,” and I couldn’t bear to think of anyone else going through it with the blind faith in the system that I had, so I developed a divorce consultancy to work with families. I had a consultancy for about 10+ years in the SF Bay area. Then, during those years, with a front row seat to the day-to-day workflow process, I had my second epiphany when I realized what was actually the root cause of so much of the massive cost and protracted timelines…that is what led me to develop and found dtour.life…)" How does the process of divorce typically play out?  There are four fundamental layers to divorce: Emotional Financial Children Post-Divorce Lifestyle   Who are the advisers that surround this process?  Traditionally, everyone believes they just need a lawyer, is that still true? Are there other advisors to be considered? I prefer a team model, and at first that might sound expensive, but in fact, it is the most efficient and cost-effective model. Every case has a unique set of factors be It the psychological dynamic between the spouses, the complexity of a financial issue, the ownership of a business, difficult child emotional or schedule issues, etc.   As we discussed earlier, divorce is this huge lifestyle arc that affects every single aspect of your life. It so far exceeds simply the legal issues that I encourage ever...

This is a special "Wealth Actually" podcast.  I spoke with an author and educator that has had a major impact on financial literacy and wealth management.  He is also a terrific guy to boot!  Over the course of our discussion, While I felt like I was nodding my head in agreement a lot (that's the whoosh near the microphone), My guest's nuanced views on wealth and his consistent and deep writing taught me a lot about the importance of great advice, clear thinking and long-term planning. Jonathan Clements is the founder and editor of HUMBLEDOLLAR.COM. He’s also the author of eight personal finance books, including his latest, “From Here to Financial Happiness.”  Born in England and educated at Cambridge University, Jonathan spent almost two decades at The Wall Street Journal in New York, where he was the newspaper’s personal finance columnist. He also worked for six years at Citigroup as Director of Financial Education for the U.S. wealth management business.  You can find him on on Twitter (@ClementsMoney) and Facebook (https://www.facebook.com/ClementsMoney) FROM HERE TO FINANCIAL HAPPINESS Background: Tell us a little bit about your background How did your career evolve? How did writing become a part of it? "From Here to Financial Happiness . . . in 77 Days" Where did the need for this book come from? "Just because it's not complicated doesn't mean it's easy!" The Power of Compounding- why it's vital. I'm impressed with the structure of the book and breaking down self-improvement steps in a series of days.  How did you decide on that? Enjoyed the saving for retirement section.  It has to happen first even though it's a liability that is farthest away. What works and what doesn't when trying to teach financial discipline to people whose After tax, After fee, After Inflation (spending); why is it so hard for wealth managers to frame things in these terms? Estate planning - necessary for everyone Friendly debate . . . whole life insurance as a way to save for LTC (instead of LTC insurance);  The emergence of HSA's . . . Where should you expect an advisor to add value?  Robo-advice, tax advice, sounding board, investment performance State of the wealth management industry . . . fee compression, business models, the role of the advisor, consolidation, service standards Humble Dollar- terrific blog on investing and general financial literacy- what can we do as a country to help make people make better decisions? Contact How can we get a hold of "From Here to Financial Happiness." How do we find out more about your other writings? How do we keep track of your whereabouts? To find my book, "Wealth, Actually", click below! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1/dp/1619618605/ref=sr_1_2?s=books&ie=UTF8&qid=1539574775&sr=1-2&keywords=wealth+actually  

"MUNICIPAL BONDS: THE ORIGINAL IMPACT INVESTMENT?" For this first WA episode, I spoke with Matt Posner the Director of the Impact Coalition.  We attack a bunch of topics centered around the emergence of the municipal bond markets' increased relevance in the impact investing world.  Matt is helping to coordinate through the efforts of the Impact Coalition. THE IMPACT COALITION (www.theimpactcoalition.com) is working with the largest underwriters, investors, and state and local governments to build a new language to analyze public infrastructure projects. The Coalition allows market practitioners to have a universally recognized Social Rate of Return on projects that improve the daily lives of our communities, and as a result, lower the costs for those that are raising funds for the public good. Matt has spent the last 15 years analyzing the intersection of public policy, financial markets and state and local governments. Prior to the Impact Coalition, Matt was Head of Market Strategy for a venture-backed start-up aiming to modernize public finance through technological advances, called Neighborly. During his tenure there, the firm successfully raised a Series A round and started an asset-management firm with a focus on socially responsible investing. It was during this time that Matt dove into the impact space and realized its true potential to help make positive community changes around the world. Prior to Neighborly, Matt started a consulting and research firm, Court Street Group, which provides weekly analysis of public finance along with several municipal bond market veterans. He is an Advisor to that company and writes for them. He began his career writing about Nuclear Energy and was a Managing Director at a boutique public finance research firm, Municipal Market Advisors. Matt has testified before the U.S. Senate Committee on Finance on infrastructure finance problems facing the country and spent years educating staff in the U.S. House of Representatives, the U.S. Senate, the U.S. Treasury Department and the Securities and Exchange Commission, among others, on public policy and market implications. Matt has been quoted on his views and published in the Wall Street Journal, the New York Times, Bloomberg News, The Bond Buyer, the Municipal Finance Journal, and the Government Finance Officers Association's Government Finance Review, among others. Matt doesn't lack for international experience!  He spent most of his childhood abroad in Senegal, The Gambia, Bolivia and Peru. He is a graduate of Georgetown University with degrees in Government and History. The format of our discussion is below. Questions Background: Tell us a little bit about your background How did your career evolve? The Impact Coalition: What problem was it formed to solve?  Why do we need a new language for public infrastructure? What does it do? Who is a part of it? Various issues in the Municipal Space Vast number of public issues Some universal language, some language particular to state law Problems with indexing Intensive manual reading and credit analysis Predicting interest rates Different levels of information Emerging technology AI, ML Active v. Passive Management How would the IC's work help the RIA community? What is there problem in dealing with clients fixed income needs? Fixed income ignored? Difficult to tell the fixed income story? Difficult to tell the ESG story?  Municipals:  The Original Impact Investment? Munis simply a tax free income play or something more? Tech issues International Investing community Confused by lack of universal vernacular around public infrastructure Interest in infrastructure- unsure about "impact" Little experience in munis- Americans have long retail history- don't understand the disconnect Grappling with increasing interest rates? Better to go with high dividend equity infrastructure on after tax basis? Contact

https://frazerrice.com/wp-content/uploads/2018/08/Frazer-Rice-FB-Live.mp4 Thanks to David Grasso, Scott Richmond and the team at Bookstr for having me on their Facebook Live channel.  It's always a pleasure to discuss "Wealth, Actually." A link to the book is here and don't forget to leave comments on the Amazon site. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Episode 151 - MARK HOUSE Cryopreservation and wealth was once the purview of science fiction and Hollywood. Freezing one's self to be revived in the future is not just something out of Issac Asimov book or a Ridley Scott movie. The science, estate planning, and economics of this "call option on immortality" are here right now. There are legitimate and current issues with cryopreservation and wealth- fascinating ones at that! Science, estate planning, ethics, governance, economics and good old-fashioned drafting are in focus as I speak with Scottsdale-based attorney MARK HOUSE. We're going to get our arms around the misconceptions of the freezing process and what that means legally and practically. With that background, we'll dive into the structuring and drafting considerations to effectuate this amazing concept. Finally, we have some fun by guessing at what the world may look like with revived citizens hundreds of years from now. INTRODUCTION BACKGROUND -How did Mark get into estate planning and how did he get into cryonics? CRYONICS -Let's define freezing "pre-death" vs "post-death." -Behind the Science: GREG FAHY'S WORK and BIO -What is the legal and funding process? ESTATE PLANNING AROUND CRYOPRESERVATION AND WEALTH -Usually when people die (and the being's existence terminates), the assets transfer to beneficiaries. However, here something different happens. -Is there a difference between being kept alive but in "suspended animation" and dying? -Does having various features including DNA maps serve as the basis for a new being? DIRECTED TRUSTS -Ownership in a trust should be able to provide the structure that allows the Grantor to be resuscitated when the science catches up. -Trusts have a Grantor, Trustee, Corpus (literally in this case) and beneficiaries. -Trustees must administer, invest and distribute.  -How does a directed trust allow the Grantor's intent to persist? TRUST REQUIREMENTS -Perpetuity and a Good Trust Protector Structure are vital. -With that in place, trustees must have distribution flexibility and discretion around "beneficiary determination" -Why is it important to have broad Trustee choice? -If we're making guesses about the future, why is nimble decision-making process around "science determinations" important? -When talking about investment flexibility, is endowing a future being a "prudent investment'? If so, how does a trustee sign off on that? CRYOPRESERVATION AND WEALTH ISSUES -Who pays the freezer? How much does this cost? -Once we know that, how does the trust pay for it? -When should a person use life insurance? When employed, does the presumption of death change anything? -What happens if you run out of funds? -Does it make sense to (also) endow the future persons' lifestyle? If not, how will they function in the future? -Should other the trust not include future beneficiaries to reduce a potential future conflict -How do you staff this? (See here for an interview with Betsy Brown on Corporate Trustees designed to deal with tricky situations: https://frazerrice.com/ep-63-betsy-brown/) -What if the individual or corporate trustees cease to exist? (Trust protector) -Is there liability for the science committee if they unfreeze too soon?  Can other beneficiaries then be added? Should they be? -Are private trust companies common in these situations? BEST PRACTICES AROUND CRYOPRESERVATION AND WEALTH -What’s the best way to get started? OUTRO - How do listeners find Mark House? MARK HOUSE CONTACT INFORMATION ARTICLE ON CRYONICS TIM URBAN'S ARTICLE OUR TRUST AND ESTATES PROFESSOR, JEFFERY PENNELL Firms that do this ALCOR- https://www.alcor.org/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Here is something that is a little bit new!  I was interviewed on my new book "Wealth, Actually by Josh Jalinksi on his Financial Quarterback show on 710 WOR ad on #iheartradio.  We discussed estate planning, family dynamics, investing and a host of tools that could helpful in making good decisions about wealth.  Thanks again, Josh! To buy "WEALTH, ACTUALLY" on AMAZON, click BELOW . . . Feel free to leave Amazon Reviews (hopefully good ones!).  They help the algorithm. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT      

With the 2018 midterm elections around the corner, I spoke with Ben Phillips about the impact of policy on the investment world. Ben Phillips serves as the CIO of EventShares, overseeing research and portfolio management for the U.S. Policy Alpha ETF (PLCY). Mr. Phillips previously worked for Goldman Sachs Asset Management, where he had portfolio management responsibilities across several multi-sector total return funds. Prior to GSAM, he held senior investing roles at Providence Equity Partners and Lord Abbett. Mr. Phillips is a CFA charterholder and received an MBA and BSBA in Finance from the University of Missouri. Mr. Phillips works in the firm's New York office. Background: How do you think about investing at Eventshares? (What is the effect of Policy on the markets) Government affects everything.  How do you break this down and organize your thinking? Once your themes are established how do you implement your findings into good investment ideas? Onto the 2018-2019 political environment: First, what do we make of the general political environment and the effect of Trump? Second, what is the current thinking on the midterms? Onto the specific policy themes that affect investments: Policy themes outlined by Ben: Trade: "Trade continues to be the biggest potential headwind to the market. We expect headline volatility to linger, as markets attempt to decipher if Trump is bluffing on tariffs. While negotiations play out, we prefer to hold U.S. focused companies with minimal foreign currency exposure." Immigration: "Border arrests trended down in 2017 after Trump assumed office pledging an immigration crackdown. However, 2018 border arrests are increasing as the administration doubles down on its agenda and strengthens border enforcement. We expect this to impact U.S.-Mexico relations and be a defining issue in the midterm elections." Trucking: "Electronic logging devices (ELDs) continue to be implemented, which we believe will slow trucker productivity. In our view, ELDs are compounding a driver shortage, which will force trucking companies to increase compensation and turn down freight. We prefer to own asset-light companies with exposure to the spot freight market, as well as companies involved in the intermodal and rail markets." Defense: "The FY 2019 appropriations process is underway in Washington D.C. We continue to expect companies involved in the defense industry to grow their revenues over the upcoming years due to the long lead time of defense contracts and the added tailwind from foreign demand. In our view, aircraft manufacturers and shipbuilders are best positioned to benefit from increased spending." Refining Spreads: "The U.S. energy boom continues to redefine the energy market. Drilling companies in the Permian Basin are extracting record amounts of oil, but pipeline capacity issues mean not all of it is moving out of the area. Trucking shortages (see above) are exacerbating the issue, causing some drillers to sell at the local Midland spot price to refining companies. The refining companies may then be able to capture the spread by selling the oil at WTI or Brent benchmark prices." Financial Deregulation: "The Trump administration continues to focus efforts on dismantling the Consumer Financial Protection Bureau (CFPB), which is responsible for consumer protection in the financial sector. In our view, this will continue to benefit specialty finance companies, non-traditional lenders, and select regional banks." Healthcare: "The Affordable Care Act (ACA) continues to be a long-tail policy. After years of fighting the ACA, Republicans appear slightly more willing to expand Medicaid and Medicare, but only under their terms. While risk reduction payments were recently in the headlines after a New Mexico court ruling, we don’t believe they will be stopped under the ACA. In our view, these two items will help stabilize the insurance exchanges and insurer business models....

In Podcast #25, I was able to speak with Bill Yoh, the author of "OUR WAY". https://www.amazon.com/Our-Way-Life-Story-Spike-ebook/dp/B0786QGZ6K/ In the book, Bill tells the story of Spike Yoh, the driving force behind Day & Zimmermann with un-sugarcoated candor. An embattled son becomes a patriarch. An untested employee becomes a CEO. A husband becomes a caregiver. A student becomes a teacher, and ultimately a student. Spike Yoh's life story paints a vivid picture of the profound and very human forces that shape leadership. From a troubled childhood that would have propelled most into a cycle of broken relationships and self-doubt, he rewrote the rules of his own life, and in the process built his father's company into a billion-dollar enterprise. Author, Bill Yoh serves as a speaker, biographer and strategist, helping other family business owners navigate the opportunities and challenges that inevitably arise when personal and professional lives intersect. As a third-generation owner of Day & Zimmermann, his family's 43,000-employee, century-old family business, Bill has a rare and personal view of the complex and human dynamics behind today's multi-generational family businesses. INTRO Background: Tell us a little bit about your background How did your career evolve? How did writing become a part of it? How did the story and the principles of Spike Yoh become a focus? Day and Zimmerman Tell us a little about where Day & Zimmermann came from and what they do Recount some of the fulcrum moments of Spike's leadership Importance of the motto Difficulties that were surmounted Successes celebrated Involvement with the community (and family) and its importance to corporate mission How did Spike first begin to involve the family in the decision-making around the family and the wealth? What worked and what didn't? What moments in his life may have informed some of the choices made? Process of succession of the business Operational Succession v. Ownership succession How was the future management of the business chosen? Tradition v. Qualification?  Inside v. outside? Tenure v. new blood? Direction- growth v. income?  Focus v. Diversification? Public v. Private? How were family members chosen within that context? Aptitude, Ability, Interest, Capacity, Temperament Stories around successes and issues here How was ownership succession chosen? Every one equal or each according to need, none of the above? Was there structure around the wealth to try to prevent bad habits/encourage good ones? How did you surround yourself with advice around that?  You obviously had formal advice (legal, banking, accounting etc . . .).  But did you have a shadow cabinet or a set of like-minded executives with similar experiences that you could lean on for their advice?  How was the board involved? Was philanthropy part of the equation? How were decisions made within the family?  How was the process of socialization/buy-in? Other shareholders? How were the other stakeholders incorporated in the decision-making? (employees, customers, vendors, community)? Familytics What are the issues you see with families with succession issues What are best practices that you have seen with your family and others that can apply? What are the various tools and communication practices that can be useful in helping families on that journey? How does FAMILYTICS work? Contact How can we get a hold of "Our Way"? AMAZON How do we find out more about Familytics FAMILYTICS How do we keep track of your whereabouts? BILL YOH, AUTHOR OUTRO- https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/