Family Capital

Preface ix The Titan Family x Organization of the Book xi A Note to Middle-Income Investors xiii Acknowledgments xv Prologue: The Titan Family in America xvii Preparation and Use xvii The Extended Titan Family xxii The Titan Family Tree xxvi Summary xxvi Note xxvi CHAPTER 1 George Titan III and His Catastrophic Mistake 1 Preparation and Use 1 How Not to Manage Your Family's Money 1 The Mistakes George Made 9 What a Good Advisor Could Have Done for the Titans 12 Summary 17 Notes 17 CHAPTER 2 Ned and Rose Succeed Jake as Co-Heads of the Family 19 Preparation and Use 19 Ned and Rose React to George III's Decision to Sell Equities 19 Jake Picks Ned and Rose as Co-Heads of His Branch of the Titan Family 21 What the Regional Brokerage Firm Could Have Done Better 35 Summary 38 CHAPTER 3 The Titans Search for and Engage a New Financial Advisor 39 Preparation and Use 39 How the Titans Conducted Their Search 39 Concluding the Search 46 Summary 50 Notes 51 CHAPTER 4 First Meeting: Governance, Investment Strategy, and Other Introductory Matters 53 Preparation and Use 53 First Meeting with the Titans' New Advisor 53 Summary 62 Note 62 CHAPTER 5 The Titans Create an Investment Policy Statement 63 Preparation and Use 63 The Titan Family Meeting 65 Summary 91 Notes 95 CHAPTER 6 Establishing the Titan Family's Investment Objectives 97 Preparation and Use 97 The Titan Family's Version of Their Investment Objectives 97 Summary 121 Notes 122 CHAPTER 7 The Titans Grapple with Asset Allocation 125 Preparation and Use 125 The Asset Allocation Meeting 126 Summary 164 Notes 165 CHAPTER 8 The Manager Search Meeting 167 Preparation and Use 167 The Manager Selection Meeting 168 Summary 206 Notes 207 CHAPTER 9 Reviewing the Performance of the Investment Accounts 209 Preparation and Use 209 The Performance Reporting Meeting 210 Summary 244 Notes 245 CHAPTER 10 Miscellaneous Investment-Related Discussions 247 Preparation and Use 247 Family Investment Education 247 Adding Value to the Titan Family Portfolio 256 Investment Committees 263 Socially Responsible Investing 266 Summary 270 Notes 272 CHAPTER 11 Miscellaneous Non-Investment Discussions 275 Preparation and Use 275 Hiring a Custodian 275 Family Limited Partnerships 280 Family Philanthropy 281 The Family Office 290 How Much to Leave the Kids 292 Inequality and Wealth 295 Summary 307 Notes 308 About the Website 311 About the Author 313 Index 315