The Taxable Investor's ManifestoWealth Management Strategies to Last a Lifetime
<p><i>The Taxable Investor's Manifesto: Wealth Management Strategies to Last a Lifetime</i> is written for every investor with taxable wealth and every advisor who serves them. <i>The Taxable Investor's Manifesto</i> guides readers through a series of related topics, bringing clarity to complexity with an economy of words, while providing valuable and actionable advice at every turn.</p> <p>This remarkable book combines the deep industry knowledge of a seasoned practitioner with the communication skills of a leading educator. Author Stuart E. Lucas is the founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises, including his own. He also co-founded the University of Chicago’s Private Wealth Management program, now in its fourteenth year.</p> <p>Most investment books only address pre-tax headline returns, but individuals pay taxes. The incentives and disincentives of our tax system can have a dramatic impact on actual investment time horizons and returns. The <i>Manifesto</i> sensibly folds tax incentives into investment strategy in ways that can add profound value over a lifetime to actual results. It includes guidance on:</p> <ul> <li>How to keep a greater percentage of your profits with a higher probability of success <i>and</i> less effort</li> <li>Why it’s important to manage the intersection of investment, tax and estate planning</li> <li>How to compete for better long-term investment returns against tax-exempt investors.</li> </ul> <p>Whether you're a young professional or entrepreneur, a mid-career manager, a senior business executive, or a retiree this book will give you tools to enhance your net worth considerably. If you are an advisor, studying and implementing Lucas's advice will strengthen your business and make your clients happier.</p>
<p>About the Author xi</p> <p>Acknowledgments xiii</p> <p>Introduction xvii</p> <p>Chapter 1 Taxable Investors Need to Think Differently 1</p> <p>Chapter 2 Diversify at the Right Time and in the Right Way 9</p> <p>Chapter 3 Generate Value From That Magical Liability: Deferred Tax 17</p> <p>Chapter 4 If You Want Wealth to Grow, Own Stocks 25</p> <p>Chapter 5 Lengthen Time Horizon to Lower Risk and Enhance Returns 39</p> <p>Chapter 6 Control Cash Flow to Perpetuate Purchasing Power 49</p> <p>Chapter 7 Don’t Be Misled By Performance 55</p> <p>Chapter 8 Get Value From Active Management 65</p> <p>Chapter 9 Approach Alternative Investments With Skill and Skepticism, Or Not At All 79</p> <p>Chapter 10 Plan Your Estate: It Adds More Value Than Investing 89</p> <p>Chapter 11 Shift From Success to Significance 99</p> <p>Chapter 12 Reinforce Positive Family Culture Through Financial Design 105</p> <p>Chapter 13 Evaluate The Risks to This Approach 111</p> <p>Chapter 14 Select An Advisor With Strong Investment Skills, An Interdisciplinary Approach, and A Fiduciary Mindset 117</p> <p>Appendix Additional Books About Taxable Investing 129</p> <p>Index 131</p>
<p><b>STUART E. LUCAS</b> is the founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises, including his own. He co-founded the University of Chicago's Private Wealth Management program, now in its fourteenth year, and is the author of the bestselling <i>Wealth: Grow It and Protect It</i> and numerous articles on investing and wealth management. Lucas is Chairman of the Investment Committee of National Public Radio and formerly Senior Managing Director of the Ultra-High-Net-Worth Group within Private Client Services at Bank One, now JPMorgan Chase. He holds an MBA from Harvard Business School and is a Chartered Financial Analyst.
<p><b>Taxable investors need to think differently.</b> <p><i>The Taxable Investor's Manifesto</i> provides a new approach to maximizing profits from the money you earn, the investments you make, and the taxes you pay. With this book, you will learn to integrate invest- ment, tax, and cash flow into every finan- cial decision. What you consider a good investment will change. So will the way you keep track of results. Implementing this new approach can improve those results by millions of dollars over decades, even generations. Plus, you'll see, it doesn't have to be complicated to be effective. <p>Accessible and straightforward, each of the <i>Manifesto's</i> chapters highlights one key aspect of managing taxable investment portfolios. Together, they are a road- map to greater profits. <p>Written for financial advisors and non- professionals alike, <i>The Taxable Investor's Manifesto</i> is an indispensable source of strategic, after-tax wealth management guidance for anyone who owns financial assets, pays taxes, and engages in financial planning, as well as an effective call to action.
<p><b>PRAISE FOR THE TAXABLE INVESTOR'S MANIFESTO</b> <p>"The truths in this manifesto are universal for taxable investors and their advisors whether they oversee thousands of dollars or billions. Sign me up."<br> <b>Joe Mansueto, Founder and Executive Chairman, Morningstar, Inc.</b> <p>"The vast majority of what you'll read and hear about investing refers only to pre-tax results. But that's highly inadequate where your personal wealth is concerned. As Stuart Lucas writes, 'The combination of equities, time, tax efficiency and compounding can be worth millions.' Taxable investors ignore these considerations to their own detriment."<br> <b>—Howard Marks,</b> CFA; Co-Chairman, Oaktree Capital Management, LP <p>"Stuart Lucas, CFA, has nailed it! Too often, taxable investors focus on pick- ing a few high-flying stocks and think only a few magical managers can do it. Stuart argues it's really about managing the intersection of invest- ments, taxes, and estate planning. He shows how basic errors in one of these areas can knock out 'success' in any one or two of the others. He paradoxically creates clarity out of complexity by introducing both common and uncommon sense. An easy, accessible must-read for financial advisors and for taxable investors taking an active interest in managing their wealth."<br> <b>—Stephen Horan,</b> PhD, CFA, CIPM, CAIA; Managing Director, Americas, CFA Institute <p>"<i>The Taxable Investor's Manifesto</i> makes it abundantly clear <i>why</i> taxable investors need to think differently and, importantly, shows how, in prac-tical, field-tested ways, taxable investors can improve their odds for suc-cess. This is a highly readable and welcome addition to the short list of resources addressing the distinctive needs of taxable investors."<br> <b>—Tom Faust,</b> Chairman, CEO, and President, Eaton Vance Management Inc. <p>"Investing is complicated and stressful. Diversification, correlation, beta, alpha, and standard deviation are like a foreign language. Stuart Lucas brings clarity to complexity and shows how you can make the government an investment partner instead of a dependent. A must-read for all investors."<br> <b>—Thomas J. Wilson,</b> Chair, President, and CEO, The Allstate Corporation; Chair of the Executive Committee of the U.S. Chamber of Commerce
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