Michael Ashley Schulman, CFA

Summary: Effective diversified investing – which spreads a portfolio of investments across multiple areas and asset classes, holds laggard securities, and rebalances to cull winners and add to losers – often feels awkward because it runs contrary to how we perceive and achieve success in other aspects of our lives.

A summary of investment themes we use to protect and grow assets as well as rationally frame and interpret the broad forces moving the market now and over the next few years.

Summary: Provides an economic and investment review of U.S. and emerging markets.
"U.S. money managers may be the most skeptical investors in the world when it comes to the sustainability of 2013’s rise in domestic stocks. It seems that while we see a lot of our own problems clearly, foreign investors, especially Europeans, tend to view America’s political and fiscal problems as almost hackneyed and its promise – particularly when it comes to shale energy and re-shoring of manufacturing – as… Show more

Summary: Provides an economic and investment review of U.S. and emerging markets.
"U.S. money managers may be the most skeptical investors in the world when it comes to the sustainability of 2013’s rise in domestic stocks. It seems that while we see a lot of our own problems clearly, foreign investors, especially Europeans, tend to view America’s political and fiscal problems as almost hackneyed and its promise – particularly when it comes to shale energy and re-shoring of manufacturing – as exciting." Show less

Modern global magnates (MGMs) represent a new class of globally connected entrepreneurs and industrialists on a scale and breadth previously not seen, with a large number coming not only from developed countries, but from socialist countries such as China and Russia as well as from rapidly developing countries such as India, Indonesia, Nigeria and Lebanon. These MGMs and their families – that have arisen in the last couple decades with unique opportunities, responsibilities and risks – have a… Show more

Modern global magnates (MGMs) represent a new class of globally connected entrepreneurs and industrialists on a scale and breadth previously not seen, with a large number coming not only from developed countries, but from socialist countries such as China and Russia as well as from rapidly developing countries such as India, Indonesia, Nigeria and Lebanon. These MGMs and their families – that have arisen in the last couple decades with unique opportunities, responsibilities and risks – have a multi-faceted role with investing. They invest with their business in mind, with a long-term view to promote infrastructure and stability of nations, and with a desire for legacy. To aid these goals, effective MGMs also address their primary concerns of business, investment, family, lifestyle, and wealth distribution.

The newly arising demographic of Modern Global Magnates takes us back to the days of the international late nineteenth and early twentieth century industrialists. And while the demographic is small, it is also growing very quickly and has/will have an outsized influence on the dynamics and structures of developing markets. That is what makes it so fascinating. We believe that raising the body of knowledge on these new industrialists is of interest since how they allocate their wealth affects global trends and the development of nations and therefore deserves investigation and analysis.

Disclaimer: The information in this page is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the information is prohibited. Show less

The article is purposely written to be accessible/understandable for a layman audience, has interactive features such as a downloadable spreadsheet and source links, and touches on several issues:
* New federal tax policies increasing the incentive for tax-exempt income.
* The historic variability of tax rates as the top rate of U.S. income taxes has roller-coastered between 7% and 94%, and the top rate of U.S. capital gains, between 12.5% and 39.9%.
* That the estimated 14.8%… Show more

The article is purposely written to be accessible/understandable for a layman audience, has interactive features such as a downloadable spreadsheet and source links, and touches on several issues:
* New federal tax policies increasing the incentive for tax-exempt income.
* The historic variability of tax rates as the top rate of U.S. income taxes has roller-coastered between 7% and 94%, and the top rate of U.S. capital gains, between 12.5% and 39.9%.
* That the estimated 14.8% reduction in after-tax income for a corporate bond portfolio and the 17.3% greater after-tax income enjoyed by a municipal bond portfolio hold true even if Treasury yields and bond spreads change.
* UHNW, AMT, and MLPs
Disclaimer: The information in this page is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the information is prohibited. Show less