Wealth Actually

PERTH TOLLE: An Emerging Market Portfolio Manager with a unique methodology- INTRODUCTION Perth Tolle is the founder of the Life and Liberty Indexes and portfolio manager for the emerging market ETF with the ticker: FRDM Perth was born in Beijing and moved to the United States at age 9. After college, she lived in Hong Kong for a year and significant experience in China PERTH'S FREEDOM FACTOR PROCESS As opposed to the blunt market cap approach to getting emerging market exposure, Perth built an index that sought leading indicators in countries that valued freedom and non-autocratic features. Perth scores every country in the Emerging Market space across 79 categories. Of the 26 emerging-market countries, 11 make it onto Tolle’s index, including Taiwan, South Korea and Poland.  Her exclusion of China and Russia in the portfolio have been huge calls. We talk about her process and how she thinks about countries like Taiwan that score well but have invasion risk from less friendly neighbors. Finally, we talk about the business of setting up a fund and competing against “the big boys.” Disclaimer:  This is not investment advice – this is an interview with a  portfolio manager with a new way of thinking. OUTLINE -Emerging Markets- what is the scope of that world?-How does your fund differ from the others?-What are some of the freedom criteria?-Not having China and Russia must have been a boon recently-What happens if you are "right" about Taiwan, but its bigger neighbor does something that craters values?  Was Ukraine an example?The business of a fund . . . where are you now and what have been the highs and lows? ESG IMPLICATIONS HOW DO WE STAY IN TOUCH? https://www.lifeandlibertyindexes.com/ https://freedometfs.com/ https://twitter.com/Perth_Tolle https://www.linkedin.com/in/perth-tolle-7757b745/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Conservation Easements with MICHAEL ENGELHART With Joe Biden's recent initiative to conserve nearly a third of US land by 2030, conservations easements have come back into the headlines. According to the NCED Database, a conservation easement is a voluntary, legal agreement that permanently limits uses of the land in order to protect its conservation values. Also known as a conservation restriction or conservation agreement, a conservation easement is one option to protect a property for future generations. The government has supported the logic that donating productive land for environmental purposes is a worthy cause.  As a result, many taxable benefits can accrue to the donor. However, the conservation easement is also rooted in controversy (and deep IRS scrutiny). Unscrupulous promoters have focused on the conservation easement and used unrealistic and unsupported valuations to sell these transactions tax breaks to high earners who are usually unrelated to the actual land.  But has this IRS scrutiny killed the conservation easement? Is there room for a transaction with such a beneficial purpose? To help us understand the current state of conservation easements, I spoke with MICHAEL ENGELHART.  Based in Stamford, CT, Michael’s practice, works with high net worth clients and family office in the areas of in the areas of tax mitigation and insurance planning. His practice has been involved in many client land situations and he is an expert in the space.   Outline Definition of Conservation Easement Why are they useful? Where is it pointed in the law? What makes it controversial? Why is it a listed transaction? Role of valuations Role of formalities What's the difference between a syndicated vs a direct easement? Solar vs Mineral vs Golf Course/Real Estate Development /others? Who is the ideal "client"? How do they reach you to find out more? Resources MICHAEL ENGELHART LINKEDIN HUMAN CAPITAL RISK MANAGEMENT ADVISORS JOE BIDEN'S PUSH TO CONSERVE NEARLY 1/3 OF US LAND BY 2030 NATIONAL CONSERVATION EASEMENT DATABASE https://www.conservationeasement.us/about/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

International and Cross-Border Planning have been a major issues for high net worth clients for as long as there have been borders.  It's an enormous topic. Jobs, new family situations and geopolitics often send people to different countries for different opportunities.  All of this can have tax implications around an estate plan . . . Add in the complications of new asset classes and confusion around citizenship, residence and tax obligations. There is a lot to consider- especially for U.S. citizens with connectivity abroad. Here to help us think about that is BRENT NELSON . . . Brent is a Partner at the RIMON LAW FIRM in Tuscon, AZ and represents a variety of cross-border clients.  He hosts the popular Wealth and Law Podcast, and co-edits the Arizona Estate Planning and Probate Handbook (Thomson Reuters), He has been elected to or served as: Fellow, The American College of Trust and Estate CounselChair of the Probate and Trust Section of the State Bar of Arizona OUTLINE -What constitutes cross-border planning? -Common inbound issues? -Common outbound issues? -Use of trusts or other entities? -Opportunities for advisers- helping advisors develop an ecosystem around complicated topics. How Do We Stay in Touch With Brent? BRENT NELSON WEALTH AND LAW PODCAST BRENT NELSON TWITTER Here's a link to my appearance on Brent's podcast: https://wealthandlaw.com/2022/02/16/preserving-generational-wealth/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

https://www.youtube.com/watch?v=ViEKPjkjEWI JOHN FICHTHORN, now a two-time "Wealth Actually" interviewee, joins the podcast to discuss his new documentary, "Gaming Wall Street". Directed by Tobias Deml, the two-part documentary debuts on March 3rd on HBOMax. Gaming Wall Street chronicles the 2021 GameStop short squeeze that drew in the retail investor community and galvanized a movement against the traditional financial services industrial complex. It also underscores the complicated and often unfair nature of Wall Street. To add to the intrigue and character of the documentary, Succession star, Kieran Culkin, narrates the story. Outline You were last on when BETTING ON ZERO came out- your documentary on the Herbalife trade. Now you have the new documentary- what got you focused on Gamestop? -Take us through what happened here             -Who were the players?                         -EP1 Wall Street Bets – Gabe Plotkin/Melvin -Robin Hood                         -EP2 Payment for order flow Citadel – Robin Hood                         - How can you have more short interest than outstanding shares?                         - Another Long Term Capital Management?             -Who got outfoxed?             -Gamestop and AMC and others?             -Who made out like bandits and who got destoryed -Why was this different?  -The middle finger to Wall Street? -What happened to “the market can remain rational longer than you can remain liquid?” -Pulling the plug on Robin Hood -The Effect of Margin -Bitcoin analogy -What are the lessons learned from Gamestop? -What is the fallout? -What is the media’s obligation here?  The SEC? -What's next? Any more documentaries? Where to find "Gaming Wall Street" https://collider.com/gaming-wall-street-trailer-kieran-culkin-documentary-hbo-max/ HBOMax https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Occasionally we get a court case that has ripple effects across the fiduciary, asset management and investment management industries. In this episode, we’re going to look at the Potentially massive implications of the recent Supreme Court case, Hughes vs Northwestern The original issue before the Court was whether or not the 403(B) plan participants had properly plead their case in their complaint. The lower courts had dismissed the case, relying on a concept known as the “menu of options” defense. The basic argument of the “menu of options” defense has been that plans satisfy their fiduciary duties under ERISA as long they offered a mixture of investment options-- even if some of those investment options would be considered imprudent under applicable legal standards. In a unanimous 8-0 vote, the Court rejected the “menu of options” defense. The implications of this case could be far-reaching and include investment fiduciaries of all stripes including trustees and potentially RIA’s and other wealth management firms. To help us understand the case and its impact on ERISA matters and the fiduciary landscape in general, I’m going to speak to JAMES WATKINS. Jim provides all manner of fiduciary counsel- He is a Certified Financial Planner® professional, owns the Watkins Law Firm out of Georgia, and has been an attorney since 1981. His career also includes serving as a compliance officer with several national brokerage firms and as the director of financial planning quality assurance for the advisory division of an international insurance corporation. Finally, he is the creator of the Active Management Value Ratio™, a metric that allows investors, investment fiduciaries and attorneys to quickly and easi!y calculate the prudence of actively-managed mutual funds. OUTLINE What are the fiduciary responsibilities of the providers of a fiduciary plan?This falls within ERISA . . . help us understand thatCodification of Restatement of TrustsWhat was at issue in Hughes vs. Northwestern?What happens going forward in this case?With this ruling, there will be a big increase in scrutiny in the stewardship of these plans- what does this look like?Increase in cases (401K and 403B)- against 401K and 403B and BY plans vs advisers. (404A each investment must be prudent)Increase in discovery (and other issues like kickbacks?)Increase in costs for plans?  Fewer providers? E&O Coverage +++Reduce cost of planReduce optionsMonitor planA change in the way investments and stewardship are analyzed and deemed appropriate?Menu doesn’t work anymoreProof of a manager selection process?A new Cost/benefit analysis? (Actively Managed Value Ratio)Who could be liable?  Plan Trustees? Investment Consultants? others?How could this spill over into other areas?Restatement 3rd Sec. 90 Prudent Investor RuleDiversificationCost-EfficiencyCase Law (Tibble et al . . . )Other trustees / fiduciaries?Personal trustsInvestment fiduciariesFoundationsActive vs Passive (Proliferation of cost benefit analysis- AMVR?)Investment consultants giving opinion letters?Private Investments?Intersection with SEC, FINRA other regulatory bodies?  Prudent Investor Rule? LINKS: Hughes vs. Northwestern (https://www.supremecourt.gov/opinions/21pdf/19-1401_m6io.pdf) Faegre Drinker Summary https://www.faegredrinker.com/en/insights/publications/2022/1/supreme-court-decides-hughes-v-northwestern-university Jim Watkins on Rick Ferri’s Podcast https://www.podbean.com/ew/pb-k2fbd-1169847 How do we keep in touch? investsense.com. https://iainsight.wordpress.com/ Twitter: @investsense https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The world of property and casualty insurance is undergoing a significant business model change- Emerging risks to HNW clients include the impacts of COVID and climate change to their businesses and assets. Additionally, there are two relatively new frontiers of risk: cybersecurity and social media. These lightly understood risks can pose a threat to clients’ assets, businesses and reputations. Helping us learn about the shifting landscape of personal risk is AHMET BIDAV- Ahmet is an insurance executive specializing in the high net worth space. His company, LUX-STR, specializes in insuring the personal and commercial assets of successful families & individuals across the USA Bio Background A little bit on your acting career! A general understanding Risk for the HNW person The State of the Property and Casualty Market Trends Role of the Broker Cybersecurity Social Media Exposure Good practices in dealing with big tech Your experience in developing your business and brand How do we stay in touch? LUX-STR LINKEDIN: AHMET BIDEV YAHOO ARTICLE: SOLVING MEANINGFUL PROBLEMS IN HOME INSURANCE https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

All of us have become more reliant on technology and software to solve problems and improve our lives.  However, many of us understand less and less about the programming that goes into these solutions.  Further, we forget or ignore the human element of this problem solving.   In this episode, I speak with ANDY HUNT who has devoted his life to these issues. Andy Hunt is a programmer turned consultant, author and publisher. He’s authored a dozen books including the best-selling “THE PRAGMATIC PROGRAMMER,” was one of the 17 authors of the AGILE MANIFESTO and founders of the Agile Alliance, and co-founded the PRAGMATIC BOOKSHELF, publishing award-winning and critically acclaimed books for software developers. He’s currently writing science fiction (see conglommora.com) and experimenting with The GROWS Method®. We talk about his early days of programming and the power of community and process in the world of software design as we go into his experience with broader consulting at the enterprise level. Further on, Andy dives into what he considers to be important in the future of programming and advice for young programmers. Finally, as a consummate Renaissance Man, Andy discusses how his hobbies in writing science fiction, music production and woodworking excite his brain and inform his problem solving ability. Andy started in the do-it-yourself days of CP/M and the S100 bus, of Heathkits and Radio Electronics. Andy wrote his first real program, a combination text editor and database manager, for an Ohio Scientific Challenger 4P. It was a great era for tinkering. Andy started hacking in 6502 assembler, modifying operating systems, and wrote his first commercial program (a Manufacturing Resources Planning system) in 1981. He taught himself Unix and C, and began to design and architect larger, more connected systems. Working at large companies, Andy kept an ear on Usenet, and started his early email habit via a direct bang-path to ihnp4. Next he settled into electronic pre-press and computer graphics, and worked on that wondrous eye-candy that was Silicon Graphics machines. By now a firm command of several flavors of Unix, from BSD to System V, led Andy to try consulting in the early 1990’s. His knack for stirring things up really began to come in handy, and it soon became obvious that many of his clients each suffered similar problems—problems that Andy had already seen and fixed before. Andy joined up with Dave Thomas and they wrote the seminal software development book, The Pragmatic Programmer, followed a year later by the original Programming Ruby: The Pragmatic Programmer’s Guide, which introduced the Western world to this new language from Japan. Together they founded The Pragmatic Programmers and are well known as founders of the agile movement and authors of the Agile Manifesto, as well as proponents of Ruby and more flexible programming paradigms. They founded the Pragmatic Bookshelf publishing business in 2003, helping keep developers at the top of their game. Andy is a founder of the Pragmatic Programmers, founder of the Agile Alliance and one of the 17 authors of the Agile Manifesto, and author of a dozen or so books on programming, agile methods and learning, as well as science fiction and adventure. He is an active musician and woodworker, and continues looking for new areas where he can stir things up. Comments from Andy on his early career- -Where did your initial interest in programming develop? (The Do-It-Yourself days) -What were the types of problems that attracted your attention? -What languages did you gravitate toward?  Working for larger, more complex situations -What were the big lessons you pick up in those work environments? -Programming considered by laymen as a solitary pursuit- was there an adjustment in delegating work or collobroating?  When does management of strategy get in the way of execution? -The role of community in the world of programming and larger system development -Where does the role of compromise and creativity manifest in the problem-solving process? -How did this inform your contribution to the Agile Manifesto? Pragmatic Programmer -How did you meet Dave Thomas? -How did that turn into the book?  What was that writing process like? -Describe the leap from programmer to author to publisher at Pragmatic Bookshelf -In building the publisher “by programmers, for programmers”, how do you identify the next generation of authors? Agile Mainfesto -How did this come about?  https://agilemanifesto.org/history.html -General principles:  https://agilemanifesto.org/principles.html -Individuals and interactions over processes and tools-Working software over comprehensive documentation-Customer collaboration over contract negotiation-Responding to change over following a plan -Resolving frictions; not letting perfect get in the way of the good . . . Future of the Programming -What are the themes that are interesting to you right now? -As you think about the landscape of languages out there -Advice to younger programmers- what languages form a good early curriculum? Broad exposure vs specialization? What is the best way to stay current / state of the art. -Hiring and WFH- is something lost in not having an in-person culture? Andy the “Renaissance Man” -Music -Fiction -Woodworking How do we stay in touch? ANDY'S LINKS: THE TOOL SHED PRAGMATIC BOOKSHELF MUSIC AND WRITING https://twitter.com/PragmaticAndy https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

In this slight detour for the show, I spoke with New York-based political commentator, DEROY MURDOCK.. We have an invigorating chat about INFLATION and GUN CONTROL, two topics that are galvanizing investors today.  We later focus on the implications of these issues for the 2022 and 2024 elections. Deroy has been a Fox News Contributor since 2012, a Contributing Editor with National Review Online and a Senior Fellow with the Atlas Network, which supports and connects some 500 free-market policy groups in the USA and 95 other countries.  Throughout his career, Deroy has appeared on CNBC, CNN, C-Span, MSNBC, among many media outlets. A first generation American (his parents were born in Costa Rica), Murdock received his bachelor's degree in Government from Georgetown University in 1986 and his MBA in Marketing and International Business from New York University in 1989. His MBA program included a semester as an exchange student at the Chinese University of Hong Kong. Background First Generation American California upbringing International Experiences Inflation How did the country lose control of the inflation narrative? What can be done about it? Gun Control New York City's fulcrum point on gun control Eric Adams, NYC's new mayor The Role of Police New York Politics Recent NewYork Post Op-ed on his lawsuit challenging the New York's new foreign citizen voting bill: https://nypost.com/2022/02/13/im-suing-to-block-nycs-racist-foreign-citizen-voting-bill/ The National Elections in 2022 and 2024 Who is going to be important? What should we be worried about geopolitically? How Do We Stay In Touch? NY POST FOX NEWS NATIONAL REVIEW https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Anyone who knows me knows that golf is one my main hobbies. It is a huge treat to be able to speak with ROB LABRITZ as he embarks on his first season on the PGA Champions Tour. In addition to playing on the Senior Tour this year, Rob is the Director of Golf at the GLENARBOR Golf Club in Bedford Hills, NY. He is one of the top PGA playing professionals in the U.S. He won the 2022 PGA TOUR Champions Q School to reach the Senior Tour. https://youtu.be/XPhGTpNpf5E Rob’s finished as the low PGA Professional at both the 2010 and 2019 PGA Championships and his hole-out in the 2013 Professional National Championship was the #1 Top Play on SportsCenter. https://www.youtube.com/watch?v=6xjK0IwU7xw In this episode, Rob tells us about the role of sacrifice and what it takes to perform well under maximum pressure. Rob talks about his mindset during his Q-School win and exactly what he was thinking and feeling on the final hole as he was about to achieve his lifelong dream. We get unique insight into his golf process and a behind the scenes look at the scheduling and logistics that go into being a Tour Pro. Finally, we dive into some golf-nerddom, as we talk about the state of game, some favorite courses and the role of power (from Daly to Tiger to Bryson) in the sport's future. For hard core player or golf fan or anyone interested in what happens between the ears at the highest levels of performance, this is a terrific listen. What was the process for qualifying? -How did you get to "Q School" ADAM SCHUPAK'S article on Rob Labrtiz's win to get his PGA Tour Champion's Card https://golfweek.usatoday.com/2021/12/12/schupak-rob-labritz-golf-feel-good-story/ -The Decision to Go For It -The Journey and the Sacrifice The Mental and Emotional Part of Golf How do you get your game so sharp and steady that it holds up under maximum pressure?How did you hold it together in the final round?  What was your mindset?What were the emotions you were feeling standing on the tee of the final hole?What did you feel when the final putt drop? The Logistics of Being a Tour Pro Ok, you've made it- how do you schedule the next year?How do you cover the costs of touring?  Travel / Caddy / Sponsors You've played with the best in the world before via the Canadian Tour and PGA Championships- How is this different in the Senior setting?Whom are you looking forward to playing with?Any particular courses that you are excited to get on?As a teacher, what do you think of the role of power in the game and the BRYSON Phenomenon? What is one of your best shots? The Hole Out During the 2013 PGA Professional Championship https://www.youtube.com/watch?v=RgXoEgqnspc How Do We Keep in Touch? ROBLABRITZ.COM PGA TOUR CHAMPIONS SITE SPECIAL BONUS While our golf games are quite a bit different, we both share one thing in common: our dentist. DR. STAN HEIFETZ is a golf fanatic and a good friend . . . you can find him HERE. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

In this episode of the Wealth Actually Podcast, I speak with my good friend, Paul Sullivan. Paul wrote the wildly popular Wealth Matters column in the New York Times and currently writes the Money Game column for Golf Magazine.  We certainly talk about those experiences, but the focus of our discussion is on his exciting new project, THE COMPANY OF DADS. This company is the first platform dedicated to creating a community for LEAD DADS. Its mission is to help Lead Dads feel less isolated and more confident In having made the choice to take on the bulk of the parenting and family duties This exciting new venture is ready to launch in February. OUTLINE "The Company of Dads" Paul is the founder of The Company of Dads, the first platform dedicated to creating a community for Lead Dads. Its mission is to help Lead Dads feel less isolated and more confident that they have made the correct choice to take on the bulk of the parenting and family duties - or at the very least not embrace stereotypes around who does what at home. As a Lead Dad himself, Paul understands intimately the joys, frustrations, isolation and reticence around talking about being a Lead Dad. It’s a role that is growing in numbers but is far from normalized. Paul's Background Before starting The Company of Dads in 2021, Paul wrote the Wealth Matters column in The New York Times for 13 years. He also created the Money Game column in GOLF Magazine. As a journalist for 25 years, his articles also appeared in Fortune, Money, Conde Nast Portfolio, The International Herald Tribune, Barron’s, The Boston Globe, and Food & Wine. From 2000 to 2006, he was a reporter, editor and columnist at the Financial Times. He got his start as a reporter at Bloomberg and Institutional Investor. He is the author of two books Clutch: Why Some People Excel Under Pressure and Others Don’t and The Thin Green Line: The Money Secrets of The Super Wealthy. Paul has been interviewed on podcasts, radio and television programs across America, including NPR, Marketplace, CNN, and Fox News. He has also given key-note talks to audiences from 50 to 500 people in the United States, Mexico and Chile. Paul lives in Fairfield County, Connecticut, with his family – his wife and their three daughters, three dogs, three cats, and three fish (at last count). He received degrees in history from Trinity College and the University of Chicago. When not running The Company of Dads or being a Lead Dad, he is an obsessive golfer. The Entrepreneurial Journey with the Company Of DadsLessons from your tenure with Wealth Matters ColumnLessons from your golf writing – Money Game in Golf MagazineAdvice to aspiring writers and entrepreneuersHow do we stay in touch? COMPANY OF DADS https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/