Taking on the issues in and around wealth with experts, commentators, entrepreneurs and creatives.
EP.74 A LOOK INTO 2021 with Investment Banker, EUAN RELLIE
EUAN RELLIE is on the podcast today. We went around the world in half an hour and probably could have solved the worlds problems over drinks if we had the time. Alas, we only get a taste of Euan's informed worldview and his story of building a business and advising clients as they solve the puzzle of doing business in Asia and around the world successfully. We do get a hear a bit about of his love for Arsenal Football at the end.
For those who want to hear more from Euan, he is an excellent twitter follow . . . @EUANRELLIE. He is quoted often on matters of finance, fashion and culture- recently in the New York Times and the South China Morning Post.
In his day job, Euan is an investment banker with the firm he founded, BDA Partners. Since founding BDA in 1996, he has lived in New York and London, and Singapore, and has worked in China, Taiwan, Korea, Japan, India and across the Middle East. 1990-1996, he worked for Schroders, the UK investment bank now part of Citigroup, in New York, London and Singapore. He was Head of SE Asia Execution for Schroders Asia-Pacific Regional Advisory Group.
Our discussion covered a wide range of topics- I wish we had longer!
What are some of the good and difficult data points that you are focussing on?
How did you get into the world? How did your London background prepare you for New York?
Focus on Asia and helping firms on the sell side. Helping firms access the capital and expertise in Asia and around the world
Prospects for Asia-
What does the U.S./China dynamic look like long term? What do American businesses get wrong doing business far from home?
United States Politics-
What should we take away from this tumultuous last few months? What can we expect in the post-Trump world? What should we feel optimistic about?
How do the prospects for this season look? What does the future look like?
BDA Partners Website: https://www.bdapartners.com/
EP.73 AVOIDING “SHIRTSLEEVES TO SHIRTSLEEVES” with DAVID C. WELLS, JR.
Occasionally, I get to speak with someone in the industry that both affirms my experiences, but also pushes my thinking and worldview. DAVID C WELLS JR, CEO of Family Capital Strategy, fits that bill on the topic of advising families. I met him in Nashville early in 2020 and stayed in touch. When I heard he was writing a book, I knew we were kindred spirits having gone through that process myself. That book, "When Anything is Possible", just came out and I couldn't be happier for him. I think it is a terrific companion to those looking to forestall the "Shirtsleeves to Shirtsleeves" phenomenon and help business owners and their families structure and build lives of purpose. In this podcast, we discuss some of his insights and the book-writing process itself.
Chapter 1 Wealth Strategy: Defining the Terms
Section One: Wealth Structure
Chapter 2 Wealth and What It Is
Chapter 3 Level of Wealth
Chapter 4 Psychology: Money’s War on Our Brains
Chapter 5 Coming Into Wealth
Section Two: Wealth Identity
Chapter 6 How You Feel About Yourself Affects How You Feel About Wealth
Chapter 7 Defining Your Wealth Identity
Section Three: Wealth Strategy
Chapter 8 How to Spend It
Chapter 9 How to Invest
Chapter 10 Giving to the Next Generation
Chapter 11 Philanthropy
Chapter 12 Building a Life of Intention
Here are a few recent blog posts which introduce concepts from the book:
The Challenge and Complexity of Entitlement
Adjusting to Life After The Liquidity Event
Creating a Wealth Surplus to Pass to Future Generations
What You Should Know Before Marrying Rich
You can find David here:
Book - whenanythingispossible.com
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EP.72 CYBERSECURITY for 2021 with CHRIS OTT
Here is the first video foray for the "Wealth Actually" podcast (a bit by accident! We had to switch formats midstream . . . so I decided to experiment with the video format).
I interviewed Christopher Ott on #Cybersecurity for the Ultra High Net Worth, High Net Worth and Family Office space. We talk about how one should view their own digital risks, how to protect yourself, and what to do when you have been compromised. We kept it to 40 minutes and probably could have discussed issues for more than three hours.
Chris is a partner at Rothwell Figg, the litigation firm based in Washington, D.C.
litigating complex data security matters, conducting hundreds of
investigations, and winning dozens of appeals,
to entering private practice, Mr. Ott held various influential positions at DOJ
including Supervisory Cyber Counsel to the National Security Division of the
In these roles, he investigated and charged the largest known computer hacking and securities fraud scheme and the hack of Yahoo by Russian intelligence operatives, the largest data breach in history,
Cybersecurity- the main concerns are around the ability to control access and use of information. Everybody has at least three types of information
This is data that will help predict what you are going to do. This is especially useful for hackers and other criminals as they figure out how to access your data.
This is data that regulates the access to a client's information.
This can include: Passwords (and the need for two factor control, Phones (with automatic password access that can be migrated), and "Deep Fake" video and voice that can trick the gatekeepers into relinquishing access
This can include social, political, or economic influence.
THREE TYPES OF ADVERSARIES
SPECIAL CONCERNS FOR HNW INDIVIDUALS
Much more influence
· Direct socio-political
· Indirect socio-political
WHAT IS IMPORTANT?
· Analog passwords
· Never take shortcuts
· Device security
EP.71 COURT TENNIS with HAVEN PELL
After a slew of podcasts about structuring, estate planning, investment themes and politics, I thought it would be fun to dive into a sport with a long, regal. and unusual history- COURT TENNIS (or "Real Tennis"). Descended from handball, and equal parts tennis (players face each other unlike squash and racquetball), platform tennis (where the walls are part of the court), the sport has all sorts of peculiar rules. It has strange looking racquets, arcane rules and courts with unusual and idiosyncratic dimensions. There are less than 50 courts in the world and roughly 10,000 players.
Longtime friend of the podcast, Haven Pell, joins us to talk about its interesting origins, where the sport is now and where it's going. He is part of a team that is building a new court in Washington and has written about that process in his blog, THE PUNDIFICATOR.
He even shares the story of how Court Tennis gave us the Left and Right side of the aisle in American politics!
We cover . . . the equipment
The "Off-Center" Racquet
The Crazy Dimensions of the Courts
The History of the Sport
Some of the Best and Most Famous Players in the World
And here is a little sample of some high level play:
Ep.70 ESG INVESTING with JOHN ROSENBERG
For a few years, the wealth advisory and asset management worlds have been captivated by three letters . . . ESG: Environmental, Social, and Governance. ESG has been an exploding trend as investors want to align their personal values with their investments. The principle is that one's investments can do well by "doing good." Against that backdrop, asset managers are looking for new criteria to evaluate investment opportunities in the context of ever increasing difficulties in beating indexes over time. To some, ESG is a marketing gambit. To others, it is a framework to unlock greater returns and create positive social impact while doing it. To many, it is somewhere in between.
To help make sense of this phenomenon, I spoke with John Rosenberg who has direct experience in asset management and the ESG world.
John worked for the Federal Reserve Bank of San Francisco and has had a long career in banking and now works as an investment manager at a single family office and manages the LOUGHLIN WATER PARTNERS LP - an investment fund focused on technologies and assets that provide clean water and alternative energy. (Early on, John worked as a ski bum which he declares to be the most honest job on the resume!)
Could you give me some background on ESG Investing? We hear a lot of different terms bandied about such as Sustainable, Impact, ESG, or even SRI. Where did the term come from and how has it evolved?
Are ESG stocks different from other stocks? Is there some particular differentiation? Are the letters all equal?
A few weeks ago marked the 50th Anniversary of the Milton Friedman's essay on Shareholder Theory where he states that the corporation's social responsibility should be focused on profits. (The Social Responsibility of Business is to Increase its Profits). Do you agree with that?
Milton Friedman thought corporations should be focused on profits, not other social responsibility initiatives.
What is the driving theory behind ESG investing? Do you believe it actually promotes virtuous behavior? How do you parse the difference between a company that does many things well, but has a problem underpinning it's ESG score (i.e. tobacco bonds that fund good causes, but have dubious sources of revenue or a top notch company with an executive with a checkered record?)
Are there data services to evaluate whether or not companies are engaging in responsible behavior? How does one deal with one data service vs another? How much of the analysis is qualitative? How do you get past the "check the box" or "greenwashing" phenomenon?
You have been doing this, in one form, for a while now. What do you think of new entrants to the space?
Jeff Uben, formerly of Value Act, made some comments critical of ESG investors awhile back. What do you think about that? https://www.barrons.
EP.69 EMERGING MARKETS, DISORDER and INVESTING with PHILIP READE
It's important to speak to people who are having success exploiting other asymmetries. Many opportunities come when the world devolves into chaos. (Bill Ackman recently made gigantic money by buying insurance against corporate defaults related to COVID.) Sometimes there are opportunities when economies start to recover.
Enter PHILIP READE. He is the Co-Manager of HELM INVESTMENT PARTNERS, an investment firm that focuses on emerging markets that collapsed and have developed a narrative for recovery. What made Philip's story interesting to me was not only his half Brazilian / half British geopolitical bent, but his application of recovery narratives into usable investment themes.
Co-Manager the Partnership (Helm Investment Partners).
Investor and board member of Cultura Inglesa Rio de Janeiro, one of Brazil’s leading English as a second language school networks, backed by 3G founder Jorge Paulo Lemann.
For 7 years, until February 2016, Philip was a Partner, Co-Portfolio Manager and Co-Head of the Investment Team at Tarpon Investimentos, Brazil´s largest independent equities fund with over USD 3 billion (21.7% US$ net annual return, May/2002-April/2017). At Tarpon Philip served as:
Chairman of the Board of Omega, Tarpon´s renewable energy platform / Chairman of the Board of Cremer, a publicly traded company and Brazil´s leader in the disposable health care sector / Chairman of the Board of Somos Educação, a publicly traded company and Brazil´s leader in the K12 educational market / Board Member of Tarpon Investimentos, the publicly traded GP / Board Member of Metalúrgica Gerdau, a publicly traded company and the largest long steel producer in the Americas and the second largest globally / Board member of Tempo Participações, a publicly traded company and Brazil´s leader in the Roadside and Home assistance businesses
Prior to Tarpon, Philip was the Head of the Brazilian operations of a NY-based hedge fund, Marathon Asset Management, focused on private and public equities as well as structured credit.
Prior to Marathon, Philip worked for Goldman Sachs in Sao Paulo, as part of the Investment Banking division, participating in over 20 M&A and capital market transactions in Financial Services, Real Estate, Telecom, Power Generation and Consumer.
Before that, Philip founded and ran Brasilis Seafood, a company that financed seafood processing plants in Brazil and raised US$ 2 million in venture capital from one of Brazil’s larger institutional investors.
Philip started his career at Brazilian Banco Garantia, founded by Brazilian entrepreneur and 3G founder Jorge Paulo Lemann and then at McKinsey & Co.
He went to Sevenoaks School in England, holds an Economics Degree from the University of Sao Paulo (top ranked student in the history of the University, as of 1996 graduation, award for the best graduation thesis and class representative)...
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