-
What the Top Advisors Know About the HNW Marketplace
Top advisors have high-net-worth clients. Lots of them. That’s because there are about 4 ultra-high net worth Americans (net worth over $10 million) for every financial advisor. Yes, you read that right. So, it means there’s unprecedented opportunity for financial advisors and their practices – read on to see why. Valuable data in the Forbes…
-
What the Top Advisors Know About the HNW Marketplace
Top advisors have high-net-worth clients. Lots of them. That’s because there are about 4 ultra-high net worth Americans (net worth over $10 million) for every financial advisor. Yes, you read that right. So, it means there’s unprecedented opportunity for financial advisors and their practices – read on to see why. Valuable data in the Forbes…
-
Competitive Pressure Explains the Absence of Left-Handed Catchers
This post has nothing directly to do with investment markets or tax strategy. However, the insights here, about how competitive pressures explain observed phenomena in baseball, might have analogues in the areas of markets and tax planning. There are few activities more competitive, and the results of which are more public, than Major League Baseball.…
-
Is Ethereum an Investment or Just Speculation? A Closer Look
Ethereum, the “baby brother” of Bitcoin, is in the news again, because its price has tripled since April. Ethereum is variously described as “the world’s leading programmable blockchain,” and a “revolutionary global software platform” but what seems to attract most buyers is the “native cryptocurrency” known as ether and traded under the ticker ETH. It…
-
Featured in NAPFA Advisor: Helping Clients Diversify Without Capital Gains
Many clients hold concentrated wealth in stock, real estate, or a business, but capital gains taxes keep them stuck. In a recent article for NAPFA Advisor, Katherine Silk and I explain how the asset diversification trust allows clients to: This strategy helps advisors stand out while adding measurable value for clients. Read the full article…
-
Down 70%? Don’t Let it Happen to You
Concentrated stock holdings can be risky. Novo Nordisk is just the latest poster child for this fact that everyone knows, but not everyone wants to do something about. Novo Nordisk has fallen from a high of about $142 per share in June 2024 to about $51 per share in August 2025. Novo Nordisk is no…
-
Do Tariffs Cause Inflation?
Many media sources report that Trump’s tariff policy will cause inflation. Will it? On July 15, the government announced that the CPI for June 2025 rose by 0.3% for the month. The next day, the PPI for June was reported to have been unchanged on the month. The press reported the CPI number with significantly…
-
Why Farmland Might NOT Be a Great Investment
“Investors Flock to Farmland Amid Market Volatility”[1] screams one headline. “Bill Gates Farmland: Why is the Billionaire Buying So Much?” asks another.[2] “How to Start Investing in Farmland” is a headline from the Motley Fool (The Motley Fool, June 30, 2025). When I typed “is farmland a good investment” into the Google search engine, Google…
-
Is Rebalancing Really a Good Idea?
Investing involves tradeoffs. Perhaps the primary tradeoff is between expected return and expected risk. Investing is difficult, at least in part, because we can never be sure, when we look into the future, if our expectations about future return or future risk are correct. Given that investing is a balancing act between expected return and…
-
Personal Goodwill: Surprising AUM Opportunities?
Paul built his funeral parlor business over 44 years. Years ago, on his accountant’s advice, he incorporated and made an S-election, as do so many small businesses. Forty-four years later, Paul was ready to sell. His active interest was worth $6 million. His cost basis in the business was almost zero. Few buyers are interested…