While climate shocks tend to get the headlines, changes in climate trends are more damaging. 

bantam inc jack duval multi-family office - environmental risks hurricane michael

This is what a correlated portfolio looks like under environmental risk.

Environmental risk is rising.  As I write this, Hurricane Michael has just laid waste to a 200-mile swath of the Florida panhandle. Environmental Risks - The UN Report On October 8, 2018, the UN Intergovernmental Panel on Climate Change (“UNIPCC”)  issued a report which was commissioned at

the December 2015 Paris Agreement.  The objective of the report was the evaluate the effects of global warming of 1.5 degrees above pre-industrial levels.  The report was prepared by 91 authors and review editors from 40 countries and cites more than 6,000 scientific references.[1] The UNIPCC press release tell us what is already…

Come for the music, stay for the content.

I'm pleased to announce the launch of the new Bantam Podcast on iTunes.  You can find it here. The first episode deals with tax strategies for ultra-high net worth investors, which was covered in our Tax Alpha blog post.  I'll be adding many more episodes over the next few weeks,

so make sure to subscribe to get updates of when new episodes are posted. As a bonus to long-time readers of this blog, I've done the intro and outro music for the podcast.  Please let me know if you like my blazing chicken pickin' country style of guitar playing. Also,…

Structure should come last in estate planning.  What should come first, and what is actually much harder, is thinking deeply about what values, capabilities, skills, and ways of thinking the trust creator wants her heirs to develop.

bantam inc jack duval financial and estate planning backwards - cart before horse image

Don't do your estate planning this way.

Over the past few decades, estate planning has evolved from focusing on tax-efficient transfers, to asset protection, and is now set to evolve again.  This is my first post in a series looking at how estate planning is evolving to focus on the beneficiaries. Why Most Estate Planning is Done

Backwards Creating an estate plan that results in no estate taxes is a fairly trivial exercise.  Any good estate planning attorney can do it. However, solving for estate tax minimization is a mistake because it puts the focus on the assets and structures instead of the beneficiaries.  Indeed, it is…

The most optimal tax alpha portfolio can be built with a custom index of 60 to 100 stocks that tracks an index.

bantam inc. jack duval financial planning for attorneys - tax alpha image

This Greek letter is remarkably hard to find.

I've written previously about how taxes are a killer of investment returns, why investors should focus on minimizing their three "partners", and the generation of planning alpha. In this post, I want to focus on six ways to generate tax alpha.  By "tax alpha", I mean excess returns generated by using

tax strategies that minimize capital gains and income taxes and maximize the benefits from realizing losses. Tax Alpha Focus on where you own your assets As I've written about, you want to own fixed income in tax-advantaged accounts such as IRAs and 401(k)s and not in taxable accounts.  This…

bantam inc jack duval company town risk hurricane florence

Everyone has an investment plan, until they get hit by a hurricane.

As I have written about in my Company Town Risk series here, here, and here, many investors have overlapping risks throughout their total wealth. Total wealth is comprised of four elements: Human Capital (represented as the present value of all future cash flows from work); Pensions; Real Estate, and; Investments.

Hurricane Florence and Wilmington, North Carolina Investors living in Wilmington, North Carolina, where Hurricane Florence made landfall today, are likely facing severe negative impacts to many, if not all, elements of their total wealth. If they work in Wilmington or own a business there, their Human Capital will be impacted,…