Now is the time for quality investments, especially in fixed income.

bantam inc jack duval multi-family office ultra high net worth manhattan - bond volatility chart

There's a storm coming, Mr. Wayne. (MOVE US Treasury volatility index is set to rise from decade lows.)

Many investors are unaware that 49 percent of all outstanding investment grade corporate bonds are BBB rated (one notch above junk status), up from 34 percent 10 years ago.  This is a 44 percent increase in a decade, something unprecedented. Chart 1: BBB Bonds as Percent of

Investment Grade Index[1] In fact, the entire corporate bond market (not just investment grade) has become something of a toxic wasteland of junk bonds, leveraged loans (for those firms not strong enough to issue any more junk bonds), and BBB (on-the-cusp-of-junk) rated bonds. Chart 2:  The Corporate Bond Market[2] This shifting of corporate…

A charitable transfer of stock is a way sell into the rally without adverse tax consequences, as well as generating a tax deduction.

bantam inc. jack duval manhattan multi-family office ultra-high net worth - tax free image

The market has provided an opening for tax-smart transfers.

Just a quick note for ultra-high net worth investors doing year-end tax planning. The market is up 4.7 percent from its recent low on November 23rd.  In pre-market trading, the S&P 500 looks likely to open up another 1.5 percent today.  If you have unfulfilled charitable commitments for 2018, today would

be a good day to fund them. As I've written about in my Tax Alpha blog post, a smart way to rebalance portfolios is to make charitable donations of appreciated assets.  This has the effect of reducing your exposure to the asset that has outperformed while avoiding the tax consequences of…

Things are starting to break in the markets. Watch this video to see what's next.

bantam inc. jack duval new york manhattan multi-family office - NVDA chart

Hello darkness, my old friend. Chart of Nvidia.

In this video, Bantam CEO Jack Duval takes you through the major markets from a risk managers perspective. Nothing in this video

should be considered investment advice.  You should speak with your advisor.    

Oil has no answer for renewable energy, just as whale oil had no answer for kerosene.

bantam inc jack duval multi-family office environmental risk - image of burned houses

Apocalypse Numerous. Photo Credit: ABC News.

This blog post continues my series on environmental risks and how to make portfolios environmentally resilient.  You can find my previous posts here. The Environment as the Ultimate Rhizomatic Risk® Most investors, no matter how sophisticated, have portfolios that are shot through with environmental risk.  What's worse, environmental risks frequently

make what were thought to be uncorrelated assets, correlated. I call this phenomenon Rhizomatic Risk® because the assets are connected in an unseen way, the same way the root system of a rhizome is connected underground.  You can read more about Rhizomatic Risk® here. The California Fires Besides the devastation…

When contemplating the sale of a family business, it is critical to take one's time. By doing so, the family will not be the servant of the sale, the sale will be the servant of the family.

bantam inc jack duval multi-family office MFO New York selling a family business - plato imiage

Close up of Plato (on the left) and Aristotle from Raphael's "School of Athens".

This is the first of a series of blog posts on family businesses. Preparing for the Sale of a Family Business When contemplating the potential sale of a family business, there is often a rush to focus on valuation, transaction details, and deal structure.  While these elements are important, they 

are secondary, or even tertiary. What should come first is thinking through the "why and what" and the consequences of a potential sale.  I have discussed this in the estate planning context here. Starting with the “why” and taking the time to think through all the implications is absolutely critical…