Successful QOZ-fund investments should spawn other follow-on investments in Qualified Opportunity Zones.  The impact needs to be measured and communicated to help kick-start this virtuous circle.

bantam inc jack duval qualified opportunity zone fund investing detroit

If we can rebuild Hiroshima, Nagasaki, and Europe, why not Detroit?

A Qualified Opportunity Zone fund (“QOZ-fund”) will want to lay the foundation for measuring and communicating its impact on the local community.  There are many reasons why this is important.  (For background information about Qualified Opportunity Funds, see this.  Also, for my commentary on how this program creates a new

“domestic emerging markets” asset class, see this.) First, QOZ-funds will have at least two stakeholders to address, those living in the Qualified Opportunity Zones where they are investing and the investors in the QOZ-fund.  The QOZ program is an impact investment program designed to incentivize investment and grow the economies…

Domestic emerging markets offer similar upsides to traditional emerging markets with much less complexity and, in many cases, fewer risks on an apples-to-apples basis.

bantam inc. qualified opportunity zone domestic emerging markets - sir john tempelton

Sir John Templeton, the dean of emerging market investing, would have loved Qualified Opportunity Zone investing.

Domestic emerging markets is a new asset class created under the Tax Cut and Jobs Act through the Qualified Opportunity Zone investment incentive. Essentially, the Qualified Opportunity Zones investment incentive promotes domestic emerging markets through three tax and incentives that I've outlined here. Since at least 2000, and almost

certainly longer, economic growth and new business formation in the U.S. has been concentrated in a few states.  For instance 80 percent of venture capital investments get made in three states: New York, California, and Massachusetts.  Even more remarkable is that the concentration has been in about 20 zip codes. Chart…

Planning alpha is abundant, available, and non-scarce. Unlike investment alpha, planning alpha is not a zero-sum game.

bantam inc jack duval planning alpha george v hotel

View from the George V Hotel in Paris.

Planning alpha should be primary objective of every investor.  However, because of the way the business of investing is structured, it isn't.  Why is that?  Because investing is a strange business.  For the vast majority of investments, the cheaper they are, the better they are. This flies in the face

of just about everything we've ever seen, been taught, or experienced with any other product or service. Does anyone think a Hyundai is better than a Bentley?  How about a sandwich at the local deli versus a dinner at Per Se?  Do you think a $1,500/hour attorney is better than…

One of the most powerful aspects of proper attorney second career planning is the ability to "see" into the future.

attorney second career planning - charles dickens

Charles Dickens, early adopter of financial planning projections.

When doing attorney second career planning, I've found that some rigorous analysis can clarify things very quickly. Questions such as, can I afford to switch now, how risky is this, and what are the long-term financial implications, all need to be uncovered and contemplated before the decision is made. Indeed,

if you've had a successful legal career and are looking to start something new, you need to think it through very carefully, get the timing right, and then plan it out with precision. No attorney leaves a successful career lightly.  However, the proper planning can lessen the uncertainty, reveal the…

In lateral hiring situations, the acquiring firm is playing a repeated game, whereas the partner is playing a single-shot game. 

Show. Me. The. Analysis!

Attorneys as Unrestricted Free Agents The most interesting phenomenon in the world of professions is attorneys as unrestricted free agents, able to sign with whatever firm they want and, in some instances, getting 8-digit signing bonuses and salaries.[1]  Indeed, AmLaw 100 firm partners are making more than professional athletes. For

example, the average NFL player salary number that gets quoted is typically over $2M per year, but this is misleading because of a few outsized contracts for quarterbacks and defensive ends.[2]  The more relevant number is the median salary, which is $860,000.[3]  (Medians are unskewed by outliers.) The NFL league minimum…