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.   https://www.youtube.com/watch?v=95eph5Rf7nQ    

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…

The ratings agencies can, and will, act in capricious ways.

bantam inc jack duval municipal bonds aig earning miss - logo

Be careful what you wish for.

Just a quick update on two events from yesterday that relate to some of my writing on risk management: S&P downgraded $2.27 billion of outstanding Build Illinois Bonds from AA- to BBB, and; AIG reported a $0.34/share loss when the consensus estimate was for a $0.06/share gain. Build Illinois Bond Downgrade

The State of Illinois is in dire financial straights, with a BBB- credit rating.  It has issued over $2 billion in Build Illinois Bonds, which carve out sales tax revenues, and had been rated AA-.  Under S&P's new rating criteria, which caps the ratings of priority-lien tax revenue debt,…