Private wealth management Books

Book SynopsisTrade Review"The most important investment decision is not 'what' but 'how much.' If you ever hear a professional investor talk about a trade that taught them a lot, prick up your ears. Usually, this is code for 'a time I lost an absolutely colossal amount of money,' and you are in for one of the better stories about how finance works at the coalface. On this front, Victor Haghani is a man to whom it is worth listening. Now, along with his present-day colleague James White, he has written a book that aims to spare other investors his mistakes . . . The Missing Billionaires . . . examines what its authors argue is a much more important—and neglected—question than picking the right investments to buy or sell: not 'what' but 'how much.'"—The Economist's Buttonwood column "Size Matters," September 21, 2023 "A compelling book dealing with an important and neglected question in finance: not what to buy or sell, but how much. Even sophisticated professionals tend to answer this question badly, leading to lost fortunes. But financial theory provides the answer. Mathematical but not excessively so, this will appeal to anyone with an interest in markets."—The Economist Best Books of 2023, December 9-15, 2023Table of ContentsForeword xiii Preface xvii About the Authors xxi Acknowledgments xxiii Chapter 1: Introduction: The Puzzle of the Missing Billionaires 1 Section I: Investment Sizing 13 Chapter 2: Befuddled Betting on a Biased Coin 15 Chapter 3: Size Matters When It’s for Real 27 Chapter 4: A Taste of the Merton Share 41 Chapter 5: How Much to Invest in the Stock Market? 49 Chapter 6: The Mechanics of Choice 67 Chapter 7: Criticisms of Expected Utility Decision- making 103 Chapter 8: Reminiscences of a Hedge Fund Operator 117 Section II: Lifetime Spending and Investing 127 Chapter 9: Spending and Investing in Retirement 129 Chapter 10: Spending Like You’ll Live Forever 149 Chapter 11: Spending Like You Won’t Live Forever 165 Section III: Where the Rubber Meets the Road 173 Chapter 12: Measuring the Fabric of Felicity 175 Chapter 13: Human Capital 193 Chapter 14: Into the Weeds: Characteristics of Major Asset Classes 201 Chapter 15: No Place to Hide: Investing in a World with No Safe Asset 235 Chapter 16: What About Options? 245 Chapter 17: Tax Matters 265 Chapter 18: Risk Versus Uncertainty 275 Section IV: Puzzles 285 Chapter 19: How Can a Great Lottery Be a Bad Bet? 287 Chapter 20: The Equity Risk Premium Puzzle 291 Chapter 21: The Perpetuity Paradox and Negative Interest Rates 297 Chapter 22: When Less Is More 303 Chapter 23: The Costanza Trade 309 Chapter 24: Conclusion: U and Your Wealth 319 Bonus Chapter: Liar’s Poker and Learning to Bet Smart 327 Cheat Sheet 335 A Few Rules of Thumb 340 Endnotes 343 Suggested Reading 357 References 359 Index 373

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Book SynopsisA bold and fresh perspective unravelling the economics of racial inequality In The Opportunity Index, BlackRock Managing Director and co-founder of the #Talkaboutblack movement, Gavin Lewis, skillfully plots the origins of the racial wealth gap and its impact on the inequalities faced by the Black community today. Weaving a personal and at times moving narrative through some of the most disruptive events of our time, he offers a blueprint for businesses and individuals to understand the risks and opportunities presented by inequality and issues an urgent call to action. The Opportunity Index also presents: A root cause-oriented and solutions-focused exploration of the racial wealth gap and its role in social, health, and opportunity inequality A perspective that moves beyond the typical workplace discussion to explore the deeper truths about society and the role of capitalism The lessons learned from the #BlackLivesMatter, #MeTooTable of ContentsAcknowledgments xiii Introduction xv Prologue xxi Chapter 1 Onion 1 Chapter 2 Six Hours 19 Chapter 3 Equity 35 Chapter 4 Horses and Sparrows 53 Chapter 5 Zero-Sum Game 73 Chapter 6 Almonds 91 Chapter 7 Vacuum 107 Chapter 8 Ghosts 121 Chapter 9 Plastic Bag 143 Chapter 10 The Opportunity Index 163 Epilogue 189 Endnotes 193 References 209 About the Author 211 Index 213

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Book SynopsisThe COVID-19 pandemic forced us to rethink everything. Now, when it comes to envisioning a post-pandemic future, financial expert Jill Schlesinger hears one question over and over: How far should I really go to change my life? The Great Money Reset is your guide to getting serious and building your best life. A road map for navigating our present era, this book shows us how to take advantage of the seismic changes unfurling all around us to make big life improvements. Whether it's negotiating a better deal with your boss, starting or selling a business, moving to a new locale, retraining for a new career, taking time off to find yourself, or saying the heck with it and retiring early, The Great Money Reset provides an essential frame-work for strategizing and planning your next move. The Great Money Reset answers your most pressing questions with Jill's signature clarity, wit, and no-nonsense honesty. You'll learn how to change your work,

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Book SynopsisTransform your financial present and future so you can give back to the people you care about the most In Millionaire Habits: How to Achieve Financial Independence, Retire Early, and Make a Difference by Focusing on Yourself First, popular personal finance educator Steve Adcock delivers a fun, insightful, and hands-on discussion of how to build financial security, retire early, and give back to the community. You'll learn to focus on yourself and your family first, creating personal wealth for the purpose of giving back to others. In the book, the author explains that saving money isn't a goal in and of itself, but rather the end product of the personal wealth equation: Wealth = Income + Investments Lifestyle. You'll discover how to pay yourself first with concrete guidance and practical advice drawn from people who built wealth on modest incomes. You'll also find: Strategies for maintaining your physical and financial fitness so you can maximize the value of your assetsWays to turn yTable of ContentsIntroduction xi We Retired in Our 30s in an Airstream RV xiv How To Use This Book xv Part 1: The 10 Habits of Millionaires—the Wealth-Building Time Line 1 Habit # 1 Millionaires Say Yes 7 Am I Suggesting That You Say Yes to Every Opportunity You Get? 13 Habit # 2 Millionaires Are Selfish 15 Finances 17 The Five Pillars of Financial Selfishness 17 Health 19 Physical Health 20 Mental Health 22 Work 23 Compensation 24 Work-Life Balance 25 Recognition 27 Habit # 3 Millionaires Maximize Income 33 Switch Companies 35 Start a Side Hustle 36 Ask for a Raise 42 What about Investing? 46 Habit # 4 Millionaires Pay Themselves First 49 How Does Pay Yourself First Work? 51 When Is Pay Yourself First Not a Good Idea? 55 Habit # 5 Millionaires Automate Everything 59 What Should You Automate? 61 When Should Each Automation Happen? 62 How to Set Up Financial Automation 63 Habit # 6 Millionaires Invest (A Lot) 67 Stocks 69 Bonds 70 Index Funds 71 Targeted Retirement Funds 73 Exchange-Traded Funds (ETFs) 74 Mutual Funds 75 Real Estate 75 Traditional 401(k) 78 Roth IRA 80 Health Savings Accounts 80 Cryptocurrencies 81 Active vs. Passive Investing 82 The “Passive-first” Investment Strategy 83 Long-term Investing Makes Millionaires 85 Why Dollar-cost Averaging Works 86 Are Stocks Down? Don’t Panic! 87 Habit # 7 Millionaires Save for Emergencies 91 How Much Should You Save? 93 How to Set Up Your First Emergency Fund 93 Step 1: Separate It 94 Step 2: Make It a Priority 95 Step 3: Use Automation to Make It Easy 95 Where Should You Keep Your Emergency Savings 96 What Is An Emergency? 97 Habit # 8 Millionaires Create Their Own Luck 101 Our Choices Compound 103 How to Create Your Own Luck 105 Adopt a Positive Mindset 106 Take Calculated Risks 107 Be Proactive 109 Be Open-minded 110 Visualize Your Success 111 Work Hard 113 Build a high-quality Network 114 Ditch Your Comfort Zone 115 Volunteer 117 Habit # 9 Millionaires Control Their Spending 119 Your Income Doesn’t Equal Your Wealth 120 The Five-step Framework to Control Your Spending 121 Step 1: Identify All Your Expenses 121 Step 2: Decide on Expenses to Cut or Reduce 123 Step 3: Create a Spending Plan 125 Step 4: Track Your Expenses 126 Step 5: Set Financial Goals 127 The Difference between Cheap and Frugal 128 The 72-hour Rule 130 Habit # 10 Millionaires Stay Out of [Bad] Debt 133 The Two Types of Debt 134 How to Get Out of Debt 139 The Debt Avalanche Method 140 The Debt Snowball Method 142 How to Stay Out of Debt 144 Part 2: How to Fire—what Is Financial Independence Retire Early? 147 The Simple Math Behind FIRE 153 When Have You Achieved FIRE? 154 You Can Fall Out of Financial Independence 158 Health Care in Retirement 161 Healthshares 162 Traditional Health Care 164 Cobra 165 Medicaid 166 No Health Insurance 166 The Different Flavors of FIRE 169 TraditionalFIRE 169 LeanFIRE 170 FatFIRE 171 CoastFIRE 171 BaristaFIRE 172 HybridFIRE 173 Debunking the Criticisms of FIRE 175 Why You Should Never Retire Early 181 What Are You Retiring To? 183 What’s Next? 185 Bonus Chapter: Why Credit Cards Are a Gold Mine 187 Benefits of Using Credit Cards 188 How Credit Cards Get Hacked 189 How to Use Credit Cards Wisely 190 1. Use Credit Cards Only as a Convenience 190 2. Choose Credit Cards with the Best Perks 191 3. Pay Off the Card Every Month 192 Bonus Chapter: Why “Follow Your Passion” Is Bad Advice 193 Problem: It Assumes That Our Passions Never Change 194 Problem: It Makes It Seem as If Jobs Should Be Fun 194 Problem: Full-time Jobs Destroy Passions 195 Problem: Your Passions Are Not Always Your Strengths 195 Problem: You Might Not Know Your Passion 196 Bonus Chapter: How to Talk to Your Spouse about Money 199 Conclusion 203 Acknowledgments 205 About the Author 207 Index 209

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Book SynopsisFrom the author of the book that became the iconic The Social Network movie, here is the definitive take on one of the wildest stories ever --  the David-vs.-Goliath GameStop short squeeze, a tale of fortunes won and lost overnight, marking an unforgettable event in financial history.  The movie Dumb Money Bestselling author Ben Mezrich offers a gripping, beat-by-beat account of how a loosely affiliated group of private investors and internet trolls on a subreddit called WallStreetBets took down one of the biggest hedge funds on Wall Street, firing the first shot in a revolution that threatens to upend the establishment. It’s the story of financial titans like Gabe Plotkin of hedge fund Melvin Capital, one of the most respected and staid funds on the Street, billionaires like Elon Musk, Steve Cohen, Mark Cuban, Robinhood co-CEOs Vlad Tenev and Baiju Bhatt, and Ken Griffin of Citadel Securities. Over the course of four incredible days, each in their own way must reckon with a formidable force they barely understand, let alone saw coming: everyday men and women on WallStreetBets like nurse Kim Campbell, college student Jeremy Poe, and the enigmatic Keith “RoaringKitty” Gill, whose unfiltered livestream videos captivated a new generation of stock market enthusiasts. The unlikely focus of the battle: GameStop, a flailing brick-and-mortar dinosaur catering to teenagers and outsiders that had somehow held on as the world rapidly moved online. At first, WallStreetBets was a joke—a meme-filled, freewheeling place to share shoot-the-moon investment tips, laugh about big losses, and post diamond hand emojis. Until some members noticed an opportunity in GameStop—and rode a rocket ship to tens of millions of dollars in earnings overnight. In thrilling, pulse-pounding prose, DUMB MONEY offers a fascinating, never-before-seen glimpse at the outsize personalities, dizzying swings, corporate drama, and underestimated American heroes and heroines who captivated the nation during one of the most volatile weeks in financial history. It’s the amazing story of what just happened—and where we go from here. Previously published as The Antisocial Network.

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Book SynopsisYou’ve worked hard and planned carefully so that one day you can retire comfortably. That time has finally arrived. So why doesn’t it feel as carefree as you imagined? After building your retirement account, it’s time to take money out and use it for everyday expenses — and that requires an entirely new approach to financial planning. You have lots of questions.This book is a step-by-step guide to the answers you need to let go of your concerns. The key is to enlist the help of a financial professional with the experience to understand your needs now that you’ve retired.Learn which questions to ask and what answers to expect from an advisor with the specialized knowledge to help you enjoy the worry-free retirement you deserve, so can make your golden years the most meaningful and rewarding years of your life.

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Book SynopsisThe super-rich have never had it so good. But millions of us can’t afford a home, an education or a pension. And unless we change course soon, the future will be even worse. Much worse. But things don’t have to be like this. In this bold new book, former Treasury Minister Liam Byrne explains why wealth inequality has grown so fast in recent years; warns how it threatens our society, economy and politics; shows where economics has got it wrong – and lays out a path back to common sense, with five practical ways to rebuild an old ideal: the wealth-owning democracy. Liam Byrne draws on conversations and debates with former prime ministers, presidents and policymakers around the world, together with experts at the OECD, World Bank and IMF, to argue that after twenty years of statistics and slogans it’s time for solutions that aren’t just radical but plausible and achievable as well. The future won’t be a land of milk and honey but it could be a place where we live longer, happier, healthier and wealthier lives.Trade ReviewVery few in frontline politics have worked as long as Liam Byrne on the theory and practice of tackling inequality - or are as thoughtful and insightful. This new book is essential reading for anyone who cares about tackling one of the great political and moral challenges of our time. * Ed Balls *The UK is an “inheritocracy” – a country where the richest, wealth-wise, have widened the gap with the rest, amplifying social inequalities. Liam Byrne’s book is rich, practical and compelling in its proposals for turning this tide, elevating opportunities and living standards for many millions of people through sweeping institutional reform. I hope it is not just read widely but acted on immediately. * Andy Haldane, Chief Executive, The RSA *The effects of inequality are not solely a consequence of poverty, they also result from how wealth and affluence skew society, undermining our social solidarity and wellbeing. Liam Byrne understands the devastating costs of wealth inequality, here is a politician with a true sense of purpose – this is a must-read for those who want to shape a better society. * Kate Pickett and Richard Wilkinson, authors of The Spirit Level *From the destructive impunity of today’s phenomenally wealthy – the disfiguring feature of our times – to well thought out, original solutions, Liam Byrne makes an indisputable case. Powerful social observation combined with distilling the best of today’s thinking in response – at once readable and passionate – does not come much better than this. * Will Hutton, author of The State We're In: Why Britain Is in Crisis and How to Overcome It *A thought-provoking read about one of the most difficult yet most important political issues of our time. * Lord Gus O’Donnell, former Cabinet Secretary *Liam Byrne has spent his years in opposition thinking deeply about what a government should do, and this book is the fruit of that work. This is a plan for a fairer, richer and stronger country, and I hope ministers pay attention. * Oliver Bullough, author of Moneyland *Liam Byrne's new book will help the British left to understand how freedom and equality should be reconciled. He takes the politics of inequality as seriously as we must, but shows us how combating inequality can help us to expand freedom. * Philip Collins, columnist for the New Statesman *Liam Byrne’s The Inequality of Wealth is beautifully written, deeply insightful and above all humane. The policy recommendations are original, bold and persuasive, and should define future debates on how to create a more just society. * Steven Durlauf, the Steans Professor in Educational Policy and the Director of the Stone Center for Research on Wealth Inequality and Mobility at the University of Chicago Harris School of Public Policy *In this bold and incisive book, Liam Byrne makes a compelling case for a radically different approach to wealth and inequality. Everyone who cares about the future of this country and of our society should read it. * Matthew d'Ancona, former Deputy Editor of The Sunday Telegraph *Reducing wealth inequality remains an urgent global challenge. Liam Byrne has produced a well-informed, sharply-argued and highly-readable analysis of the problem — and more importantly what now needs to be done. * James Crabtree, author of The Billionaire Raj *This is a wonderful book. Liam Byrne lucidly and elegantly explains why wealth inequality is a key challenge that needs to be at the centre of a meaningful politics of social justice. His thoughtful and creative policy ideas offer a practical platform for addressing these inequities and should command attention across the political spectrum. In these troubled political times, the wise counsel offered here is a great tonic. * Mike Savage, Professor of Sociology, London School of Economics *Liam Byrne is now thinking about doing what was so very recently unthinkable. He is open to policies he once dismissed as unrealistic, and can be persuaded on others that in the past were painted as pipe dreams. British politics is changing, it is abruptly shifting, in a way it has not done fifty years, and in a good way. The Inequality of Wealth is a key part of that turn. It is a hand-break turn. * Danny Dorling, Halford Mackinder Professor of Geography, University of Oxford *Serves as a invaluable repository of recent ideas put forward by academics and think-tankers, collated through Byrne’s wide-ranging experience in public policy. * The Financial Times *Byrne is an engaging writer, and his latest book is full of ideas. * The Telegraph *[An] a engaging and readable polemic * The TLS *

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