They, looking back, all the eastern side beheld Of Paradise, so late their happy seat . . .
John Milton, Paradise Lost
These prophetic words of John Milton, capturing the sad sense of loss upon the departure of Adam and Eve from the Garden of Eden, are well-suited to describe the feelings many families have about the difficult investment climate we are now facing, far removed from the rosier economic climate that characterized many prior years.
Although some of the choices we face still seem consistent with this now-past era, and some of our current investing activities are nothing out of the ordinary, other aspects of family wealth management are undergoing a deep and irreversible evolution that will last for the remainder of our investing lifetimes—and beyond.
Perhaps no families feel it more acutely than those who live in countries who are suffering most in the current global investment environment, and those more positively situated on the cusp of a growth-driven transition from a developing nation to a more sophisticated community of wealthy families and investment opportunities.
In some critical areas for all families, things have indeed changed forever. In these areas for family investors there is, as for Adam and Eve, no going back.
The dictionary definition of a point of inflection is “a point of fundamental change, a transition from one state to another.” This is the perfect ...