The Taxable Investor's Manifesto

The Taxable Investor's Manifesto

by Stuart E. Lucas
Released May 2020
Publisher(s): Wiley
ISBN: 9781119692034

Read it now on the O’Reilly learning platform with a 10-day free trial.

O’Reilly members get unlimited access to books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.

Start your free trial

Book description

The Taxable Investor's Manifesto: Wealth Management Strategies to Last a Lifetime is written for every investor with taxable wealth and every advisor who serves them. The Taxable Investor's Manifesto guides readers through a series of related topics, bringing clarity to complexity with an economy of words, while providing valuable and actionable advice at every turn.

This remarkable book combines the deep industry knowledge of a seasoned practitioner with the communication skills of a leading educator. Author Stuart E. Lucas is the founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises, including his own. He also co-founded the University of Chicago’s Private Wealth Management program, now in its fourteenth year.

Most investment books only address pre-tax headline returns, but individuals pay taxes. The incentives and disincentives of our tax system can have a dramatic impact on actual investment time horizons and returns. The Manifesto sensibly folds tax incentives into investment strategy in ways that can add profound value over a lifetime to actual results. It includes guidance on:

  • How to keep a greater percentage of your profits with a higher probability of success and less effort
  • Why it’s important to manage the intersection of investment, tax and estate planning
  • How to compete for better long-term investment returns against tax-exempt investors.

Whether you're a young professional or entrepreneur, a mid-career manager, a senior business executive, or a retiree this book will give you tools to enhance your net worth considerably. If you are an advisor, studying and implementing Lucas's advice will strengthen your business and make your clients happier.

Table of contents

  1. Cover
  2. About the Author
  3. Acknowledgments
  4. Introduction
  5. CHAPTER ONE: Taxable Investors Need to Think Differently
    1. KEY CHAPTER TAKEAWAYS
  6. CHAPTER TWO: Diversify at the Right Time and in the Right Way
    1. KEY CHAPTER TAKEAWAYS
  7. CHAPTER THREE: Generate Value from That Magical Liability: Deferred Tax
    1. ALTERNATIVES TO SELLING
    2. KEY CHAPTER TAKEAWAYS
  8. CHAPTER FOUR: If You Want Wealth to Grow, Own Stocks
    1. OVER TIME, STOCKS OUTPERFORM BONDS
    2. GEOGRAPHIC DIVERSIFICATION
    3. MANAGING SHORT-TERM VOLATILITY
    4. ASSET LOCATION: TAXABLE, TAX-DEFERRED, OR TAX-EXEMPT?
    5. KEY CHAPTER TAKEAWAYS
  9. CHAPTER FIVE: Lengthen Time Horizon to Lower Risk and Enhance Returns
    1. KEY CHAPTER TAKEAWAYS
  10. CHAPTER SIX: Control Cash Flow to Perpetuate Purchasing Power
    1. KEY CHAPTER TAKEAWAYS
  11. CHAPTER SEVEN: Don't Be Misled by Performance
    1. KEY CHAPTER TAKEAWAYS
  12. CHAPTER EIGHT: Get Value from Active Management
    1. TACTICS FOR IMPROVING SUCCESS WITH ACTIVE MANAGERS
    2. KEY CHAPTER TAKEAWAYS
  13. CHAPTER NINE: Approach Alternative Investments with Skill and Skepticism, or Not at All
    1. HEDGE FUNDS ARE RARELY GOOD FOR TAXABLE INVESTORS
    2. PRIVATE EQUITY AND VENTURE MAY BE BETTER
    3. SCALE, STRUCTURE, AND TAX ARE IMPORTANT CONSIDERATIONS
    4. ARE YOU PREPARED TO INVEST?
    5. KEY CHAPTER TAKEAWAYS
  14. CHAPTER TEN: Plan Your Estate: It Adds More Value Than Investing
    1. KEY CHAPTER TAKEAWAYS
  15. CHAPTER ELEVEN: Shift from Success to Significance
    1. KEY CHAPTER TAKEAWAYS
  16. CHAPTER TWELVE: Reinforce Positive Family Culture through Financial Design
    1. KEY CHAPTER TAKEAWAYS
  17. CHAPTER THIRTEEN: Evaluate the Risks to This Approach
    1. KEY CHAPTER TAKEAWAYS
  18. CHAPTER FOURTEEN: Select an Advisor with Strong Investment Skills, an Interdisciplinary Approach, and a Fiduciary Mindset
    1. KEY CHAPTER TAKEAWAYS
  19. APPENDIX Additional Books about Taxable Investing
  20. Index
  21. End User License Agreement

Product information

  • Title: The Taxable Investor's Manifesto
  • Author(s): Stuart E. Lucas
  • Release date: May 2020
  • Publisher(s): Wiley
  • ISBN: 9781119692034