December 29, 2016
Watch this special video about Conflicts of Interest: Art and War in Modern Japan, currently on exhibit at the Saint Louis Art Museum. The exhibition showcases extraordinary visual material documenting Japan’s rise as a military power in East Asia, starting with the Meiji Restoration in 1868, then depicting events of the Sino-Japanese War (1894-1895) and the Russo-Japanese War (1904-1905), two wars between Japan and its imperial neighbors China and Russia, and then culminating with Pearl Harbor.
The exhibition is possible due to the generous gift of 1,357 Japanese prints and related works of art given to the Saint Louis Art Museum in 2010 by local donors, Charles and Rosalyn Lowenhaupt.
October 17, 2016 | By Charles Lowenhaupt
Warren, where are you?
Your company, Berkshire Hathaway, is the single largest shareholder in Wells Fargo, which was recently fined $185 million by U.S. regulators for fraudulently opening accounts for millions of customers. CEO John Stumpf announced his resignation last week.
Yet, there has been no word from you, one of the most respected investors of all time. You’re a man whose social conscience and impact is among the most enlightened on the planet. You set the example for Bill Gates, Mark Zuckerberg and others, but you have been deafeningly silent about the Wells Fargo culture and action. Many shareholders, customers, city officials, federal legislators and others have publicly expressed their dismay and indignation about Wells’ egregious practices. Some have even stopped doing business with the bank in protest.Read More
June 27, 2016 | By Charles Lowenhaupt
The UK vote to leave the EU is an epochal event. Its ramifications will be substantial for Europe and the world. No one knows what will happen next, but the passage of time will offer knowledge we do not have now.
Most immediately, the results have included dramatic drops in world markets. The Dow Jones Industrial Average fell 610 points, losing 3.4% of its value on the day after the Brexit vote was taken. We are likely to see continued volatility in the markets.
At times like this, the natural question is, “What should I do?” In our view, you should do what you should always do – remain thoughtful and measured.Read More
June 17, 2016 | By Charles Lowenhaupt
The so-called “charitable” LLC has been getting some good press lately.
A month ago, Wealthmanagement.com ran a story entitled, “A Sea Change in High-Net-Worth Philanthropy?” In December, The New York Times reported that Mark Zuckerberg and his wife, Priscilla, created an LLC to help give away 99% of their wealth.
In both instances, the media pointed out that this legal structure is gaining favor among those with significant wealth – billionaires and deca-millionaires.
So what’s all the fuss is about? I’m really not certain, actually.Read More
May 20, 2016 | By Charles Lowenhaupt
Cerulli Associates says that US high net worth clients prefer to hold their money at wirehouses, private banks and trust companies. This includes clients with more than $20 million dollars in that group using the wirehouses, private banks and trust companies.
Since the financial crisis in 2008, the world’s 20 largest banks have paid more than $235 billion in fines. One might ask why, after years of misbehavior by many institutions, are wealthy investors still relying on them? One might also ask how the brokerage industry can continue to attract those wealth holders given all the misdeeds and the daily fines and penalties they continue to rack up?Read More
April 6, 2016 | By Charles Lowenhaupt
The leak of 11 million documents (“The Panama Papers”) from the files of a Panama law firm, Mossack Fonseca, represents an unprecedented exposure of what is considered highly confidential information about the secret financial dealings of the some of the world’s highest profile leaders and wealthiest individuals.Read More
February 25, 2016 | By Charles Lowenhuapt
Significant wealth and family dynamics are always complex, but some aspects don’t change from generation to generation—or from continent to continent.
I was reminded of that during a recent trip to Sydney. Speaking at an event with a number of wealth holders and wealth inheritors, I had numerous conversations I’ve heard repeated again and again in the U.S., Europe and Asia. They go like this: Wealth creators say their children are aimless and lack their passion and direction. Family money, they say, has made their adult children soft. They bemoan the fact that the children lack “motivation.” For their part, adult children complain that their parents are too controlling. The children say they are passionate about their ideas and their future, but their overbearing parents are unwilling to help them use a small portion of the family fortune to change the world or fund their projects.Read More