章节 · 投资
公开市场
股票、债券、基金及机构级投资技术——从直接指数化到领式期权与交易所基金，一网打尽。
教育性参考——提供解释与权衡分析，而非投资建议。合格专业人士将评估哪种方案适合特定家族。
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Public Markets: A Field Guide
Public markets — stocks, bonds, mutual funds, ETFs, and the institutional wrappers built around them — form the liquid core of most substantial family portfolios. What changes at scale is not which markets a family can access but…
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Direct Indexing
Direct indexing is a strategy in which a taxable investor owns the individual stocks that make up a market index…
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Tax-Loss Harvesting
Tax-loss harvesting is the practice of selling an investment that has declined in value to realize a capital loss…
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资产类别
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Equities
Equities — shares of ownership in publicly traded companies — have historically served as the primary engine of long-term portfolio growth for wealthy…
Fixed Income
Fixed income is the broad category of investments — primarily bonds — in which an investor lends money to a government or corporation in exchange for…
Treasury Securities
Treasury securities are debt obligations issued by the U.S. federal government, available in several forms—bills, notes, bonds, TIPS, and STRIPS—each…
Municipal Bonds
Municipal bonds are debt securities issued by state and local governments to finance public projects, and their defining feature is that the interest they…
Corporate Bonds and Credit
Corporate bonds are debt securities issued by companies to raise capital; investors who buy them are lending money to the issuer in exchange for periodic…
Preferred Securities
Preferred securities are hybrid instruments that combine features of both bonds and common stock, sitting between debt and equity in a company's capital…
Commodities and Currencies
Commodities and currencies are two distinct but often intertwined exposures that arise in sophisticated portfolios: commodities (energy, metals…
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基金与投资工具
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Closed-End Funds
Closed-end funds are publicly traded investment vehicles that raise a fixed pool of capital through an initial offering, then list their shares on an…
Exchange-Traded Funds
An exchange-traded fund (ETF) is a pooled investment vehicle that holds a basket of securities and trades on a stock exchange throughout the day, much…
Separately Managed Accounts
A separately managed account (SMA) is a professionally managed portfolio of individual securities held directly in an investor's own name at a custodian…
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工具与产品
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方法与技巧
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Concentrated Stock Positions
A concentrated stock position — when a single equity holding represents a dominant share of a family's net worth — is one of the most common financial…
Hedging and Collars
Hedging and collars are option-based strategies families with concentrated stock positions sometimes use to limit downside risk without immediately…
Exchange Funds
An exchange fund is a private partnership that allows an investor holding a large, appreciated stock position to contribute those shares and receive, in…