Stuart E. Lucas 
The Taxable Investor’s Manifesto 
Wealth Management Strategies to Last a Lifetime

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.

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About the Author xi

Acknowledgments xiii

Introduction xvii

Chapter 1 Taxable Investors Need to Think Differently 1

Chapter 2 Diversify at the Right Time and in the Right Way 9

Chapter 3 Generate Value From That Magical Liability: Deferred Tax 17

Chapter 4 If You Want Wealth to Grow, Own Stocks 25

Chapter 5 Lengthen Time Horizon to Lower Risk and Enhance Returns 39

Chapter 6 Control Cash Flow to Perpetuate Purchasing Power 49

Chapter 7 Don’t Be Misled By Performance 55

Chapter 8 Get Value From Active Management 65

Chapter 9 Approach Alternative Investments With Skill and Skepticism, Or Not At All 79

Chapter 10 Plan Your Estate: It Adds More Value Than Investing 89

Chapter 11 Shift From Success to Significance 99

Chapter 12 Reinforce Positive Family Culture Through Financial Design 105

Chapter 13 Evaluate The Risks to This Approach 111

Chapter 14 Select An Advisor With Strong Investment Skills, An Interdisciplinary Approach, and A Fiduciary Mindset 117

Appendix Additional Books About Taxable Investing 129

Index 131

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STUART E. LUCAS is the founder and Co-Managing Partner of Wealth Strategist Partners, a consultant to complex family enterprises, including his own. He co-founded the University of Chicago’s Private Wealth Management program, now in its fourteenth year, and is the author of the bestselling Wealth: Grow It and Protect It and numerous articles on investing and wealth management. Lucas is immediate past Chair of the Investment Committee of National Public Radio and formerly Senior Managing Director of the Ultra-High-Net-Worth Group within Private Client Services at Bank One, now JPMorgan Chase. He holds an MBA from Harvard Business School, a BA from Dartmouth College and is a Chartered Financial Analyst.