8 pieces
Gold produces no cash, so its entire return depends on what a later buyer will pay. After an exit it is best understood as insurance against a loss of trust in money — and judged as insurance, not by what it earns.
Farmland as an investment means owning the ground and leasing it to farmers who already know the crop. Bill Gates bought land and a lease, not a farm to run.
A sale paid in the buyer's shares does not end the founder's bet; it moves it to a company they did not build. What was received, what still has to vest, and whether the stock would be owned on its merits decide what remains.
The most useful questions to ask a wealth manager test three things: how the advisor is paid, what access and terms this household actually gets, and what evidence would prove the advice wrong.
Family wealth stays together only while every adult in it freely chooses to. The Pritzkers pooled a fortune with no way out, and the split arrived anyway — in court, on the worst available terms.
More than a century of evidence rewards holding over trading, but the record turns on what is held. The businesses whose cash flow grew most reliably rewarded the owners who left them alone longest.
A dividend is a decision a board makes, not a promise the business keeps. After an exit the durable question is not what a holding pays today but whether the cash underneath it is still growing.
The allocation decisions made in the first year after an exit shape the long-term result more than the deal terms ever did. The clock starts when the wire clears, whether or not anyone is watching it.