Royston Capital – “Family Wealth Outlook”

Welcome to the first edition of Family Wealth Outlook, which replaces our economic update. That update had, if we’re honest, become something to file rather than something to read.

We wanted a publication more like a conversation with your investment office. It should be broad enough to cover markets and the economy. It should go deep enough on the matters that shape family wealth across generations: how it is structured, governed, invested and handed on. Each edition will bring our view of the economy, a review of our model portfolios, a technical piece on the rules that affect you, and something a little lighter to finish.

This quarter, one idea kept coming up in our work. It happens to be the lesson of this edition’s book review, Michael Lewis’s Moneyball. The numbers everyone accepts are not always the numbers that matter. Good capital stewardship depends on looking past the headline figure to what sits underneath it.

Read the full publication here.