Please enjoy our latest article in which we share our thoughts on the contributors to the current rise in inflation, the indicators for a prompt response from the Fed and the resulting potential for regime change that could impact public and private markets.

Gresham Partners, LLC, an independent investment and wealth management firm managing over $8 billion* for select families and family offices located nationally, today announced the selection of five new partners. The new partners have been promoted from within the firm and were selected based on the value they have delivered for clients during their tenure and most recently in a year defined by a global health crisis and unprecedented activity for the firm and its clients.

David Salsburg, Gresham’s President, was a panelist in Andersen’s national webinar held on November 9th titled “The Evolution of a Successful Family Office.” The panel of experts addressed investment, tax, legal, regulatory and other considerations a wealthy family would confront in the face of a global recession.

This webinar was the second in a three-part series Andersen held for its clients and friends, with experts like David providing advice based on their extensive experience serving wealthy families. David’s comments included:

  • Planning for major challenges, such as a global recession, is critical to minimize the adverse impacts that may result and potentially position the family to play offense when others are playing defense. This planning can include sound portfolio construction, a reasonable spending rate, downside protection strategies, cash flow and liquidity planning and effective governance.
  • In the midst of a global recession, a family needs to avoid panic and take a disciplined approach to reviewing investment strategies, debt servicing, cash needs and liquidity options, with a goal of being able to deploy new capital opportunistically.
  • It is also important to have an effective asset ownership structure in place, which can include using separate entities for different investor profiles or investment strategies. Such a structure can avoid harmful impacts caused by competing interests within the same entity and enable good decision-making, especially when capital markets are in turmoil.

Please contact your Gresham team member if you would like to learn more about this event.

This research piece contains our impartial survey of the crypto landscape, including a review of the basic concepts of blockchain and Bitcoin, and a description of the roles Ethereum, DeFi and NFTs may play in “Web 3.0”. It highlights a few use cases that are most interesting to us and also contains several curated links and a list of additional readings.

CHICAGO, IL, September 8, 2021 – Gresham Partners LLC, an independent wealth management firm with a national client base of ultra-high net worth families, announced today that Nicole Perkins, J.D., has joined the firm as a Principal, Director of Client Experience & Development and a member of its Operating Committee. During the balance of the year, Nicole will work closely with Wally Head, Principal and Vice Chairman, who is retiring at the end of 2021 after almost ten years with Gresham.

Ted Neild, Gresham’s Chief Executive Officer and Chief Investment Officer, commented: “Nicole is widely recognized as a dynamic leader and innovative thinker – we are delighted that she is now part of the Gresham Team.” Neild added, “Nicole shares our vision on the importance of independence and the freedom it affords our team to break free from the conventional approaches in our industry and generate results for our clients.”

Nicole spent the past ten years at the PNC Financial Services Group as an Executive Vice President and the Managing Executive of Hawthorn, PNC Family Wealth. Previously, she served as Director of Fiduciary Services at Hawthorn and provided wealth management advice to ultra-high net worth clients. Nicole began her career in the advertising industry in New York City. As the daughter of family business owners, early in her career she assumed responsibility for managing the family’s restaurant, jazz club and real estate business, also located in New York City. Later, she practiced law in high profile law firms in Philadelphia until she established and ran her own trust and estate legal practice for nearly a decade.

Commenting on joining Gresham, Nicole said: “I am thrilled to join a high-performing organization that is firmly committed to its independence. That commitment allows us to avoid many of the conflicts of interest inherent in our industry that so often erode the foundation of trust with clients, and it frees us to think creatively about client solutions. I couldn’t be more excited to join an organization whose values are so well-aligned with mine.”

Nicole’s full profile can be found at www.greshampartners.com/team/#nicole-perkins.

Gresham is proud to support the new Center on Law and Finance at the Law School of The University of Chicago. Kim Kamin, Gresham’s Chief Wealth Strategist and a graduate of the Law School will serve on the Founders’ Committee for the Center.

We have been active investors in China for 15 years. This research piece focuses on the potential impact of recent regulatory actions taken by the Chinese government and implications for public and private investing in China.

Generally, you lose access to your child’s health and financial information once they become legal adults at age 18 unless they take certain steps to provide you access. Gresham provides a list of essential legal documents for completion when a child turns 18 and before they go to college or leave home for other purposes. 

The prospects for inflation in the U.S. continue to receive a lot of attention. This research piece describes our outlook for near-term and longer-term inflation in the U.S. 

We have highlighted for a few years the risks and implications of narrow market leadership within the S&P 500 Index. This research piece explains these risks and our reasons for expecting history to repeat itself with regard to U.S. equity market performance.

This Summary describes potential tax law changes that seem most likely to affect our clients and certain strategies that should be considered sooner rather than later.

Kim Kamin, Gresham’s Chief Wealth Strategist, was elected President of the Chicago Estate Planning Council (CEPC) at its annual meeting …

This Summary describes provisions of the Act that seem most applicable to our clients as individuals and business owners…

Kim Kamin, Gresham’s Chief Wealth Strategist, has been elected to the American College of Trust & Estate Counsel’s governing …

We provide our observations regarding the global economy and capital markets, the death of “dumb” value investing, and…

Sean Warrington joins Gresham Partners as Principal and Senior Investment Officer leading Gresham’s private investment activity.

Gresham Partners proudly sponsored for a seventh consecutive year The Community Table fundraising event for Greenhouse Scholars …

Gresham has been named the “Best Multi-Family Office Between $5B and $15B AUM/AUA” by Family Wealth Report’s panel of industry experts

We assess the opportunities and risks we see as the investment environment changes throughout the world …

Gresham Partners, a nationally recognized* independent investment and wealth management firm, has been ranked #4 in Barron’s 2018 Top 100 Independent RIAs.  Gresham moved up to the #4 ranking from #9 in 2017 and #13 in 2016.

Gresham believes that the opportunity set for investment in U.S. businesses has declined within public equity markets while it has increased in private equity markets.  This shift may justify a reassessment of asset allocations between public and private investments.

We share our views on how investors should act in the face of expected changes in global central bank policies and current elevated asset prices.

Gresham enjoys keeping a low profile, so it was a departure for Ted Neild, our president and chief investment officer, to participate in a conversation with the chief investment officers of two other financial advisory firms for an article published in The Wall Street Journal this past December titled Where to Put Your Money in the Next Year.

Gresham ranks #9 in Barron’s 2017 Top 100 Independent RIAs listing based on assessments of assets, revenue and quality of practice, not explicit investment performance or actual client experience.

At the beginning of the year in our Annual Outlook, we noted that subdued economic growth, low inflation and easy monetary policy were likely to continue for the foreseeable future. Additionally, divergent policies across the globe would create volatility and investment opportunity for flexible investors unbound by traditional investment constraints.

We assess how elevated valuations, Fed tightening and oil price declines impact a range of investment themes.

In our 2015 Annual Outlook: Divergent, we predict that an increasingly desynchronized world will likely lead to more volatility and investment opportunity, we assess where caution may be warranted and opportunity may present itself, and we look at the impact of declining oil prices. We also discuss what investors should do in the current environment.

In this year’s Annual Outlook, we assess the relatively anemic global economic environment, review capital markets’ accomplishments in 2013, and discuss our expectations and strategies for 2014 and beyond. We also explain why we believe it is time for investors to revisit their long-term asset allocation guidelines and be prepared to withstand the inevitable market corrections ahead.

The world is awash in a sea of liquidity, as all four major central banks of the developed
world are synchronized in their aggressive implementation of easy money policies. Despite
this liquidity, the global economic recovery remains the slowest on record, still hindered by
the excessive leverage built-up prior to the financial crisis four years ago. While these easy
money policies have produced some positive outcomes, little money is currently making its
way into the real economy, but is now spilling over into capital markets, distorting prices
and increasing risks to investors. While we believe many areas of the capital markets
remain attractive, investors must be cautious in deploying capital to ensure that they are
adequately rewarded for the risks they are taking.

The world continues to ride the same train of global imbalances. While short-term solutions have
allowed us to arrive at the next station, few are attempting to address the long-term issues. We believe
that capital markets will continue to assail the weakest links in the financial system, which, hopefully,
instills the required discipline for policymakers to make needed, but difficult, decisions. Unfortunately
for long-term investors, this suggests that we will continue to encounter a series of market crises,
leading to continued market volatility that can test investor resolve. During this period, it is important
that investors are cognizant of the risks in their portfolios and remain alert for the opportunities
created. While current markets continue to be driven by governmental policy rather than underlying
fundamentals, we do see several powerful secular trends and risks that should shape the foundation
of a portfolio for the long term.

The biggest surprise of the year was how well asset classes performed. U.S. equity markets were up 15% and bond markets were up 6.5%, both of which are reasonably good by historical averages.

Policy makers in developed economies are likely to remain accommodative, as domestic employment and growth concerns will dominate our trading partners’ concerns regarding the debasement of the U.S. dollar. The very solutions aimed at solving the crisis, may be accelerating many of the secular changes that guide our long-term investment activity. We remain concerned about the wide divergence of inflationary expectations, the potential debasement of the dollar and the long-term secular shift of global economic growth to a series of emerging economies away from developed nations largely responsible for driving economic growth over the last fifty years. In this environment, which may possibly last for a number of years, we expect market volatility and the potential for extreme market outcomes to remain higher than usual.

The credit crisis continues to erode the global economy at an accelerating pace. Governmental authorities are responding aggressively in an effort to thaw credit markets and avoid a severe and prolonged recession. While we are seeing signs of the banking system stabilizing and market volatility subsiding, we still face the question of whether these efforts will ultimately succeed. The range of possible economic and market outcomes remains wide, mandating a cautious approach for risk conscious investors such as ourselves. During this difficult period, we remain focused on limiting losses and protecting against permanent impairment of capital.

The second half of 2007 provided a stark example of the reasons we have felt that the risk/reward equation for investment markets was uninspiring. In particular, it confirmed and perhaps exceeded our expectations that credit markets would likely constitute Ground Zero in any financial upheaval. We can now say with much greater confidence that the problems in credit markets have spilled over into the general economy. However, we are fortunate that the credit crisis began at a time when global economic and business trends were relatively good, providing some cushion to the expected economic downturn. While the debate over whether the U.S. economy is headed for, or already in, a recession has become more of a technical exercise for economists, there is no debate that corporate profits, particularly those in the financial and consumer discretionary sectors, are slowing and general business conditions are weakening.

Broad U.S. stock market indices increased slightly, up a little over 1% during the first quarter. Smaller companies did slightly better but the real disappointment was in the very largest companies, as the top 50 declined almost 2%. The best performers were in the mid-cap range, which advanced by a little over 4%, in part because that is where the merger and acquisition boom is centered.

For the year 2005, U.S. stock markets appreciated modestly, as shown in Exhibit 1 to the right. Within sectors, energy was the star performer, up 32%, followed by utilities, up 16%. Otherwise, it was hard to find broad areas of support. Other sectors provided lackluster to down results, as market leadership was narrow. Discretionary consumer goods brought up the rear, down 6%, which includes the very poor performing auto and related companies.

Stock markets enjoyed an above average year in 2004, thanks to a surge in the fourth quarter. For the year, stock markets were led by energy and basic materials companies, reflecting a surge in oil and commodities prices, and industrial companies riding the profit expansion. Many larger, high-quality, consumer-oriented companies disappointed, especially the drug companies, as did technology.

Gresham logo