As we head into our 25th anniversary, this year’s Annual Letter looks back at our beginnings and highlights the cherished principles which have allowed us to succeed over the years.

Kim Kamin, Gresham’s Chief Wealth Strategies, recently co-authored an article in Trusts & Estates titled “Charitable Giving With Non-Charitable Trusts.” This article addresses a topic that has not received much attention, but has broad applicability for philanthropically inclined UHNW families. The article describes strategies that may be applicable to existing trusts and provisions that may be appropriate for new trusts.

David Salsburg, Gresham’s President, was a panelist in a 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 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.

Gresham Partners helped Greenhouse Scholars in their fundraising efforts at the recent 2021 Glass Half Full virtual event. Gresham has supported Greenhouse Scholars since 2013 both financially and through the direct involvement of many members of Gresham’s team.

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.

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. 

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Purposeful Planning for Diverse Modern Families” for Purposeful Planning Institute Thought Leader Webinar via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Estate Planning for the Modern Evolving Family” for ALI-CLE Estate Planning in Depth via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Ten Domains of Wealth: Wealth Creation and Stewardship” for Inaugural UHNW Institute Conference via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Estate and Charitable Planning Considerations for Modern Families” for Chicago Council on Planned Giving Symposium via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated the “64th Annual Estate Planning Short Course” for Illinois Institute for Continuing Legal Education via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “2020 Election Fallout for Estate Planners” for the Michigan ICLE 61st Annual Probate and Estate Planning Institute via webinar.

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 recently held a Special Virtual Event for our clients and friends that featured Dr. Charles Fay of Love and Logic. Dr. Fay shared his thoughts on a range of issues facing parents who are raising children today.

This presentation is restricted to clients and other eligible individuals and it is password protected. Please reach out to your Advisor if you would like to view this presentation.

Gresham has been selected as the winner of the Wealth Planning Award in the 8th Annual Family Wealth Report Awards. This is Gresham’s fourth FWR Award in the past five years, with Gresham also winning ...

We recently held an Investment Update for our clients that featured Ryan Turner, Founder and Managing Partner of Stronghold Resource Partners, Ted Neild, Chief Investment Officer, and Sean Warrington, Portfolio Manager. In this conversation we discuss Stronghold’s views on the opportunity in domestic upstream energy and walk through its unique approach to creating value despite a volatile oil environment.

Due to the nature of the presentation, it is restricted to clients and other eligible investors and it is password protected. Please reach out to your Advisor if you would like to view this presentation.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Family Offices & Private Trust Companies – An Overview” for the 43rd Annual UCLA/CEB Estate Planning Institute via webinar. She was accompanied by co-presenter Bobbi Bierhals.

Kim Kamin, Gresham’s Chief Wealth Strategist, recently co-authored an article in BNA’s Tax Management Estates, Gifts and Trusts Journal titled “Perspectives on Planning for Personal Property”.  The article was derived from the authors’ presentation at the 46th Annual Notre Dame Tax & Estate Planning Institute.

Kim Kamin, Gresham’s Chief Wealth Strategist, recently co-authored an article in Trusts & Estates titled “Unequal Inheritances: A Final Parental Communication”. The article addresses considerations and implications of leaving unequal bequests to children, including what “equality” means in this context.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Perspectives on Planning for Personal Property” at the Trusts & Estates Virtual Forum via national webinar. She was joined by co-presenters Sandra D. Glazier and Martin Shenkman.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Tangible Personal Property: Planning, Drafting, Tax, and Practical Considerations” for the Peak Trust Company/Interactive Legal via national webinar. She was accompanied by co-presenters Sandra D. Glazier, Roberta Kramer, and Martin Shenkman.

We recently held a Special Virtual Event for our clients and friends that featured Dr. Joseph F. Coughlin, a recognized expert on global demographics, technology and human behavior who leads MIT’s AgeLab. Dr. Coughlin provided an entertaining look at How Demographics and Technology Will Change Our Lifestyles.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Estate Planning for the Modern Family” for the Family Office Exchange Rising Gen Leadership Program via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Modern Families: Inclusiveness and Spousal Roles” for the Family Office Exchange Rising Gen Leadership Program via national webinar.

The traditional nuclear family is no longer the presumption. With multiple demographic trends including blended families, same-sex marriages, nonmarital children and cohabitation alongside different paths to parenthood including adoption and assisted reproductive technologies there are numerous estate planning challenges that client advisors must now consider. Advisors must become familiar with the needs and nuances that are unique to modern family members, structures and dynamics. Join us as we explore some of these important considerations when working on estate planning for modern families.

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.

Gresham Partners, LLC, announced several well-deserved promotions. These changes recognize the significant contributions these employees have made to Gresham and their exemplification of Gresham’s core traits.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Estate Planning for the Modern Family” for the DuPage County Estate Planning Council via national webinar.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Perspectives on Planning for Personal Property” at the Trusts & Estates Virtual Forum via national webinar. She was joined by co-presenters Sandra D. Glazier and Martin Shenkman.

We recently held an Investment Update for our clients that featured Jonathan Brolin, Founder and Managing Partner of Edenbrook Capital LLC, Ted Neild, Chief Investment Officer, and Joe Simpson, Portfolio Manager, discussing the attractiveness of U.S. small-cap equities and the unique aspects of Edenbrook’s strategy. Due to the nature of the presentation, it is restricted to clients and other eligible investors and it is password protected. Please reach out to your Advisor if you would like to view this presentation.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Unequal Inheritances: A Final Parental Communication” at the Trusts & Estates Virtual Forum via national webinar. She was joined by co-presenter Avi Kestenbaum.

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.

CHICAGO, IL, December 1, 2020 — Gresham Partners, LLC, an independent wealth management firm with a national client base, announced today that Meredith Mendes has joined the firm as a Principal and its Chief Operating Officer. Over the next few months, Meredith will work with Ken Davis, who is retiring at the end of 2021 after seven years in the COO role, to transition the COO responsibilities.

Gresham Partners helped Greenhouse Scholars surpass its fundraising goal of $350,000 at its recent 2020 Rally for Our Future fundraising event.  Gresham has supported Greenhouse Scholars since 2013 both financially and through the direct involvement of many members of Gresham’s team. 

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, was a panelist in the panel “Estate Planning in a Time of Uncertainty” at the 16th annual Goodman Theatre Estate Planning Seminar via webinar. She was joined by moderator Susan Bart and co-panelists Gwen Cohen and Chuck Harris.

Wally Head, Gresham’s Vice Chairman, is an active member of the Ultra-High Net Worth Institute’s Advisory Board, and Kim Kamin, Gresham’s Chief Wealth Strategist, was recently appointed Domain Chair for the Estate Planning and Legal content that is curated or developed by this newly established educational non-profit Institute. Wally and Kim also are members of the Institute’s Leaders Council, and Gresham is a firm member of the Institute.

Gresham is very proud that two of our Client Advisors, Les Carter and Justin Gullman, have been honored as recipients of the Family Wealth Alliance’s 2020 Young Professionals in Family Wealth Award. This recognition honors family wealth professionals under age 40 who have demonstrated success in their careers and made significant contributions to this very specialized segment of the wealth management industry.

Gresham has been allocating client capital to Chinese venture capital investments for over a decade. During that period, we have developed a deep understanding of this market and strong relationships with leading VC managers on the ground in China. Based on that experience, we prepared Gresham’s Views on Chinese Venture Capital, in which we describe how the Chinese VC market has evolved, Chinese VC performance over the past decade, and our perspective on the increasing importance manager selection is likely to have on Chinese VC performance.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, was a panelist in the Trust & Estates Advisory Board Panel “Perspectives on Planning for Personal Property: Collectibles, Philanthropy, Auction Houses, Income Taxes, and the Next Generation” at the 46th annual Notre Dame Tax & Estate Planning Institute, which was held on October 29, 2020 via national webinar. She was joined by moderator Susan Lipp and co-panelists Sandra Glazier and Martin Shenkman.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Managing Your Law Practice in the New Normal and Beyond” at the annual national meeting of ACTEC, which was held on October 28, 2020 via national webinar.

We recently held an Investment Update for our clients that featured Ted Neild, Chief Investment Officer, and Sean Warrington, Portfolio Manager, discussing our extensive experience investing in Chinese venture capital opportunities and our outlook for future Chinese venture capital investment opportunities. Due to the nature of the presentation, it is restricted to clients and other eligible individuals and it is password protected. Please reach out to your Advisor if you would like to view this presentation.

Kim Kamin, Gresham’s Chief Wealth Strategist, described wealth transfer strategies that are particularly timely now and two of Gresham’s Client Advisors, Lee Morava and Les Carter, explained how some Gresham clients have implemented them in a presentation for clients and friends of the firm on September 17th.

Kim Kamin, Gresham’s Chief Wealth Strategist, is featured in the Chicago Community Trust’s 2020 Annual Report as someone who creates value in connections. Kim was one of the first members of CCT’s Young Professional Advisory Committee and she now is a member of the its Professional Advisory Committee.

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

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, was a panelist in “Advisor Dialogues: Planning in a Low Rate Environment” at the Chicago Community Trust, which was held on June 9, 2020 via national webinar.

Kim Kamin, Gresham’s Chief Wealth Strategist, will be a panelist on this June 9th webinar. Register by June 8th.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Rehabbing Irrevocable Trusts” at the Personal Planning Institute, which was held on April 28, 2020 via national webinar.

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 …

Gresham named the 2020 Best Wealth Planning – Other Organizations firm by Family Wealth Report’s panel of industry experts, after…

This Alert highlights four advanced wealth transfer planning techniques that benefit from depressed asset values and low interest rates, and…

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

Gresham’s Chief Wealth Strategist, Kim Kamin, recently co-authored an article in Estate Planning that is based on the authors’ presentations at the 44th Annual Notre Dame Tax & Estate Planning Institute. This article describes planning considerations and strategies for modern families who do not necessarily match the profile of past generations.

Kim Kamin, Gresham’s Chief Wealth Strategist, recently authored an article in Trusts and Estates describing wealth planning developments in 2019 and strategies for 2020.  This article addresses impacts of tax law changes that become effective in 2018 and some recent cases affecting wealth transfer strategies. It also cautions wealth owners and their advisors to be […]

Kim Kamin, Gresham’s Chief Wealth Strategist and also editor and co-author of Tools & Techniques of Estate Planning for Modern Families, presented …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Wealth Planning Considerations for Modern Families at the National Association of Personal Financial Planners Event, which was held on October 2, 2019, at the Hyatt Regency McCormick Place in Chicago, IL.

Wally Head, Vice Chairman, led a panel on Pre-Transaction Planning and Kim Kamin, Chief Wealth Strategist, was a panelist at …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, moderated by David H. Lenok of Weakthmanagement.com; along with R. Hugh Magill of The Northern Trust; and Martin M. Shenkman of Shenkman Law, on Collaboration When Working With the Contemporary Family, which was held on September 26, 2019, at Notre Dame University, South Bend, IN.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented on different approaches for
modifying irrevocable trusts at Gresham’s 2019 Annual Client Event, which was held on September 19, 2019, at The Ivy Room, Chicago, IL.

Ted Neild, Gresham’s President and Chief Investment Officer, explained investment strategies we are pursuing to address …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with Wally Head of Gresham Partners, LLC; Tom Bonnel of BonnelQuest Advisors; and Randy Schwartz of Faegre Baker Daniels LLP, on Pre-Transaction Planning to Improve the Likelihood of a Liquidity Event, at The Gleacher Center in Chicago, IL on September 11, 2019.

Wally Head, Gresham’s Vice Chairman, explained how profits interest structures can be used by family offices to enhance …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a panel, which also consisted of Mutassem Daaboul, Canex Aluminum; Mary Galeti, Tecovas Foundation; and Lauren Thurin, Flat World Partners, on Leveraging Your Voice – Rising Gen Empowerment in Family Philanthropy, Business and Trust Matters, at The New School in New York, NY on July 26, 2019.

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

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning Considerations for the Modern Family at the FOX Family Office Forum, which was held on July 17, 2019, at the Swissotel in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-presented in a live webinar with David C. Blickenstaff of Schiff Hardin LLP, on Attorney-Client Privilege in a Team Environment, which was broadcast on July 10, 2019.

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

In our second white paper challenging conventional wisdom regarding portfolio management, we describe how manager selection can impact performance as much as or more than decisions regarding asset allocation. 

Modern families take many forms, and estate planning professionals must advise them all. Part 1 of these materials described some of the distinct issues faced by a modern family. This Part 2 describes considerations in drafting for flexibility and includes some sample language.

Benjamin Graham said that “The essence of portfolio management is the management of risks, not the management of returns.” We agree.

Our 2019 Annual Letter celebrates our coming of age (21) and describes our commitments to creative destruction, reinvention and …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning for the Modern 21st Century Family at the ALI-CLE Planning Techniques for Large Estates, which was held on April 4, 2019, at the Hilton Resort & Villas in Scottsdale, AZ.

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

Modern families take many forms, and estate planning professionals must advise them all. This outline describes some of the distinct issues faced by a modern family. Given the wide range of configurations of the modern family, there may be more considerations than one may realize.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, moderated by Charles A. Redd of Stinson Leonard Street LLP, along with Professor Jeffrey A. Cooper of Quinnipiac University School of Law, and Pamela Lucina of The Northern Trust, at the American College of Trust and Estate Counsel Annual Meeting, which was […]

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

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Planning Considerations for Modern Families at the Family Office Exchange Senior Management Council, which was held on March 1, 2019, at the W Fort Lauderdale Hotel in Fort Lauderdale, FL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-hosted a live national audio webcast with Wendy Goffe of Stoel Rives LLP, on Estate Planning for Modern Families: Flexibility and Other Considerations for the 21st Century, which was broadcast on January 30, 2019.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with Miriam Wogan Henry, Jones Walker LLP; and Daniel S. Rubin, Moses & Singer LLP, on Playing the Disclaim Game: Accessing Optionality in Planning and Problem-Solving at the 53rd Annual Heckerling Institute on Estate Planning, which was held on January 17, […]

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.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Trust Structure for Investing and Fiduciary Considerations in Portfolio Construction, along with Ted Neild, President and Chief Investment Officer at Gresham Partners, LLC, at the South Dakota Trust Association Fall Forum, which was held on October 16, 2018, at Augustana University, Sioux Falls, SD.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with David Handler of Kirkland & Ellis, moderated by Susan Lipp of Wealthmanagement.com, to law students at Northwestern Pritzker School of Law on October 2, 2018 in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning Considerations Under the New Tax Act at Gresham’s 2018 Annual Client Event, which was held on September 26, 2018, at The Ivy Room, Chicago, IL.

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.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning for Modern Families at the American Law Institute-Continuing Legal Education Estate Planning in Depth Summer Program, which was held on June 25, 2018 in Madison, WI.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Bringing It All Together – Case Studies at the Family Office Exchange Trustees & Beneficiaries Workshop, which was held on June 20, 2018 at the Metropolitan Club in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-presented at the Illinois Institute for Continuing Legal Education, 61st Annual Estate Planning Short Course, on the topic of Estate Planning as a Team Sport: Attorneys, Accountants and Other Advisors Working Together – Are Your Communications Privileged?

This year’s Annual Letter provide an update on our firm and shares thoughts regarding various topics, including our 20th Anniversary as an independent investment and wealth management firm and the reasons for that notable accomplishment.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a national webinar on behalf of The American College of Trust and Estate Counsel, for ALI-CLE titled “Attorneys and Other Advisors Working Together: Are Your Communications Protected?”

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Wealth Planning Considerations for the Modern Family” at the Private Wealth Management Summit, which was held on March 15, 2018 at The Venetian in Las Vegas, NV.

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.

Here is the letter Ted Neild, Gresham’s chief investment officer and president, sent Gresham clients and other friends highlighting this year’s Annual Outlook.

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 […]

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented “Estate Planning for the Modern Family” at the Sacramento Estate Planning Council Technical Forum.

One version of the American Dream is to create a successful family business that leads to a multigenerational family legacy supported by that business or its economic value. It has been our experience that trusts can help achieve that dream or, with inadequate design or improper administration, they can hinder or even prevent its achievement.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke at the Greater North Shore Estate & Planning Financial Council. Her topic was Estate Planning in Times of Uncertainty.

How are investment risks and potential returns changing in India? Are investment opportunities there comparable to those in other developing markets?

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.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel discussion with other members of the Trusts & Estates Advisory Board, David Handler and Marty Shenkman, at the 43rd Annual Notre Dame University Tax & Estate Planning Institute.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, acted as moderator, joined with speakers Terrence Franklin (Sacks, Glazier, Franklin & Lodise), Jon Scuderi (Goldman, Felcoski & Stone) and Michael Simon (Gunster, Yoakley & Stewart) at the American College of Trust and Estate Counsel’s Fall 2017 Meeting in Nashville, Tennessee.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke on a panel about Multi Family Offices vs. Private Wealth Management at the 2nd Annual Real Estate Family Office and Private Wealth Management Forum (Midwest), at the Hyatt Magnificent Mile, Chicago, IL on September 25, 2017.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke on a panel about “Wealth Planning in Times of Tax Uncertainty” at the Private Wealth Midwest Forum, taking place at The University Club of Chicago, on August 15, 2017.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented on Planning for the Modern Family at the Tax Planning for High Net Worth Clients Symposium held for CPA firms. The program was sponsored by BKD LLP, CliftonLarsonAllen LLP, Crowe Horwath LLP and Keebler & Associates LLP, and it took place at the Gleacher Center […]

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented a review of the fundamental trustee duties –an important periodic exercise for those involved in administering trusts– and discussed trustee duties and powers in the context of the rapidly changing statutory  environment and trends in trust design, at the Andersen Tax Family Office Roundtable.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke at the Family Office Exchange Senior Management Council. As the traditional nuclear family has changed because of evolving social and legal norms, there are implications for family offices and dynastic wealth in family governance, how services are provided, how existing trusts are interpreted and how […]

Gresham named “Best Multi-Family Office Above $3 Billion AUM/AUA” by independent panel of industry experts assembled by Family Wealth Report.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke at the Family Office Exchange Senior Management Council.  

The National Underwriter Company, a division of ALM Media, LLC, recently introduced a book titled “The Tools & Techniques of Estate Planning for Modern Families”, which was designed and created by Gresham Partners’ Chief Wealth Strategist, Kim Kamin.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a discussion of Planning Considerations for the Post-Nuclear Family with Bobbi Bierhals of McDermott Will & Emery LLP.  

In this white paper, we address one of today’s most discussed and divisive topics involving investors, investment advisors – like Gresham – and brokers: What legal standard of responsibility and conduct should apply to firms and individuals who provide advisory services to investors?

Kim Kamin co-presented a Trusts & Estates webinar titled “Planning Considerations for the Post-Nuclear Family” on Dec. 8th

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented via a Webcast on Trust Planning for Divorce and Blended Families at ICLE Michigan in Plymouth, MI. The presentation addressed (1) Trust Planning for Divorce and Blended Families; and (2) Using Nuptial Agreements Effectively.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented on “Planning for the 50%: Selected Trust Issues Relating to Divorce and Remarriage” at the 65th Tulane Tax Institute in New Orleans, LA.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel discussion with other members of the Trusts & Estates Advisory Board on Comparing Different Trust Administrative Structures at the 42nd Annual Notre Dame University Tax & Estate Planning Institute. Her topic was Private Trust Companies.  

Although new highs were reached recently in multiple asset classes, the market tailwinds that created investor returns of the post-financial crisis era have ended. Going forward, we expect lower baseline returns, higher volatility and the need to adopt a more opportunistic approach in order to generate attractive investment outcomes.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented on “Planning for Divorce and Remarriage”.  The program was sponsored by BKD LLP, CliftonLarsonAllen, LLP, Crowe Horwath LLP and Keebler & Associates LLP, and it took place at the Gleacher Center in Chicago, IL. If you would like additional information, please contact Kim Kamin at kkamin@greshampartners.com, […]

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented various case studies with
respect to core trustee duties and powers as well as the trustee’s responsibilities for educating and
mentoring the beneficiaries, with speakers and attendees addressing how they would respond to real‐
life situations and comparing their approach to the real outcome.  The program was hosted by the
Family Office Exchange and it took place at the Princeton Club in New York, NY.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co‐presented on “Family Offices (Multiple Models)” at The American College of Trust and Estate Counsel – Summer 2016 Meeting on June 18, 2016.  The session addressed the definitional issues involved when discussing family offices and their common flavors (single family offices, multi‐family offices and virtual family offices). […]

Dean Daniel B. Rodriguez, of the Northwestern University Pritzker School of Law, recently announced that Kim Kamin, Gresham’s Chief Wealth Strategist and one of its Principals and client Advisors, has been awarded the 2016/2017 William M. Trumbull Lectureship. Since it was established in 1977, there have been only 11 past recipients of this honor. Ms. […]

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.

Gresham’s new Chief Wealth Strategist, Kim Kamin, was recently selected by her legal peers for the
inclusion in The Best Lawyers in America© 2015 both in (1) Trusts and Estates, and (2) Litigation –
Trusts and Estates for the fifth consecutive year. While Kim is no longer practicing law in her role here and we expect such accolades in the legal arena to taper off in future years, Gresham is nonetheless pleased to have her experience and skill sets recognized in this way and available to our clients as a
resource.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, conducted a national webinar with
Meighan Harmon, Schiller DuCanto & Fleck, for ALI‐CLE titled “Nuptial Agreements for Estate Planners.”
Even the best estate plans can be thrown off course by marital agreements that were drafted outside
the estate planning process. This multi‐disciplinary session addressed how nuptial agreements work and
what estate planning attorneys need to know when working with clients who have, want or need nuptial
agreements. The webinar covered what practitioners should consider when it comes to pre‐marital and
post‐marital agreements, from the perspective of a family law attorney and also from the perspective of
a former estate planning practitioner who is now a wealth strategist with a multi‐family office.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a discussion of the Illinois Parentage Act
(effective 1/1/2016) with Meighan Harmon of Schiller DuCanto & Fleck, and David Shayne, of counsel at Holland &
Knight.

This webinar covered the impact of the new law and what estate planning advisors need to know about it. You
might not realize how important this Act is to Estate Planning, but among other controversial changes, it makes
one particular dramatic change to the Illinois Probate Act in terms of who is legally defined as a descendant under
that Act.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented with Meighan A. Harmon of Schiller DuCanto & Fleck LLP on "Nuptial Agreements" at the 41st Annual Notre Dame Tax & Estate Planning Institute on September 18, 2015. The session addressed the use of nuptial agreements and what a practitioner should consider when it comes to marital agreements before (or sometimes during) marriage, both from the perspective of a family law attorney and from an estate planning attorney. The program took place at Notre Dame University in South Bend, IN.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented with David Handler of Kirkland
& Ellis, Radd Riebe of Trusts & Estates Magazine, and Stacy Singer of The Northern Trust on “Practical
Advice for Trust Design: A Holistic Perspective from the Trusts & Estates Advisory Board.” The program
took place at Notre Dame University in South Bend, IN.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke about "What to do About Stuff?
Planning for Art and other Tangible Personal Property” at Gresham Partners, LLC’s annual client event,
on September 16, 2015, at the Chicago Symphony Center.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented with Meighan A. Harmon of
Schiller Ducanto & Fleck LLP on "Nuptial Agreements: The Good, Bad and Ugly" at the ALI‐CLE Estate
Planning in Depth Seminar on June 25, 2015.  The session addressed the use of nuptial agreements and
what a practitioner should consider when it comes to marital agreements before (or sometimes during)
marriage, both from the perspective of a family law attorney and from an estate planning attorney. The
program took place at the University of Wisconsin Law School, Madison, WI.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, was a keynote speaker on Fiduciary
Duties and Ethical Challenges for Trustees: The Evolving Landscape, at the Catholic Charities 11th
Annual Tax and Estate Planning Seminar for Professionals on June 2, 2015. The program took place
at the Northern Trust Company, Chicago, Illinois.

May 13, 2015 – Champaign, IL May 19, 2015 – Chicago, IL
Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-presented with Pamela Lucina of BNY Mellon Wealth Management and Kevin Noonan of Much Shelist, P.C. at the Illinois Institute for Continuing Legal Education, 58th Annual Estate Planning Short Course, on the topic of Modern Trust Drafting. This discussion addressed trust drafting issues and best practices with regard to a potpourri of modern trends and hot topics such as trust protectors, directed trusts, portability, increased exemptions, higher income taxes, decoupling, assisted reproductive technologies, same sex marriage, and digital assets. The discussion focused on practical implementation and how to remain flexible in these areas, with the intent of helping participants incorporate these insights into their practices today. The program took place at the Hilton Garden Inn, Champaign, IL and the Sheraton Hotel & Towers, Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke on "Planning for the 50%:  Divorce
and Blended Families" at the ALI‐CLE Practical Trust and Estate Planning Program on May 1, 2015.  Kim
addressed the use of trusts in the context of divorce and what a practitioner should consider in estate
planning before, during and after divorce, as well as upon remarriage and in protecting future
generations. The program took place at the Marriott Fisherman's Wharf, San Francisco, CA.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, spoke on The Ethical Trustee-Where
Heart and Smart Meld Prudently at the Purposeful Planning Institute-Fusion Collaboration 2015 on
March 19, 2015. The goal of this session was to review the trustee's legal and ethical duties with a
focus on how the trustee role has evolved over time and how there is a difference between being a
"scared" trustee and being an "ethical" trustee. Some issues included (1) how the ethical trustee
should make distributions to beneficiaries and help support them in leading meaningful lives, and (2)
how a trustee should not be so frightened of some of the interpretations of the Prudent Investor Act
focusing on diversification that the trustee of a large enough trust fails to adequately take on
appropriately compensated risks (including concentrations in private companies) that provide real
growth opportunities. This topic was designed to help the audience members think more openly about
what it means to be a good trustee and assist those who are trustees in their service.
The program took place at the Hilton Orlando, Lake Buena Vista, FL.

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.

October 2014, prior versions previously published 2007, 2010 and 2012.

October 2014, prior versions previously published 2012 and 2010.

Kim Kamin, Gresham’s Chief Wealth Strategist, presented “Choosing a Trustee: Who Best Will
Represent Your Interests” during William Blair’s Family Wealth Conference at the Four Seasons Hotel,
120 E. Delaware Place, Chicago, Illinois. Ms. Kamin explored the legal, financial, and emotional
components of trusteeship and the resources to consider of this important role.

September 2014, prior versions previously published 2010 and 2012.

Kim Kamin was honored by Francis W. Parker School Alumni Association on June 5, 2014, for her 15
years of leadership. The Chicago Alumni and Friends Event hosted at Leonard Goodman’s home
honored Ms. Kamin, outgoing Alumni Association president and a dedicated leader in the group, which
seeks to actively engage the alumni community and promote lifelong relationships with one another
and with the school.
Ms. Kamin is a Principal at Gresham Partners, LLC where she serves as Chief Wealth Strategist and a
Client Advisor. She helps lead Gresham’s development and implementation of estate, wealth transfer,
philanthropic and fiduciary planning activities, and advises clients. Ms. Kamin is also actively involved
with various professional organizations and writes and speaks on topics related to wealth planning and
management.
Francis W. Parker School is an independent school in Chicago that serves students from junior
kindergarten through high school. The school, based on the educational philosophies of John Dewey
and Colonel Francis Wayland Parker, emphasizes education for character, community and citizenship.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, presented “Planning for the 50%: Trust Issues in Divorce,” during “Estate Planning in Depth,” the University of Wisconsin’s ALI CLE Summer Program. This session addressed the use of trusts in the context of divorce and what a practitioner should consider in estate planning before, during and after divorce, as well as upon remarriage. Ms. Kamin is a frequent lecturer at industry conferences and seminars. She has extensive experience advising individuals, families and closely held businesses in wealth preservation, asset protection and succession planning issues. She also represents fiduciaries, beneficiaries and custodians in estate administration and contested trust and estate matters. The event took place on June 22-27, 2014, at University of Wisconsin Law School (975 Bascom Mall, Madison, WI 53706). CLE credit.

Kim Kamin presented “Estate Planning for Visual Artists,” a seminar hosted by the Chicago Bar
Association Media & Entertainment Law Committee.
Ms. Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, is a frequent lecturer at industry
conferences and seminars. She has extensive experience advising individuals, families and closely held
businesses in wealth preservation, asset protection and succession planning issues.
The event took place Thursday, May 22, 2014, at the Chicago Bar Association (321 S. Plymouth Court,
Chicago, IL 60604). CLE credit.

April 2014, prior versions previously published 2009 and 2011.

Kim Kamin, now Gresham’s Chief Wealth Strategist, co-presented the ALI-CLE Webinar “I Do Act II:
Estate Planning for Second Marriages.” Estate planning techniques that are effective for spouses in a
first marriage may be less so when applied to “blended families” in which one or both spouses have
children from prior marriages. Discussion included: identifying the issues involved in estate planning
for second marriages; requirements for valid nuptial agreements; how to effectively waive specific
property rights in nuptial agreements; tax considerations of nuptial agreements; and how to draft for
clients who remarry, including elective share planning and marital trusts. CLE credit.

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 […]

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, presented "Using Trusts in
Divorce" during Business Valuation: Financial & Tax Issues in Divorce 2014, a seminar presented by
the Illinois Institute for Continuing Legal Education.
Ms. Kamin has extensive experience in advising individuals, families and closely held businesses in
wealth preservation, asset protection and succession planning issues. She is a frequent presenter at
various industry conferences and events.
The Business Valuation seminar took place Monday, January 20, 2014, from 8:20 a.m. until 4:45 p.m.
at the Chicago Marriot Schaumburg (50 N. Martingale Road, Schaumburg, IL 60173). CLE credit.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, and Susan von Herrmann (current
member of Schiff Hardin LLP’s Private Clients, Trusts, and Estates Group) presented "Tax and Estate
Planning for Same-Sex Couples after the Demise of DOMA" at Schiff Hardin’s Chicago office. Ms.
Kamin and Ms. von Herrmann examined tax and estate planning for same-sex couples after the
Supreme Court’s decisions in the Windsor and Perry cases, as well as the recent passage of the
marriage equality bill in Illinois. The event began with a wine and cheese reception and concluded with
a closing reception.
Ms. Kamin and Ms. von Herrmann have extensive experience advising individuals, families and closely
held businesses in wealth preservation, asset protection and succession planning issues. Both have a
significant breadth of experience in assisting nontraditional and blended families in estate planning
matters. The presentation took place Thursday, December 5, 2013, at Schiff Hardin LLP's Chicago office (233 S.
Wacker Drive, Suite 6600, Chicago, IL 60606). CLE credit.

By Jonathan G. Blattmachr, Kim Kamin & Jeffrey M. Bergman

Real Property, Trust & Estate Law Journal Winter 2013 Vol 47 No 3.

Kim Kamin, now Gresham’s Chief Wealth Strategist, spoke at the FOX workshop, Preparing for Duty as
a Family Trustee, on Tuesday, November 19, 2013, at Cityplace Events, 2711 N. Haskell Avenue,
Dallas, Texas. She co-presented in two sessions: (1) “What a Trustee Needs to Do,”, and (2)
“Understanding Distribution Policies and Provisions.” She also co-led a break-out session on problem
solving with hypothetical fact patterns moderated by Gresham’s Vice-Chairman, Wally Head.
For more information on this workshop and other workshops, contact the Family Office Exchange at
312.327.1231 or workshops@familyoffice.com.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, participated in two sessions titled
“Counseling the 50%: Select Divorce Issues for the Estate Planner” during the American College of
Trust and Estate Counsel (ACTEC) 2013 Annual Meeting. Ms. Kamin discussed a variety of issues for
drafting in contemplation of and upon divorce.
Ms. Kamin has extensive experience in various aspects of trust and estate planning, trust and estate
administration, and related dispute resolution. She advises individuals, families and closely held
businesses in wealth preservation, asset protection and succession planning issues.
The ACTEC Annual Meeting includes an extended series of seminars presented by distinguished
industry leaders. It took place March 5-10, 2013, in Maui, Hawaii.

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.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, spoke at the FOX workshop, Grantors, Trustees, and Beneficiaries: A New Look at Roles and Responsibilities, on Tuesday, March 27, 2012, at the Gleacher Center (450 North Cityfront Plaza, Chicago). Ms. Kamin copresented the session “Duties and Powers of the Trustee,” which addressed the primary roles and responsibilities of trustees, as well as the liability that comes with oversight of trust investments, distributions and compliance, and in some cases, guardianship or other family-related responsibilities. CLE credit. For more information on this workshop and other workshops, contact the Family Office Exchange at 312.327.1231 or workshops@familyoffice.com.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, spoke at the FOX workshop, Grantors, Trustees, and Beneficiaries: A New Look at Roles and Responsibilities, on Tuesday, March 27, 2012, at the Gleacher Center (450 North Cityfront Plaza, Chicago). Ms. Kamin copresented
the session “Distribution Provisions: Understanding the Issues and Options,” which addressed the key issues related to trust distributions, including discretionary versus required distributions from a trust, the unitrust concept, and exhausting trust assets. This session also covered the many factors that trustees should consider when faced with requests for discretionary distributions including the potentially negative reaction of other family members to the granting of discretionary distributions to a beneficiary. CLE credit. For more information on this workshop and other workshops, contact the Family Office Exchange at 312.327.1231 or workshops@familyoffice.com.

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.

Kim Kamin, now Gresham’s Chief Wealth Strategist, co-presented "Civil Unions In Illinois: Love, Life, Death, Taxes and Philanthropy" on Thursday, October 6, 2011, for the McGaw YMCA at Schiff Hardin LLP (Willis Tower, 233 South Wacker Drive, Suite 6600, Chicago). CLE credit.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, was the moderator for the Chicago Estate Planning Council (CEPC) Webinar, “Illinois Civil Unions: What Advisors Should Know” on Wednesday, May 25, 2011, at 10:00 a.m. Continuing education credits for MCLE, CFP and CPA.

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.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, spoke about "Estate Planning for Artists" at CLE International's Twelfth Annual Visual Arts & The Law Conference on Friday, October 15, 2010, at The Sutton Place Hotel (21 East Bellevue Place, Chicago). The conference provides legal information and effective tools for artists, collectors, galleries and museums. CLE credit. Information about this conference is available online at www.cle.com/chicago or by calling 800.873.7130.

Kim Kamin, now Chief Wealth Strategist at Gresham Partners, LLC, and Lorraine M. Buerger, a member of Schiff Hardin's Corporate and Securities and Financial Institutions groups, spoke to The Chicago Bar Association's Financial Institutions Committee on September 8, 2010, at The Chicago Bar
Association Building (321 South Plymouth Court, Chicago). The presentation included an overview of the hot area of law attracting significant media attention resulting from an unprecedented wave of bank failures in 2009 and 2010, as well as a discussion about the mechanics of how these FDIC
receivership deals work and best practices. For additional information about this meeting, contact the Financial Institutions Committee Chair, Dan
Fuhrman, at daniel.fuhrman@wellsfargoadvisors.com or 312.630.7071.

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.

Kim Kamin, now Gresham’s Chief Wealth Strategist and a former partner at Schiff Hardin LLP, spoke at "40 Attorneys Under 40," on February 26, 2010. The event took place at the Chicago Bar Association, 321 S. Plymouth Court, Chicago, IL 60604. This event was highly beneficial to newer attorneys wondering how to be the best they can be in their legal career, by providing them with a “road map” to success. The event included small group discussions led by attorneys who have appeared on the Law Bulletin Publishing Company's 40 Illinois Attorneys Under 40 to Watch list. Participants were then split into smaller groups and traveled from table-to-table meeting with Chicago's top attorneys under 40. The group leaders discussed everything from client development, working with partners and support staff, volunteerism, job search techniques, balancing priorities and more. CLE credit. For more information about this event, please call 312.554.2056.

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.

Gresham’s Chief Wealth Strategist Kim Kamin spoke at this special breakfast presentation hosted by Chartwell Insurance Services.  The event took place at The University Club of Chicago, 76 East Monroe, Chicago, IL 60603. For more information about this event, contact L. Figueroa at lfigueroa@chartwillins.com or 312.645.1200.

ABA Trusts and Investments, September 2008.

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.

Participants in three conditions (foresight, hindsight, and a modified hindsight condition designed to ameliorate the hindsight effect) assessed whether a municipality should take, or have taken, precautions to protect a riparian property owner from flood damage. In the foresight condition, participants reviewed evidence in the context of an administrative hearing. Hindsight participants reviewed parallel materials in the context of a trial. Three quarters of the participants in foresight concluded that a flood was too unlikely to justify further precautions—a decision that a majority of the participants in hindsight found to be negligent. Participants in hindsight also gave higher estimates for the probability of the disaster occurring. The debiasing procedure failed to produce any significant differences from the regular hindsight condition. The results suggest that absent an effective debiasing technique, risk assessments made in foresight will be judged harshly in hindsight.