Notes
Short observations.
Brief notes and ideas, published between essays.
The Four Forms of Capital
Financial capital is the visible layer. Human, social and reputational capital are the ones that decide whether the financial kind survives a generation. Human capital…
Why Concentration Creates Wealth and Destroys It
Nearly every large fortune was built on concentration. Nearly every lost one was too. The variable is not whether you concentrate, but whether you can survive being…
Geography Is Part of Capital Allocation
Where an asset is held is an allocation decision, not an administrative one. Jurisdiction quietly allocates legal, tax and political exposure, and it does so whether or…
Ownership and Control Are Not the Same
You can own without controlling and control without owning. Most governance failures trace back to a family that never separated the two on paper while it still could.…
Why Family Offices Optimise for Survival
The mandate that endures is not maximise return. It is simple: do not be forced to sell. A structure built to survive its worst year will usually be present to enjoy its…
In Structuring, Boring Is a Feature
A structure that only its architect understands fails the moment the architect is gone. Legibility to a bank, a regulator and an heir is not a constraint on good design.…