Our Offices
635 Hibiscus Street
Suite 605
West Palm Beach, FL 33401
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The Robertson Stephens West Palm Beach office primarily focuses on families in the greater Southeast Florida region. The family services are anchored in delivering investment management and planning solutions in the public and private markets while also coordinating with leading outside professionals, with particular emphasis on developing unique income and estate tax strategies.
For prospective clients, our office leads with a holistic analysis of a family’s financial state and welfare. Our office understands that only with this information in hand can a meaningful conversation be had, unlocking the full potential for collaboration and success.
As a lifetime student of the market, I consume my fair share of daily market research and opinion. The Morning Note is a curation of the various research outlets I review. I subscribe to three independent research firms: Ned Davis Research, BCA Research, and Dorsey Wright & Associates. Through Robertson Stephens as a fiduciary RIA, I have access to the research of Goldman Sachs, JP Morgan, and Morgan Stanley, among others. I closely follow the managers we recommend to our clients since our Investment Office thinks these managers are best of class, and I share those managers’ opinions in The Morning Notes. Finally, I am a Bloomberg client with access to all their unfiltered market news.
The primary purpose behind the notes is to allow readers to see my take on the markets from a technical/quantitative perspective in real-time. I try to provide some reasonable probability of what is ahead for the market from a near-term (days/weeks/months) perspective. I normally write notes twice a week and more often when market volatility elevates.
I believe that it is crucial to long-term investment success to be in tune with long-term market trends in asset classes, geographies, sectors, market caps, and styles. All trends, however, begin as short-term moves in the market. The grand challenge is to separate the signal of a long-term trend from all the daily noise around it. There are other reader benefits to the note besides an inside view of market action and what that may portend. Clients are reminded that their family advisor is monitoring their portfolio constantly, and they get insight into how their advisor thinks – a possible risk for me, clearly, but one I choose to live with. It is critical to the development of healthy, long-term investor relationships.
Upon request, I would be happy to forward previous notes as far back as you would like to go. The notes are written as a stream of consciousness, and what better way to judge one than by looking at it in retrospect? If you would like to receive The Morning Note, just drop me a line, and I will add your email to the distribution list.
“…I required a great deal of boldness and a great deal of caution to make a great fortune; and when you have got it, it requires ten times as much wit to keep it.”
– Nathan Mayer Rothschild, 1834
In the early 1800s, London’s Nathan Rothschild was the wealthiest and most powerful businessman in Europe. He was the head of a group of Rothschild brothers with offices in Frankfurt, Paris, and beyond whose clients were the royalty and governments of those countries. This network of influence and power provided the Rothschilds with remarkable financial leverage, yet even their clients’ wealth was not immune to the forces that threatened its preservation and growth.
Entropy is a scientific term for a physical law that measures the constant degradation of matter and energy in the universe. Financial entropy is defined as the constant force in the world separating one from one’s wealth. The term’s first known use was in 1867 – thirty years after Nathan Rothschild’s death. While he may have been unfamiliar with the word, he was keenly aware that the forces of destruction on wealth, working against its expansion and perpetuation, are exponentially greater than the energy required to create it.
Success for wealth managers today, like Nathan Rothschild almost two centuries ago, is measured by the degree to which they fortify their clients’ wealth against the destructive forces of financial entropy.
455 Market Street
Suite 1450
San Francisco, CA 94105
p: (415) 500-6810
e: info@rscapital.com
