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The Oldest Lesson in Markets: From 17th Century Amsterdam to the Modern Family

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  17th Century Amsterdam: The Birth of the Stock Market In 1688, Joseph de la Vega published Confusion de Confusiones, widely considered the first book on stock trading and the stock market. Written in Amsterdam, the new financial frontier of early capitalism, de la Vega captured the chaotic emergence of a new phenomenon: the regular trading of corporate shares on a secondary market. The Amsterdam Stock Exchange had developed shortly after the founding of the Dutch East India Company, or VOC (Vereenigde Oostindische Compagnie), in 1602, when shares of one of the world’s first joint-stock companies began trading among investors. What is most striking about de la Vega’s description of the early Amsterdam stock exchange is not how primitive it was, but how similar it was to today’s public markets. These were not simple merchants exchanging paper certificates among one another; they were financially sophisticated traders already speculating on price movements, employing options-like co...
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Why Inheritance Conflicts Begin Before Anyone Dies

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  Inheritance conflicts usually begin long before a parent passes away because family dynamics and expectations around inheritance form long before assets are ever transferred. For many families, these expectations develop quietly over decades. One child may feel they sacrificed more for the family. Another may believe they were treated unfairly. One sibling may mentally allocate their future inheritance while another views their parent’s estate as something to be divided equally and moved on from. By the time wealth is actually transferred, the emotional accounting may have been taking place for years. This is one of the most overlooked aspects of estate planning and family governance. Most people assume inheritance disputes begin after death, triggered by disagreements over money or property. In many cases, the issue is not the amount of wealth involved. It is the absence of clarity around expectations, communication, and family roles. In my experience of working with affluent fa...
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Location: Los Angeles, CA, USA
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An Estate Planning Primer for Affluent Families

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  For most people, the purpose of building wealth and stewarding family capital is not abstract; it’s to create a secure legacy for your family that continues beyond your life. In our previous note, we looked at the disruptions that can occur from probate and from improperly titled assets. Identifying these operational risks is a vital first step in safeguarding your legacy. Ensuring your family avoids those disruptions requires something more deliberate—a robust estate plan. That means structuring your estate so your family maintains uninterrupted access to capital and your intentions are carried out without the friction of court-supervised delays. This note outlines the four foundational documents required to build that system. This is not a complete list or a comprehensive guide; every family has unique requirements based on location, the type of assets owned, and specific family dynamics. However, these four components form the essential architecture on which a more sophisticat...
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Location: Los Angeles, CA, USA
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What Happens to Your Assets When You Die?

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The question is simple: If you were to pass away tomorrow, would your assets remain functionally available to your family, or would they seize up? Most people assume their assets will simply “go where they’re supposed to go.” In reality, what happens to your accounts after your passing depends less on your intentions and more on how those assets are titled, structured, and documented today. Today’s note examines the mechanics of what happens to your assets the moment you are no longer here to manage them. Probate: The Great Administrative Freeze Most people operate under the "Will Fallacy"—the belief that a Last Will and Testament is a universal key that unlocks all doors. In reality, a Will is a set of instructions to a judge and only becomes effective through probate. Probate is the court-supervised process of authenticating your Will, assigning an executor to your estate, and distributing your assets. Probate can be slow (often lasting 9 to 18 months), it can be expensive,...
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Location: Los Angeles, CA, USA
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