With the indictment of two former senior Goldman Sachs bankers, accused by US prosecutors of paying bribes, stealing and laundering money from a Malaysian sovereign-wealth fund, the Wall Street giant finds itself at the center of one of the world's largest-ever financial scandals.
The Enterprise Investment Scheme Association (EISA) has released a national and investor representative piece of research, gauging whether the British public and its investors feel that they will be wealthier in a post-Brexit UK, and how they feel the negotiations have gone.
With the date that Britain leaves the EU edging ever closer, the Enterprise Investment Scheme Association (EISA) has launched The Brexit Wealth Index 2018. Based on research conducted across a sample of 2007 respondents - of which - 1,122 were nationally representative investors, the data outlines the wealth creation opportunities available to them post-Brexit. Providing anecdotal and quantitative analysis as to whether the country will be richer after leaving the European Union, the survey specifically questions whether they feel their individual wealth will and has increased after the decision to leave was made.
Three in 10 British investors - 8.75 million - believe that securing a good deal with the European Union will be crucial to their continuing investments into UK SMEs. This is opposed to 5.75 million investors who do not agree that a good deal will affect their investments into SMEs in the future. British investors - 12.5 million of them (43%) - believe that the Government's actions affect their investment decisions more than ever before. This is opposed to four million (14%) who do not believe this to be the case. Moreover, 13 million investors believe that Brexit will not make them wealthier. This amounts to 44% of British investors, versus a fifth (19%) who believe that Brexit will make them wealthier. Of the wider sample, half of British investors - 14.5 million - believe that their wealth has not increased since the referendum decision in June 2016, while 5.5 million do believe that their wealth has increased since the vote to leave the European Union was made.
- 17 million (59%) do not think the Government is doing a good job in securing a deal for the UK’s financial services sector
- 12.5 million (43%) of British investors feel that the Government's actions now affect their investment decision more now than ever before
- 8.75 million (30%) believe that securing a good deal with the EU will be crucial to their continuing investments into UK SMEs
- Half of British investors – 14.5 million – have seen their wealth decrease since the referendum decision
- 13 million (44%) do not believe that Brexit will make them wealthier
- Nearly half (45%) - 13 million – believe that there will be a Brexit deficit which will make the UK poorer after March 2019
- Four in 10 – 11.5 million – believe that the Brexit deficit will make the UK poorer after March 2019
- A third of British investors – 10 million – feel that there will be more opportunities to invest into SMEs in post-Brexit Britain
- Four in 10 – 11.5 million British investors – feel that there will be more opportunity for wealth creation and entrepreneurship post-Brexit
- A third of British investors - 10 million – believe that there will be a Brexit dividend which will make the UK richer after March 2019.
Overwhelmingly, 17 million British investors do not think that the Government is doing a good job in securing a deal for the UK’s financial services sector. Six in 10 (59%) of respondents believe this to be true.
A third of British investors (32%) - 9.5 million – do not believe that there will be more opportunity for wealth creation and entrepreneurship post-Brexit. However, nearly four in 10, (39%) - 11.5 million – do. This sentiment continues as 10 million British investors believe that there will be more opportunities to invest into SMEs in a post-Brexit Britain while seven million disagree.
A third (34%) of respondents believe that there will be a Brexit dividend which will make the UK richer after March 2019. This amounts to 10 million British investors. However, 11.5 million – 39% of respondents – disagree with this. In fact, when asked, I feel that there will be a Brexit deficit which will make the UK poorer after March 2019, 45% of respondents – 13 million – agreed, while just over a quarter (27%) disagreed.
Mark Brownridge, Director General of the Enterprise Investment Scheme Association (EISA), commented on the results of the survey: “It is clear that from this research that British investors feel that Brexit has not made them wealthier to date, and they do not believe that it will in the future either. Moreover, they feel that our Government does not have their back, and in fact, is contributing to the negative sentiment surrounding Brexit. The fact that so many investors feel this way is going to have a knock-on impact on the rest of the country and the economy.
However, there is some positivity, with many feeling that there will be great opportunities for wealth creation, entrepreneurship, and investment into SMEs in a post-Brexit Britain. We must remain optimistic yet cautious, we need to ensure that investors have the confidence to continue to look to UK SMEs as a viable investment, and also ensure that there is enough capital for investors to reinvest back into UK businesses.’
(Source: EISA)
China has been beating its currently forecast growth rate. According to official data, China's economy grew at an annual pace of 6.8% in the first quarter of this year compared to the same period in 2017.
Over the past year China has seen national economic growth that is unparalleled and unprecedented worldwide. This week Finance Monthly set out to hear Your Thoughts on the following: Is China's economic growth rate on the rise? How resilient can Chinese business maintain current growth? Will consumer demand continue to fuel its growth spurt?
Olivier Desbarres, Managing Director, 4xGlobal Research:
With mounting concerns about the impact of potential protectionist measures on global trade and growth there has been much focus on GDP data releases for the first quarter of the year. China accounted for nearly 30% of world growth last year so Q1 numbers had top billing even if doubts remain as to the reliability of Chinese GDP data.
Chinese GDP growth remained stable in Q1 2018 at 6.8% year-on-year, in line with growth in the previous 10-quarters but marginally higher than analysts’ consensus forecasts and quite a bit faster than the government’s 6.5% target for the full-year of 2018.
The stability of Chinese growth has done little to alleviate concerns that this pace of growth may not be sustainable, given the changes in the underlying driver of growth, or even advisable going forward.
In recent years, aggressive bank lending to households, companies and local government has funded rapid investment growth, including in large infrastructural projects and the property market, and driven overall Chinese growth. Property development investment growth continues to rise at above 10% yoy.
This has led to a sharp rise in public and private sector debt as well as environmental pollution. The government has responded with a raft of measures, including a crackdown on the shadow banking sector, a tightening of real estate companies’ access to credit, a tightening of the approval of local infrastructure projects and pollution controls. These measures may in the medium-term help reduce or at least stabilise debt levels, channel funds to a manufacturing sector which has seen a rapid growth slowdown (to around 6% yoy) and reduce environmental damage. Property sales growth, a leading indicator of property investment, has indeed slowed to around 3.5% yoy.
However, near-term there are concerns that these deleveraging and environmental measures could put pressure on Chinese growth at a time when net trade’s contribution to overall Chinese growth is potentially under threat. For starters, the structural shift in China has seen buoyant consumer demand and imports curb the trade surplus. Moreover, if the war of words between the US and China over import tariffs escalates into a full-blown war China’s trade surplus could erode further and household consumption run into headwinds.
The transition from one economic model to another is challenging for any government and China’s leadership has so far avoided a potentially destabilising rapid fall in GDP growth. The increasing focus on high valued-added exports, consumption and broader quality of life indicators is unlikely to go in reverse. However, this transition may not always been smooth as policy-makers deal with the overhang from years of excessive lending and investment. This could well result in slower yet more balanced and sustainable economic growth in coming years.
David Shepherd, Visiting professor in Global Macroeconomics, Imperial College Business School:
Recent figures for Chinese GDP growth suggest the economy is expanding roughly in line with Government targets, with growth at 6.85% compared to the stated 6.5% target. Moving forward, the question is whether this kind of rate can be sustained or whether we can expect to see lower or perhaps even higher growth over the coming months and years?
The outstanding growth performance of the Chinese economy over the last 20 years stems from a successful programme of industrialisation based on market reforms, capital investment and a drive for higher exports. But that was in the past, and it is unlikely that these factors alone can be relied upon to sustain future growth, partly because of a change in the political environment in the United States, which has become increasingly antagonistic towards the Chinese trade surplus, but mainly because of purely economic factors related to high market penetration and the rise of competing low-cost producers in Asia and elsewhere. While exports and capital investment will always be important for China, if further high growth is to be sustained it will have to come either from higher domestic consumption or increased government spending.
The share of government spending in the Chinese economy is currently only 14% of GDP and the Chinese economy would undoubtedly benefit greatly from increased expenditure on health, education and other public services. While this could in principle be a significant engine for growth, in practice there are significant constraints on the ability and willingness of the government to finance increased spending, not least because of an already high fiscal deficit. The implication is that if high growth is to be sustained in the future it will almost certainly require a move towards higher consumption.
In contrast to the United States and the United Kingdom, where consumption has increased significantly over the last 20 years and now accounts for almost 70% of GDP, in China consumption spending has if anything been falling and currently accounts for only 40% of GDP. For the US and the UK, consumption is arguably too high and both economies would benefit from lower consumption and increased capital investment and exports.
In China, the opposite re-balancing is required, and the relevant consideration is how a sustainable increase in domestic consumption can be achieved. Consumption typically rises when real wages rise and when households choose to save less, but in China, saving rates are high and the share of labour income in national income has been falling. The challenge for policy makers is to find the best way to change these conditions, to reduce saving and boost wages at the expense of profits and other business incomes, all in a context of considerable uncertainty about the economic environment. It is now almost nine years since the current economic expansion began and, if history is any guide, the next recession is not too far down the road. But how that would affect China’s growth performance is another story!
Alastair Johnson, CEO and Founder, Nuggets:
Napoleon once referred to China as the ‘sleeping giant’. It’s looking, certainly in terms of its economy, like the giant is finally rearing its head. China’s unprecedented and unparallelled growth in the e-commerce sector trumps that of other nations, boasting a 35% rise in the past year (with a market twice the size of that of the rest of the world).
There is a great deal of focus, not only in online retail commerce in and of itself, but in the bridges built to link it to peripheral services. China dominates the O2O (online-to-offline) model, strengthening the connection between strictly digital commerce and brick-and-mortar merchants. Instead of displacing traditional commerce, the nation’s retail industry is instead evolving by combining physical stores with increasingly innovative online solutions.
Development of applications such as WeChat and Alipay have lead to a seamless user experience, whereby individuals can simply access stores and make purchases from within the app. It integrates with some of the biggest players in ecommerce, including the behemoths that are Alibaba, JD.com and ULE.
Worth considering on the telecommunications front is China’s plan to bootstrap a new network for 5G (versus simply building atop existing ones). Given that 80% of online purchases are done on mobile (versus under half in the rest of the world), this development will only serve to further strengthen the connection between mobile devices and e-commerce.
It’s hard to see the trend dying down anytime soon. Businesses appear to have grasped the importance of user experience, and identified the lifeblood of the industry: consumer demand. New wealth in the nation is fuelling purchasing power. To maintain this hugely successful uptrend, companies in the sector should continue to foster an ecosystem of interconnectivity, both with retailers and tech companies. Smartphone manufacturers anticipate that their growth in 2018 will be slow in China, due to saturation and slow upgrade cycles. Brands will need to look to Western markets for continued development.
Jehan Chu, Chief Strategy Officer, Caspian:
China's rise is not only measured by its achievements, but also by its insatiable appetite to develop new industries. Despite the ban on ICO's and cryptocurrency exchange trading in China, there has been a surge in interest and development in Blockchain technology - the underlying rails of crypto.
From new startups like Nervos (blockchain protocol) and veterans like Neo (US$5bil coin market cap tech) to institutions like Tencent (Blockchain as a Service) and Ping An (internal infrastructure projects), China is leading the world in developing efficient solutions using Blockchain technology. In addition, increased restrictions inside of China have spurred ambitious Chinese developers and entrepreneurs to decamp to crypto-friendly cities like Singapore and San Francisco, creating expert and cultural diaspora networks that span the globe but lead back to China.
Looking forward, it is clear that the sheer volume of engineering talent combined with its seamless adoption and endless ambition to build the new Internet on top of blockchain will keep China at the forefront of technology for decades to come.
We would also love to hear more of Your Thoughts on this, so feel free to comment below and tell us what you think!
Finance Monthly speaks to Pierre-Noël Formigé, the Founder and CEO of Swiss company SEQUOIA, about the wealth management and estate planning solutions that his company provides, as well as his tips on maintaining and growing wealth for future generations.
Can you tell us about the core services that SEQUOIA offers?
SEQUOIA offers a holistic approach of wealth management thanks to a genuine "open architecture" which includes: wealth management, establishment of funds, management of funds - advice and follow-up, estate planning (trusts, foundations, companies), services of family offices, life insurance, financing (real estate, aircrafts, boats), reports and record keeping, risk management, compliance and regulatory assistance.
What would you say are the particular benefits for individuals of having professional assistance in relation to managing their wealth?
There are numerous benefits for individuals that decide to trust SEQUOIA with their wealth management. Our aim is not only to offer financial services, but also a financial experience and networking. Each solution and experience that we offer are specifically and uniquely tailored. SEQUOIA’s modularity and extensive experience allow for easy adaptation to our clients’ expectations.
What strategies do you and your team at SEQUOIA implement to ensure that your clients’ goals and objectives are achieved?
At SEQUOIA, clients are in the centre of our decision-making processes - they are our key priority. We have developed a well-informed overview of each of our clients’ financial situation, as well as a better understanding of clients’ goals and limitations.
Every portfolio construction starts with a discussion with the client or its representative, in order to fully understand their objectives and deliver a tailored-made investment proposal, allowing to approach and negotiate with partners. Our team can, at the request of the manager, take on a direct role in the relationship with customers, in accordance with their objectives and needs.
In your experience, are individuals fully aware of their assets and worth so that they can take advantage of tax planning? Which types of assets are usually missed?
SEQUOIA’s clients are fully aware of their assets, however, they might not be fully aware of their tax impact. We ensure that clients have better tax awareness, as it does have the potential to improve individuals’ returns. According to surveys, while many factors impact investors, the majority of high-net-worth investors say that it’s more important to minimize the impact of taxes when making investment decisions, thus we offer the right measures to help high-net-worth clients reduce the taxes owed on income and investment gains.
In order to do so, we put a lot of effort in selecting the right investment products. We try to take advantage of some losses, and implement additional strategies that can help our clients to manage, defer, and reduce taxes. However, sometimes, clients do not mention their real estate assets, which could have an effect on tax planning; we provide advisory services in relation to that too.
What solutions do you offer in respect of maintaining and growing wealth for future generations of the same family?
Transmitting heritage built from generation to generation and building a better future for entrepreneurs is the essence of SEQUOIA Group. Our team of professionals provides high-quality services in order to manage our clients’ wealth, taking future generations into account.
From portfolio management - with tailor-made investment solutions matching the clients’ needs, to liability management - which includes heritage planning, distribution agreements, trustee and real estate project management, SEQUOIA provides a cost-effective turnkey solution based on legally compliant practices to deal with the impact of new regulatory landscape and the different legal, technical and operational risks.
How challenging is it to work in an ever-changing regulatory environment?
It is obvious that the status quo cannot be maintained in this ever-changing regulatory environment, however, SEQUOIA’s approach regarding this is to constantly adapt and understand those changes to serve our clients better. Choices that have been made in the past may not be completely relevant in today’s environment or vice versa, but our job is to continuously develop strategies that are relevant to our clients.
Website:
By Melanie Ison, Nerine Group of Fiduciaries Hong Kong Managing Director
Originally from Guernsey in the Channel Islands, I started in the trust and fiduciary sector in 1998. I worked for a large South African bank-owned trust company in Guernsey for eight and a half years before making the move to Hong Kong in June 2007 where I joined a large global bank-owned trust company. From there I moved to Nerine in 2008, and took over the running of the Hong Kong office in 2011 with formal appointment as managing director in 2015.
The Nerine Group of Fiduciaries core business is bespoke succession and wealth structuring for global High-Net-Worth (HNW) and ultra HNW families.
Guernsey is a leading jurisdiction for succession planning so it was natural for me after finishing my education to move into this interesting sector. When I started in the industry, I quickly realised that succession planning for individuals and families exposed me to a wide range of issues and circumstances. It is a varied area of wealth management and has a genuine impact on people’s lives; getting it right for a family is rewarding. Being able to apply my experience and expertise in structuring appropriately for families brings a lot of satisfaction. There is an assumption that we deal solely with financial assets but that’s just not the case. We have the capabilities to deal with real property, family businesses and unique assets as well as facilitating family discussions and managing issues; family governance matters are becoming an increasing part of what our clients need from us.
From a Nerine perspective, my key responsibilities in Asia include overseeing the growth of the business in this region and ensuring Nerine’s brand remains strong in the region. Nerine has an enviable reputation for working with the best professionals in the best interests of our clients throughout Asia. I have been significantly involved in ensuring Nerine is synonymous with expertise and knowledge, and am pleased to say we are trusted by our clients and have grown both our staff numbers and our business presence and recognition throughout Asia.
It is through our trusted relationships, and our ability to tailor bespoke solutions to each client’s needs and expertise that we succeed. Trust and fiduciary specialists should give the right advice and implement the right solutions, so families can ensure they’re as well prepared as possible to preserve and enhance their wealth for the next generation and beyond.
At Nerine, we help families to get the right professionals involved to address their broad financial and familial needs. We anticipate issues and put in place good family governance, appropriate ownership structures and excellent corporate governance for their circumstances; it’s not an overnight process and taking shortcuts can have disastrous consequences.
Ineffective succession planning can cause a family business to shut down overnight. There is significant case law in Asia which can all too often make this a reality. One of the best known, and widely publicised, of these cases was the famous Yung Kee Restaurant and the founding Kam family. The case ended up in Hong Kong’s Court of Final Appeal and caused a bitter family feud because expectations were not managed and family members had differing views which had not been clearly defined or planned for in prior discussions. Cases like this are increasing as families become more international and generations think differently from one another; they help us as responsible fiduciary specialists to hone of expertise and avoid pitfalls.
Cultural sensitivities must be taken into account, particularly in the area of family wealth and business where the younger generations may have been schooled elsewhere and don’t hold the same traditional values and visions as their parents or may not feel the same sense of legacy towards the family business and wealth.
Asian HNW individuals and families continue to grow in number and wealth. Their needs, and those of the generations to follow them, will evolve and develop as they lead increasingly global lives with varied interests. It is those fiduciary experts that fully immerse themselves in the region, who are able to cater to the varied demands and respect the traditions, while keeping abreast of developments within the sector, who will win the trust of clients looking to ensure their legacy is secure and successfully passed on to the next generations.
Nerine Trust Company (Hong Kong) Limited
Suite 1703
17th Floor Central Plaza
18 Harbour Road
Wanchai
Hong Kong
Tel: +852 3125 1200Fax: +852 2537 7624
Melanie.Ison@nerine.com.hk
(Source: Marbles.com)
CAPITALIUM ADVISORS® is an independent wealth management company based in Geneva, offering premium services for international clients. More than a name, CAPITALIUM ADVISORS® revolves around people and values. Its founders, Alain Zell (CEO), Clement Schoeb (CFO) and Sebastien Leutwyler (CIO), share a passion for endeavors, abide by common values and adhere to a collective vision to redefine wealth management and its practices. In tune with a new generation of clients, the associates of CAPITALIUM ADVISORS® understand evolving expectations as well as the stakes that are at play. They offer an innovative approach, built on rigor and excellence.
Here, Finance Monthly speaks to the company’s CEO – Alain Zell who tells us all about the company’s beginnings, the services it provides and their plans for the future.
How did the idea about the company come about?
CAPITALIUM ADVISORS® was born of our determination to become independent, in order to guarantee our clients the highest possible standards of service and without any conflict of interests.
Wholly owned by Clement Schoeb, Sebastien Leutwyler and I, CAPITALIUM ADVISORS® is not a part of any financial establishment. This allows us to deliver services completely independently and with the standards of excellence that we have imposed on ourselves. Our added value is based on a firm commitment with two objectives: protecting and expanding our clients’ assets.
Tell us a bit more about the principal services the company provides and its priorities towards its clients?
We develop solutions especially for our clients, whether families, the emerging generation of millennials, or entrepreneurs. These offerings were not designed for our clients, but with them for the purpose of simplifying the financial component of their life equation.
We take a three-pronged approach:
CASA INVEST: We manage discretionary mandates, consultancies and supervisory services. Our investment landscape covers all types of financial assets and monetary bases. We implement tax-efficient management, in the structures and in the investments we select.
CASA NEXGEN: Our proprietary concept; it is the non-financial branch of the CAPITALIUM ADVISORS® services. It is targeted above all to families, helping them tackle challenges related to the transmission of patrimony. We offer an ecosystem built upon three pillars that the young generation interacts with on a regular basis: investment, education and mentoring.
CASA ADVICE: We help our clients to maintain total control over their private affairs, with a team of professionals who master the challenges and increasing complexities of today’s environment. Our company has equipped itself with state-of-the-art tools that allow for granular monitoring and analysis of financial assets.
How has the company grown in terms of operations and service offering in the past year?
We have stayed the course while focusing on our sole objective of disrupting common practice while offering our clients a unique financial experience. CAPITALIUM ADVISORS® is now one of Switzerland’s most important asset management firms. With our partner, SCHOEB FROTE® in Neuchâtel, in 2017 we exceeded the billion-dollar mark in AuM. Clearly, what clients are seeking more than ever is a relationship based on trust in which the lack of conflicts of interest allows a dialogue that goes to the essentials – preserving, growing and guaranteeing the transmission of their assets.
What differentiates Capitalium from its competitors?
While banks focus on staying profitable by cutting costs and raising prices, we do just the opposite – we constantly invest in enhancing our offering. This is the only to create concrete and tangible added value. Merely cutting costs is the reaction of those who are unable to renew their offering and adjust to clients’ new expectations.
On the portfolio management front, we have two requirements. First, we manage by convictions and avoid the "soft consensus" at all costs as it undermines performance over the long term and marginalizes risk control. Second, we privilege "open architecture" financial products. This guarantees us access to the best providers and the expertise of specialists. These requirements are accompanied by a clear code of conduct: refusal to receive retrocessions, no bias towards highly marginal products, no unjustified portfolios turnover and a systematic hunt for "hidden costs".
Foremost, performance is what drives our decisions and recommendations. We also consider factors such as flexibility and efficiency to optimize our output. Models borrowed from core-satellite institutional investors inspire our work. The choice of tools revolves around indexed vehicles and investment funds, which we supplement via investments in direct lines, derivatives, structured products and real assets.
If you could share one piece of advice with Finance Monthly’s readers, what would it be?
In most cases, clients customarily diversify by entrusting their assets to several different managers, including both banking establishments and independent asset managers. While the need for counterparty risk diversification is an accepted fact, this is not as true for the way that assets react once they have been invested. The reason for this is that, while all asset managers claim to be different, investment management profiles have inevitably converged, due to regulatory constraints (standardised risk profiles), temporary profitability biases (retrocessions and high-margin products), and the fear of losing mandates (benchmarking to reduce the risk of underperforming the competition). This has, in turn, increased the financial risk that is inherent to portfolios.
To address this bias and offer more structural and robust diversification in wealth management, it is becoming necessary to combine several different investment approaches. Taking a unique approach is, in itself, one way to diversify risk and manage family assets on a solid basis for the long term. With this in mind, CAPITALIUM ADVISORS® has developed a three-pronged model that aims to guarantee the greatest visibility and traceability possible in investments. By reducing the asymmetry of information that too often exists between managers and clients, we provide clients with all the tools for objectively evaluating the work done and making informed decisions. This makes clients participants in the management of their own assets.
“We say what we do and do what we say”: in portfolio management we stand out in the way that we strategically overweight or underweight assets in a clear-cut manner, as dictated by our analysis of the financial markets. Accordingly, we eschew “cosmetic” transactions, which are too often used to mask a lack of conviction in portfolio management.
“Before making comparisons, accept that it’s fine to be different” : in contrast to the “fog machines” that are too often used by the financial industry to explain away performances, we want to avail CAPITALIUM ADVISORS® clients of instruments that help them precisely measure the quality of services provided to them. To do so, we have entered into a contract with IBO, a firm that audits returns adjusted to real levels of risk and compares them to the main Swiss investment managers.
“Optimising one’s financial ecosystem”: based on each client’s investment management profile, we seek to determine which counterparties and suppliers of financial products are most able to allow us to stay within the commitment we have made to our clients that their total fees will not exceed 1%, hidden fees included. This is what we consider to be the fair price for wealth management. What’s more, this enhanced efficiency has a direct impact on performance by reducing the risk incurred on a constant-expected-return basis.
In addition to the more entrepreneurial and contemporary model that CAPITALIUM ADVISORS® offers its clients, wealth management, like many other businesses, is based above all on the notion of trust. And trust can’t be forced; it must be earned over time. We do believe that it’s possible to earn this trust through an approach offering full transparency on the business model, the absence of conflicts of interest, and an uncompromising investment management process.
What are your goals for the future?
Within a few months, CAPITALIUM ADVISORS® has positioned itself definitively as a player able to offer a true alternative to traditional banks. CAPITALIUM ADVISORS® will continue to expand both organically and externally while continuing to demonstrate the added value of a business model that is close to its clients and with no conflicts of interests. Backed by common sense, hard work, boldness and enthusiasm, we ensure that we are positioned to implement our ambitious plans.
Contact details:
CAPITALIUM ADVISORS® SA
16, rue de la Pélisserie
CH – 1204 Geneva
Phone : +41 22 544 63 00
Fax : +41 22 544 63 09
www.capitaliumadvisors.ch
info@capitaliumadvisors.ch
Below Finance Monthly hears from Rob Moore, Author of the new global best-seller ‘Money - know more, make more, give more’ and Life Leverage Host of the Disruptive Entrepreneur podcast, on his top 5 books about wealth accumulation, management and money.
“I’m an avid reader, especially around money and finances. Here are 5 great books I recommend out of more than 1,000 non-fiction ‘how-to’ books I’ve enjoyed in recent years:”
1. The Compound Effect - Darren Hardy
2. 80/20 Principle - Richard Koch
3. Naked Finance - David Meckin
4. The Personal MBA - Josh Kaufman
5. The Intelligent Investor – Benjamin Graham
