Reflexion - Cluster Family Office

What is an Outpost Family Office?

Wealth advice for sportsmen and artists, Consultancy and support for a Family Office, Setting up a Family Office, Family Office, Multi family Office, Reflection, wMult-Family Office, wFamily Office Consultancy, wCreating your own Family Office, wI need a Family Office, wWhat is a Family Office
10/28/2013

The concept is new and meets a logical and increasingly common need in a globalised world. It is common knowledge that Family Offices are companies or groups of professionals that are essentially dedicated to the management and control of the assets of one or several families, as well as to attending to all aspects that may affect these family groups, such as taxation, legal advice or assistance in family logistics and concierge services (concierging), among others. But the new figure that has appeared for the users of a Family Office (whether they are Clients of a Multi-Family Office, or owners of a Single-Family Office), is that of the Outpost FO, or global support network for a Family Office. (more…)

The government decides that we will all guarantee 50 billion more to Spanish banks.

All of us are going to pay out of our own pockets. That is the decision taken unilaterally by the government. Without consultation, without objections, without light or stenographers, without shame. And the fact is that, as the accounting trap that converted the banks' tax credits into assets has gone wrong because the imminent Basel III regulations prohibit such a martingale, now the Government has decided to convert these future tax benefits of the banks directly into assets guaranteed by the State.

50 billion euros - that's nothing - will remain on the balance sheets of Spanish banks as assets, since otherwise Basel III would oblige the tax credits to be counted for what they are, i.e. a potential future and uncertain saving, and only if the bank is still standing after a few years and also makes profits that can amortise these tax credits. (more…)

How does the machinery of the economy work? Video by Ray Dalio

Aquí tenéis el video de 30 minutos que el gurú de la gestión global macro, Ray Dalio (Bridgewater) ha creado para explicar de manera muy clara y didáctica, no sólo la dinámica económica que nos ha llevado hasta la situación actual, sino lo más importante: La hoja de ruta para salir de la gran recesión mediante un “bonito desapalancamiento”.

El video está en inglés (no lo he sabido encontrar aún en español o subtitulado) y está acompañado por unos dibujos animados muy agradables y demostrativos. Además, su ritmo pausado permite una fácil comprensión de todos los conceptos que en él se explican. Probablemente sea una respuesta adecuada o una visión distinta del famoso video “Money as Debt“, que corrió como la pólvora hace algún tiempo. Que lo disfrutéis: (more…)

First Cyprus, now Poland, tomorrow…

Me da la sensación de que, a pesar de haber sido publicada at diversos medios, ha pasado bastante desapercibida por los inversores en general. Pero la pasada semana se anunció discretamente la confiscación nada menos que de más de la mitad de los planes de pensiones privados de todos los polacos. Así es, los ahorros de toda una vida, en previsión de poder cubrir las necesidades de la vejez, reducidos a la mitad de la noche a la mañana. (more…)

La prima de riesgo italiana ya es peor que la española…

Atención, atención! Se proclama a los cuatro vientos que la prima de riesgo española ya ha cotizado ligeramente mejor que la de Italia. El Gobierno y los políticos afines ya pueden añadir este dato a su «larga» lista de brotes verdes, de los que parece que nuestra economía disfruta últimamente. Este será sin duda el discurso más o menos caricaturizado que podremos escuchar durante los próximos días. Pero ¿realmente tenemos motivos para estar contentos con las cifras económicas? Para muestra un par de botones, o más bien bofetones de cruda realidad. Mirad esta simple tabla de JPMorgan: (more…)

The dangers of doping and withdrawal

En el último lustro los bancos centrales parecían estar dispuestos a encadenar victorias en el Tour de Francia por su querencia al dopaje, en forma de fabricación de dinero electrónico de la nada. Pero el anuncio de la mera intención de comenzar a cerrar el grifo, por parte de la Reserva Federal norteamericana, en los próximos trimestres, parece haber abierto la caja de Pandora. Los efectos de dicho anuncio han ido más allá de la simple corrección del precio del Treasury americano, y los temores alcanzan también a otros bancos centrales como el inglés («MPC members were concerned by the «surprising» rise in UK government bond yields that followed Bernanke’s remarks«) o el europeo (“There is a strong correlation between the 10-year U.S. Treasury yield and European Treasury yields at the same maturity.”). (more…)

Recovery and stability are here... eppur si muove!

It appears that August 2013 is marking the start of the Eurozone’s economic recovery. Peripheral risk premiums are shrinking like raisins, whilst the price of German government bonds is falling (yields rising), mirroring US Treasury bonds. The political class and the establishment The Western media are hailing it as such, whilst keeping their fingers crossed that the prophecy will become a self-fulfilling one.

However, mathematics is stubborn. And so is economics. Despite the faith and the malicious or ignorant opinions of politicians and analysts, as Galileo said: e pur si muove. In other words, Spain’s deficit, its economic recession and its unpayable debt reveal the harsh reality: we are far, very far from achieving growth and regaining solvency. That is why reductions in the risk premium are nothing more than mirages in a desert of recession and deleveraging that we have barely begun to navigate. A temporary and unjustified improvement that is the result of political propaganda and the well-known inefficiency of the markets. (more…)

Old Money and New Money

A distinction must be made between two clearly differentiated types of estates: Estates that have been created by a single generation, and which are passed on to one or two subsequent generations at the most, since they die out along the way due to their smaller size and the usual dilapidation by the recipients of inheritances. And the large estates that are passed on from generation to generation, impersonally and in large family groups over many, many years. We call the former New Money and the second Old Money. (more…)

A question of priorities

We are now in a phase of accommodation to chaos. The world turned upside down that summer of 2007 (I would even say that it began to do so after the 9/11 attacks on the WTC in 2001), and we have gone through a convulsive five years like few others, like very few others. And now it seems that we have become accustomed to the nonsense: to see the markets rise when the US unemployment figures worsen, because they are confident that this will mean the continuation of the infinite printing of money. Or to see bond yields fall when the FED insinuates that things are getting better and it will soon be able to take off the life support (QE) to the economy. Not to mention countless other absurd and unheard-of reactions and correlations. (more…)

The Analysts.

Hoy leo una noticia en Expansión que prefiero tomármela a risa, pero que en realidad es para echarse a llorar, o mejor, para sacar espuma por la boca de pura indignación. La notícia dice así: «UBS retira sólo un día después su consejo de vender Red Eléctrica». La historia no es más que una muestra (la enésima) de la mediocridad de los análisis de los departamentos de entidades de banca tan altisonantes como la mismísima UBS. Pero lo más triste es que esto es extrapolable a prácticamente toda la banca. (more…)

(+34) 93 626 47 75

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Category: Reflexion

What is an Outpost Family Office?

The government decides that we will all guarantee 50 billion more to Spanish banks.

How does the machinery of the economy work? Video by Ray Dalio

First Cyprus, now Poland, tomorrow…

La prima de riesgo italiana ya es peor que la española…

The dangers of doping and withdrawal

Recovery and stability are here... eppur si muove!

Old Money and New Money

A question of priorities

The Analysts.

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Cluster Family Office

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How and when should I talk to my children about family wealth, and what relationship should they have with money throughout their adolescence?

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Do I have sufficient liquidity and stable income to cover my needs on a permanent basis?

(+34) 93 626 47 75

(+34) 91 794 19 82