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FAMILY OFFICE MONTHLY December 2017

Upcoming Family Office Conferences in 2018

Capital Raising Boot Camps Miami, FL elcome to the final edition of Family Office Monthly in 2017. We closed out the th W year with a fantastic conference, our annual Family Office Super Summit here in Feb. 19 , 2018 Miami, Florida. We had dozens of family offices on stage and many more in attendance - for this one-of-a-kind conference. Thank you to all those who made it to the conference Atlanta, GA and for those of you who missed this event, don't worry, we have our most extensive st conference schedule coming up in 2018 with events in Chicago, Houston, and even Feb. 21 , 2018 London, just to name a few. These are great opportunities for you to hear directly from - family offices about how they invest and discuss the latest trends impacting the industry. Houston, TX rd If you plan on attending our upcoming conferences, we encourage you to RSVP as a Feb. 23 , 2018 Charter Member in the new login platform online at www.FamilyOffices.com/Login. If - you are not yet a Charter Member, be sure and visit www.FamilyOffices.com/Association to learn why membership keeps growing year after year. Chicago, IL th Son of 'Godfather of Rodeo' Puerto Rico Family Office Dives Feb. 26 , 2018 Launches Family Office into Multifamily www.FamilyOffices.com/ A newly-formed family office is aiming to When we host our annual Family Office Capital take on class-B properties and carry on the Real Estate Summit, multifamily real estate legacy of its famous late patriarch, Fred is always a hot topic that dominates the Hayman. Mr. Hayman created his fortune by agenda. That's because family offices love owning the Giorgio Beverly Hills...Page 2 the income-producing segment of the Full 2018 Schedule Are Family Offices Jumping on the market that includes apartment... Page 6 http://FamilyOffices.com Crypto-Craze? Does Steven Cohen Attract LPs? It's hard to go anywhere these days without hearing someone talk about bitcoins or There aren't many bigger names in the cryptocurrency. For some, the notion that investor community than Steven Cohen, Reserve your seat today: you may hear your great aunt chatting about the (in)famous investing legend whose www.FamilyOffices.com/Reserve fund was forced to shut down as bitcoins over the holidays is a sign... Page 4 part of a massive settlement... Page 10 E-Mail: [email protected] (305) 503-9077

Son of "Godfather of Rodeo" Launches Family Office A newly-formed family office is aiming to take on class-B properties and carry on the legacy of its famous late patriarch, Fred Hayman. Mr. Hayman created his fortune by owning the Giorgio Beverly Hills boutique on Rodeo Drive and ultimately Fred Hayman Beverly Hills. Mr. Hayman also launched and then sold the Giorgio fragrance line. Now, his son, Robert Hayman, is investing in commercial real estate through Hayman Properties and launched Hayman Family Office. DJ Van Keuren, who has spoken at several Family Office Club conferences, will head up the family office as vice president. Shifting away from Hayman Properties’ holdings in multifamily, retail and class-A office, Hayman Family Office is now targeting acquisitions of class-B office buildings in secondary markets—such as Austin, Texas; Denver and Salt Lake City—that boast a reasonable cost of living, a high quality of life and robust job growth. The current 17-asset Hayman portfolio comprises mostly office buildings. The portfolio’s total value is around $800 million, according to Van Keuren.

In a Q&A with NREI, Van Keuren dives into Hayman Family Office’s class-B office strategy, its plan to entice other family offices to be co-investors and the outlook for real estate investments by family offices in general.

NREI: Why is Hayman Family Office concentrating on class-B office properties?

DJ Van Keuren: The reason why is there [are] about 10 billion sq. ft. of office space in the United States. Of that, 5 billion is class-B. That seems to be the biggest area of opportunity on the office side. With class-B, you can do the value- add play and get that lift by repositioning the assets. You’re able to buy at some decent cap rates, depending on the markets. Read more: http://nycafe.cf/a/family-offices/

Family Offices Look to Seed Fund Family Ventures Family offices can be a critical source of early I have personally witnessed this with multi-generation private funding for young businesses and start-ups. family businesses I have served. Despite drops in the economy Sometimes, family offices even fund their or pressures that might take a decade to come out in the own family members' ventures as a way of wash, the family stays firm in doing right by their people and keeping it in the family, according to an the communities that they serve and employ. article in Forbes: Corporate citizenship and social impact are concepts that are When a family has their name riding on the success in vogue for big and small businesses alike. They are not, and satisfaction with their offering, they take pride in however, new concepts to family businesses and family offices. what they do. Growth and success aren’t measured in Source: https://www.forbes.com/sites/ a single economic cycle, or under the microscope of moiravetter/2017/12/20/keeping-it-in-the-family-seed- external investors whose tolerance for a particular funding-from-the-family-office/2/#73d5a336574f operating strategy has reached its end.

2 | Family Office Monthly E-Mail: [email protected] (305) 503-9077

Swiss Banker Leaves Manager New Capital to Start Family Office Raising Book A Swiss banking executive has Are you looking to raise capital? Richard C. Wilson, decided to launch a family office founder of the Family Office in Zurich called Ysma serving Club, just released his latest primarily one family. Like many publication The Capital family offices, she serves one Raising Book: The 5-Step family but her firm will also System for Raising Capital from Private Investors. advice other families, too. Sibylle Peter was formerly an executive of the firm, Aquila. According to the website: YSMA SA was founded by Dr. Sibylle Peter, Partner and Managing Director, in Zurich. Besides Sibylle, Rolf Herter, Attorney at Law (www.streichenberg.ch) is Member of the Board of YSMA AG.

Sibylle Peter was one of the driving forces behind Aquila, the Swiss wealth management To download the first four platform, for six years. In December, she decided to start her own company – Ysma. The family chapters of this book visit office founded by Peter will offer its services to other clients than the family as well, she told http://CapitalRaising.com/book finews.com in an interview. and complete the simple download form to receive the Peter didn’t say which family had prompted her to start Ysma. She is working with Rolf Herter book. from Streichenberg law firm in Zurich, who joined Peter on the board. Looking to meet family offices in person? The Family Office Several Cooperation Partners Club hosts many live conferences throughout the year Ysma works with several wealth managers, including Colombo Wealth Management, Twenty in great locations like Manhattan, Singapore, and Miami. Once a First Capital, based in Paris, and European Capital Partners of Luxemburg. Ysma analyzes quarter, we host an exclusive risk on family assets and gives advice for the choice of bank and asset management firm, private gathering for single family equity and direct investments. The firm also provides business development services to family-run offices and affluent families to companies, particularly for reaching out across the Swiss borders. meet, share experiences, and build relationships. Source: https://www.finews.com/news/english-news/30039-sibylle-peter-family-office-ysma- persona

Spotlight: Family Office Investor Seeks to Curb -Selling in Sears Memento S.A., the family office of the Elarof Trust, owns about two million If you would like to be shares of Sears but the family office authored a letter expressing their dismay over considered for membership (free the rampant short-selling activity in the company. It's interesting to see a family to single family offices) please contact us: office use the weight of its pocketbook (or shares) to push for change at a public company like this: "We believe that this shortage of available shares in the marketplace E:[email protected] heightens volatility and places downward pressure on the share price. We believe the board must P: (305) 333-1155 328 Crandon Blvd. #223 promptly investigate and address this activity to prevent further decline in shareholder value." Key Biscayne 33149

Source: http://www.foxbusiness.com/markets/2017/12/07/investor-urges-sears-to-go- private.html E-Mail: [email protected] (305) 503-9077

Video: Should Direct Investments be Diversified? I was in Las Vegas recently and I decided to record this quick video to talk about why some family offices that I work with aren't as concerned about diversification when it comes to direct investments as the typical portfolio management theory might suggest. Many family offices are now incorporating direct investments into their portfolio but some families run the risk of over-diversifying their direct investment portfolios so that it can be hard to manage and you eliminate some of the benefits that originally attracts family offices to direct investments in the first place, such as the synergy with other holdings, close understanding of the valuation and finances, and owning the choke point. For example, a family office I spoke with on stage at this conference owns every building on a street in London. For the right family, that can be a tremendous advantage.

I hope this video starts an interesting conversation on this subject.

Richard C. Wilson CEO & Founder Qualified Family Office Professional (QFOP) Family Office Club (305) 503-9077 328 Crandon Blvd. Suite #223 Key Biscayne, Florida 33149 United States http://FamilyOffices.com

4 | Family Office Monthly E-Mail: [email protected] (305) 503-9077 Are Family Offices Jumping on the Crypto-Craze or Jumping Ship? It's hard to go anywhere these days without hearing someone talk about bitcoins or cryptocurrency. For some, the notion that you may hear your great aunt chatting about bitcoins over the holidays is a sign of a looming bubble ready to pop, as the public catches on to the trend. For others, the greater public becoming familiar with and eventually adopting digital currency is long overdue and no cause for alarm. No matter which side of the coin you're on, it's important to understand the development and how it might impact your portfolio. For many in the financial industry, digital currency was shrugged off as interesting but nothing of immediate importance to how the portfolio is managed. To be sure, there are worrying signs that probably remind some veteran investors of the dot-com crazy. One recent story was the Long Island Iced Tea Corp., a small company that rebranded as Long Island Blockchain and saw its stock skyrocket seemingly based only on that tweak (read more: https://techcrunch.com/2017/12/21/ long-island-iced-tea-shares-went-gangbusters-after-changing-its-name-to-long-blockchain/).

But those oddities seem to bely the larger truth: that cryptocurrency has arrived and all investors should probably take note. The old thinking seems to have changed as some of the largest family offices in the world are participating in the growth of bitcoin and digital currency-related securities. The family offices aren't just buying digital coins, they're investing through funds, too. The so- called "king of bitcoin" is raising a fund from family offices and HNWIs, according to Bloomberg:

The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person familiar with his plans.

At that size, the Galaxy Digital Assets Fund would be the biggest of its kind and signal a growing acceptance of cryptocurrencies such as bitcoin and ether as legitimate investments. For Novogratz, 52, the fund marks a comeback to professional money management after humbling losses at Fortress and almost two years of self-imposed exile from Wall Street...

Novogratz, known to his friends as “Novo,” estimates that he now has about 20 percent of his net worth in digital assets. In addition to cryptocurrencies, his family office has invested in bitcoin mining, trading platforms, initial coin offerings, pre-ICO sales and blockchain technology. He said Gemini, the exchange run by Cameron and Tyler Winkelvoss, is “one of our go-to places” in part because it has a New York State license to trade bitcoin and ether.

And it's not just Novogratz and his investors. Other family offices have spoken at our events and in discussions with our team about their exposure to digital currency and there are numerous media reports on various family offices investing in the bitcoin or ripple or blockchain technology. Read more: https://www.bloomberg.com/news/articles/2017-09-26/mike-novogratz-is-set-for-comeback-with- crytocurrency-hedge-fund

5 | Family Office Monthly E-Mail: [email protected] (305) 503-9077

PR Family Office Dives into Multifamily When we host our annual Family Office Real Estate Summit, multifamily real estate is always a hot topic that dominates the agenda. That's because family offices love the income-producing segment of the market that includes apartment complexes, multi-dwelling buildings, and (depending on your definition) senior housing. So, it's no surprise that a family office is diving in with both hands to the multifamily sector and launching a fully- owned subsidiary Kingbird Properties, dedicated to multifamily investing in the U.S. and Latin America. Grupo Ferré Rangel has launched the division with the unusual mandate that includes such secondary and tertiary markets as Indianapolis and Columbus, OH as well as primary markets in Latin America.According to its website, Grupo Ferré Rangel is a Puerto Rico based, family-owned portfolio of companies with highly diversified strongholds in several industries. The group selectively owns and invests in a value growth portfolio of leading companies that include business development & investments, real estate, media, printing, distribution, marketing solutions and the health industries. The group’s notable assets include GFR Media, its media arm and the parent company of leading newspapers El Nuevo Día, Primera Hora, and Índice, other top brands; and City View Plaza, a unique Class A real estate development in the heart of San Juan; as well as other group of companies that service telemarketing and distribution. The new head of Kingbird, Ken Munkacy, gave an interview to NREI:

Kingbird Properties says it’ll tap into Grupo Ferré Rangel’s capital to buy value-add multifamily properties through Kingbird, and will form investment alliances with third-party investors, other family offices and local operating partners. Group Ferré Rangel’s current holdings are in sectors such as multifamily, office, health care and media (including Puerto Rico’s largest daily newspaper).

Grupo Ferré Rangel hired Ken Munkacy as senior managing director of Boston-based Kingbird Properties. He has more than 25 years of experience in U.S. and international real estate, including previous stints with GID Investment Advisers, GE Capital, Starwood Capital, TrizecHahn and Golub & Co. Antonio Luis Ferré Rangel, chief operations officer of Grupo Ferré Rangel, is chairman and CEO of Kingbird.

“We are looking to create long-term wealth and invest through and hold through cycles, as opposed to a seven-year, in-and- out approach, which is typical of most funds. We’re not a fund sponsor,” Munkacy says.

Mr. Munkacy explained to NREI what attracted him to the sector:

NREI: What is it about multifamily that has drawn Kingbird to this sector?

Ken Munkacy: Familiarity breeds content. Grupo Ferré Rangel’s first wave of real estate investing in the U.S. was multifamily, and it’s done exceptionally well. All the research points to the opportunity for consistent, stable returns in multifamily. Plus, there’s kind of a built-in downside protection factor. All the demographic factors that have played out in the last decade point to the fact that the apartment sector is strong, stable, consistent, less prone to volatility. (Drivers of the downside protection include the supply-and-demand gap in workforce housing, the downsizing of households, the decline in homeownership rates, and the “renter by choice” and “renter by necessity” inclinations of millennials.)

Read the full interview: http://www.nreionline.com/finance-investment/look-one-family-office-s-bet-multifamily-sector E-Mail: [email protected] (305) 503-9077

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SINGLE FAMILY OFFICE MANAGEMENT

At Single Family Office Management, we provide hands-on assistance in launching, managing, and improving your single family office.

If you are seeking help forming a single family office or want expert support for your existing family office, visit http://SingleFamilyOffice. com or call (305) 333-1155 to speak with an experienced single family office advisor.

7 | Family Office Monthly potentially higher pay than some investment and finance jobs. It's not just single family offices hiring, many private

3.) Broaden Your Geographic Scope: In most of the financial centers, like London, Manhattan, Chicago, etc. it can be easy to find a number of potential employers in the investment and finance sectors. But even in these top cities it can

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Looking at the Implications of the Tax Bill for Family Offices

We always want to share the best content and insights from experts on how legislation or regulatory changes might impact your family office. In that spirit, we're providing excerpts from an article written by the folks at Shearman & Sterling LLP and recommend that you check out the full piece here: http:// www.shearman.com/en/newsinsights/publications/2017/12/tax-reform-summary-for-family-offices

The Tax Cuts and Jobs Act contains several provisions that may have a significant impact on the operations of family offices, including their investment vehicles.

Many family offices, including their investment vehicles, consist of entities that are classified as partnerships for U.S. federal income tax purposes. Partnerships are not subject to entity-level U.S. federal income taxes and, instead, income and gain and other items flow through to family members, trusts or other vehicles that own interests in the family office.

Maximum Non-Corporate Tax Rate: The new law reduces the maximum U.S. federal income tax rates for non- corporate taxpayers from 39.6 percent to 37 percent. Long-term capital gains and qualified dividends remain eligible for the maximum 20 percent rate. In addition, the Medicare tax on net investment income (3.8 percent rate) remains unchanged.

Alternative Minimum Tax (AMT): The individual AMT is retained but with several adjustments. The AMT exemption amount is increased to $109,400 for married taxpayers filing jointly ($73,000 for unmarried taxpayers) and the phase-out thresholds are increased to $1 million for married taxpayers filing jointly ($500,000 for other taxpayers).

Pass-Through Income: The new law provides for reduced taxation on qualified business income (QBI) derived from certain businesses not held through a taxable corporation such as businesses held through partnerships and S corporations. Subject to certain limitations, a deduction equal to 20 percent is available with respect to any QBI reported by an individual, trust or estate, which results in a maximum effective U.S. federal income tax rate of 29.6 percent for such QBI (based on the new maximum non-corporate U.S. federal income tax rate of 37%)...

Excess Business Losses: The new law contains a new limitation on the deductibility of losses from trades and businesses for taxpayers other than corporations. Under the new law, “excess business losses” of an individual, estate, or trust are not currently deductible...

Deduction of State and Local Taxes: Deductions for state and local taxes are significantly curtailed by the new law.

No Deduction for Investment Expenses (Other than Interest): Through the end of 2025, all miscellaneous itemized deductions, which were deductible under prior law to the extent they exceeded 2% of adjusted gross income, are no longer deductible by non-corporate taxpayers.

Estate and Gift Tax: Through December 31, 2025, the basic exclusion amount for estate, gift and generation-skipping transfer taxes has been doubled to $10 million, indexed for inflation (in 2018, this translates to a basic exclusion amount of $11.2 million for an individual and $22.4 million for a married couple).

Read about more changes from the new law here: http://www.shearman.com/en/newsinsights/publications/2017/12/ tax-reform-summary-for-family-offices

8 | Family Office Monthly E-Mail: Clients@FamilyOffice .com (305) 503-9077 Four Job Openings with $1 Billion+ Family Offices in New York and Boston

I wanted to introduce myself as the President of our Family Office Executive Search firm. Family Office Executive Search is a recruiting firm that engages with single and multi-family offices to help them find talent for their teams. This month we have signed two new engagements to fill four job openings, for a $10B+ multi-family office in New York and a $1B+ family office in Boston. You can see these positions available on http://FamilyOfficeJobs.com and here are direct links to the position descriptions in case you want to send in your resume and apply to be considered for them:

1) Family Office Executive Leader Opportunity: http://FamilyOfficeJobs.com/Executive-Leadership-Position

2) Investment Advisor Associate Opportunity: http://FamilyOfficeJobs.com/Investment-Advisor-Associate

3) Wealth Planning Associate Opportunity: http://FamilyOfficeJobs.com/Wealth-Planning-Associate

4) Investment Analyst Opportunity: http://FamilyOfficeJobs.com/Family-Office-Investment-Analyst

5) Family Office Executive: http://FamilyOfficeJobs.com/Family-Office-Executive If you are interested in these positions, the first step would be to complete the application form at the bottom of any of the open position links in this email; if we see a relatively good match we will get in touch. Since we have had 900 resumes submitted to-date in the last year for positions we have helped fill, we cannot respond to everyone. But even if there is not an immediate fit, we will do our best to keep in touch and retain your resume on file for future family office mandates.

Of course if you run a single or multi-family office and you would like to access our talent pool of over 100,000 family office professionals that are in our database globally you can contact me regarding that as well - we are a fast moving team and we would be happy to discuss how to work together.

Thank you for keeping us in mind here and please check http://FamilyOfficeJobs.com in the future for new positions being posted.

Terry Terry Penn (407) 369-9130 President Family Office Executive Search [email protected] 328 Crandon Blvd. Suite #223 Key Biscayne, Florida 33149 http://FamilyOfficeJobs.com Want to hear about jobs before other candidates? Sign up to receive family office job alerts by entering your e-mail address on this form: www.FamilyOfficeJobs.com/Alerts

9| Family Office Monthly E-Mail: [email protected] (305) 503-9077 Danish Family Office Takes a Bite of Cannibis Investments Danish family office Bagger-Sørensen & Co formed after it sold its the chewing gum brands in 2002 and 70% of Fertin Pharma A/S in 2017. According to the family office's website, "invested in long-term listed securities, , infrastructure funds etc. and finance through the Bagger-Sørensen Invest A/S direct investments in property development and through Vecata Invest A/S also direct investments in other business enterprises." Now, the family office can count some alternative investments in the form of legal cannabis-derived products. As several states have legalized marijuana many investors have been quick to take advantage of the disruption and make some potentially well-timed investments in industries and products serving the new industry. At many of our events, family offices and business executives in the audience have broached the subject of marijuana-related investments but it hasn't been until very recently that you see major public backing of the industry by family offices like Bagger-Sørensen & Co in this story from International Investment:

The MedCan Pharma business, which is focused on delivering cannabinoid-based gums, lozenges and liquids for medical purposes, is a subsidiary of Okono. Berlinske Business reported that some DKK3bn (€403m) was freed up via the sale of Fertin Pharma, which could be used to invest in MedCan Pharma – which has sought approval to take part in cannabis trials approved by Danish lawmakers.

Recently, MedCan Pharma advertised for a scientist to take responsibility for its Cannabis Science Centre “which is a newly established function” in the company.

“You will be responsible for creating a network of knowledgeable people within the cannabis area – as well as collaborate with universities and research sites on specific projects,” the job advertisement noted.

The move by Bagger-Sørensen & Co comes as businesses around the world are cautiously expanding into the still- uncertain regulatorily, but nevertheless growing, cannabis-derived product area.

A number of States in the US have implemented regulatory environments that not only make it legal to sell and buy cannabis for personal use, but offer encouragement for the provision of cannabinoid-based medicines – even though the business of regulating medicines in the US a federal responsibility rather than one left to states, and the federal government has not yet followed in implementing law that redefines cannabis as anything other than an illegal drug.

However, Canada’s C-45 Bill – which passed its first hearing in the Canadian Senate in late November – will legalise cannabis across the whole country, by establishing strict rules around its manufacture, distribution and sale, as well as its use for medical purposes.

An estimated 30% of Canadian “young adults” reported using cannabis in the previous year, according to a 2015 study cited by the Canadian government.

Source: http://www.internationalinvestment.net/uncategorised/danish-family-office-chews-cannabis-investment/

10 | Family Office Monthly E-Mail: Clients@FamilyOffice .com (305) 503-9077 Does Steven Cohen Move Investors Anymore? There aren't many bigger names in the investor community than Steven Cohen, the (in)famous investing legend whose hedge fund was forced to shut down as part of a massive settlement with the Securities and Exchange Commission and Mr. Cohen personally was barred from handling outside capital for two years because of his failure to supervise the actions of a trader at SAC Capital Advisors. Mr. Cohen didn't exactly go quietly into the night though, rather he re-branded as a massive single family office to manage personal fortune (estimated at $13 billion). He made splashy purchases of art and, by all accounts, he is eager to get back to managing billions of dollars for outside investors. As one of the most highly-touted fund managers in history, Mr. Cohen once had investors clamoring for an opportunity to invest in one of his funds. Investors are still eager to invest but as our CEO, Richard C. Wilson, told the New York Times, investor demand is not at the high level it once was before the settlement.

The firm that is marketing his hedge-fund-in-waiting has received $2 billion to $4 billion in commitments from investors, said three people familiar with the matter who were not authorized to speak publicly. That is a far cry from the $11 billion Mr. Cohen ran at his family office the past two years.

And according to several industry consultants, some pension funds and institutional investors are wary about putting their money with Mr. Cohen, who remains tainted by the insider-trading scandal that engulfed him and his former hedge fund.

There is also anxiety, these consultants say, that Mr. Cohen’s new firm plans to charge higher-than-average fees and will not let some investors withdraw their money for at least three years. Others wonder if the trader’s best days are behind him.

“There’s a lot of noise and high fees,” said Richard C. Wilson, founder of Family Office Club, a professional association for family offices, which manage money for wealthy individuals. “If they haven’t invested with him before, I don’t think a lot of them will be clamoring to go in.”

When Mr. Wilson held a conference for about 300 investors in Miami in December, he said, Mr. Cohen and his new fund were barely discussed.

Read the full article here: https://www.nytimes.com/2017/12/25/business/steven-cohen-sac-hedge-funds.html?_r=0 Podcast: Interview with Skip Motsenbocker from Floris Capital Management On this episode of the Family Office Podcast, Richard C. Wilson, interviews Skip Motsenbocker of Floris Capital Management: www.familyofficepodcast.com/ interview-with-skip-motsenbocker-from-floris-capital-management

Be sure to subscribe to the Family Office Podcast for more lessons on working with family offices: http://FamilyOfficePodcast.com