Impact Wealth Spring 2021 Issue

SPRING 2021

MARC FABER

Shares His Playbook for Hedging Against Inflation and Investing in Emerging Markets

JESSE DRAPER

A Trailblazer Venture Capitalist Betting Big on Female Entrepreneurs

NFT SPACs CRYPTO BOOM OR BUST

AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

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Simply an unprecedented level of luxury sleep

Invest in the REST of your life

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CONTENTS 8

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PROFILES MARC FABER 20 Shares His Playbook for Hedging Against Inflation and Investing in Emerging Markets

By Davis Richardson

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INVESTING

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By Mitchell Jackson

NFTs: Boom or Bust

By David Christopher Lee

Coin Conundrums: Expert vets 3 popular ‘flight to safety’ coin assets amid forecasted financial strife

By Merilee Kern

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By Hayden A. Kopser

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By Neal Berger

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DR. NEPTUNE The hardest part of beginning treatment for an addiction is the first call

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ATHENA TECHNOLOGY ACQUISITION GROUP An All Woman Led SPAC Setting a New Trend in SPACs

Alternative Asset Investing: A Risk Conscious Approach

The Market Casino is Overflowing With Gamblers

JESSE DRAPER A Trailblazer Venture Capitalist Betting Big on Female Entrepreneurs

FEATURE

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AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

By Hillary Latos

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STYLE & FASHION

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WANDERLUST High style meets the high seas as we sail to a luxe getaway

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Spring Beauty Essentials

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Angelo David’s Thinning Hair Solutions Revolutionizes the Beauty Industry

By Hillary Latos

By Lillian Langtry

LUXURY LIVING

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PALM BEACH, FL Luxurious Fun in the Sun

By Norah Bradford

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Family Office Association South Florida Roundtable

By Angelo Robles

BENTLEY BENTAYGA V8 60 The Ultimate Story of Automotive Luxury

By Kyle Edward

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THOUGHT LEADERSHIP

ROLLS-ROYCE GHOST Reflect in Quiet luxury

a Multigenerational 64 Creating Legacy of Harmony and Purpose

By Kyle Edward

By Lonnie Gienger

& Artificial Intelligence 70 Data How the COVID-19 pandemic

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fast-tracked an already existing trend

By Denise Holzer

PHILANTHROPY

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Reimagining Wealth and Philanthropy

By Mike Scala

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EDITOR’S NOTE

Spring is All About Hope & Renewal It was a refreshing change to spend the winter in Palm Beach and it seems like many of the snowbirds from the Northeast flocked down to this slice of paradise. Sunny weather, warm white sand beaches and a relaxed and open state seemed far removed from the worries of a changing world.

To celebrate our Spring issue, we featured philanthropist Audrey Gruss on our cover that was shot at her lavish Palm Beach mansion. While she could fill her days attending fundraising events and donating to worthy causes, she chose to champion a cause that hit close to home her entire life. When her mother passed away 16 years ago, she was left bereft but more importantly she saw her mother suffer through a silent disease that has proliferated society for more than a century that not only affected the individual but everyone around them. Rather than rely on the government and pharma companies to cure this heartbreaking disease, she chose to dedicate her fortune and her life to finding the cure for depression. To date, the foundation she founded in her mother’s memory, The Hope for Depression Research Foundation, has done more research to find the cure for depression than any agency over the last 60 years.

As the financial industry has been traditionally dominated by males, we highlighted trailblazing women who are leveling the playing field that support, foster and also invest in other female entrepreneurs. As a 4th generation venture capitalist, Jesse Draper decided to follow in her famous father’s footsteps on her own terms and created Halogen Venture Capital that invests in early stage consumer technology companies led by women. We also interviewed FinTech founder and venture capitalist Isabelle Freidheim who together with Phyllis Newhouse created one of the first all female SPACs that culled a management team comprised of an impressive powerhouse of successful female founders, operators, venture capitalists and investment bankers, that certainly has the right recipe for success.

While the pandemic dominated and changed our world the last year, one of the biggest questions is where to invest with the sudden proliferation of newly printed money from thin air.

Whether its cryptocurrency, NFTs, SPACs, blockchain, or new asset classes, here we ask some of the experts to weigh in on whether these diversions from fiat currency are boom or a bust. Investment strategist Marc Faber has been uncannily on target with his predictions for the financial markets, and he gave us his insight on untapped investment opportunities around the world.

The warm sunshine and azure waters of South Florida provided the inspiration for our Wanderlust photoshoot which was shot on a luxuriously appointed Sirena Yacht. Understated luxury, relaxed elegance, and a longing to travel to distant locales epitomize the carefree attitude of Spring.

Hillary Latos Editor in Chief hillary@impactwealthmagazine.com

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Creating Wealth. Creating Impact.

SPRING 2021 ISSUE

Hillary Latos EDITOR IN CHIEF

Candice Beaumont MANAGING EDITOR

Merilee Kern FEATURES EDITOR

Emil Pavlov ART DIRECTOR

Lyall Aston, Udo Spreitzenbarth CONTRIBUTING PHOTOGRAPHERS

Lasalle CONTRIBUTING CREATIVE DIRECTOR

Neal Berger, Norah Bradford, Kyle Edwards, Lonnie Gienger, Denise Holzer, Mitchell Jackson, Hayden Kopser, Lillian Langtry, David Christopher Lee, Davis Richardson, Angelo Robles, Mike Scala CONTRIBUTING WRITERS

Colin Thompson

DIRECTOR OF SPONSORSHIP

Angela Gorman, Adam Weiss PUBLISHERS

Impact Wealth Media LLC 222 Broadway, 18th Floor New York, NY 212 542 3146 www.impactwealth.org info@impactwealth.org

Impact Wealth Magazine is published quarterly. Copyright 2020 by Impact Wealth Media. All rights reserved. Reproduction of any material from this issue is expressly forbidden without permission of the publisher. Unsolicited manuscripts and photographs are welcome on an exclusive basis, but Impact Wealth Magazine cannot be responsible for unsolicited materials submitted. Printed in the U.S.A.

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INVESTING INVESTING

NFTs: BOOM OR BUST If you haven’t heard of the NFT craze, well you’re in the right place.

You might have heard that Grimes sold her artwork and generated $6.6 million in 20 minutes or that Logan Paul generated $5 million by selling a Pokemon-style card with his face on it. Well you’re in the right place because I’m here to demystify the NFT world for you.

By David Christopher Lee

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WHAT IS AN NFT?

ROYALTIES AND SMART CONTRACTS

In short, NFT stands for non-fungible token, which means that it is unique and cannot be replaced with anything else. For instance, a dollar is fungible because it can be replaced with another dollar. The same goes for bitcoin.

A one of a kind Tops Trading Card is non-fungible because it can never be replaced with anything else. If you traded the card for another card, you would have something totally different from the one-of-a-kind Tops card.

A smart contract is a computer program designed to execute a transaction according to the terms of a contract. The purpose of a smart contract is to minimize the need for intermediators, arbitrations, enforcement costs, fraud losses and to minimize human error.

NFTs use smart contracts by paying the creator of the piece a royalty every time it is sold.

Previously, there was no way of authenticating digital art. If you were a photographer and took a picture and published it online, people could easily reproduce it and post it on their website or social media channels.

With NFTs, you are creating a digital footprint for your picture than will always be traced back to you. Also, when the NFT is resold, the creator of the NFT is always compensated a portion of the sale (typically it’s 10%).

Vending machines were some of the first pieces of technology to employ smart contracts. You put your money into the

machine, choose what you’d like and then you get the candy that you want. No human’s interaction was needed for the transaction.

If you were a struggling artist, you may have sold a painting for $500, even though it may have been worth more. You may have been just trying to pay rent. By using NFTs, you can create a smart contract so that you receive a royalty, every time the piece is resold.

Let’s say that in 30 years, you are extremely famous and one of your NFTs sells for $5 million. You can program the smart contract to pay you a percentage of all resales.

Think of the amount of wealth you would have if you bought basic one-word domain names in 1998, you would be sitting on millions, if not billions of dollars. The technology behind NFT is still inefficient because it uses so much energy on the Ethereum network, with a single transaction using the amount of energy used by a household for 2 days. Until then, we will be waiting for Ethereum 2.0 which is a much faster and efficient crypto currency.

WHAT IS THE PURPOSE OF AN NFT? An NFT is designed to create scarcity in the market. It is also verified by the blockchain and encrypted with its own Ethereum address.

Think of an NFT as a certificate of authenticity for a signed Babe Ruth Baseball, just the digital version. The certificate of authenticity is registered to a master registry which can be verified. This reduces fraud and counterfeit items.

NFTs were first used to authenticate pieces of digital art that had the potential to be mass produced or distributed without authorization.

Buyers may not be able to hang these digital pieces of art in their homes but they can have bragging rights of buying a famous piece. Imagine owning the official edition of the Nyan Cat. You would be the envy of all of your friends.

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INVESTING

William Shatner As the original star of the Star Trek franchise which is worth about $10 billion, William Shatner sold 125,000 NFTs on the Wax Blockchain in July 2020 in 9 minutes. He created virtual trading cards using pictures from the 1930s to today. About 10,000 virtual trading packs were offered to fans. Cards featured early headshots of Shatner and pictures with Leonard Nimoy and even an x-ray of his shattered teeth.

Shatner told Cointelegrath, “I’m astonished at how quickly it all happened. The cards themselves represent a beautiful past. The verification of being on the blockchains represents a great future. So we have the past and the future mixing together.”

Shawn Mendes Shawn Mendes is the first major pop star to sell on the NFT market. He worked with an avatar technology company called Genie to create a line of digital wearables. 3D models of his guitar, t-shirt, vest, necklace and rings were auctioned off with all proceeds going to the Shawn Mendes Foundation.

Deadmau5 Deadmau5 did his debut collection on December 11 and generated $100,000. His NFT collection included animated stickers, virtual trading cards, and other digital collectibles.

On December 15, he dropped a single copy of “In Titan’s Light,” (an audio visual set space) which sold for $80,000. He then collaborated with Mad Dog Jones on the Hypervision Open Edition and netted $400,000 in 24 hours.

Nyan Cat Sells for 300 Ethereum ($600,000) The creator of Nyan Cat, Christopher Torres, ran a 24-hour auction for the cat’s ten-year anniversary. The Nyan Cat is an animated cartoon cat with a Pop-Tart torso, merged with a Japanese pop song. He remastered the original gif, removing a star, and created an NFT. Bids for the cat started at 3 ETH and eventually sold for 300 ETH (about $600k).

The buyer was anonymous and Torres told Verge Magazine that he didn’t intend to create any more cats. It was sold through the Crypto Art Foundation Platform (https:// foundation.app/). The platform allows artists to retain the copyright of their creations.

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20 years ago, people thought that everyone was going to get rich off the internet. A lot of people put up websites with venture capital money, but not all of them were successful. But just like the NFT craze, these were the beginning stages when everybody was believing in a hype machine. So there’s going to be a saturation point with NFTs. There’s going to be a lot of winners, but overall this is gonna democratize,” explains Jin Yu, one of the top influencers of Clubhouse. He was pivotal in starting the NFT movement.

Beeple’s 10 Second Video Clip sells for $6.6 Million In October of 2020, Beeple sold a 10 second video clip to Miami based art collector Pablo Rodriguez-Fraile for $67,000. In late February, Rodriguez-Fraile sold it again for $6.6 million. This caught the attention of Christies and they launched an auction for Beeple.

In EVERYDAYS: THE FIRST 5000 DAYS, the artist has stitched together recurring themes and colour schemes into an aesthetic whole.

The individual pieces are organized in loose chronological order: zooming in reveals pictures by turn abstract, fantastical, grotesque or absurd, deeply personal or representative of current events. Recurring themes include society’s obsession with and fear of technology; the desire for and resentment of wealth; and America’s recent political turbulence.

On March 11, 2021, Beeple’s NFT sold for a whopping $69.3 million, making it the highest priced NFT sale to date.

3LAU generates $11.6 million anniversary NFT collection Electronic music producer 3LAU celebrated his 3 year anniversary of “Ultraviolet,” his album and sold 33 NFTs in an auction from February 25 to 28. Winners redeemed their NFTs for unreleased tracks on a vinyl. The top selling NFT was a chance to record a song with 3LAU and made $3.6 million which is the world record for the highest priced NFT sold. The auction took in $11.6 million.

The top-selling NFT from the collection, which included the chance for the buyer to record a song with 3LAU, fetched $3.6 million, marking a new world record for the selling price of a single NFT. The total auction intake of $11.6 million also broke the record for the primary sale of an NFT collection.

Logan Paul On February 19, influencer Logan Paul partnered with Bondly, a peer to peer exchange, to sell a set of 3000 NFTs selling for 1 ETH each (ETH was valued at $2000 at that time). On the first day, 1,772 NFTs were sold which is the equivalent of $3.5 million. Venture capitalist Tiffany Zhong noted that just 30 minutes after opening the sale, he generated $1 million in sales.

Each NFT was a Pokemon style card with Logan Paul on it. He is drawn as a Pokemon character and holding 2 cards. He is wearing a baseball cap and black shirt and standing in front of a beach background.

A golden bird sits on top of his name.

On February 19th, 2,586 NFTs were sold which sales climbing to roughly $5 million. 414 were not sold and burned which will never be available again. In addition to the NFT, 3 buyers would receive a 1st edition pack of Pokemon cards valued at $40,000 and a free trip to Los Angeles to attend a Pokemon unboxing ceremony.

Grimes

Steve Aoki & Antoni Tudisco

Elon Musk’s partner Grimes sold $6 million of digital artwork. She used Nifty Gateway to sell 10 pieces, some were 1 of a kind and some had thousands. The highest selling NFT was the one of a kind piece called “Death of the Old,” fetching $389,000.

It had a cross, flying cherubs, and glowing light, set to Grimes’s original song.

Steve Aoki & Antoni Tudisco teamed up to release a collection of NFTs called Dream Catcher. Counting nearly 3 billion music streams to his name, Steve Aoki is a true visionary. As a solo artist, Aoki boasts a lauded cross-genre discography that includes 7 studio albums and collaborations with Lil Uzi Vert, Maluma, BTS, Linkin Park and Louis Tomlinson amongst others.

Most of the sale came from 2 pieces called ”Earth” and “Mars” that had thousands of copies. These sold for $7500 each. Both were short videos featuring a planet with a giant cherub holding a weapon, set to original music. Approximately 700 NFTs were sold for a grand total of $5.18 million before the sales closed.

BurntBanksy A group called BurntBanksy turned a 2006 print, titled Morons, into an NFT. The print was purchased from Christies in December 2020 for $33,000. The print shows an auctioneer selling a piece of art that says “I can’t believe you morons actually buy this shirt,” which is a joke about how inflated the art market is. After the NFT was made, the BurntBanksy group had a burning ceremony of the physical print.

The NFT sold for 229 ETH which is $385,336. Their pr study really worked.

Creative director & 3D visual artist Antoni Tudisco was born & raised in Hamburg, Germany where he grew up studying media management and web design & development programming. Tudisco, a fashion enthusiast, has worked with top-tier brands Nike, Adidas, Versace & Puma and has gone on to launch his own brand TUDISCO STUDIO as well.

The auction pieces also came with a physical pack collection with an Infinite Objects physical display screen. However, the winner must own the same NFT exactly 2 weeks after the collection goes live to release the physical screen.

Each pack came with 8 cards and featured colorful dreamlike animations. One card had whales flying over a body of water with purple and red vegetation in the background. Another card featured a silver octopus flying in the sky.

Tiffany Zhong tweeted that Steve Aoki made $3.37 million on his first NFT drop.

She writes “Massive congrats to @steveaoki and @mattavelli for a very successful drop!

On Clubhouse right before the drop, they said ‘If we make $100K, we’d be happy.’”

WE MAY BE LIVING IN A VIRTUAL WORLD - THE FUTURE OF NFTS As technology continues to innovate, our virtual worlds will continue to develop. It could be like the Matrix where we have the power to travel to fantasy lands where we can hang out, mix, mingle, buy virtual clothing and enjoy creative works of art. The artist community will be thriving as there will be so many opportunities for monetization.

We can be living in our own fantasies because creators and artists will have the capacity to be themselves and create new possibilities.

It’s almost like a new dimension of life will be possible because of NFTs. One thing is for sure, they aren’t going away anytime soon!

David Christopher Lee will be releasing a book entitled “Everything You Need to Know About NFTs” which is available on Amazon. He has worked in over 40 Countries and has developed an innovative international style of his own. He is also the Sole Founder & Editor-InChief of Destination Luxury Magazine. As a Celebrity Photographer, Creative Director & Producer, David has worked with many celebrities & major brands such as Richard Branson, Lady Gaga, Kim Kardashian, Demi Moore, Quincy Jones, Usher, Snoop Dogg, Cadillac, Lexus, Qatar Airways, Aman Hotels, Longines Masters & Damiani Jewelry, just to name a few. He continues to shoot countless campaigns that are featured in New York City at Times Square.

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INVESTING

COIN CONUNDRUMS Expert vets 3 popular ‘flight to safety’ coin assets amid forecasted financial strife

As the financial markets strive to rebound from what has been a hugely trying and tumultuous period, courtesy of a deadly global pandemic, we may need to brace ourselves for yet more trouble ahead. An ongoing Harvard Business School study predicts a 40% probability of a financial crisis in the next three years, which is largely based on unprecedented growth in credit coupled with the reality that interest rates will eventually rise, making debt service unbearable.

By Merilee Kern

“Now factor in over $10 trillion in global economic stimulus, as well as increases of 26% in the M2 money supply and 78% in the Federal Reserve’s balance sheet over the last year, and the lack of sustainability becomes readily apparent,” says alternative investment pundit Thomas Neptune, Esq. “As the economy artificially recovers and we inch toward full employment over the next few years, the reality is that the Federal Reserve is trapped. It only seems logical that the Fed will, at some point, be forced to raise interest rates to combat inflation, while doing so could put a giant pin in several asset price bubbles.”

When financial markets collapse, it’s known that non-correlated “flight to safety” assets generally perform very well. Due to the heightened level state of uncertainty in the current climate, many investors are already increasing allocations to alterative investment vehicles like Cryptocurrency, U.S. rare coins and gold bullion coins while prices are relatively modest (depending, of course, on whom you ask).

The question then becomes, which of these distinctive “coins” is right for you relative to your situational needs for downside protection, upside opportunity, inflation hedging and overall utility?

Below, Neptune offers his analysis of all three.

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Overall Utility The technology around how Bitcoin is stored, sent and received is rapidly advancing. For example, the Bitpay wallet can now be added to Apple Pay to use Bitcoin as payment anywhere that accepts this type of monetary exchange. This is a significant development as there are over one billion active iPhones and these crypto-wallets can automatically settle transactions in the users’ currencies, potentially eliminating the risk of price volatility for transactions.

Two other major benefits include portable wealth and instant liquidity for retail buyers. ** U.S. Rare Coins

** Bitcoin

Upside Opportunity

In simple terms, Bitcoin is a decentralized peer-to-peer payment system that utilizes an accounting ledger called the blockchain.

Bitcoin is the unit of accounting. It can be used as a medium of exchange for some goods and services, but there has not been universal acceptance of Bitcoin as a form of payment. It has recently garnered attention as an asset class as the price has skyrocketed.

Almost anyone can own a tiny fraction of a Bitcoin through sites such as Coinbase.

It is no secret that the price of Bitcoin has unlimited upside opportunity based on its supply and demand dynamics. Now almost everyone is getting in on the action. What might have been shocking news only a few years ago, even college endowments like Harvard, Yale, Brown and others have been placing bets on Bitcoin as have influential business leaders such as Elon Musk. It will be interesting to see whether Bitcoin can sustain its meteoric rise.

Inflation Hedging

Downside Protection The supply of Bitcoin is capped at $21 million, with approximately $18.5 million currently in circulation. The annual supply increases similar to that of gold, unlike monetary and fiscal policies that promote unlimited growth through the printing press. With 78% of the circulating Bitcoin classified as illiquid and not changing hands, there is not a high likelihood of sellers flooding the market. That being said, the price has been historically volatile as demand varies and competitor cryptocurrencies enter the market. Theoretically, the price could plummet to near-zero if demand shifts elsewhere or regulators step in with force, although Bitcoin has institutional traction and its loyal following is most likely here to stay.

As an inflation hedge, Bitcoin does not have a long track record, as it was created in 2009 just prior to a market expansion where we saw little inflation for the last decade.

Although the supply may increase now at a rate consistent with inflation, its demand and the ensuing price history have been extremely volatile. As such, buyers are placing a bet that, regardless of their entry price, the performance of Bitcoin will outpace inflation over the long-term, despite high volatility.

Collecting financial artifacts of various civilizations has been in high demand for over 2,000 years, from when wealthy Romans were collecting Greek coins up to the present day.

Representing the birth of the United States economy, its sovereignty on the world stage and notable events throughout the nation’s history, the U.S. rare coins that have survived in spectacular condition have been in high demand from wealthy global collectors and investors since the birth of this young nation.

Downside Protection There is a finite supply of high-end U.S. rare coins, which can be publicly verified on the census reports of the two major authentication companies: Professional Coin Grading Service and Numismatic Guaranty Corporation. These historical artifacts are not known to flood the market, as wealthy individuals with holding power generally do not need to liquidate them for less than their purchase price. Further, there is immense passion and competition to own the best trophies—why this market is known as the Hobby of Kings— which has evolved to sport for the affluent to locate and own these elusive artifacts in a private market. This passion-driven market with an extremely long track record has attracted investors to hold these highly soughtafter assets as a long-term wealth protection strategy. As such, the market has demonstrated long term stability and steady price appreciation for well over a century based on these driven collectors and investors.

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INVESTING

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Upside Opportunity

Inflation Hedging

** Gold Bullion Coins

The U.S. rare coin market has benefited from numerous advances in technology and other innovations, most recently the introduction of the two major certification companies in the 1980s, followed by the ubiquity of the Internet in the 2000s. Although the market has largely flown under the radar from institutional investors, there has been a massive increase in demand for U.S. rare coins over the last decade, which has ramped up during the pandemic, as wealthy individuals have more time to pursue their interests and compete (via a publicly available points system) to own the finest rare coin portfolios. According to Michael Contursi, Partner at Contursi Rare Coin Investments, “The high end of this market is currently dominated by ultra-wealthy, sophisticated collectors and investors who can afford to own multi-million dollar portfolios. Imagine if these assets could be fractionally owned by the masses. We are already currently seeing this in collectibles such as fine art and baseball cards. The upside for U.S. rare coins is astronomical when you consider the potential for an exponential increase in demand.”

With unprecedented fiscal and monetary stimulus, coupled with a finite supply of U.S. rare coins with intrinsic value, these assets have proven to be an excellent hedge against inflation due to this disequilibrium of supply and demand. As the least volatile of the three “coin” markets here, the high end value of the U.S. rare coin market can be a safe diversification tool for those seeking an inflation hedge, largely based on historical price appreciation data from the last 125 years.

There are many ways to participate in the gold (and silver) bullion markets, some of which include owning mining company stocks, futures contracts on the commodities exchanges, ETFs, or physical control.

To this extent, gold bullion can be owned as both a digital asset (like Bitcoin) or a physical asset (like U.S. rare coins).

Overall Utility The two major certification companies secure these little treasures in sonically-welded holders with a certification number, barcode and other methods for protecting against counterfeit threats. Due to the weight and size of these items, owners can transport large amounts of wealth with extreme ease. Further, there are no reporting requirements for owning these assets, which makes them extremely private and can be a great way to retain wealth outside of the banking system in case of a financial meltdown or digital economy.

Downside Protection Many people forget that from 1933 to 1975 it was illegal for Americans to own gold in the United States. Since then, investors have been making small allocations to gold as a diversified investment. It is globallyaccepted that gold is a non-correlated, flight-to-safety asset during times of great uncertainty, such as The Great Recession of 2007-09 or the current global coronavirus pandemic. However, the spot price of gold is also extremely volatile, similar to Bitcoin, and the price could move significantly lower depending on one’s entry level to the market.

Upside Opportunity The value of the U.S. dollar, as well as virtually every other major fiat currency, has drastically declined in its purchasing power over the last century. Since the gold market is currently transacted in U.S. dollars, it becomes cheaper for international buyers (mainly governments or large institutions) to own gold as an alternative to holding dollars or their own currencies as the currency continues to decline.

For the retail investor, it is clearer than ever that fiat currencies will continue to decline as governments print an unlimited supply of money to monetize their debts. Similar to the masses that have already entered the Bitcoin frenzy, and those poised to enter the various collectibles markets such as U.S. rare coins, the upside opportunity for gold has already been demonstrated by the Reddit black swan event last month that caused silver spot prices to soar. The same could happen for gold, perhaps in a more sustained trajectory.

Inflation Hedging Gold is known as an inflation hedge, which to some extent creates a self-fulfilling prophesy—as inflation expectations increase, institutions purchase gold and the increasing spot price protects their purchasing power.

In addition, only approximately 2,500 to 3,000 tons of above ground gold are added to the global supply each year, with the majority used for jewelry. These relatively small increases to supply (similar to Bitcoin and finite rare coins) are a significant benefit when compared to printing binges for fiat currencies, thus helping protect against inflation.

Overall Utility The utility of owning physical gold is primarily as a store of value where the owner maintains direct control and access to a tangible asset. Many believe they can use their gold to transact during a doomsday scenario, as these are uniform products owned globally. The downside is that gold is very heavy, making it difficult to store or transport. Nonetheless, it is highly liquid and easy to turn into cash during times of need, like an insurance policy.

Which Coin is Right for You? All three of these “coins” have either a finite or slowly increasing supply, making them very attractive during times of economic uncertainty, as even relatively small increases in demand can move prices higher. Depending on needs, there is a case to be made to own any of these assets, including small positions in all three.

According to Neptune, “Many of the families who invest with us side by side in the U.S. rare coin space also own small positions in cryptocurrencies and precious metals.

Bitcoin is fun and people are speculating on its tremendous upside, whereas gold bullion is highly liquid and has a long track record as an inflation hedge. People have preconceived notions of all three markets, but I think with education and more transparency you will find more portfolios containing small allocations to all three of these assets.”

As investors become more comfortable with the idea that they do not have to be renowned experts to own these tangible assets—similar to the idea that they do not need a Ph.D. in mechanical physics to drive a car—investors can utilize all three markets for various needs in a diversified portfolio.

Since many financial advisors don’t yet know how to access or offer these types of alternative assets, they simply aren’t included in the investment mix and, thus, clients can’t reap the benefits—ostensibly suffering opportunity loss. Therefore, the prudent entrée to owning one (or all) of these “coins” is engaging with reputable companies or trusted experts.

They will certainly help wealth-seekers make heads or tails of the burgeoning coin category.

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INVESTING

Alternative Asset Investing:

A RISK CONSCIOUS APPROACH

By Hayden A. Kopser

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As investors navigate the uncharted waters of a world reshaped by pandemic, unrest, and economic uncertainty; many are becoming tempted to answer the siren call of alternative asset investments. While investing in physical assets such as fine art, collector automobiles and precious metals can be extremely lucrative, these objects bring with them extraordinary associated risks. The acts of purchasing, transporting, storing, and maintaining these investments are fraught with threats like physical damage, fraud, and theft. Therefore, each unique asset class must be purchased and protected in tandem with a specialized loss prevention and insurance plan, which we will now outline.

The first area of threat to a Fine Art investment is at the point of negotiation and purchase. In recent years, well known art dealers have had their emails spoofed leading to millions of buyer dollars heading permanently to bank accounts in far flung countries rather than to the dealer from whom they were attempting to purchase a piece. Simple acts such as authenticating email addresses with a quick visual review and getting verbal confirmation that wiring instructions sent digitally are in fact accurate, can save millions as well as reputations. Communicating via encrypted email and messaging apps is also highly advisable when in-person negotiations are not possible.

When proper cyber and bank wiring hygiene are practiced and transactions do proceed smoothly, shipment and storage become the next immediate threats to the purchased piece. Poor packaging, inadequate security, and storage in non-climatecontrolled facilities can cause millions in damage before the new owner even takes physical possession of the piece.

While the art purchase process is fraught with risk, the new owner is not out of the woods once they take possession of a piece. Unprofessional maintenance, poorly completed restoration work, and the elements (e.g. burst pipes, wildfires, hurricanes, etc.) can all destroy the potential for realizing investment gains long before a successful sale can take place. Having expert risk management advice coupled with best-in-class insurance can be the difference between keeping a piece intact or suffering a large investment loss.

Though more durable than most paintings or sculptures, exotic and classic automobiles bring with them both similar and unique risks.

The purchase process includes the same threats of cyber fraud, but once possession is taken, the task of storing vehicles becomes challenging due to space requirements. To solve this problem, many

collectors have bought space in secure auto storage facilities or auto enthusiast communities. Others have opted to build custom garages for their cars. Those with larger collections and a broad geographic footprint often use a combination of the above methods.

While there are many storage options available, maintaining vehicles in a well secured facility and having an evacuation plan in place when stored in hurricane or wildfire prone areas is essential. This effort can often be aided by hiring a manager for the collection with experience in the collector auto space and by working with an insurance broker and carrier who specialize in protecting these types of vehicles.

Because great planning cannot fully eliminate the risk for damage to vehicles, having adequate insurance in place is essential. Not only can a small amount of damage on a rare car create a large repair bill, even a certified repair shop may not be able to bring the vehicle back to its pre-damage value. Therefore, purchasing insurance with agreed value, market appreciation and diminution of value coverage can be the difference between making or losing money on an investment.

These coverage areas will help to make an owner whole if their rare vehicle’s value is permanently reduced due to it being damaged or totaled in an accident, unforeseen incident, or weather-related event.

Lastly, allow us to consider the special risks associated with owning precious metals. Once purchase hurdles are overcome, storage in a secure bank vault may be simple depending on the size of the collection. However, ease of storage aside, the transportation of these assets is extremely difficult and dangerous. Many reputable transportation firms will not engage in these types of shipments, narrowing the number of available options. Transit and storage plans should be coordinated with or led by the owner’s insurance carrier and broker.

Obtaining insurance for these investments requires a broker and carrier with expertise in insuring alternative assets. Given the associated risk, even many collection specialist brokers will balk at placing the necessary insurance, so finding the right one is a necessity. It should be noted that the above primer is by no means intended to cause the reader to reconsider investing in alternative assets. These items can perform far better than traditional investments and are well worth pursuing intelligently. And though considering these assets is wise, it must be done while factoring in the unique preventative and insurance measures required to best secure their value.

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INVESTING

Across nearly all markets, gamblers, punters, and outright reckless risk takers are running amok in nearly every tradeable or investable asset/security. Much has been written as to the reasons, and, this condition appears to be gaining steam and is feeding upon itself heading toward a crescendo.

In our opinion, the world is awash with an ocean of liquidity that has been injected at a pace never before seen and this liquidity has found its way into the “wrong” hands. A material amount of liquidity earmarked to help those suffering the economic effects of the pandemic has found its way to wealthy institutions, individuals and other participants who simply have no immediate need for the funds and as a result, this cash has inflated a global asset price bubble nearly without exception.

THE MARKET CASINO is Overflowing With Gamblers

By Neal Berger

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Every day we read and watch analysts opine about cryptocurrencies, SPACs, massive short squeezes, negative nominal interest rates, record setting prices for collectibles such as baseball cards (see the recent $5.2 Million sale of the 1952 Topps Mickey Mantle card), something called NFT (Non-Fungible Token) which is allows a buyer to purchase an online ONLY asset such as the recent sale of the digital artwork by Beeple which just sold for $69 Million. This is artwork that is only online, cannot be hung on the wall, and, can easily been seen online and saved onto your computer for free. However, to “own” this piece of digital art, someone shelled out $69 Million for that privilege.

For those of lesser means, only a few million or even a few hundred thousand dollars, one can buy other NFTs which is the registration of ownership of a digital object on a blockchain- it can be any type of media including but not limited to art, videos, music, gifs, games, text, and memes. For example, a collection of digital furniture by designer Andres Reisinger sold for a mere $450,000. Of course, for those with a larger bankroll, you can purchase virtual kittens for as much as $1 Million. At least food and water cost for these kittens will be non-existent let alone the lack of vet bills. NBA Top Shot, a marketplace for non-fungible tokens (NFTs), has generated over $230 Million in sales. Recently a LeBron James highlight sold for $200,000. This LeBron highlight is something that can easily be seen online for free of course. Markets are now

developing for virtual land, virtual homes and if things continue at this pace, seems the market is suggesting we’ll all be living in the virtual world instead of the tangible world.

We have zero interest in delving into the merits of cryptos, Gamestop stock at $450 per share (at its peak), the price of Tesla stock, whether 10-year German Bunds at -0.31% represent a “good value”, Beeple digital art for $69 Million, or anything of the sort. It’s all absurd and part of the same spectrum called asset price inflation run amok. During the Volker years, we witnessed Consumer Price Inflation when a broader segment of the population had available cash and the demand for goods and services outstripped supply forcing prices upward. Today, we

have the same condition on steroids with the exception that the wealth is concentrated into fewer hands who don’t need to worry about affording bread and cheese.

As a result, that excess liquidity finds its way into the largest casino in the world which is the market for assets of all sorts.

As a result of the current market conditions, money is flowing fast and loose.

Participants are looking to make triple or quadruple digit returns in short periods of time, so, they are unconcerned about trading efficiently and activity is very sloppy and fraught with inefficiency. Volatility has normalized at more than a 20+ level as measured by the VIX versus the 10 level it had been stuck at for the many years prior.

I was recently asked why our firm”s returns have picked up seemingly out of the blue. We have not changed our approach, there has been zero change in philosophy, our gains have been widespread and not the result of only a few big winners, and, while our portfolio construction is always dynamic, it has largely been business as usual. As such, my best guess is that uptick in returns is merely due to the fact that we are in a more fertile environment for market inefficiencies given the increase in volatility and rampant speculation across nearly all tradeable assets. We will continue along the same path of seeking to capitalize upon these market inefficiencies without regard to overall direction, as we have since the inception of our Firm and attempt to make hay while the sun shines.

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PROFILE

Marc Faber’s investments cover real estate, equities, and cryptocurrency. But his best performing asset to-date is his understanding of history. Like Ascent of Money author Niall Ferguson, Faber puts economic trends into a historical context, examining how macropatterns repeat in different variations over time. Having predicted 1987’s ‘Black Monday’ stock market collapse, the Japanese Bubble in 1990, and the collapse in US gaming stocks in 1993, his insight is highly sought after by the movers and shakers of the financial world.

As a contrarian investor and member of the Barron’s annual roundtable, Faber knows what to look for in markets, and more importantly, what to avoid. The COVID-19 pandemic has presented unique opportunities and challenges to investors: A short-term market crash, a sharp yet volatile rebound, and the ominous shadow of inflation. Human migration patterns are shifting away from concentrated urban cities into rural and suburban regions, while new stores of value like Bitcoin have attracted droves of institutional investors.

Impact Wealth recently caught up with Faber from his office in Hong Kong to learn where he is advising clients to park their capital during uncertain times, what to expect when buying cryptocurrency, and which sectors after tech will have the best ROI for investors.

MARC FABER Shares His Playbook for Hedging Against Inflation and Investing in Emerging Markets

By Davis Richardson

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What is your perspective on the state of the world right now, and your predictions for the next 10 to 20 years relative to its economic landscape?

Asia is rising and is becoming more important economically. And the countries in Asia have some economic advantages by not being democracies: decisions can be taken more independently or rapidly than in the Western world. Economically, you can’t be very optimistic about the Western world and America because the debt level has gone up a lot. And as you know, interest rates have recently been rising, not much, but percentage wise, they’re up more than a hundred percent on the 10 year US Treasury. And if this rise continues, then obviously the deficit will become problematic some time in future. And that will necessitate more money printing and the money will then flow into some assets. The money has flown into real estate in some areas and into equities, not all equities, but some equities, precious metals and into Bitcoin more

recently. So whether the printing of money will help the economy and individuals is questionable, but it can continue to lift asset prices.

What do you recommend to hedge against this massive inflation that will come out of excessive money printing?

I think when you print money, there will be some symptoms of inflation, but we have to be very clear about one point: The Federal Reserve, or any central bank can print money, but they cannot demand or plan where the money will flow. So if you print money, it can go into commodity prices; into real estate or into Bitcoin.

The inflation we had in the last 20 to 30 years hasn’t been so much in consumer prices. Although if you look at your insurance premium, at your taxes, at educational services like schools or universities for your children, all these prices are up of course, much more than the consumer price index would suggest. But largely we had inflation in asset prices such as the price of a Picasso painting, stocks and bonds as interest rates came down. Bonds became inflated, as well as growth stocks and real estate. Not so much in city centers because people have been moving out to the suburbs and in the countryside to areas that were previously depressed, and those prices have gone up a lot. So it’s not universal, but when you print money, it never goes evenly in the economy.

That’s the tricky part for the investor.

What do you feel are safe havens for investment and areas that are undervalued that will appreciate given the way the world is moving?

When I grew up in the late forties and fifties, the safe haven was essentially having your money in a savings account or a traditional bank. Cash was perceived as safe, but in a printing environment, cash is no longer safe: it will depreciate in value in its purchasing power. I think a big threat is the loss of value of the US dollar. If you print money, it will go down relative to something where you can’t print or a country where you don’t print or a commodity that you can’t increase the supply dramatically, such as gold, silver platinum, or something like Bitcoin where you can’t increase the supply beyond 21 million units.

The Federal Reserve, or any central bank can print money, but they cannot demand or plan where the money will flow. So if you print money, it can go into commodity prices; into real estate or into Bitcoin.

Do you think there are risks to investing in Bitcoin? Because even though it is limited, there could be other regulatory threats. There is not really a precedent for this kind of nascent digital asset.

People in the U.S. can buy Bitcoin or they can invest in an ETF that owns Bitcoin. So that shouldn’t be a problem. The issue, in my opinion, is that there is a euphoria at the present time in Bitcoin. The whole world could buy Bitcoin and pension funds could start to invest in Bitcoin, along with mutual funds and hedge funds. Prices could go up a lot. But the question is really, you have Bitcoins, but then there are other cryptocurrencies. So someone, one day could form another cryptocurrency that could be more accepted than Bitcoin. That’s a possibility, but equally, if you are a portfolio manager or you are a family office, I don’t see why you shouldn’t invest a little bit of your money in Bitcoin. Maybe it goes to zero, who knows. But if it works, it can go up a lot. If Tesla can go to $800, then a lot of things can go up.

What do you feel will be the best performing asset classes and sectors say in the next year or two?

I wrote about platinum two years ago, actually in 2019. I think that platinum is very attractive. As in downside, risk is limited. Usually platinum has been selling at a premium to gold, and now it is at a discount to gold of about 80%. So in other words, if interest goes to normal, which is a premium to gold, it would essentially double in price.

Over the last 200 years, we had the process of urbanization. In the 19th century, the rural population in America was much larger than the urban population, and people moved from the countryside to the cities, first to the cities on the East coast, and then in the Midwest. And at the end of the 19th century, there was a rush into California. This process of urbanization may reverse and people, especially in view of what has happened with the pandemic, may rather live in the countryside because life in the city centers is no longer very agreeable. That’s why if you look at Europe, the real estate prices in London, Madrid, Barcelona, Munich, Rome, Milan, Zurich, Geneva, and Amsterdam are very high, but the real estate an hour outside of the country city centers, or in remote villages in Portugal, Spain, Italy are very cheap. That’s where I would invest in real estate in the world: in remote locations.

In your portfolio for some of the families you manage, how are you allocating their investments?

In each bull market, you had a leading sector.

In the late seventies, it was energy; in the early seventies until 73 in that bull market, it was the so-called NIFTY 50 stocks. These were companies like Sears and Eastman, Kodak,

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PROFILE

In your opinion, what kind of economic reform do you think needs to happen in the next few years in order to stave off inflation or any of these dooms?

Polaroid, Xerox. These stocks went to the stratosphere, but then they crashed. In the late 1990s, we had the NASDAQ bubble and then the last stock crashed in all these cases.

When the market crashed as a result of one sector having become overvalued, everything went down, there was hardly anything that went up, but there is an exception to this rule. This is the Japanese bear market, which started off after December 1989. The Japanese had markets go up strongly from the sixties onwards to 1989. And in 1989, it made up for 50% of the world’s stock market capitalization. And then the Japanese market went down and in the US, the stock market went up and then stocks went ballistic and other emerging markets also went up.

Quite frankly, we’ve moved so far down the path of socialism that you have to reform society to again generate high gross rates. If you look at the 19th century between 1800 and 1900, the US economy grew at a faster pace. We need to move back to a society that accepts personal responsibility and away from a society where people expect when something is damaged (your car or the house or your health) that the government will solve the problem. This abdication of personal responsibility and assigning the responsibility to the government is very similar to a planned economy, a command economy, the socialist communist model, where the government plans everything for its citizens.

We need to move back to a society that accepts personal responsibility and away from a society where people expect when something is damaged (your car or the house or your health) that the government will solve the problem.

And with this planning, personal initiative and personal freedom diminishes. So I think we need to reform society. It’s not going to happen peacefully. It will be unpleasant. And economically, I have been an opponent to monetary policies for years. Everybody wants to print money because he benefits from money printing; corporate profits go up. When you print money, the portfolio managers, they perform better than when there’s no money printing. And so their fees go up. So they love it and nobody is going to criticize the Federal Reserve. Nobody, they all sit there and say, it’s all wonderful.

Do you see a great depression looming?

So it could happen in this situation today that the tech-related stocks, Facebook, Amazon, and Google, go down and sectors that are depressed, like energy including coal oil, gas, and resource stocks like uranium and copper and nickel and gold, all of these could go up.

That’s a possibility. It’s not something I would take on a mortgage to play the strategy. But I’m saying, personally, you asked me what I do, I have invested in some oil shares and in some banks also in emerging markets and I’ve moved money into Europe because Europe is the UK market. The United Kingdom’s market has never been cheaper relative to the U.S. market in its history. So statistically, look at these markets. I have invested in depressed markets relative to the United States, including emerging markets. Singapore is very cheap.

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What are some of the advantages that you see for setting up shop in Asia versus the US for some families that have the option?

I think you could ask the question: Why did some people in Europe move to the US in the 19th century? They thought the economic opportunities were better, so they moved from Western Europe to the US. And I suppose other people feel that the economic opportunities in Asia are better than in the US. I have young clients who are highly successful, tech people who made maybe a billion dollars or more at the age of 30, 35; they are renouncing their US passports.

I can tell you that for some people, what has happened is already a great depression.

The mortality rate of COVID-19 is not very high. It may be an unpleasant flu or something like this, yet it sounds very high.

And to combat this virus, there are governments in the Western world that have shut down economies and bankrupted small businesses.

The barbershop, the cobbler, the small restaurants, a lot are gone and at least 40% of them will not return. And then you ask yourself, who did benefit? Well, the big chains, the big businesses; Amazon, Zoom, Walmart, McDonalds. If all the restaurants closed down, people order more from the chains, that’s still survival. So it’s, for many people, it’s a depression already. It’s actually worse than the depression because they knew they lost. They lost everything.

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23

PROFILE

JESSE DRAPER A Trailblazer Venture Capitalist Betting Big on Female Entrepreneurs The Skimm, Glamsquad, and Carbon38 share one fact: Venture capitalist Jesse Draper invested in the leading brands. Since 2015, Draper’s Halogen Ventures has solely invested in women-founded start-ups, earning huge returns in the process. Twitter purchased a Halogenbacked app called Squad, and Walmart acquired Eloquii for 100 million dollars. And those are just a glimpse at Draper’s investment success.

By Mitchell Jackson “Investing in women isn’t a charity,” Draper says. “This is an opportunity.”

Draper would know. She learned about investing as a young child, accompanying her father, legendary venture capitalist Tim Draper, on his business trips. Draper didn’t originally intend to enter her father’s industry.

She presumed she would follow her aunt Thirtysomething star Polly Draper’s footsteps and become an actress. She studied acting at UCLA, then acted as a boy band’s tutor on Nickelodeon’s The Naked Brothers Band.

Draper wore hot pink dresses and fake tattoos. “I was always in a costume for so many years,” Draper says. “On the Nickelodeon show, I had to have [fake] tattoos all over my body. I couldn’t take off for weeks at a time.”

She earned a name as a bubbly comedian.

She could have pivoted into a feature film career, like Miley Cyrus, but acting wore on her. She would attend auditions, where hoards of actresses would compete over roles.

They were quite literally cattle calls. “I actually had quite a bit of success,” Draper says.

“It was great, but I was not fulfilled,” Draper says. “I had so many fun experiences, but it’s just it’s not what I want to do.” Draper found herself thinking about other aspects of life.

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One aspect was technology. Draper was one of the first people to sign up for Twitter, and she’s always gravitated towards the new and exciting. (Innovation, after all, runs in her blood.) Draper noticed something many of the male venture capitalists were missing. Few women managed start-ups, and even fewer female founders appeared in tech media. A natural pro-active entrepreneur, she decided to fix the problem, creating the online interview program The Valley Girls. It blew up, eventually getting picked up as a syndicated television talk show and receiving an Emmy nomination.

Ambitious young women began pitching themselves for the show. “I was like this Batwoman signal because I was looking for women [to interview],” Draper says. Often, Draper found their businesses too underdeveloped to highlight, but she would direct them to VC firms in Silicon Valley when she spotted their potential. From her home in Los Angeles, Draper watched many of these founders succeed. She clearly knew a good investment when she saw one, so she began writing small investment checks to female-fronted start-ups.

“I created this nice little portfolio,” Draper says. “One of those deals I ended up selling for 25 times return in less than 18 months.”

One day, her husband, Brian MacInnes, pointed out that she was crushing it as an investor: “Have you considered kind of setting aside The Valley Girl show and going to do this full-time?” he asked. Deep down, Draper knew she’d start a fund, but she suffered from what she describes as an “identity crisis.” No women worked in venture capital. How could she?

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PROFILE

disaster right now, and the technology exists to solve these problems. How can we help facilitate this and plug-in technology to solve some of these issues going on in the government?”

The lesson has informed Halogen Ventures’s other investments. Software company Binty streamlines the foster care and adoption system, helping prospective parents become foster parents or adopters. “It’s making an impact,” Draper says. “This is a huge opportunity that no one’s seen. We have companies that are actually solving the problems of today. I do think this is like a very male versus female perspective.”

Solving problems is key to Draper. When she isn’t leading venture rounds, she’s devoting her time to philanthropy, supporting the Parkinson’s Institute and serving on the non-profit boards of Bizworld and Project Glimmer. She is known across Los Angeles for helping the University of California, Los Angeles’s female graduates connect with both other budding businesswomen and potential investors.

Women still struggle to find investors. Take two male CEOs that Draper knows. In the past month, they raised between $30 and $40 million, although their companies have earned less than $2 million of revenue. Yet Draper’s female CEO friend struggled to raise $18 million in five years through tiny checks, while her company raked in $100 million in revenues.

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Over the years, she cold-called Gilt Groupe’s Alexis Maybank, Menlo Ventures’s Sonja Perkins, and fashion tycoon Rebecca Minkoff for advice. In 2015, Draper took the jump, founding Halogen Ventures. She pitched 500 investors on why investing in women would create high returns. Women, after all, made 80 percent of household purchases.

“Investing in women is not only important and making an impact,” Draper says. “It’s also a better business opportunity.” Fifty investors invested in Halogen’s first 10 million dollar fund. Since then, Halogen has closed a second fund and seen ten companies they backed made splashy exits. Now, Draper is the one offering young women advice.

What she’s most excited about in 2021 in HopSkipDrive. Founded by Joanna McFarland, the company began as an Uber-like system for transporting children to school.

It connects parents to vetted drivers who can drive their children. Draper presumed the company just met a consumer need, but she received a call that made her realize HopSkipDrive could change the world.

“In terms of the products and technologies that we invest in, we really try to hone in on how we can help with PR, marketing, and influencer strategies,” Draper says.

“HopSkipDrive is now in 23-plus cities,” she says. “I realized this is a consumer-facing company (we’re investing in consumer businesses), but the government’s a bit of a

According to Draper, the Los Angeles City Foster Care System reached out. “We need you,” a representative told her. HopSkipDrive began providing rides for foster care families. Draper realized the company could fix a huge government problem.

Draper sees this as a two-fold problem. On the one hand, many investors are still wary of funding women-founded ventures. On the other, some women ask for too little money. “Women just are terrified to talk about money,” Draper says. At a dinner before COVID, Draper asked a few girlfriends about their stock investments and they froze. Women still fear finances.

Little by little, big exit by big exit, Draper is changing that. Through her investments in women-founded companies, Draper is fixing government issues, changing how society perceives women’s relationships to money, and, of course, helping women entrepreneurs grow their businesses and exit at massive multiples. Draper believes these founders are key to all the ways Draper is changing American life for women.

“I love making my entrepreneurs into stars, Draper says. “I like them. I like to promote them more than myself, I think!”

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The hardest part of beginning treatment for an addiction

IS THE FIRST CALL Suntra Modern Recovery is an innovative New York City-based, addiction rehabilitation and treatment service, that helps people access care when and where they need it.

Founders Dr. Jean-Luc Neptune and Adam Banks have created a bespoke service that combines at-home and telemedicine-based care for people with substance use disorders.

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Can you talk about the services you offer?

Can you tell us how your programs work?

At Suntra Modern Recovery we understand that recovery from addiction is a process that takes time and involves the entire family. Our service ranges from the high intensity initial phase, when someone first realizes that they have a problem, through the longer-term support individuals need to attain a durable recovery.

To support this life cycle of recovery we offer our clients a range of services, including coordinating an intervention, providing physician oversight of at-home detox, providing long term coaching, and managing an individual’s medication needs over time.

The hardest part of beginning treatment for an addiction is the first call.

There is a lot of shame in making that first call for help, but we know that recovery never happens alone. Recovery always takes outside help. Working with Suntra Modern Recovery is simple. It all starts with a complimentary consultation (call us at 646-350-0064) in which a knowledgeable member of our team will talk with you about your situation. From there we’ll develop a custom program and treatment can begin immediately.

For interventions, we work with families over a 90-day engagement. During that time, we’ll work with the family to learn more about the patient, diligently plan an intervention meeting, execute on the intervention, begin treatment, and most importantly, support the individual as they begin recovery. Some clients choose to work with us for 6 month or even a year. For coaching, we similarly work with patients for extended periods of time, with some patients receiving six months of coaching or more.

Our coaching system focuses on educating patients through our curriculum, providing regular support via Zoom, setting goals, and creating accountability throughout the length of our relationship. We know that we have to make recovery approachable and dare-we-say enjoyable.

What is your philosophy on recovery?

We understand that recovery takes time. There is always a temporal aspect to successful recovery and there’s never just one thing that can treat an addiction. Recovery is not an event; it is a process.

Addiction is also not treated in a vacuum. Successful, long term, recovery involves helping an individual and the whole family to heal. Each situation is unique, and we have to focus on “doing what works”. Research has shown that clients have higher success rates the longer they stay in continuous treatment, so our programs are designed to make it easy for people to continue receiving care at home, at work, on vacation, or wherever it’s needed. In addition, behavioral treatments that help patients, for example, build coping skills and sustain their motivation are clearly shown to be effective, and we incorporate those concepts into our coaching programs.

Have you seen an uptick in addiction during Covid-19?

Absolutely. Early on in the pandemic we saw traffic increase to our website by 5-10x. The COVID-19 pandemic has been stressful for every American. We are living in a very stressful time, sequestered at home, and people are reporting being lonely. The pandemic has created economic stresses for families, has disrupted school routines for parents and children, and has created immense uncertainty for the future. Addictions that might have been hidden are now being seen by family members as adult children are living at home and spouses are seeing behaviors that used to be hidden by work.

What is unique about your care?

There is just no ‘one-size-fits all’ answer to recovery. While one person might do well in traditional treatment settings, another person may have an aversion to that environment. We get to know clients, understand what is driving the addiction and understand what they want in recovery, and then we build programs around each person.

We offer a very flexible service that is easily accessible and can be customized to the needs of each individual client. Finally, because we are a private pay service (i.e., we do not accept insurance) we’re better able to customize our services to the needs of our clients and we’re able to deliver a higher level of confidentiality and privacy.

What’s the most important thing to you as a recovery service provider?

We know that coming forward with an addiction is hard to do and asking for help is the last thing many people want to do. We assure everyone that we talk to that we have heard it all before – after doing this for years, there is no story that surprises us, and that brings a lot of comfort to clients.

Jean-Luc Neptune

Adam Banks

Jean-Luc Neptune is a physician and Medical Director at Suntra Modern Recovery. Dr. Neptune earned a BA from Columbia College at Columbia University, an MD from the Columbia College of Physicians and Surgeons, and an MBA at the Wharton School. Dr. Neptune completed a residency in internal medicine at New York Presbyterian Hospital and is licensed to practice medicine in the state of New York.

Adam Banks is a certified interventionist and executive recovery coach at Suntra Modern Recovery. He received an MBA from the University of Chicago and built a healthcare services company that was acquired by UnitedHealthcare. He learned his rigor and attention to detail from his career as an airline pilot, holding an ATP, the FAA’s highest license.

Suntra Modern Recovery | www.hellosuntra.com | 646-350-0064 29

PROFILE

SETTING A NEW TREND IN SPACs Athena Technology Acquisition Corp.

– An All Woman Led SPAC While SPACs have become the latest darling on Wall Street, fintech venture capitalist veteran Isabelle Freidheim is betting big that women led SPACs will be the next big thing to hit the capital markets. When SPACs were in their nascent phase, Freidheim was researching the landscape and noticed that there were hardly any women involved in this new and highly lucrative financial instrument.

Rather than watch history repeat itself and let this become another male dominated sector, such as leveraged buyouts, hedge funds, and venture capital, Freidheim saw this as an opportunity to level the playing field. She decided to disrupt the current landscape and create an own all women led SPAC, Athena Technology Acquisition Corp.

Along the way, she spent time discussing opportunities with Phyllis Newhouse, the founder and CEO of IT and cybersecurity company Xtreme Solutions; it quickly became obvious that Phyllis was the ideal SPAC partner, being a founder herself and well equipped to understand and communicate with other company founders. Most importantly, Phyllis was aligned with the mission and had herself done significant work to help women. Together, they raised $250 Million on a recent NYSE IPO this March. What makes a SPAC especially attractive to a private company is not just their access to capital but the management team behind the SPAC that can bring their specialized bevy of expertise, experience, relationships and brand building skills to take their company to the next level.

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Prior to launching this SPAC, Freidheim was the co founder and CEO of Magnifi which utilizes AI and ML to democratize access to finance with the only natural language search engine in the financial industry which was recently acquired. She has gathered a powerhouse of experienced female company founders, operators, venture capitalists and investment bankers, who have proven track records of founding companies, raising money, and selling them for multiples over investment.

Partnering with Cohen & Co, the family company controlled by Betsy Cohen, “The Godmother of all SPACs,” with 30 sponsored SPACs under her belt already and 8 of her own, Athena’s board members comprise an impressive list of who’s who in the tech, venture, and capital worlds. Some of the accomplished female board members include Kay Koplovitz, founder and former chairman and CEO of USA Networks, Annette Nazareth, former SEC Commissioner, Judith Rodin. former president of the University of Pennsylvania and the Rockefeller Foundation, and Janice Howroyd, founder & CEO of ActOne Group. Their advisor and investor group includes the former CEOs of Diane von Furstenberg, DeBeers NA and Givenchy NA, Co-Founder of Thrive, Co-Founder of Gilt, Glamsquad and Fitz, and former partners at several leading investment banks. Isabelle Freidheim speaks to Impact Wealth and weighs in on what are the key elements to creating a successful SPAC and how Athena holds an advantage above the rest.

How do you choose your board members?

All our board members have decades of experience as deal makers and operators. That was a required criteria; we know it gives an edge when engaging with company founders - as opposed to many other SPACs that may be comprised of people who worked for investment banks or hedge funds.

What criteria do you use in determining the company to take public?

Most importantly, we are looking for those companies that will be industry leaders in a new age economy. But we’re also looking for companies that have over $1bln of enterprise value, who are public ready, have a compelling reason to access the public equity capital markets and where we can make a compelling contribution.

We manage our deal flow based on preexisting relationships and knowledge of the industry.

What is the next project you will be working on?

We have been thinking about Athena as a brand, where we can be used as a springboard for other women to launch their own SPACs. We intend to bring more SPACs to market as long as the regulatory environment and the markets are open to it, but we also would like to attract women who are talented, who may be working on something else, but can add value. I also continue to make fintech venture capital investments, which has been a fast growing space in the last decade.

Do you feel a sense of empowerment of working with an all women led SPAC? Absolutely! By working together we can unlock more potential. We have superior execution capabilities and a good line of communication with companies as well as an impressive proprietary deal flow, where we’ve cultivated relationships for a number of years. We have several EY entrepreneurs of the year award winners in the group, women who have effected many company exits... it’s a very tight knit group. Wee all help each other.

As pioneers do you think this will be a continuing trend in finance?

Yes, I believe SPACs are here to stay and will be a part of the capital markets in the long run; however, I also believe they may take a different shape with higher quality sponsors than what we have seen recently, perhaps we will also see more regulatory oversight.

We will also see market forces at play that will ultimately compress the economics for SPAC sponsors, or at least better align incentives -- as it often happens in any area of finance that sees outsized returns.

Our SPAC has an innovative promote structure that is aligned with the stock price of the acquired company, therefore aligned with the concept of long term growth. We believe in being fair and kind in everything that we do.

Did you have any obstacles as you were building out an all female track team that maybe a male team wouldn’t have had?

I think the scrutiny was higher for us. When mid-level hedge fund managers do a SPAC, it’s kind of assumed that they know what they are doing, but then you see all these women. And I think people assume that we don’t know what we’re doing when in fact we probably have more experience than most SPAC sponsors.. We were being examined very closely under the microscope.

And was there any kind of resistance from women in finance?

Yes, women tend to compete against each other, as if there was only room for one or two. It is not productive and it doesn’t have to be that way anymore. What is

more productive is to work towards increasing the number of women in areas that generate attractive economics.

Were the bankers supportive all the way along?

We used Citi, the leading underwriter of SPACs, and they were very supportive from day one. The reception with the investment community was also really strong and we were multiple times oversubscribed. IPO investors are looking to generate returns and all investors we engaged with recognized our differentiated thesis, experience and execution capabilities.? Several times, iwasn’t until halfway through the presentation that they realized we are all women. In the end what they saw was the talent we assembled of company founders, public board members and investors that were very relevant to delivering value to them.

What advice would you give to the next generation of women who aspire to be in finance?

I would say to be bold and loud and make their voices heards. I was shy myself as a little girl - I still am - but I work to overcome that on a daily basis; women and girls are often indirectly taught that they should be understated and work to be liked. It is usually communicated through unspoken but pernicious society norms - although there has been significant progress made on that front. That’s why we do what we do at Athena; because we want to honor the work that has been done for women so far and we aim to continue to improve the opportunities for women.

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PROFILE

Photograpy by Udo Spreitzenbarth 32

AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

From the outside Audrey Gruss appears to represent the rarefied Palm Beach lifestyle that exists along Billionaires Row in a gated mansion filled with collections of Old Masters and antiquities which are to be bequeathed to the Met. But behind this façade of opulence is a philanthropist determined to find the next Prozac and end depression.

Inspired by her elegant and artistic mother Hope, who suffered from depression, she created the Hope for Depression Research Foundation in her memory 16 years ago, which is dedicated to research and fund a cure to this silent and pervasive disease.

By Hillary Latos

“My mother had struggled with depression for decades and she was first diagnosed nervous breakdown when she was in her early thirties, but it was really major depressive disorder. She tried various cocktails of medications and she was misdiagnosed for many years before she was diagnosed with depression. She was 84 and was one of the most creative and wonderful influences on me and wrote poetry every day. She and my father escaped from Lithuania after the war to flee communism and came to the US and started from scratch. She was an amazing influence on me but I always wondered why she never got total relief from her symptoms. After my mother died, I was bereft. Though my husband and I started the Audrey & Martin Gruss foundation 35 years ago I never felt that there was one particular area that really touched a nerve or was really totally mine, but I never realized the subject that I could be most influential was right under my nose,” Gruss remembers.

While researching the answers to her mother’s illness Gruss realized that the funding towards depression research was limited. Seven of the top 10 pharmaceutical companies all stopped doing research 15 years ago in brain science because many of their patents expired and they just didn’t have the billions coming in. Brain science is one of the most difficult areas to do research in and the government never really declared war on mental health issues or depression. You have an enormous amount of money given toward cancer research. But depression is like the cancer of the 21st century.

“We’re 50 years behind where cancer is. We don’t have the government money significantly behind it nor private funding. I focused on depression because that is the most common cold of mental health, and I thought if we can get answers to this, everything else will simply fall

into place. My concept was to go to the top leading neuroscientists, in each area and we created the depression task force, and that group of doctors agreed to work together and to share their information in real time together. Previously doctors and researchers worked in silos and nobody shared their information. In science they fought to raise money for their labs and be the first to publish your papers. And I thought if the doctors could share their research in real time and collaborate, you would get faster end benefits and results. Dr. Eric Nestler of Mount Sinai is the chairman of our depression task force, and he is the head of the Neuroscience Society of the United States. In the last 15 years we have become the leading depression research organization that also covers the mood orders related to it – such as depression, bipolar, post partum, post traumatic stress disorder, and anxiety. If we can identify the causes of depression and the cascades in the brain we can discover new medications to treat it, which would be an amazing thing for the world. During the pandemic, the CDC in combination with the census Bureau did a research study which showed that 50% of Americans have some type of depression or anxiety and 18 to 20 million Americans struggle with depression during an average year,” says Gruss.

One of the biggest motivating factors behind the HDRF’s quest to find a cure for depression is that 35% of the people diagnosed with depression and related mood disorders do not respond to the existing medications and there has not been any major new direction from medications such as Prozac, discovered 60 years ago. “What we are working on is a major new category of antidepressant and we’re in clinical trials in two places- Colombia and Mount Sinai, I’m testing a brand new category that is not based on serotonin but a completely different pathway in the brain,” proclaims Gruss..

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PROFILE

IW: With the pandemic shifting the way people are interacting socially, how do you think that depression will be tackled under the “new norm”?

AG: That’s an excellent question because one of the basic human needs that we have is social interaction with each other. If you can’t connect physically and literally, connect by zoom or by phone, connect in whatever ways you can. Return to the religious organizations that you’ve been with before. But I think what is very important are two things. The pandemic definitely created a high level of depression and anxiety. We know that 150 million Americans are struggling with it and wondering what they can do to help themselves. The media has become brought light to this issue and they speak about mental health and the importance of being aware of it, dealing with it, getting help and doing something about it. I think that’s going to help people deal with this issue and some very positive things are going to happen. This has been a silent illness and in the shadows for a long time. There are too many people that are struggling unnecessarily.

IW: What do you think are the most important elements to maintain mental health?

AG: There are four pillars of mental health. The first pillar is nutrition, a balanced diet and a proper combination of your carbohydrates, proteins, fats and minerals. People don’t eat properly or sleep properly. The second is sleep, and people must get at least eight hours to properly renew and refresh your body. Exercise which is absolutely a must to get the body moving the energy balance in your body and the fourth is meditation or mindfulness. Our brain is very plastic and it has been shown that meditation can really rebalance it.

IW: What are some of your latest charitable initiatives with the HDRF? AG: My mother used to mix her own fragrance combinations and she loved tuberose, lily of the valley, jasmine and gardenia. As a former beauty exec, I decided to launch a Hope fragrance line inspired by her which is sold at Bergdorf Goodman and 100% of the proceeds goes back to the HDRF. This past year we added two new fragrances to the line. Hope Sport is part of the lifestyle collection for the woman who loves to live in her athleisure clothes. It’s energizing, very green and sporty. The other fragrance is called Hope Night, a romantic sexy Oriental type of fragrance with vanilla, amber, and lily of the valley.

IW: What do you love about living in Palm Beach?

I think Palm Beach is one of the safest and beautiful places in the world with a sense of serenity and calmness. You can be as social or as relaxed and private as you want. Everyone respects that. It is kind of almost a bubble that we live in because it is so safe and

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During the pandemic, the CDC in combination with the census Bureau did a research study which showed that 50% of Americans have some type of depression or anxiety and 18 to 20 million Americans struggle with depression during an average year.

secure. It is also one of the biggest nonprofit communities that I’ve ever experienced because most people that come here have already accomplished something somewhere else. But younger people are coming to Palm beach also because of the better quality of life and all the schools have waiting lists here. The cities are much more difficult to live in at this time. I do hope all the great cities revive and survive and come back in a strong way.

IW: What kind of philanthropic responsibilities do you feel that a family office should have?

AG: I think it is a basic obligation of anyone who is fortunate enough to have wealth in their lives to have a sense of giving back especially if we can make a difference to do something to better the world. I think that people should look inward and look at their lives and see what interests them and what is meaningful for them. It is the most important thing that we can do for our own mental health. To be able to give is a sense of happiness that you can’t get any other way.

IW: What would be the legacy you would like to leave behind?

AG: I would very much like to be associated with the work that I’ve been doing in mental health and to find a cure for depression. That would be a big dream of mine. I never want anybody to have to go through what I saw my mother go through. We as her children had to experience that sadness and see a person struggle just to get through the day. If we could find a cure for depression or even some medications that help everybody, that would be something I’d be very proud of as a legacy.. www.hopefordepression.org

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STYLE & FASHION

Creative Director/ Stylist: Steven Lassalle @stylebylassalle @agencygerardartists2 London Olive @londonolive1 @nextmodelsmia Photograher: Lyall Aston @lyallaston

Makeup By: Bryin Smoot @agencygerardartists2 using Kiko Cosmetics

Manicurist & HMUA Assistant: Stephanie Selan @stephanieselan

Hairstylist: Jonathan Lopez @gorgeousbyjlopez Model: London Olive @londonolive1 @nextmodelsmia Rudi Dollmayer @mrrudidollmayer Reed Favero @reedfaavero @nextmodels Jenna Crews @jennacrews @nextmodels Stylist Assistants: Adam Green @swastyled Barbara Mayorgap @itsbabybarbs Emilio Gutierrez @emilsempire AJ @aye_aj Shot on a Sirena 64 yacht

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Sunglasses: Gucci Swim short: Burberry Swimsuit: DKNY Earrings: Suzanne Kalan Necklace: Chloe & Madison

PHOTOGRAPHY BY LYALL ASTON High style meets the high seas as we sail to a luxe getaway

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Sunglasses: Saint Laurent Shorts: Theory White button shirt: Rag & Bone Watch: Fendi Backpack: Louis Vuitton Sunglasses: Gucci Earrings: Tom Ford Bracelet: Kate Spade Necklace: Ippolita Shirt Dress: Ralph Lauren Purse: Prada Shoes: Stuart Weitzman Belt: Prada 40

Sunglasses: Chloe Earrings: Ross-Simons Bracelet: Kate Spade Necklace: Michael Kors Denim Dress:Tory Burch Bag: Michael Kors Sunglasses: Tom Ford Navy button shirt: Boss Shorts: Peter Millar Watch: Shinola

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Sunglasses: Michael Kors Earrings: Nadri Bracelet: Argento Vivo Bikini: Eido Swimwear Necklace: Aqua Jacket:Theory 42

Sunglasses: Chanel Bikini: DKNY Earrings: DVF Ring: Ippolita Bracelet: Adriana Orsini Necklace: Lauren RL Shoes: Stuart Weitzman

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Sunglasses: Tom Ford Jacket: Armani 44

Sunglasses: Chloe Earrings: DVF Ring: Ippolita Bracelet: Adriana Orsini Blouse: DKNY

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Swimwear: Kate Spade Shoes: Stuart Weitzman Sunglasses: Tom Ford Bracelet: Adriana Orsini Earrings: Silpada Necklace: Michael Kors

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Sunglasses: Ray Ban Swim short: Calvin Klein

Sunglasses: Fendi Top: DKNY Earrings: lppolita Necklace: Gorjana Swim wear: KREL WEAR

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Sunglasses: Tom Ford Striped Shirt: Giorgio Armani White Shorts: Frame Purse: Givenchy Earrings: DVF Necklace: Roberto Coin White button shirt: Saint Laurent Shorts: Theory Watch: Fendi

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Dress: Guess Sunglasses: Fendi Earrings: lppolita Necklace: Gorjana Bracelet:Shinola Purse: Prada Jacket: Ted Baker Sunglasses: Gucci Belt: G-Star Raw Pant: Brunello Cucinelli Shoes: Ermenegildo Zegna 50

Sunglasses: Fendi Sweater: DKNY Jeans: Rag & Bone Watch: Salvatore Ferragamo

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Sunglasses: Gucci Suit: Vince Shoes: Bally 52

Dress: Aidan Mattox Necklace: Zoe Lev Earrings: Roberto Coin

Dress: Saint Laurent Bracelet: Nadri Earrings: Zoe Chicco Sunglasses: Givenchy Shirt: Gucci Suit: Giorgio Armani

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STYLE & FASHION

Eau de Italie Relive the understated glamour of the Amalfi Coast through the power of scent. Created by the aristocratic Marchesi Sersale family that owns the famed Le Sirenuse Positano, their luxurious fragrance line brings the scents of the Italy to us even when we can’t travel there.

Eauditalie.com

Spring Beauty

ESSENTIALS Hope is eternal and spring is a time for renewal.

Here is a roundup of our favorite beauty essentials that transport us to another place, such as the Italian Mediterranean Sea, the Island of St. Barths, or the lemon scented hills of Capri that will give your hair and skin that springtime glow.

By Hillary Latos

Goodhabit Protect your skin from the damage of the high frequency, high energy blue light emitted from our computers, and electronic devices phone screens, with specially formulated creams from Goodhabit. www.goodhabitskin.com

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Hope Fragrances Inspired by her mother who suffered from depression, philanthropist Audrey Gruss created a charitable perfume line that embodies hope with scents of white flowers, amber, vanilla, patchouli and plum – the essence of head-turning intoxication in 3 different varieties – Night, Sport and the classic scent. www.bergdorfgoodman.com

Ole Henriksen Lemonade Smoothing scrub Inspired by a refreshing glass of lemonade on a hot summer day, this sugar face scrub brings life back to dull, rough skin. This dual-action scrub does doubleduty to physically and chemically exfoliate your complexion.

Olehenriksen.com

Schwarzkopf Give your locks added shine and depth with Schwarzkopf’s vibrant color boost with a buildable intensity. www.schwarzkopf.com

La Roche Posay La Roche Posay Lipikar balm intense repair moisturizing cream is clinically formulated to moisturize extra dry skin with a unique prebiotic action on the skin microbiome that replenishes skin’s essential lipids. www.laroche-posay.us

Ligne St Barth Built on recipes handed down for generations this natural skincare is crafted from the plants and flowers native to the chic island of St Barths.

Their revitalizing creams, shower gels, masks and oils are all natural and have a touch of Caribbean sea air.

Lignestbarth.com

Angelo David’s Thinning Hair Solutions Revolutionizes

THE BEAUTY INDUSTRY

By Lillian Langtry

When people come to Angelo David Salon, they can expect to leave with hair they never thought possible. As owner and creative director of Angelo David Salon and one of New York City’s leading authorities on fine and thinning hair, Angelo David Pisacreta is not just a hair illusionist, he is the Vera Wang of couture hair.

In 2000, David launched Angelo David Couture Hair Additions™, the world’s finest customized hair solutions that include wigs, hair pieces, extensions, volumizing toppers, clip-on bangs and ponytails. This in combination with his specialized hair care products and supplements, is a game changer in the hair industry—and for women and men who are dealing with hair loss and thinning hair.

According to the American Hair Loss Association, forty percent of women have visible hair loss by the time they are age 40, and there are few medical solutions offered by family doctors. Treating fine and thinning hair has now become the standard in the hair salon and hair care industry. There are many reasons why hair may begin to thin or fall out, and through 25 years of hands-on experience with people from all walks of life, Angelo has seen it all. In recent years, Angelo has seen more and more young women coming into the salon, seeking help for their thinning hair.

Angelo and his team create personalized wigs, toppers, extensions and fillers that help his clients regain their confidence by giving them the hair they used to have, or the hair that they’ve always wanted.

Upon arrival, clients will come in for a private consultation in order to understand their concerns and situation. Clients are able to speak candidly about what they are experiencing and understand all their options. The consultation process can begin before coming to the salon, to accommodate international clients who travel far to meet with Angelo and his team.

Once a plan is set, a sample of the client’s hair is taken before their new hair can be created.

The 100% human hair additions are then designed and tailored in order to match the clients’ own hair texture, color, shape and responsiveness. This way, the hair reacts exactly the same way as their natural hair would, from how it naturally dries when wet, to how it responds to heat and styling. When clients see themselves in the mirror for the first time with their new hair, the reaction is often a very emotional one. Tears of joy are not uncommon, and they tell Angelo how good it feels to feel like themselves again.

“It’s the main reason why I do what I do,” says Angelo, “We don’t just change people’s hair here, we change people’s lives”.

Angelo’s experience with hair loss and hair thinning led him to develop Angelo created Hair Detox® Hair Revival Supplement, a hair and lifestyle supplement that addresses stress and inflammation of the body—two things that trigger hair loss or thinning hair. Hair Detox® is based on the latest science and research on the nutrients and herbs such as keratin, biotin, vitamin B6 and selenium that address these contributors to thinning hair and hair loss. Hair Detox ® gently detoxifies the body, helps minimize nutritional deficiencies, addresses hormonal imbalances and supports healthy hair growth from within to reveal fuller, thicker hair. Many of Angelo’s clients swear by Hair Detox® because it works from the inside out to address the root cause of their thinning hair problem.

Angelo David Hair Care products, the Hair Detox® hair revival supplement, and the Angelo David Couture Brush Collection are all available online at www.angelodavid.com.

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LUXURY LIVING

Palm Beach, FL

LUXURIOUS FUN IN THE SUN This spring, with travel restrictions lifting and New Yorkers eager to travel, Palm Beach, Florida is the perfect destination vacation this season for fun in the sun. From haute classic hotels, to new contemporary favorites, here are some the top places to stay and dine in sunny Palm Beach, Florida.

By Norah Bradford

STAY & DINE:

Chesterfield Palm Beach, Leopard Lounge & Restaurant Surrounded by palm-lined boulevards, the historic Chesterfield Palm Beach is just steps from Worth Avenue and white sandy beaches.

It combines exceptional hospitality combined with an old-world charm showcased through its sophisticated interiors and beautifully designed rooms and suites. All rooms are uniquely fashionably decorated and cozy. Guests can choose to relax in the hot tub or be more adventurous by renting a bike and exploring the area.

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Nothing represents Palm Beach like the legendary Leopard Lounge & Restaurant which epitomizes gilded age sophistication. Images of the early 20th century’s grand institutions welcome guests as the jet-black lacquered walls are highlighted with golden fittings. Executive Chef Gerard Coughlin and his team have created a delicious fusion menu of classic international dishes, served alongside much-loved signature recipes by the founder Beatrice Tollman, including Maryland Style Lump Crab Cakes, Gerard’s Turkey Burger, Shrimp Stroganoff, and Key Lime Pie. chesterfieldpb.com

The Colony, Swifty’s Palm Beach A legendary boutique hotel, The Colony is nestled between glamorous Worth Avenue and sparkling Atlantic waters. All 90 guest rooms, suites, villas, and penthouses are beautifully appointed, having pillow-top mattresses and 350 thread count Egyptian cotton sheets with European duvets. Three spectacular Penthouses top the main hotel, and an adjacent mansion, Casa Manana, has been beautifully reconfigured into seven spacious villas.

Once New York’s pre-eminent society boîte, Swifty’s Palm Beach has made its way to Palm Beach at the iconic Colony Hotel. For almost two decades, Swifty’s was an Upper East Side stalwart and now founder Robert Caravaggi and Colony Hotel owners have brought the restaurant that inspired an international following to Palm Beach.

Swifty’s POOL serves lunch, dinner, and cocktails around The Colony’s swimming pool, as well as al fresco seating under the hotel’s outdoor hanging garden. Along with a stellar menu featuring some of the beloved favorites of the original Swifty’s, Swifty’s POOL offers many other activities including rum tastings, acoustic guitarists, and other engaging, socially distanced endeavors. thecolonypalmbeach.com

The Brazilian Court, Café Boulud The Brazilian Court Hotel’s 80-room enclave is the classic Palm Beach luxury getaway— bringing together stunning, high-style accommodations and impeccable service for an unforgettable experience. This historic landmark is infused throughout with Roaring 20s glamour and boutique intimacy. Guests are invited to enjoy unparalleled pampering at the Brazilian Court Salon or vanish into tranquility by the secluded, palm-fringed pool. You can even choose to relax in one of the property’s two tropically landscaped courtyards.

Café Boulud Palm Beach is Chef Daniel Boulud’s award-winning restaurant. Since opening in 2003, the restaurant has become one of Palm Beach’s most coveted dining destinations. Executive Chef Dieter Samijn is no stranger to working alongside Boulud, as he helmed the Upper West Side French Bistro, Bar Boulud, before making the leap to Palm Beach. Samijn’s love for traditional French cuisine will shine brightly in the warm sun while tapping into locally sourced seafood and produce to add a Floridian flair to his dishes. thebraziliancourt.com

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PROFILE

White Elephant Palm Beach, Lola 41 Built in 1924, re-imagined today, the structure’s footprint and facade remain, but the interior has undergone a total transformation. This contemporary interpretation of Mediterranean-revival architecture reflects the pulse and excitement of Palm Beach while capturing the spirit of a stately home.

White Elephant Palm Beach continues the rich tradition of outstanding hospitality established at White Elephant Nantucket while bringing its style and excellence to this new yet already legendary Palm Beach resort destination. whiteelephantpalmbeach.com Located at the luxurious White Elephant, Lola 41 is an alluring Palm Beach hot spot with a welcoming bar and large outdoor patio for alfresco dining within a beautifully landscaped courtyard. Signature dishes include a wide selection of sushi rolls, sashimi as well as King Crab Rangoon, Lobster Fried Rice, Portuguese-style Grilled Octopus, Korean Beef Bulgogi, and the all-time favorite Lola Burger served with Foie Gras sauce. Private label wine and craft cocktails elevate the experience along with stunning interior design elements. lola41.com

MORE DINING EXPERIENCES:

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Le Bilboquet Palm Beach

Sant Ambroeus

La Goulue

Le Bilboquet’s opening on Worth Avenue provided an exceptional addition to the iconic scene of Palm Beach. Its team recreated the bistro’s ambiance to offer guests the dining experience Philippe Delgrange has become famous for. This season, New Yorkers leaving their homes in the Hamptons and flats in the city can continue to enjoy the bistro classics, such as the signature foie gras, poulet cajun, tuna tartare, endives roquefort, beef tartare with frites and Sag Harbor favorite moules marinières. From the Upper East Side aficionados and Hamptons elite, the lovers of Palm Beach will experience the joie de vivre and soon discover their favorite restaurant in the charming Via Encantada. lebilboquetpb.com

In the fall of 2016, Sant Ambroeus Palm Beach opened its doors to a new community, bringing a touch of old-world Milan to sunny Florida. In addition to the fine dining experience in the main dining rooms, guests enjoy casual seating at the bar, with cocktail and café tables, a signature coffee bar and gelateria. The menu, by executive chef Marco Barbisotti, includes Sant Ambroeus signature dishes such as vitello tonnato, caprese, tagliatelle alla bolognese, risotti and cotoletta alla milanese. Sant Ambroeus Palm Beach design is inspired by the Gran Caffé’s of the 1950’s in Italy, a mix of clean modern lines with a warm traditional atmosphere using rich and noble materials such as mahogany and Italian stone santambroeus.com

As a NYC Madison Ave hotspot, La Goulue, has opened their second location in Palm Beach and quickly became one of the hottest spots in town. Embodying the Parisian charm of a Left Bank French bistro with the understated elegance of Palm Beach, this tony treasure sits on South County Road and Royal Palm Way. Some of their classic bistro favorites include their award winning Souffle au Fromage made with Gruyere and Parmesan laced with truffle oil, escargots drenched in garlic and butter, pan seared diver sea scallops in a delicate champagne sauce and the piece de resistance- the dark chocolate molten cake for a sweet ending to a perfect meal. lagouluepalmbeach.com

Family Office Association

SOUTH FLORIDA ROUNDTABLE Bitcoin and Investing in Premium South Florida Real Estate

By Angelo Robles Family Office Association along with their associated corporate partners hosted over 20 investing family offices at the five-star Mandarin Oriental Miami this spring, and Miami is booming beyond belief! Our small, immersive forward-thinking conferences bring some of the world’s greatest deep-thinkers and industry magnates into an interactive and collaborative in-person environment with single family offices which will extend through spring into summer in NYC.

Our roundtable hosted the most successful residential and commercial developers in Miami, such as:

• Brian S. Gale, Vice Chairman, Cushman and Wakefield

• Michael Goldstein, President of Sales, The Estates at Acqualina &

• Jason Isaacscon, President, IP Capital Partners

Miami has remained international and is currently the only place in the U.S. where office space is going up ... if it wasn’t on your radar before, it should be now.

In addition, we featured leading investors and Bitcoin evangelists, namely Vipul Goyal, Director of Private Client, BlockFi. Some key insights:

• The wealthy from NYC, Boston, and Chicago are moving here by the thousands every week!

• Finance and tech firms are relocating to Miami (office space is skyrocketing in price).

• Rising influx of young, entrepreneurial-minded talent, searching for the freedom, weather, and vibrant social dynamic that Miami brings.

The world is changing rapidly and it is imperative to retain a consistent information-sharing cadence to capitalize on new and/or up-and-coming opportunities. www.familyofficeassociation.com 59

LUXURY LIVING

BENTLEY BENTAYGA V8 The Ultimate Story of Automotive Luxury

When you’ve done well in life, you come to a milestone where a new wing of automotive choices opens up to you. One of those choices is the world of luxury cars. Brands like Bentley once reserved themselves entirely to the world of grand tourers and convertibles. However, things are very different as even these topend brands are branching out into new styles, redefining them as they go.

By Kyle Edward

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ENTER: THE BENTLEY BENTAYGA The Bentayga first arrived on the scene built on the company’s F4 layout back in the 2016 model year. In 2020, however, it received a significant enhancement and now the new Bentayga enters the 2021 model year as a model that changes everything that we thought we knew about SUVs.

The facelifted model has also received new seats, as well as a new steering wheel design and even door design. The new seat frames allow for up to 4 extra inches of knee space in the rear seats. While they’re enjoying that extra space, passengers can also take out their 5” removable touchscreen tablet to control the various entertainment and comfort functions available to them.

DIFFERENT CHOICES FOR DIFFERENT LIFESTYLES

On the outside, the Bentayga reflects the very latest in the company’s design DNA, maintaining signature elegance that buyers of such cars demand, but also adding a pleasing degree of muscle that helps define the Bentayga’s SUV form a little better. Some other details, too, like a larger rear spoiler, elliptical taillights with animated LEDs, oval-shaped split tailpipes, and more were subtle but still noticeable changes that enhanced the overall aesthetic.

AN INTERIOR MADE FOR MODERN COMFORT Of course, one doesn’t buy a car like the Bentley Bentayga strictly for its exterior appearance or even just to show off the Bentley badge. The main reason is for the extraordinary level of comfort that we can experience either as a driver or as a passenger in these other-worldly machines.

Let’s start from a driver’s perspective. The new Bentayga received some technology enhancements that make it an all-around better experience when you’re driving. First, the infotainment system has been extensively overhauled, starting with a flawless 10.9” super-HD touchscreen with faster connectivity and an improved user interface. Next, Apple CarPlay is now a standard feature, as is Android Auto. Those hoping to seamlessly integrate their smartphone can now breathe a sigh of relief. It doesn’t stop there, though. The Bentayga is also kitted-out for modern life more than ever with additional USB-C ports, air ionizers, a wireless charging system, and a built-in SIM card for additional online and data-based services.

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The Bentayga, like all of its Bentley brethren before it, is no massproduced pile of sameness or uniformity. The Bentayga is not only handcrafted and customizable but also comes with multiple options at every level to suit differing lifestyles. For instance, those living and driving their Bentayga in the city will be pleased to find a hybrid powertrain where the 3.0L V6 gasoline engine is combined with a 94kW electric motor powered by the 17.3kWh lithium-ion battery with 31 miles of electric-only range.

Those looking for more power and performance will find it in spades in the Bentayga Speed model. It’s W12 engine generates 626hp and up to 663lb-ft of torque, complete with a top speed of 190mph, and it can launch from 0 to 60 in just 3.8 seconds. Anyone looking for a balance between efficiency and power will find it in the flagship V8 model, which in Bentley’s own words excels itself by being “composed on all terrains.”

BENTLEY BENTAYGA: A LIFE PHILOSOPHY The new Bentayga is more than just a car; it’s a statement about one’s own life. You can personalize the handcrafted vehicle to better reflect who you are, and you can also experience the Bentayga and its great offerings both as driver and passenger. On top of all that, despite all the trappings of high-end luxury and comfort, it is still simultaneously a high-performance SUV that delivers the same utility that you’d expect from a less prestigious brand. How many of those other brands would turn heads like the Bentayga, though, is another question entirely.

LUXURY LIVING

ROLLS-ROYCE GHOST Reflect in Quiet luxury

An ordinary automaker produces cars by the masses for the masses with assembly lines, robots and other automated tools. While this process works well for producing large quantities of vehicles, the art of making an automobile is lost. Most of the cars are pretty vanilla too, they get you from A to B, and that’s about it. At Rolls-Royce, however, mere “car building” is almost an offensive idea. When they built the 2021 Rolls-Royce Ghost, for instance, they weren’t constructing some 4-wheeled mechanical machine, but forging a glorious yet somehow subtle crucible of near automotive perfection.

By Kyle Edward

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TO BE DRIVEN, OR TO DRIVE The 2021 Rolls-Royce Ghost is a fine model in which to be driven. As we’ve described, the minimalist and well-balanced design creates exactly the right ambience for a truly relaxing experience. On the other hand, the Ghost is a Rolls-Royce that drivers will also love. First of all, it is powered by the simply stunning twinturbocharged 6.7L V12 engine outputting 563 hp and 627 lb-ft of torque, though the sound is so well damped you might never know such a behemoth lays under that long front hood.

GHOST: SUBTLY BEAUTIFUL EXTERIOR

AN INTERIOR HAVEN

The 2021 Rolls-Royce Ghost is true to its name, embodying a design spirit that is all about subtlety, quiet dignity; it’s a concept that Rolls-Royce designers like Henry Cloke called “Post-Opulence.” The design team wanted a car that had presence and could inspire awe, but in a way that didn’t shout at you through flourishes and that older more ostentatious sense of style.

Three keywords have helped sculpt both the exterior and interior of this new Ghost --Refinement; Reduction; Simplicity. Besides the toned-down almost natural beauty of the exterior, the interior is also a calm and tempered space where one doesn’t just sit, but where one can truly escape from the outside world.

You’ll notice that the exterior is somewhat wider, and the iconic Pantheon grille has been discreetly downlit in a way that helps to subtly radiate the minimalist beauty of the Ghost with the minimum of flourish.

This is the Ghost for those who want the presence but without making grand and superficial expressions of wealth. The handfinished body work creates the illusion that the Ghost has been lovingly crafted from a single piece of metal. The fine lines converge together almost like that of a luxury yacht.

The design team went to extraordinary lengths to balance every aspect of the interior ambience. They started from the feel of the sumptuous leather seats, moving to the look of stunning illuminated fascia, and even tending to the harmony of every sound emitted by every component and moving part within the space of the Ghost.

When you are being driven, the peace and balance of the interior cabin is designed to help you unwind and to allow the complex strings of your stress and worry to be plucked away as you restore order to your own thoughts.

This brings us neatly to the second engineering achievement that helps to make the Ghost name all the more appropriate for this quiet, almost stealthy sedan. The 2021 Ghost contains the world’s very first “Planar” suspension system that dampens the dampers. This Ghost is the one that truly delivers on the famous “Magic Carpet Ride” comfort that RollsRoyce always promises; it is on-road flight.

THE MOST HIGH-TECH ROLLS-ROYCE EVER To finish, it should be remarked that this is a Rolls-Royce built for a more minimalist, balanced lifestyle, that is true. On the other hand, it does not mean that the company has stripped away any of its innovation. Besides the world-first planar suspension system, the Ghost also features Rolls-Royce’s Flagbearer system that uses sensors to read the road ahead and make millions of calculations every second to accordingly adjust the suspension in real time. Besides that, the gearbox is linked to the GPS navigation, which will adjust gears based on what navigation tells it is coming up on the road. When Rolls-Royce designed the new Ghost, they knew the process would be complex, even impossibly so at times. They knew however that what they wanted to deliver was divine simplicity and balance. We think they’ve done just that.

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THOUGHT LEADERSHIP

Creating a Multigenerational Legacy

OF HARMONY AND PURPOSE

By Lonnie Gienger

Lonnie Gienger is CEO of Wilkinson Corporation, a national real estate investment and operations platform that has transacted on over $2.4 billion of real estate creating strong impact results and investment returns, with a focus on turning apartments into centers for human flourishing. Lonnie’s passion is developing companies and families that create lasting positive impact on society. He’s been married for 36 years to his childhood sweetheart and their four adult children and spouses enjoy building various businesses together.

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The most commonly understood definition of legacy is the amount of money left to heirs, however, few leaders would be satisfied with that definition alone. In our most honest moments, the legacy we really care about is less about the size of our great grandkids’ portfolios and more about the soundness of the principles by which they live their lives. It’s more about the level of harmony and shared purpose we pass down to our future generations. What’s more, we know that if these things are in place, the money is more likely to stay in the family and grow.

Some families create significant wealth but do not share much harmony, clarity of vision, or purpose. Others create all that in

one generation only to lose it in the next.

How do we create a legacy that will last through generations? I’m not the world’s greatest expert on this subject, however, I have diligently pursued this cause in my own family for many years. Although our family is far from perfect, we are regularly asked to share our journey on this subject at gatherings of family office leaders who are focused on creating enduring legacies.

In this article I will introduce a process we’ve learned and implemented for discovering and passing on values that will promote and buttress success in a multigenerational way. I will demonstrate how to discern and develop treasured ideals to form a living, lasting legacy.

Creating a legacy based on enduring values is a concept that has been foundational to many of the highest impact families throughout history. British noble families had coats of arms embellished with their family values.

Sir Ernest Shackleton (1874-1922) is an example of this. The Shackleton family motto was “Endurance.” Ernest, the polar explorer, named his ship Endurance when he set out to lead a group of men across Antarctica.

Shackleton’s endurance was tested, but not by the cross-continental trek. His ship got stuck in pack ice near Antarctica and slowly broke into pieces with oceanic shifts.

For more than a year, Shackleton modeled endurance as he and his men camped on an island of ice. Then they endured seven days in the icy sea in small boats as they sought land. They persevered for an additional four months in an uninhabited, polar wilderness.

Ultimately, Shackleton set out in a lifeboat, steering through a hurricane and scaling snowy mountains by foot to find rescue.

Shackleton delivered every last one of his twenty-eight men to safety after more than 400 days of exposure, isolation, and dwindling supplies. At one point, the men resorted to eating penguins to survive.

Without the Shackleton family value of endurance, great tragedy might have resulted.

As it is, Shackleton stands tall as a great example of leadership under fire—or ice.

It is always more powerful when the values are consciously arrived at, discussed as a family, and incorporated into family life so that they are referred to often as the basis for decisions and actions.

Family values are not just admired virtues.

They are virtues that family members live out because it is who they are. As the next generation observes prior generations of the family doing this, it’s likely they will live out similar values.

My own grandfather was an exemplar of integrity. There’s a story about this everyone in our family knows. He returned home after buying a brand new, bright green 1959 Ford Fairlane 500. He closed the transaction after banking hours on a Friday evening and gave the dealer the check, expecting to pick up the car on Monday after the check was cashed.

The car dealer immediately handed over the keys. Grandpa said, “Aren’t you concerned about signing over the title before you cash my check?” The dealer pulled out two other, much smaller checks from his desk drawer

and said, “These two I worry about, but your check I would never worry about because I know I can always trust you and your family!”

If you ask my many cousins what the best part of this story is, they’ll tell you it is that when Grandpa came home with this beautiful new car, the first thing he told Grandma was what the dealer said about his check and the trustworthiness of their family. It was an example for all of us that spoke loud and clear: “In our family, integrity is important. My word is good.

Everyone knows when I say I will do something, I do it.” The wealth of that value of integrity still lives in our family. Example is powerful!

Yet, example alone can be a hit-or-miss proposition.

What if no one had ever shared that story for the next generations to hear? I might have missed a life-changing lesson. That’s why we shouldn’t leave values to chance. It is always more powerful when the values are consciously arrived at, discussed as a family, and incorporated into family life so that they are referred to often as the basis for decisions and actions. In this way, values become more than words on a screen; they become part of the family tradition.

The very definition of tradition is that it is “consciously transmitted beliefs and practices expressing identification with a shared past.”1 The idea of consciously developing and transmitting a family legacy of values became important to me during a life-changing moment.

That epiphany was a game-changer for me.

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AN EPIPHANY: A FAMILY LEGACY ON PURPOSE Allow me to give you a little background to help you understand how this topic became so important to me. I have started and led a number of companies and provided strategy coaching to dozens of C-suite executives. For several years I’ve been CEO of Wilkinson Corporation, a vertically integrated real estate investment and management platform driven by clear values and a quadruple bottom line strategy. We’ve done over $2.4 billion in total real estate transactions and have had over 2,000 employees in eighteen states. I share this simply to let you know that I love developing teams that work together based on shared values and strategies to do great things. But for many years, I never thought about applying this same intentional approach to leading my family. It’s no wonder that early in my career, my businesses thrived more than my family.

Eighteen years ago, I had a conversation that dramatically changed my paradigm about how to transfer values and purpose to the next generation. I was presenting at a leadership conference, and during the first break, an

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affluent gentleman walked up and said, “Lonnie, I need your advice. I’ve got a thousand employees. We go out and do businesses, but they’re driving me crazy because as soon as I leave for conferences like this, I just know they aren’t making the right decisions—they are not doing what they should be doing.”

And I asked him the question that I always ask in similar conversations: “Well, for starters, do you at least have clear, written mission, vision, values, and strategies for your company so your people know how to act when you aren’t around?”

He said, “Well, I don’t have them written down, but my team knows what we stand for and where we’re going.” I replied, “Greg, if you don’t have a clear written direction and strategy, your company probably won’t create a legacy of success.”

Then, almost indignantly, he said, “Well, do you have clear, written mission, vision, values, and strategies for your family?”

I bit right into it and said, “Well, Greg, I do for my business, but I don’t have them written down for my family. But it’s my family. They know what we stand for and where we’re going.”

Then Greg said, “Lonnie, if you don’t have a clear, written direction and strategy for your family, your family won’t create a multigenerational legacy of success. What you’re telling me is that you care more about your business success than you care about your family legacy.” Ouch!

That conversation changed the trajectory of my family! For the last eighteen years, Greg has mentored me on how to lead more strategically in my family and I have mentored him a bit on how to lead more strategically in his businesses.

If the goal is to create a multigenerational legacy of success in our families, it makes sense to lead them as intentionally as we do our businesses.

DEVELOPING A FAMILY COMPASS My father gave me a compass when I was a boy. I was fascinated by the fact that wherever I stood, the needle always pointed north. I could always figure out the direction I was facing as long as I had the compass. Similarly, the development of a family compass helps everyone to go in the same direction. It points the way.

Having a clear family compass includes three elements: family values, the family’s mission or reason for existence, and a compelling vision of what the family looks like when it is accomplishing its mission. Your family compass will help you weather the storms of life and business; it will steer you into safe and lush harbors. Your family compass will keep showing you the direction in which to go.

Then you can pass that family compass down to the next generation, and it will direct them to endure and prosper as well. It will help you create a lasting legacy of unsurpassed value. Let’s take a look at how to develop the first all-important compass component of family values.

Family values are the uncompromising, non- negotiable principles that define and guide a family. They are what a family wants to stand for in this world. They are the basis for decision-making, setting priorities, allocating resources, planning, and execution. They also set the tone and standards for how people are treated.

Shared family values foster high levels of loyalty, harmony, and empowerment.

Business principles of productivity tell us that high levels of these qualities will propel any group toward success.

Here is a strategy to discover your family values, broken down into five activities.

These are brainstorming sessions: just write down whatever comes to mind

ACTIVITY 1 • What did you love or hate about your family growing up?

• What makes you really happy or sad?

• Whom do you admire and why?

ACTIVITY 3 From the concepts you have brainstormed in this exercise and from your review of the sample values, make a list of all the values that are important to you.

• What does it mean for you to be a good person?

• After you die, what do you want people to say about who you were (not what you accomplished)?

• What character traits do you want to see in your children and grandchildren?

ACTIVITY 4 From the concepts you have brainstormed in this exercise and from your review of the sample values, make a list of all the values that are important to you.

ACTIVITY 2

ACTIVITY 5

Look through all your answers and identify principle- based words and phrases that are the most common themes. The list of sample values below might help you brainstorm your values.

Have your spouse and older children go through the same process as the above. Then, use the following process to synthesize what’s most important to all of you.

SAMPLE ONE-WORD VALUES: Accountability, Authenticity, Boldness, Community, Compassion, Confidence, Courage, Creativity, Dedication, Devotion, Education, Efficiency, Endurance, Enthusiasm, Excellence, Faith, Friendship, Generosity, Goodness, Grace, Gratefulness, Growth, Honesty, Honor, Hope, Humility, Humor, Ingenuity, Joy, Justice, Kindness, Leadership, Learning, Loyalty, Mercy, Openness, Passion, Patience, Peace, Perseverance, Respect, Sacrifice, Self-discipline, Serving, Steadfastness, Stewardship, Teamwork, Transparency, Trustworthiness, Wisdom, Zeal

• Which values are people most

• List all the values that are similar. passionate about? Discuss why certain values are most important.

• Of the values that are unique and different, do any stand out as something you could all easily and quickly agree as being important to the future of your entire family? List those values.

• List the top 10–20 values that you most desire to be the non-negotiable, guiding principles in your current and future generations.

These brainstorming, idea-generating, and codifying activities should give you and your family a strong framework of the things you treasure most and want to pass down generation upon generation.

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THE TRADITION/INNOVATION PARADOX: THE BEST OF THE OLD AND NEW What if our next generation’s values differ from our own? The process above should help to find agreement and incorporate differences. It is well to keep in mind, however, that every multigenerational family enterprise has faced this issue. It is so well known, it is called the Tradition/Innovation Paradox.

Family enterprises have their traditions,

which they want to preserve; at the same time, they must be open to innovation or they will not be able to compete. They must manage the paradox of tradition and innovation well to sustain success throughout time.

How do successful family businesses do this? For one thing, they look at differences as opportunities. The tradition/innovation paradox is not only the greatest challenge of family businesses, it may be seen as their greatest opportunity, too.2 Such a perspective is very wise as one article notes, stating “Innovation requires breaking with continuity to develop new competence and skills.” 3 In fact, “Family business prosperity across generations depends on innovation” [emphasis added].4 The health and wealth of our families over generations will depend on innovation, as well. We can see any differences as presenting not only challenges but opportunities to do things in a new way.

Managing the paradox between your tradition and your heirs’ divergences means embracing the best of the old and the new, yet seeing significant alignment between the two. This alignment is like a river of shared culture that flows through many generations.

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Managing the paradox between your tradition and your heirs’ divergences means embracing the best of the old and the new, yet seeing significant alignment between the tw.

We are now on the second generation of implementing our family compass.

We taught our kids to look for potential spouses who had values that already aligned with our Gienger family values and, fortunately, they have chosen wisely.

Now our three married children are establishing their own family compasses in the second generation that align with and build on the first-generation family compass. Their values reflect my wife’s and mine, yet they are crafting their statements of non-negotiable guiding principles in ways that are uniquely important and meaningful to their family.

We are not in any way trying to force our future generations to be clones of us.

We never told our kids that their families had to have the same exact values as ours or use the same words. Yet because our family values are so ingrained in our kids, they attracted and chose spouses with similar values, and their purpose and principles resonate deeply with ours, even as they forge new pathways.

Even though the words aren’t exactly the same, if you look closely, you’ll see significant alignment between the values my wife and I established and the val-

ues our married kids are establishing for their families. For example, one of our first-generation family values is “Continual Life-Long Learning and Adventure.”

Similarly, one of the family values of our daughter and her husband is “Growth: Continual Life-Long Learning and Mastery.”

What if every next generation of your family develops and lives out values that are in alignment with and build on the best of the prior generation’s values tradition?

Imagine the potential of your legacy if each iteration of your family built on the strengths of the prior generation while still being fully empowered to be architects of their own destinies. Your family could have a profound impact on this world!

Every leader wants to bequeath intact all that he or she built and sacrificed for over many years. That’s the heart of a parent and founder. At the same time, the next generation needs to forge a future that, by definition, will be different from—and hopefully better than—the past. Defining and synthesizing the values of each generation assures that a legacy will not only thrive in one generation, but that it will be vibrant for generations to come.

1.

Dacin, M.T., Dacin, P.A., & Kent, D. (2019). Tradition in organizations: A custodianship framework. Academy of Management Annals, 13(1), 342-373, p. 356, as quoted in Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press.

2.

Schuman, A., Stutz, S., and Ward J.L. (2010). Family Business as Paradox. Palgrave MacMillan, 2010, New York: a division of St. Martin’s Press.

3.

Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press, p. 3.

4.

Jaskiewicz, Combs, and Rau (2015) Jaskiewicz, P., Combs, J.G., & Rau, S.B. (2015). Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship. Journal of Business Venturing, 30(1), 29–49, as paraphrased in Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press, p. 3.

THOUGHT LEADERSHIP

DATA & ARTIFICIAL INTELLIGENCE How the COVID-19 pandemic fast-tracked an already existing trend

By Denise Holzer

THE COVID-19 PANDEMIC HAS RAPIDLY ACCELERATED A DIGITAL TRANSFORMATION WITHIN OUR SOCIETY

Denise Holzer Managing Director at Chatsworth Securities, LLC Inc. a Greenwich, CT based investment bank. Ms. Holzer is a Technology, Artificial Intelligence & E-commerce expert, with operational experience working at technology start-ups. She Co-Founded Crunchet, a new app positioned to be a leading global social community in the growing cross-over between Esports, Sports, Entertainment & Social Impact. Prior to joining Chatsworth, she spent over a decade at Morgan Stanley. She is a graduate of Tufts University and serves on the board of the American Society of the University of Haifa. dholzer@chatsworthgroup.com

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The COVID pandemic has rapidly accelerated a digital transformation within our society. The crisis not only highlighted substantial complications in the monitoring of medicine and analysis of healthcare data, but also disrupted a steady flow of goods and services. This exposed many outdated business models and supply chains. In far too many instances during the pandemic, businesses had to reassess plans, profit forecasts, and balance sheets. The ongoing stress has many companies searching for better ways to unlock unvalued or undervalued business assets in order to fuel transformation and new business models. Chief among these valuable assets are corporate data, human intelligence and combinations of both.

REAL WORLD BIG DATA FOR CLINICAL RESEARCH AND DRUG DEVELOPMENT The global pandemic and the crisis that followed has greatly increased the need for anonymized patient data in the already established and growing demand from clinical research and drug development. Anonymized data means encrypting personal data or eliminating identifiable information so that the collected data source is untraceable.

COVID has resulted in exponential growth of empirical research that relies on big data and the need for high-volume, routinely collected

specialized and genetic health records. This data, using artificial intelligence to dissect and distill important trends, facts and other information, has the potential to provide valuable insights to assess health conditions like COVID and treatment effectiveness.

While a significant portion of the healthcare data in the world resides within hospital networks, hospital margins are razor thin, making internal investments in data infrastructure difficult. Companies like Syndesis Health, a client of our firm, is a global market leader in utilizing data trust technology to anonymize health data with government grade security.

They are moving fast to help hospitals market and monetize the data by licensing anonymized patient records to clinical research and pharma companies. Syndesis Health creates a solution for companies with valuable data by taking on the expense to migrate the data and then share in a percentage of the resulting revenue with the hospital, its client. Kamil Mehmood, a Director at Syndesis Health, says “The future of healthcare will be data driven. The ability to safely and securely leverage anonymized health data is enabling a rapid acceleration in the development of new innovations that improve health outcomes.”

Mehmood adds, “at Syndesis Health, not only are we focused on making this data available for research, but we are also focused on ensuring that the economic benefits created from its use are shared with the hospital networks that are making it possible.”

ACCELERATING DIGITAL GROWTH – HOW CEOS ARE CATCHING ON IN RESPONSE TO THE PANDEMIC

(AI) solutions that can improve flexibility within critical supply chains and act rapidly in response to changing customer needs.

As the COVID crisis escalated business risk, organizations around the globe desperately raced to maintain supply chain continuity in the midst of worldwide lock downs.

CEO demands became even more difficult – forcing many to act decisively across entire organizations and accelerate digital transformation to avoid operational pitfalls and ensure that talent pipelines adapted to new conditions. According to KPMG’s 2020 CEO Outlook, 67% had to rethink their global supply chain and 77% will continue to build on digital collaboration and communication tools to improve business processes.

Another client, Neville Teagarden, CoFounder and Managing Partner at AI Capital, a Colorado based Venture firm, invests in early growth stage enterprise AI software companies. Teagarden says, “Before launching AI Capital, I held CIO/CTO roles at Fortune 500 companies where I helped my peers find software companies to improve business functionality. My academic training [MIT] and early career involved the development of AI systems.“ Teagarden adds, “As human talent was distracted during the COVID period, business technology systems had to become more responsive to dynamically changing circumstances. This has led to an acceleration in the adoption of artificial intelligence, which codifies the human intelligence in businesses. These unfortunate circumstances have created even more exceptional investment opportunities in AI.” Teagarden sees the promise and potential of companies like Syndesis Health and holds a position in the parent company, Agorai, through AI Capital’s funds.

Understanding the importance of building resilient supply chains that can withstand shocks and offer the agility to pivot to new opportunities is now critical to drive growth and remain competitive postCOVID. As a result, organizations across the globe are rapidly in search of enterprise software tools and artificial intelligence

Understanding the importance of building resilient, flexible supply chains that can withstand shocks and offer the agility to pivot to new opportunities, are now critical for CEOs to drive growth and remain competitive post-COVID. Teagarden says, “We launched AI Capital because of a growing trend to use Applied Artificial Intelligence to solve company inefficiencies.” As a result, organizations across the globe are rapidly in search of enterprise software tools and AI solutions that can improve flexibility within critical supply chains and act quickly in response to changing customer needs.

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THOUGHT LEADERSHIP

THE HISTORY OF ARTIFICIAL INTELLIGENCE – CORE TECHNOLOGIES VS APPLIED AI Pre-pandemic, AI was already performing a critical role behind the scenes in virtually all of society. The first work that is now generally recognized as AI was performed in the early 1940’s, but only in the last decade – with the rise of open-source, low-cost cloud computing and ubiquitous access to data – have companies and entrepreneurs realized how valuable it can be to solve significant societal issues. As a result, more and more core AI technology tools were developed, acquired and integrated into the cloud and made accessible to developers. Domain experts any field around the world looking to solve a challenge, can now hire developers to apply core AI technologies to improve data understanding, efficiency and business processes. This has led to a rapid acceleration of applied AI enterprise software companies coming to market to solve real-world business challenges at the enterprise level.

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THE FUTURE IS ALREADY BEING BUILT AROUND AI A new wave of Applied AI companies has taken off during the last five years across multiple industries from Life Sciences to Healthcare to Food Supply to Energy to Manufacturing. Many companies already show demonstrable metrics on their impact to improve management processes for a business, create more agile and flexible efficiencies, and improve revenues.

Illustrating the rapid growth and potential of these types of companies, Teagarden notes that “AI Capital invested in Link3D Inc. At the time of its investment, Link3D was a startup that built business software for additive manufacturing that incorporated artificial intelligence to automate business processes such as CAD/CAM design, job costing, scheduling production, post-production and quality management to streamline production and supply chain management. Its software allowed

equipment manufacturers to streamline production and supply chaing management.”

Link3D software helps manufacturers like Lockheed Martin, Baker Hughes, Fraunhofer, PostNord, GoogleX, and several others scale industrial 3D printing supply chains for medical implants, aircraft parts, and technology components. During COVID, Teagarden says, “Additive manufacturing performed a lifesaving role in printing replacement ventilator valves, for example. Our investment was propitious,” Teagarden added, “the company was acquired just 15 months after we invested.”

PAYMENT SYSTEMS & CONTACT TRACING With the benefits of AI technology, one significant method of contact tracing during COVID has been through using payment data. Every payment made via a credit card or a mobile wallet collects a lot of data: who is purchasing, what is being purchased, location data, and so forth. This brings up the whole concept of data ethics and the importance of data trusts.

As governments took a serious interest in social distancing, they needed a simple method to do it,” says Marcus Magarian, Managing Director at Chatsworth Securities. The analytical data captured through these transactions can tell a story from the collected data. Providing consolidated and unopinionated insights into the customer or population behavior, segregating population groups, observing shopping behaviors of consumers and how it changes.“ Spending patterns for frequent flyer miles or regular cash transactions has tremendous value for companies and governments to understand how consumers spend.

“It also clearly shows if a person is more willing to buy a product with cash vs their frequent flyer points; so, through a data trust companies or governments can study this data while protecting the individual’s privacy through a data trust structure,” added Magarian.

FINANCING DATA AS A TANGIBLE ASSET As a result of COVID, the need to extract value from data and create additional borrowing capacity from that data, has taken on a new urgency, as companies, specifically airlines, fought to shore up liquidity during the coronavirus crisis. American Airlines was among the first companies to use their data as a tangible asset when they informed investors in June 2020 that they planned

to pledge its AAdvantage loyalty program as collateral for government debt on a $5.5 billion loan. The AAdvantage loyalty program was appraised to be worth between $18 and $30 billion. United Airlines followed shortly after announcing in June 2020 plans to use its MileagePlus as collateral for a $5 billion loan and Delta announced in September 2020 to use its frequent flyer SkyMiles program as collateral to borrow $6.5 billion.

This creative way to raise cash is only the beginning of a new trend. It also means Wall Street will be valuing data on a company’s balance sheet. The World Economic Forum

estimates the global value of data to be $3 trillion, yet companies still struggle to access this value or realize it on a balance sheet. Another client of our firm is Agorai, one of the first companies focusing on using Data Trust technology to finance data as an asset, enabling it to be transparently reflected on a company’s balance sheet. Josh Sutton, Agorai’s CEO, says “When Caesar’s Entertainment filed for bankruptcy in the US, their data which had previously not been listed on their balance sheet, was valued at $1 billion. Data is now the most valuable resource in the world.” Agorai works with companies that have monetizable data assets either through direct recurring revenue, impaired revenue or terminal value to unlock value with an intangible asset backed loan.

Frequent Flyer Miles for Airlines, Loyalty Programs for Casinos, Cruises, Hotels and Fan and player likeness data are just a few examples.

The COVID pandemic not only highlighted the importance of this data but also unlocked the value. And this trend has only just begun.

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PHILANTHROPY

Reimagining

WEALTH AND PHILANTHROPY

By Mike Scala

reason to come together in a shared pursuit of meaningful futures. Reimagining wealth is a key component in making such intergenerational collaboration possible. What does wealth mean to each different generation in your family? What does the family legacy look like today? How do the children in the family see the possibility of being part of a lasting legacy 30 years from now? One of the organizations leading that shift of reimagining wealth through philanthropy while working to transform the way families align their core values with impact is “The Impact Agency.”

As the model of traditional investing is shifting and Family Offices around the world are starting to pivot their portfolios towards impact investing, next-gens are supporting their families in the largest wealth transfer in the history of humanity as we know it.

With that said, many families are re-thinking the way in which they approach honoring their family legacy while making a positive change in the world. More principals and next-gens are passionate about philanthropy and sustainable solutions that not only have a healthy ROI but are also good for the planet.

With more intergenerational communication, integration, and collaboration occurring within many families, a new model is taking shape aligned with the context of our times and many are looking for more “current” approaches. This powerful shift has fostered

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Mike Scala is the founder of The Impact Agency, a private, specialized agency working with families and foundations to maximize their philanthropic efforts, and as a result, reimagine philanthropy while expanding their family legacy. Scala has founded a number of organizations deploying capital globally while implementing sustainable solutions and impact across all sectors. He has led efforts both on the ground and behind the scenes traveling around the world to work with families, NGOs, and the public and private sector.

In addition, his work with organizations such as Bankers Without Boundaries with governments, institutions, and cities to mobilize capital applying financial concepts/structuring to public projects aligning them with the investment needs of capital markets, risk reduction, scaling and generation of financial returns, the World Health Organization, SAP, and more have resulted in providing aid and opportunities to millions across continents the past two years alone. He has been recognized at The World Economic Forum and has spoken at some of the top universities and institutions

such as NYU, Cornell, BI of Norway, the United Nations, and private family office gatherings internationally. Scala, is often referred to by his peers as “the swiss army knife of philanthropy.”

When COVID19 was announced a global pandemic at the end of March, Mike was approached by a number of families around the world and was entrusted with helping them to deploy aid effectively. Throughout that process he was called upon by various world leaders to support relief efforts. He and his team spent 8 months on the frontlines in countries around the world setting up food supply chains, building teams, working throughout Los Angeles County, Chicago, New York City, and were called upon by members of the European Union to support in leading efforts around community youth engagement, education, public health, messaging and communications, and relief for underserved communities across the US and Europe. Working directly with families, donors, and corporations such as Vivobarefoot, he and the agency were able to provide 25k+ families in the US with food, PPE, supplies, and necessities, increase efficiency of supply chains for shipping of aid to communities in need, provide 10k+ of the homeless population in the US with food, clothing, jobs, and supplies, new facilities for the Watts Empowerment Center, 50k+ units of PPE equipment to hospitals in Chicago, LA, NYC, and Italy, $700k+ worth of educational supplies to underserved communities that do not have access to the internet or tech for online learning during lockdowns, over 10 million impressions and reach on social media, messaging, and engagement to raise public health awareness.

Throughout his work around the world Scala saw funding spent inefficiently, a lack of cohesion and accountability, and found that so many donors, families, and people don’t trust charities. In fact, over 40% of people in America alone don’t trust charities and families and companies waste millions of dollars on philanthropic giving efforts that end up being a band aid to the issue. After seeing that inefficiency, he decided to create The Impact Agency which invests resources effectively so they land where they need to land. Connecting those who are willing to help with those who need the help.

The Impact Agency provides accountability, scale, and maximum return on impact of giving. With a track record of a minimum of 2-5x return on impact, (that is for every $1 million they deliver up to $5 million of good out into the world) they are empowering and supporting the transformation of dynamics intergenerationally. It is the first of its kind as a “one stop shop” with experience in the areas of disaster relief, human rights, youth and community engagement, education, environmental sustainability/clean energy, tech, arts and culture, and more. They help create the

project, provide accountability and reporting, vet and find the best-fit beneficiary aligned with the family’s values, have experience on the ground globally working directly with communities, understand cultural dynamics, diversity and inclusion, and create strategic partnerships so that the community has direct involvement in the project creating ownership and protecting your investment.

They also ensure effective execution of the project and support sustainable practices to enable its relevance after completion.

In the current state of the world, many families and their businesses not only have an opportunity to make a difference for the future generations of the world, but a chance to change history through their legacy and shared values through impact.

Contact: Mike Scala mike@the-impact-agency.com

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