M i d d l e b u r g
L i f e
THE Life PURSUIT Insurance OF ALPHA
The term “alpha” has a lengthy Investopedia definition. In short, “alpha” is the excess we return over In a recent column, touched on investment’s a relatively new phenomenon an benchmark index in the life insurance world: life return. Investors aim for “alpha”. insurance for the living. A few Therefore, almost all investment years back, IRSthey made advisors feelthe that geta change paid to to the tax code that made us look chase “alpha”. at life insurance a little differently. This investors modification for the Few haveallows the necessary “death benefit” to be used combination of ability, time,during capital lifetime for a qualifying illness. and control over an investment to create “alpha”. Regardless of Yes, it sounds interesting and it experience, investors have is, especiallymost if you’re familiar these goals in mind: ability to live with the statistics of the aging on their portfolio’s income, saving baby-boom generation. Nearly for a child’s education or theirtheir own 10,000 Americans celebrate 65th birthday daysure andtheir the retirement andevery making average lifeare expectancy investments first-rate. is now 78.8 years of age. If we look back Most investors challenge 100 years ago,share the the average life of capturingwas the only “return” the expectancy 54.6 of years. Of course, this is great news, but capital markets, as opposed to along with their the good algenerating ownthere’s “alpha.” ways the is, bad. Problem most investors never capture the market’s entire return. The Department of Health and They don’t get the investment’s full Human Services reports 7 out return, rather the investor’s return. of 10 Americans over age 65 will What’s difference? suffer athe chronic illness. An aging population brings with it rising Carl Richards, a writer quoted in the health care costs, not just for the financial rags, individual butcalls also this for difference our gov“the behavior gap.” Unfortunately, ernment. The U.S. spends nearly emotions prohibit sound $725 billioncan annually on chronic investment decisions and investors illness. The seriousness of the situation is recognized, hence the buy and sell when they shouldn’t. move to make later life care more affordable and sustainable for our “Boomers.” But the question still remains, how are we going to take care of our aging population? While this question may make you wantyears to hideI’ve in a been dark hole and reFor advocating sist the reality of aging, it may be that investors stop trying to catch more advantageous to think about “alpha”. I encourage to your future and make ainvestors plan. This settle in and rely on an empirical redefining of life insurance beapproach, not based onofspeculation, stows a combination potentials: death protection,science potential but onbenefit the irrefutable of cash accumulation and care when capital markets. Investing in a you mostdiversified, need it. globally tax and cost efficient portfolio will prevail. –Tom Wiseman
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WISEMAN & ASSOCIATES WEALTH MANAGEMENT 540-687-7077 wisemanandassociates.com
Leaves From a Hunting Journal, 1880 By NSLM Staff For Middleburg Life
he National Sporting Library and Museum (NSLM) is dedicated to preserving, promoting, and sharing the literature, art, and culture of horse and field sports. NSLM preserves thousands of rare books at its campus in historic Middleburg, Virginia. “Leaves From A Hunting Journal” by Georgina Bowers was published in 1880. This compilation book is filled with humorous cartoons about the fox hunting field. Georgina Bowers (1835-1912) was a cartoonist, caricaturist, and illustrator whose works were published beginning in the 1860s. Bowers rose to prominence as an illustrator for the humorous British magazine Punch. In 1871, she married Henry Edwards, a horse surgeon. Bowers was an avid hunter, and claimed that most of her humorous material was drawn from her observations on horseback as she rode to hounds. Many of the stand-alone books she compiled later in her career dealt with hunting and riding, and NSLM holds five different titles by Bowers in its F. Ambrose Clark Rare Book Room.
“Leaves From A Hunting Journal” is one of over 100 books available to purchase through the NSLM annual auction. Composed of duplicates from the Library collections, the auction will continue until Nov. 8. This year’s auction includes some lovely sporting art and is perfect for holiday shopping. For information about the auction, visit www.nslmrograms.org. For information about NSLM, visit www.NationalSporting.org. n Above: Leaves From A Hunting Journal, Georgina Bowers, London: Chatto & Windus, 1880. This volume is bound in papered boards that show the wear of age. Image courtesy NSLM. Below: “Still waters run deep - a lesson best learned by experience,” from Leaves From A Hunting Journal. Image courtesy NSLM.
Above: “Bad excuses better than none - A lost shoe is a favorite one with old Kopperas, who is always left behind,” from Leaves From A Hunting Journal. Image courtesy NSLM.
At Right: “A Pleasant Way,” and “An Uncomfortable Way,” from Leaves From A Hunting Journal. Image courtesy NSLM.
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