Prince’s heirs are now stuck with a difficult position. Minnesota’s probate laws will determine how the singer’s estate is divided if the will is not found. Worse, 40% of it, or a cool $100 million, is owed to the Federal Government to pay estate taxes and that check is due nine months after his date of death. Although Prince’s musical library is tremendously valuable, it doesn’t mean it’s in cash. Much is tied up in illiquid assets, however, the government only accepts cash. This may result in a fire sale to produce liquidity to satisfy obligations.
Each year, the trip to Omaha for the Berkshire Hathaway annual meeting continuously offers deeper engagement for learning—often in places never expected. Although the actual event is Saturday, the opportunities start well before and extend well past.
Frequently, we are asked whether or not Amazon, Google or some other random stock is a good investment. The answer often frustrates, as the response is “it depends” What does it depend on? Either it is a good company or not, right? Not necessarily. Just like building a solid house, you have to build the framework of your investment plan. Identifying your financial goals will outline your plan of attack and prepares you for the financial challenges you will face.
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Recently, ABC broadcast a two-night miniseries profiling the life and crimes of Bernard Madoff. It focused on the $65 billion Ponzi scheme he and his henchmen perpetrated.
The miniseries tore open financial and psychological wounds still healing from the past several years. A friend of mine, Peter, emailed saying, “After watching this, it makes me want to bury all of our money in the mattress. I feel like no one can be trusted.”
Peter is not alone in his sentiments. But instead of burying your hard-earned funds in the mattress or backyard, take these steps to help protect you from a Madoff-type situation:
After discussing Ben Graham’s book The Intelligent Investor and his value investing foundation, Wally Weitz expanded upon his 40-year investing career with my Texas Lutheran University students.
With the financial markets dropping more than 10% between July and August, it seemed appropriate to have Wally Weitz, who embodies calmness and discipline, lecture my Texas Lutheran University students.
The US Dollar—strong or not—can be source of confusion. Investors and business owners need to know what it means when the US Dollar is strong or weak.
As the familiar rumble of the turbo-diesel burbled in front of the office, I knew Eddie was stopping by for his regular visit.
As I sat in my office Saturday evening a headline from CNBC said, “Chaos on Wall St,” while another screamed, “Markets in Turmoil; Special Coverage Sunday 7pm.”
Yes, the stock market, as measured by the Dow Jones Industrial Average, fell 3% one day and fell more than 10% from its peak. Nearly 1,900 points evaporated in less than a week.