This document provides a summary of the first quarterly newsletter from Ballenine Partners, an investment management firm. The newsletter includes a review of investment performance in 2012 and outlook for 2013, an analysis of recent tax policy changes, and articles on philanthropic myths and challenges facing owners of private businesses and illiquid assets. It also announces an upcoming event on multi-generational family compounds and lists other items the firm is watching and reading.

1. Information Tech-
Ballen ne Bulle n
First Quarter, 2013 Welcome to the second quarterly issue of the Ballen ne Bulle n, providing you updates,
informa on and unconven onal wisdom from Ballen ne Partners. (If you missed our
Ballen ne in the Media inaugural issue, you can read it here.) This issue is devoted to both a look back and a look
We’ve been asked to speak on a variety of ahead, as well as providing a number of interes ng ar cles. If you have topic sugges ons
topics by CNBC, The Wall Street Journal, or ideas on how we can make this a more interes ng newsle er for you, let us know.
Thank you.
Bloomberg, MarketWatch and Agence
France‐Presse. Find the interviews here.
2012 Year‐End Investment Review
White Papers
Our CEO, Roy Ballen ne, authored several and Our Perspec ves for 2013
white papers , including one on “The
Business of Wealth Management.” You can As part of our regular investment management and wealth planning reports to our
read it and others here. clients, we produced two recently we’d like to share with you:
 The Investment Management Group looks back at the key trends and
TH!NK Forum—Save The Date developments influencing the markets in 2012, then takes those implica ons
Ballen ne Partners’ TH!NK Forum event to offer some perspec ves for 2013.
returns Thursday, April 25 at the Ritz‐  One of Ballen ne Partners’ Senior Client Advisors, Adam Ochlis, CPA, MST,
Carlton, Boston. analyzes the fiscal cliff agreements nego ated between Congress and the
A dis nguished panel will discuss “Family White House, details what taxpayers can expect and offers some planning
Compounds— Legacy of Joy or opportuni es for considera on.
Genera onal Prison?”
Look for an invita on with all the details The Real Laws of “Wealthy But Illiquid” by
coming soon.
Money and Meaning Roy Ballen ne, ChFC, CLU, CFP®
What We’re Watching and Reading Guest author Dan Pallo a is an expert “The combina on of risk concentra on
 “Summer Hours,” a 2008 French film in nonprofit sector innova on and a and lack of liquidity poses significant
(available on DVD) about three siblings pioneering social entrepreneur. He is challenges for wealth management, and
sor ng out how to deal with inherited the president of Adver sing for for the preserva on of wealth. If you
summer house. It dovetails nicely with Humanity and the author of Charity are the owner of a private company,
our “Family Compounds” TH!NK Forum Case: How The Nonprofit Community director or major shareholder in a public
event discussion. Can Stand Up For Itself and Really company, a principal in a private equity,
 Learning about the impact of money in hedge fund or real estate investment
Change the World.
our lives at More Than Money web site, firm, you could be facing these very
including money and children. This ar cle exposes eight philanthropy risks/challenges/problems. “
 “The Cycle of the Gi ,” the latest from myths and Dan’s unconven onal
noted author James Hughes, explores Read Roy’s white paper on the
wisdom makes for interes ng reading.
“family wealth and wisdom.” ques ons to ask and strategies to
consider.
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