Welcome to Capital Revelations, our platform for education and commentary regarding the issues we are passionate about.
We expect to write a short piece whenever inspiration prompts us to do so, probably once or twice a month. Expect the topics to mirror the prominent topics of our website, but through the lens of the three primary forms of capital - human (intellectual and social), physical, and financial. We hope to share what experience, conversation, and literature have revealed to us regarding the beneficial utilization of the various forms of capital we all possess. And of course, we welcome any comments or feedback you might have. Enjoy!
In Part 2 of our exploration of how professional independent trustees should go about setting a trust’s overall investment strategy, we looked at the process of defining success, drafting an investment success statement, and translating that statement into investment goals such as current income and growth over time. If you haven’t read it, or don’t...
Previously, we began a multi-part exploration of your role as an independent trustee in establishing the overall investment strategy for your trusts. We looked at your non-delegable obligation to set the trust’s “North Star” and we promised to explore the specific trust and beneficiary circumstances you should consider when setting the trust’s overall investment strategy....
In July, we looked at the elevated professional fiduciary standard of care and, using a case study, discussed how courts apply it. With this piece, we begin a multi-part exploration of your role as an independent trustee in establishing and overseeing the investment strategy for your trusts. We’ll look at the unique role you play...
It is wholly a confusion of ideas to suppose that the economical use of fuel is equivalent to a diminished consumption. The very contrary is the truth. – William Stanley Jevons The third quarter was largely uneventful for most investors; economic activity strengthened somewhat, and though corporate earnings were impressive, investors anticipated it. As...
Sometimes drawing pragmatic lessons from legal proceedings requires pulling elements from multiple court cases, but for the professional fiduciary standard, we only need one; the Estate of Maxedon (1997). In this case, Edward Maxedon, a Kansas resident, placed farmland he owned into a trust for the benefit of his brother and sister to provide them...
As we embark on this exploration of best practices among professional independent trustees, it’s fitting to lay the foundation for the entire series by focusing on the fundamental framework that demands, defines, and animates your conduct, decisions, and liability as a professional trustee: the professional fiduciary standard of care. You may not realize that...
Freedom is not a gift bestowed upon us by other men, but a right that belongs to us by the laws of God and nature. – Benjamin Franklin As America prepared to celebrate its 250th birthday this past weekend, the fireworks arrived early for investors. Familiar themes driven by technological innovation powered stocks...
The Fog of War – McDonald Clarke The first quarter of 2026 has proven challenging for investors, on both the equity and fixed income sides. Joint U.S. and Israeli strikes on Iran and Iran’s response to block traffic passing through the Strait of Hormuz dented investor confidence, which had pushed U.S. equity indices...
The secret of change is to focus all of your energy not on fighting the old, but on building the new. – Socrates A crisis of confidence during November wasn’t enough to derail global equity market momentum, which ultimately produced a third remarkable year in a row. Recall that this multi-year run began in the...
… risks to inflation are tilted to the upside and risks to employment to the downside, a challenging situation. – Federal Reserve Chairman Jerome Powell The third quarter of 2025 built upon the rebound that began in the second quarter, though this quarter, small publicly traded companies performed the best, handily outpacing their large...
Copyright by Third Day Capital Management. All rights reserved.
Copyright by Third Day Capital Management. All rights reserved.
Third Day CapitalHow to Contact Us?
7 AM - 3PMOUR LOCATIONSWhere to find us?
4600 S Syracuse St 9th Floor, Denver, CO 80237
Third Day CapitalHow to Contact Us?
7 AM - 3PMOUR LOCATIONSWhere to find us?
4600 S Syracuse St 9th Floor, Denver, CO 80237
