The Luxury Missive Of The Palm Beach Hedge Fund Association
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News & Views For The Affluent Lifestyle
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Hedge Fund Trader Sanjay Shah Loses Appeal Over Order to Pay $1 Billion in Tax
The Court of Cassation in Dubai rejected the appeal from a lower court in the emirate this week, according to the Danish tax agency. The authority said in a statement Wednesday that it would now begin an asset recovery process.
Denmark has sought to claw back more than $2 billion that authorities said it was defrauded out of by networks of bankers, lawyers and others as a part of the Cum-Ex scandal. Shah was named as the mastermind of the scheme in which pension plans filed for tax returns to which they weren’t entitled, because they never paid the taxes to begin with.
Shah, a British national, has always maintained his innocence.
Shah and a group of individual traders and firms accused of earning vast sums of money from the tax trading loop hole are being sued in London by Denmark also. A London judge recently ruled the dividend tax refund claims at issue weren’t valid in a so-called validity trial...
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How Rich Do You Need To Be To Join The Global Wealthiest 1%?
If you want to join Monaco’s richest 1%, you’ll need an eight-figure fortune.
It takes $12.4 million to make the cut in the tiny Mediterranean principality, according to research from Knight Frank, where billionaire residents such as UK industrialist Jim Ratcliffe and Walgreens Boots Alliance chairman Stefano Pessina typically don’t face income or capital gains taxes.
Switzerland and Australia have the next highest entry points to the 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday as part of the property broker’s 2023 Wealth Report. In the US, $5.1 million will get you over the threshold.
The findings underscore how the pandemic and surging living costs are widening the gap between rich and poor nations. The entry point for Monaco’s richest is more than 200 times greater than the $57,000 needed to join the 1% in the Philippines, which is one of the lowest ranked of 25 locations in Knight Frank’s study...
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Automotive Pursuits
Aston Martin to launch eight new sports cars by 2026
Aston Martin is poised to launch eight new front-engined sports cars over the next two years, starting with a replacement for the DB11.
That model, likely to be called Aston Martin DB12, will kick-start the new model blitz that’s been three years in making, company chairman Lawrence Stroll today told the Financial Times’ Future of the Car summit.
“It feels like watching paint dry or grass grow, but after three years we’ve got our next generation of sports cars and will launch eight in the next 24 months,” he said. “We will bring in new technology, have performance from our F1 team integrated into the business, and continue the great luxury [of cars today].”
Stroll hinted that the new range would include a new model “above GT” that stood alone in the market. “We’ve created a new sector above GT,” he said. “A true high level of luxury with a high level of performance. Something new.”...
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Social Pursuits
Members Join Us At Our June 7th Deal Making Social!
Join The PBHFA, Athlon Family Office and its sports consortium Legends Advocates Sports Group for a deal making social with the founders of SMITH Sports at the Palm Beach Design Showroom on June 7th 2023 6:30pm-9:30pm.
You can expect a fun filled evening of sports celebrities, investments, fine art, open bar and light bites at the beautiful Palm Beach Design Showroom!
SMITH Sports is a sports facility investment opportunity that addresses the high demand for the training needs of Athletes, Clubs, Leagues & Youth and Public Schools in communities throughout the nation.
We will have the Founder & CEO, Mark Smith, who has spent 30 years as an award-winning FinTech professional integrating best-in-class client experience to drive some of the world’s most incredible brands. Mark provides is proud to be among an elite team that brings this special opportunity to you.
A Luxurious Evening With Jessica Julian In An Exclusive West Palm Beach Villa!
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How French Luxury Handbag Brand Fauré Le Page Is Staying Relevant Three Hundred Years Later
Fauré Le Page’s handbags are distinct French craftsmanship that goes back to the eighteenth century. Balzac, Dumas, Flaubert and Pushkin all mentioned the notorious French brand in their novels.
A brand for Europe’s kings and queens, the Fauré Le Page family continues to play a distinct role in French fashion history. Not following the fashion calendar, Fauré Le Page follows its own path and by doing so has been able to stay relevant for three centuries. Launching a new rouge capsule collection called, “Hot Fire,” Augustin de Buffévent, the House’s Artistic Director shares details about the new collection and how Fauré Le Page has been able to withstand the test of time...
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Welcome To Palm Beach Pursuits!
Palm Beach Pursuits is the monthly luxury publication of the Palm Beach Hedge Fund Association.
We are committed to bringing the finest in global and local luxury to our affluent membership base of ultra high net worth investors, family offices, hedge fund managers, and alternative asset professionals.
Partner With Us!
We work with a wide variety of luxury brands & financial companies who wish to become thought leaders to our affluent members & mailing list.
Sponsorship opportunities of the PBHFA, as well as banner/advertorial promotion on Palm Beach Pursuits are currently available.
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Yachting Pursuits
Luxury Yacht Purchases Remain Stable Amidst Economic Slowdown
The Yachting industry has been relatively resilient amidst the economic slowdown caused by the Fed’s decision to hike rates. The market for luxury yachts has remained stable as a downpour of wealthy individuals continue to flock Florida’s beaches.
According to industry experts, the luxury yacht industry is expected to continue to show resilience, with demand for yachts projected to increase in the coming years. The pandemic has led to an increase in demand for domestic travel, and more people are expected to turn to luxury yachts as a safe and private mode of Vacationing. In addition, yacht manufacturers are investing in eco-friendly and sustainable yachts, as the industry faces increasing pressure to reduce its carbon footprint.
Miami-based private yacht lender, East Harbor Financial, specializes in providing financing options for those looking to purchase luxury yachts for personal or business use. The company's expertise in the field has made it a go-to option for clients seeking a seamless and hassle-free financing experience. East Harbor is known for its commitment to providing clients with personalized solutions that meet their unique needs.
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Investment Pursuits
The man who bought $2 Million worth of Pepe (PEPE) minutes before the Binance Listing announcement, has already bought RenQ Finance (RENQ) in Each stage of its Presale
The crypto community is buzzing with the latest meme coin craze, PEPE, which is inspired by artist Matt Furie’s Pepe the Frog. In the past week, the token has seen an astounding 1,000% surge in value, making it the 45th largest cryptocurrency by market capitalization, overtaking FTM and SAND tokens.
PEPE made headlines when Binance, one of the largest crypto exchanges in the world, announced its listing in May 2021, causing a significant price surge. The investor mentioned in this article made a smart move by investing $2 million in PEPE just before the listing.
However, along with its price surge, the PEPE hype has also led to skyrocketing gas fees on the Ethereum network, reaching one-year highs...
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Partnership Pursuits
Announcing A Strategic Partnership With Dash Prime!
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May 15, 2023 (Prodigy PressWire via COMTEX) — The Palm Beach Hedge Fund Association is pleased to announce a strategic partnership with DASH Prime. DASH Prime LLC is a leading provider of prime brokerage, execution services, and flexible trading solutions.
David S. Goodboy, PBHFA founder commented, “We are thrilled to partner with DASH Prime. It is truly exciting to introduce DASH Prime suite of services to our hedge fund, institutional, and active investor membership base. DASH provides the edge needed to win in today’s volatile and lucrative financial markets.”
Ben Schwartz, Chief Strategy Officer at DASH Prime LLC added, “We are very excited to see how the partnership between Dash Prime and PBHFA can further expand our footprint in South Florida. I am confident that our trading technology and prime brokerage services will be a great asset to the PBHFA member base.”…
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Join Us In Miami With Visible Alpha!
You are cordially invited to our Miami Deal Making Luxury Soiree' on June 22!!
Held at the iconic Miami Beach spot, Smith & Wollensky's, the evening promises to be full of friendships, deal making, fine food/drink and finance chatter as we gather at our Miami Beach Deal Making Soiree'.!
Generously underwritten by PBHFA's exclusive partner, Visible Alpha, we are excited about our Miami Beach Deal Making Soiree!
Dress code is Miami chic or cocktail. There will be fabulous food & an open bar.
Valet or self parking onsite is available. We recommend Brightline and UBER for our Palm Beach & Boca Raton members.
Remember, this private event is strictly members only and by RSVP.
Do not hesitate to contact me should you have any questions.
We look forward to seeing you at our Miami Beach Deal Making Social!
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Wristwatch Pursuits
Watch Market Plunges Into Bear Market Territory
The second-hand market for luxury timepieces had a huge bull run over the past few years. But according to a report by Morgan Stanley using data from WatchCharts — which tracks real-time watch market sales — prices of the most sought-after watches from top luxury brands have dropped significantly.
The most popular Rolex models saw their prices falling 21% since the peak last April. For Patek Philippe, prices of the most popular references plunged 19%.
“We have noticed a significant increase of watch inventory in the secondary watch market year to date as a result of secondhand watch dealers and individual watch investors off-loading their stocks,” Morgan Stanley wrote.
The downtrend could be here to stay.
“Given the current watch inventory for sale and the worsening macro backdrop, we would expect second-hand prices to contract further quarter over quarter.”...
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Sponsorship opportunities of the PBHFA, as well as banner/advertorial promotion on Palm Beach Pursuits are currently available for select financial firms & luxury purveyors.
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