In the early part of my Family Office Journey, I was fortunate to come across Anthony Deden and his philosophy, thanks to one of my close friends and business partners.
Rather than providing a deep dive into who Anthony is and what he’s accomplished, I will provide a quick summary below and post the link to the Interview conducted by Real Vision.
The YouTube video is linked below for all of you to watch.
Summary
For those of you new to the term “irreplaceable capital,” its definition comes, as I know it, mainly from the mouth of Anthony himself.
Liquidity events in family businesses symbolize not just a single generation but often multiple generations of tireless effort. They encapsulate the victories, defeats, moments of joy, and challenges faced by the individuals who built the wealth. The substantial financial gains from these events represent their immense dedication and perseverance, making the financial capital irreplaceable.
Generally speaking, after liquidating ownership of the operating business(es) that supported the Family, no more money comes from the fountain of where that wealth first sprang.
Therefore, irreplaceable capital demands respect in how it’s managed to ensure its growth and protection for generations to come, as no more will come from the generation that first built it.
Anthony’s Conflict
Anthony suggests that public markets are hopelessly corrupt and that markets are inefficient not because edge doesn’t exist in them but because numbers and figures are so manipulated that it’s hard to determine what the truth is.
Anthony’s beliefs come into conflict with traditional methods of managing money.
Given the irreplaceable nature of this capital, there is a moral dilemma in investing it in markets that Anthony views as heavily manipulated. To resolve this conflict, Anthony shifted away from public markets. Instead, he advocates investing in brick-and-mortar businesses owned by families with a proven history of resilience, risk management, and enduring success across multiple generations.
Without further delay, I hope you enjoy this interview by Real Vision.
Introducing Edelweiss Holdings.