Check out the latest edition of our newsletter!
Notes From The Field
August 2023
818-369-7900 | FieldLawPC.com
The Nobel Prize
A LEGACY TO BENEFIT HUMANITY
The Nobel Prize is widely regarded as one of the most prestigious awards in the world. It was established by the will of Alfred Nobel, a Swedish inventor, engineer, and industrialist. He’d amassed a fortune for inventing dynamite and producing it for use in Europe’s many wars. When he died in 1896, he stipulated that most of his wealth was to be safely invested and then distributed annually in prizes rewarding individuals for their contributions to the benefit of humankind. The Nobel Foundation, whose mission is to carry out his will, manages these funds. At the time of his death, the will was not without controversy. Nobel had written many wills throughout his lifetime, composing the final one in the last year of his life unbeknownst to his relatives. His family went to court attempting to overturn the will. They were ultimately unsuccessful. Every year, individuals and organizations in several categories win the prize. Some of the most well-known areas for awards include Physics, Chemistry, Physiology or Medicine, Literature, Peace, and Economic Sciences. The Nobel Peace Prize has drawn particular attention given that Alfred Nobel was known best during his lifetime for the destruction caused by the dynamite he created.
and selection process for the Nobel Prize varies depending on the category. Generally, qualified individuals such as professors, scientists, and other experts in the respective fields nominate eligible individuals or organizations. The nominations are typically confidential and only shared among the committee members. The committees then evaluate the nominations, conduct investigations, and consult with experts to make informed decisions. The individuals or organizations that receive the awards have demonstrated extraordinary achievements and contributions that align with the intentions outlined in Alfred Nobel’s will. The laureates are announced each year on specific dates for each category, and the awards are presented in a ceremony in Stockholm, Sweden, except for the Nobel Peace Prize, which is presented in Oslo, Norway. Despite being a brilliant inventor, Alfred Nobel’s most outstanding contribution to the world is his legacy of acknowledging the best of humanity. Like all great legacies, this global impact did not happen by accident. Through careful consideration and intentional action, Alfred Nobel defined his posthumous commemoration. Nobel’s desire to be remembered is fulfilled in the recognition and reward that the foundation gives to those individuals who prioritize the benefit and well-being of all people. Though it is difficult to comprehend, there will be a day when your life ends, and all that remains of you are the things and words you leave behind. When this happens, you will be remembered or forgotten based on the values you expressed throughout your life and in your estate plan. If you have not already, take time today to reflect on what you have prioritized in your life and ask yourself if those values accurately communicate what matters most to you to the people who matter most to you. Do not wait until tomorrow. Do not fool yourself into thinking that your intentions are enough. Your intent is only as powerful as the words you live by and the actions taken.
The importance of the Nobel Prize lies in its recognition of exceptional achievements and contributions to humanity. The prize aims to honor individuals or organizations that have made significant advancements or valuable contributions that benefit humanity. It acknowledges and promotes outstanding work and inspires others to strive for excellence. The Nobel Prize is awarded based on the decisions made by various committees and organizations specific to each category. The nomination
What legacy will you leave?
FieldLawPC.com | 1
Published by Newsletter Pro • www.newsletterpro.com
BRAIN GAMES
SOLUTION
The Modern Portfolio Theory and His Nobel Laureate
American economist and Nobel Laureate Dr. Harry Markowitz revolutionized financial economics by developing the Modern Portfolio Theory (MPT), a groundbreaking approach to risk management and investment diversification. Born in 1927, Markowitz showcased intellectual prowess early, earning his Ph.D. in economics from the University of Chicago in 1955. His doctoral thesis, published as “Portfolio Selection” in the Journal of Finance, pioneered a novel framework for asset investment, challenging conventional risk-return analyses. The MPT, Markowitz’s brainchild, provided investors with a scientific methodology for maximizing returns while minimizing risk. He introduced the concept of an “efficient frontier,” representing portfolios that offer the highest expected return for a given level of risk. The core idea is not to put all eggs in one basket but to construct an “optimal” basket with an ideal risk-reward balance based on statistical measures like variance and co-variance. In 1990, the Royal Swedish Academy of Sciences awarded Markowitz the Nobel Memorial Prize in Economic Sciences, which he shared with Merton Miller and William Sharpe. The academy recognized his work for reshaping our understanding of price formation for financial assets and, subsequently, influencing global financial strategies.
Dr. Harry Markowitz passed away on June 22, 2023. Markowitz was 95 years old. He was a member of Matson Money’s Academic Advisory Board. Markowitz developed the foundations of the Modern Portfolio Theory in the 1950s, which demonstrates how an investment portfolio can be engineered to maximize return for any given level of risk. The Matson Method for portfolio construction adheres to the principles of Markowitz’s theories, which we assert will continue to work for generations.
2 | 818-369-7900
Published by Newsletter Pro • www.newsletterpro.com
ART THIEVES MADE HER FAMOUS A Little-Known Painting Caused Worldwide Frenzy On Aug. 21, 1911, Vincenzo Peruggia made history and immortalized a once unnoticed painting. Leonardo Da Vinci’s “Mona Lisa” was stolen long before the iconic painting was heavily secured as it is now. Peruggia and two other Italian handymen stole the now-infamous portrait from the Louvre. What ensued is one of the most internationally followed thefts of modern times.
GRILLED HALIBUT WITH ROASTED RED PEPPER SAUCE
Inspired by FoodAndWine.com
Ingredients
• 1 16-oz jar roasted red bell peppers, drained • 5 garlic cloves • 1 tbsp sherry vinegar • 2 tsp honey
• 1 tsp kosher salt • 1/4 tsp black pepper • 1/2 cup olive oil • 4 6-oz skin-on halibut fillets
Historian James Zug shared with National
Public Radio the odd nature of Peruggia’s choice of art, as “the ‘Mona Lisa’ wasn’t even the most
Directions 1. In a food processor or blender, mix bell peppers, garlic, vinegar, honey, salt, and black pepper until smooth. Transfer sauce to a bowl; whisk in oil. 2. Into a large plastic zipper bag, pour 1 cup of sauce; add halibut fillets and seal bag; turn to coat fillets. Let marinate in refrigerator for 20 minutes. Reserve remaining sauce for serving. 3. Preheat a grill to medium-high (400–450 F). Remove halibut from marinade; scrape off excess. 4. On oiled grill grates, arrange fillets and grill, covered, until fish flakes easily, 4–5 minutes per side. 5. Transfer fillets to serving plates or a large platter. Drizzle with reserved sauce. Serve alongside preferred veggies and crusty bread.
famous painting in its gallery, let alone in the Louvre.” The painting was so inconspicuous that it took a whole 28 hours before anyone realized it was missing.
Headlines ran worldwide of the mysterious theft and even pointed suspicion at the famous American art lover and tycoon J.P. Morgan and renowned artist Pablo Picasso! Tensions were building in Europe as World War I was imminent, and that soon led to suspicions of German interference. The Louvre was shut down for nearly a week amid the frenzy but soon reopened with an empty space where the “Mona Lisa” once hung, bringing in countless spectators. It actually took an entire 28 months before the painting was finally returned. When Peruggia and his crew could not sell the picture due to the sheer magnitude of the investigation, they tried one last-ditch effort over a year later to sell it, only for them to be reported and finally arrested. His sentence? Eight months in prison! After his capture, the art thief changed his story from looking to sell the painting to wanting to return the “Mona Lisa” to her country of origin as a symbol of national pride. Noah Charney, a professor of art history and author, explained that the theft made the “Mona Lisa” famous. “There was nothing that really distinguished it per se, other than it was a very good work by a very famous artist — that’s until it was stolen,” Charney detailed. “If a different one of Leonardo’s works had been stolen, then that would have been the most famous work in the world — not the ‘Mona Lisa.’”
TAKE A BREAK
Backpack Books Daffodil Festival Friends Harvest Learning Meteor Produce Smores Sunscreen Yardwork
FieldLawPC.com | 3
Published by Newsletter Pro • www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
818-369-7900 FieldLawPC.com
P.O. Box 8306 La Crescenta, CA 91224 INSIDE THIS ISSUE
Alfred Nobel’s Priceless Gift to Humankind
Upcoming Events
A Paradigm Shift in Financial Economics
Grilled Halibut With Roasted Red Pepper Sauce
How Did ‘Mona Lisa’ Become Famous?
The Endless Fight for Jimi Hendrix’s Estate
Jimi Hendrix Left a Legacy Without a Will THE HENDRIX FAMILY FEUD
We often hear about celebrities’ haphazard wills (like Ike Turner and Aretha Franklin), but what happens when a celebrity passes without one? This legal catastrophe occurred when legendary guitarist Jimi Hendrix passed away at 27. The result was a long legal battle, explosive family division, and ongoing lawsuits. Jimi Hendrix, known for classic hits such as “All Along the Watchtower” and “Voodoo Child,” died abruptly, leaving his massive estate without a designated beneficiary. Without a will, the court must follow the laws of intestacy, and as Jimi had no wife or children, his estate would go to his parent, Al Hendrix. However, in 1990, Al sued Jimi’s lawyer for mishandling his son’s music rights. After winning the case, he created Experience Hendrix LLC, a family-owned organization that controls the legacy of the guitar aficionado.
Meanwhile, Jimi’s brother Leon continuously argued he should inherit his brother’s estate since he was closest to him. He tried to reason that if Jimi had made a will, he would be named the inheritor. The argument didn’t hold up in court. Then, sadly, Al passed away in 2002. In Al’s will, he didn’t give Leon control of Experience Hendrix LLC — he gave it to his daughter Janie Hendrix, Jimi’s stepsister. Again, Leon tried to persuade the court he should have control of the late musician’s estate. But Janie’s name was on Al’s will, and Leon was noted to have been removed since he struggled with drug abuse. Now, Janie continues to successfully run the family business and keep the legacy of Jimi Hendrix strong.
Noel Redding and drummer John Graham “Mitch” Mitchell sued the Hendrix estate, claiming they deserved a portion of the profits, but Experience Hendrix LLC sued them for the invalid claims, and their battle is still ongoing. Let this chaos be a warning that you shouldn’t wait to create your will!
However, the legal mayhem isn’t over yet. In 2022, the families of bassist David
4 | 818-369-7900
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator