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ADVISING
A GU IDE FOR

THE ULTRA-
P R AC T I T I O N E R S

WEALTHY
GR E G ORY C U RT IS
Advising the Ultra-Wealthy
 Gregory Curtis

Advising the
Ultra-Wealthy
A Guide for Practitioners
Gregory Curtis
Greycourt & Co., Inc.
Pittsburgh, PA, USA

ISBN 978-3-030-57604-2    ISBN 978-3-030-57605-9 (eBook)

https://doi.org/10.1007/978-3-030-57605-9

© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the
whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
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not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective
laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in this book
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editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or
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published maps and institutional affiliations.

Cover credit image: MP_P

This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG.
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 Preface

After serving for many years as head of a family office for “America’s Richest
Family,”1 I launched Greycourt & Co., Inc. That was back in 1986, and at the
time Greycourt was one of the first independent firms working with ultra-­
wealthy families. Today, Greycourt continues to be among a small handful of
premier independent firms in the ultra-high net worth space, advising ultra-­
wealthy families in the US, Canada, Latin America, and Europe.
Over the nearly 35 years since Greycourt’s founding, I have learned a very
great deal about what is required to launch and build a firm serving ultra-­
wealthy families and to survive and prosper in what is an intensely competi-
tive field. The point of this book is to pass that learning along to other advisors
who may be interested in working with the ultra-wealthy.
Every year I talk with many financial advisors who have been successful
working with “smaller” families, typically “mass affluent” families with per-
haps one or two clients in the $20 million or so range. And, indeed, for advi-
sors who wish to work with very wealthy families, the first requirement is to
have demonstrated success working with less wealthy families. After all, most
of the core competencies required to be successful with the ultra-wealthy are
also required to be successful with a client of any size. See Chap. 1—“Ultra-­
Wealthy Families and Their Financial Advisors.”
Families that own businesses, even very successful ones, often have very
little liquidity. Hence, it will be mainly post-liquidity-event families that will
be looking for advisors. It has been our experience that the way families get
rich very directly affects how their accounts should be handled by their

1
David E. Koskoff, The Mellons: The Chronicle of America’s Richest Family, New York: Thomas Y. Crowell
Company, 1978.

v
vi Preface

advisor. I discuss this phenomenon in Chap. 2—“How Families get Rich (and
Why It Matters to You).”
One issue I often encounter is advisors who have worked with mass affluent
families but who also have a few larger clients that are institutional in nature.
Usually these are foundations, nonprofit organizations with significant
endowments, or a college. I have worked extensively with endowed institu-
tions, both as clients and via serving on boards and investment committees.
(Indeed, I have served on more than 30 investment committees, chairing
most of them.) I believe that wealthy families and institutions are extremely
different from each other, even when their asset bases are similar. I discuss
these differences in Chap. 3—“Differences Between Wealthy Families and
Institutions.”
For many advisors, the biggest challenge will be how to attract ultra-wealthy
family clients in the first place. It can seem to be an insurmountable hurdle,
but in fact, there are tried-and-true techniques that have worked for us over
the years and that will also work for you. I discuss those techniques in Chap.
4—“Building an Ultra-Wealthy Family Client Base.”
One constant I find in working with ultra-wealthy families is the extreme
level of complexity they present. For advisors who are used to working with
smaller families, this complexity can come as something of a shock—worse, it
can destroy the profitability of the engagement. In many of the following
chapters, I discuss some of these complexities, although of course complex
issues arise throughout the relationship.
Broadly speaking, the advisory skills required to advise the ultra-wealthy
are similar to those required to advise any client: establishing appropriate risk
parameters, designing the right portfolio for the family, selecting money man-
agers, and reporting on investment performance. But in every case the specific
details of how those activities are carried out will be different—sometimes
very significantly different. Much of this book is devoted to outlining those
differences.
In “smaller” families, decision-making is usually straightforward—the cli-
ent (and perhaps his or her spouse) make the decisions. But in wealthy fami-
lies decision-making can become very complicated very quickly. For example,
there may be two, or even three, generations involved in making investment
decisions, there may be collateral family units involved (cousins, for example),
and there may be a family investment committee that operates on a fiduciary
or advisory basis. These issues are discussed in Chap. 8—“On Governance:
Decision-Making in Families.”
While smaller families will make charitable contributions, for ultra-wealthy
families philanthropy will often be a core activity—perhaps the central
 Preface vii

activity of the family. Philanthropy can be carried out through individual gift-
ing (especially the gifting of appreciated securities), through family founda-
tions, or through donor-advised funds. I discuss philanthropy in Chap.
9—“Family Philanthropy.”
Sometimes an especially thoughtful family will engage an advisor in advance
of a liquidity event—a very important step, as it helps ensure that the family
will be prepared for the new world of liquid capital they will soon inhabit.
There are a few important steps a family should be taking in advance of the
sale of their company, and you, as the new advisor, can help guide the family
through these steps. See Chap. 10—“They’re Selling the Family Company:
Now What?”
Perhaps the most important chapter in this book is one of the shortest: Chap.
11—“What Is the Wealth For?” Families that have stayed together and lived
happy and productive lives while they ran a family business can find themselves
at sea when the business has been sold. It’s impossible for family members to
identify with something as inconcrete as liquid capital. So what is it that will
now hold the family together? It’s critically important for families to address the
issue of what their wealth is for, and to address it together, as a family.
If this book had been written a decade ago, I probably wouldn’t even have
mentioned socially responsible investing (SRI). But today SRI plays a central
role in family investing, especially for women and Nextgen family members.
I deal with SRI in Chap. 12—“Socially Responsible Investing.”
Most families who have enough investment assets to require an advisor will
also have an estate plan. But for “smaller” families those estate plans will be
quite similar and relatively straightforward. It’s a very different picture in
ultra-wealthy families, where the family may have many trusts (it’s not uncom-
mon for a very wealthy family to have several hundred family trusts). In addi-
tion, wealthy families will typically be taking advantage of a large variety of
tax-oriented strategies—GRATs, CRUTs, asset protection trusts, dynasty
trusts, and so on. See Chap. 13—“Trusts and Estate Planning.”
As everyone in the wealth advisory business knows, families typi-
cally devolves from shirtsleeves-to-shirtsleeves in three generations. The break-
down of family wealth can certainly happen as a result of poor investment
decisions, but more often, it results from family breakdown itself. Families
whose wealth survives beyond the third generation do so by paying every bit
as much attention to human capital as they do to financial capital. I discuss
family coherence in Chap. 15, under the section titled “Nextgen and Family
Transitions.”
Since this book is addressed to financial advisors who are already skilled at
many things, rather than go into excruciating detail about issues you are
viii Preface

already familiar with, I have simply lumped into one chapter a variety of mat-
ters you already understand but which may have to be beefed up to succeed in
the world of the ultra-wealthy. I include brief sections on asset allocation,
recurring mistakes wealthy families make, Nextgen issues and family transi-
tions, portfolio reporting systems, and goals and objectives. See Chap.
14—“Strengthening Your Existing Knowledge.”
In the last chapter I discuss several issues you will encounter advising
wealthy families that are absent in smaller families. For example, smaller
investors will typically use mutual funds, index funds, or ETFs, while wealth-
ier families will more commonly use separately managed accounts. In the
latter case, an asset custodian will need to be engaged.
While all families pay taxes, taxes are a huge issue for ultra-wealthy families.
Taxes must be considered from the very beginning, when designing the port-
folio; they must be taken into account when selecting managers; and, finally,
tax issues are usually central when selling positions (paying attention to long-­
term gains and to offsetting losses against gains).
Smaller families don’t have family offices, but most ultra-wealthy families
do. As an advisor, you will often interface more frequently with family office
personnel than with family members themselves.
Finally, you may wish to update your standard-form advisory agreement
before you begin to work with ultra-wealthy families.

Pittsburgh, PA Gregory Curtis

 Contents

1 Ultra-Wealthy Families and Their Financial Advisors  1

2 How Families Get Rich (and Why It Matters to You)  9

3 Differences Between Wealthy Families and Institutions 15

4 Building an Ultra-Wealthy Family Client Base 23

5 A Wealthy Family’s Many Advisors 29

6 Policy Statements for Wealthy Families 35

7 Evaluating Money Managers for Family Portfolios 57

8 On Governance: Decision-Making in Families 65

9 Family Philanthropy 69

10 They’re Selling the Family Company: Now What? 75

11 What Is the Wealth For? 83

12 Socially Responsible Investing 89

13 Trusts and Estate Planning 93

ix
x Contents

14 Strengthening Your Existing Knowledge 99

15 Miscellaneous Issues that Affect the Ultra-Wealthy115

Bibliography121

Index125
 List of Tables

Table A1 Strategic asset allocation 42

Table A2 Portfolio benchmarks 43

xi
 Introduction

The Ultra-Wealthy Family and You

Scott Fitzgerald supposedly once remarked to Ernest Hemingway, “Let me
tell you about the very rich. They are different from you and me.”
Whether or not the rich are different, rich investors are certainly different.
The level of complexity of their investment portfolios can be mind-boggling
to the uninitiated. On the other hand, the investment fundamentals that
apply to smaller investors apply with equal force to the ultra-wealthy—it’s just
that the numbers are vastly larger and, therefore, the consequences of mistakes
can be bone-chilling.
Still, no one starts out life being ready to serve as a financial advisor to
extremely complex, ultra-wealthy families. Yet, those of us who are in the
wealth advisory business all got there somehow, and so can you.
In this book, I have assumed that my readers are already accomplished
financial professionals experienced in working with smaller clients, but that
those readers are interested in competing for much larger mandates. Thus,
most of the material that would appear in a normal investment book has been
left out. What I focus on in these pages are the differences involved in advising
the ultra-wealthy.
I’ve worked with ultra-wealthy families for nearly half a century, initially as
legal counsel and then, for the past 40 years, as a financial advisor. I worked for
one of the world’s largest law firms, Reed Smith, in the mid-1970s and then
managed a family office for members of the Mellon family for 15 years. I then
formed Greycourt & Co., Inc., which remains one of the world’s premier
wealth management firms.
xiv Introduction

The World of Ultra-Wealthy Families

How many ultra-wealthy families are there in the US? The short answer is,
“No one knows.” According to the Boston Consulting Group (BCG), there
are more than 5000 US households worth $100 million or more, but that is
an estimate. The total could easily be twice that high. Globally, BCG projects
that ultra-wealthy families now control about $18 trillion. UBS and PwC
estimate that wealth in the U.S. controlled by billionaires totaled $10.2 tril-
lion in 2020.
Estimates of how many family offices exist are also soft, ranging from 3000
to 10,000 offices in the US, with many more on a global basis. On one issue,
though, there is wide agreement—this sector of the market is growing very
rapidly.

Organization of the Book

Chapter 1—“Ultra-Wealthy Families and Their Financial Advisors”

I describe the population of ultra-wealthy families and the challenges they
face in their struggle to remain wealthy. I then outline the human and tech-
nical skills required to advise these families.
Chapter 2—“How Families Get Rich (and Why It Matters to You)”
I describe the various ways families become wealthy and why those differing
paths matter to you as their future financial advisor. Advisors who work
with wealthy families will find that there is usually a very large difference
between working with the wealth creator—the entrepreneur—and work-
ing with subsequent generations. I discuss some of those differences and
how advisors can best navigate this complex world.
Chapter 3—“Differences Between Wealthy Families and Institutions”
Many financial advisors who have not yet worked extensively with ultra-­
wealthy families actually do have experience working with rather large
endowed institutions. In this chapter I emphasize the important distinc-
tions between families and institutions, distinctions that directly affect how
you will approach the challenge of advising wealthy families.
Chapter 4—“Building an Ultra-Wealthy Family Client Base”
It may seem daunting to find that first ultra-wealthy client and then to build
a successful wealth advisory business. But there are tried-and-true methods
for accomplishing these things.
Chapter 5—“A Wealthy Family’s Many Advisors”
 Introduction xv

The world of advisors to wealthy families is a vast and complex one, but it is
an area that needs to be understood by financial advisors who wish to work
with those families. Financial advisors will need to interface with, coordi-
nate and cooperate with, and adjust their advice in light of the work that is
being done for families by legal (especially estate and trust planning) advi-
sors, tax advisors (who may be accountants or attorneys), philanthropic
advisors, family dynamics advisors, and many others.
Chapter 6—“Policy Statements for Wealthy Families”
Given the complexity of an ultra-wealthy family’s financial affairs, carefully
written policy statements are crucial. In this chapter, I supply samples of
various policy statements most families will need.
Chapter 7—“Evaluating Money Managers for Family Portfolios”
Some of the issues associated with evaluating money managers are common
regardless of the nature of the investor. However, for advisors working with
wealthy families, additional issues will need to be considered. These include
the tax efficiency of the manager’s investment activities, the liquidity of the
investment, the willingness of the manager to incorporate a family’s specific
tax needs (by trading specific tax lots, for example), and similar matters.
Chapter 8—“On Governance: Decision-Making in Families”
Most wealthy families begin their lives as investors with one or two decision
makers who make all the judgments. These are typically the wealth creator
and his or her spouse. But as younger generations come of age, family gov-
ernance becomes more complex. I discuss some of the key issues associated
with family governance and suggest ways of dealing with them.
Chapter 9—“Family Philanthropy”
In most wealthy families, philanthropic issues will be handled either inside
the family or with an outside philanthropic advisor. Nonetheless, advisors
need to understand how philanthropic vehicles work and the importance
of philanthropy to most wealthy families.
Chapter 10—“They’re Selling the Family Company: Now What?”
I suggest a list of ten key steps a family should think through—with your
help—and implement when they are about to sell the family company.
Chapter 11—“What Is the Wealth For?”
Whether an advisor is working for the wealth creator or with subsequent gen-
erations, the core question for the family is, “What is our wealth for?”
Families—and individual family members—will answer this question in
different ways, but advisors need to be aware of how important the ques-
tion is and should be ready to assist family members in answering it.
Chapter 12—“Socially Responsible Investing”
xvi Introduction

While SRI has been around for decades, its prominence has increased greatly
in recent years. Although some SRI investors are prepared to sacrifice
returns in pursuit of their ethical goals, I will also suggest approaches that
consider these issues without sacrificing returns and will cite academic evi-
dence for which social/ESG/sustainable factors matter to returns and
which don’t.
Chapter 13—“Trusts and Estate Planning”
A full treatment of this topic is far beyond the purview of this book. In this
chapter, I focus on the investment implications of common tax and estate
planning techniques.
Chapter 14—“Strengthening Your Existing Knowledge”
As a skilled financial advisor, you don’t need me to tell you how to advise cli-
ents. But to work successfully with the ultra-wealthy, you may need to
strengthen your existing skills. In this chapter, I include brief sections on
asset allocation, recurring mistakes wealthy families make, Nextgen issues
and family transitions, portfolio reporting systems, and goals and objectives.
Chapter 15—“Miscellaneous Issues that Affect the Ultra-Wealthy”
In this chapter, I briefly discuss asset custody, managing investment taxes,
working with family offices, and rethinking your standard advisory
agreement.
I hope you find this book useful and wish you well in your quest to work with
America’s—and the world’s—ultra-wealthy families.
 1
Ultra-Wealthy Families and Their
Financial Advisors

Reporter, buttonholing an oil tycoon: Sir, are you aware that your son just lost
one million dollars on a sports franchise?
Tycoon: At that rate the boy’ll be broke in 315 years!
No, a family doesn’t have to have $315 million to be considered ultra-­
wealthy, though it certainly helps. In reality, being ultra-wealthy is more a
state of mind than an amount of money. A family that takes its wealth seri-
ously—one that focuses on the stewardship of that wealth for future genera-
tions, that thinks dynastically—is far more likely to be, and continue to be,
ultra-wealthy.
On the other hand, no matter how much money a family controls, if that
family treats its wealth frivolously, if it over-spends and under-invests, if it
ignores its own human capital, that family won’t be wealthy for long: shirt-
sleeves-to-shirtsleeves in three generations has been, and always will be, the
norm for most families.
All that said, an ultra-wealthy family needs to control a certain minimum
amount of capital. There is no absolute cut-off or minimum, but it’s useful to
note that most of the better wealth advisory firms have minimum account
sizes of $50 million to $100 million. (Or at least minimum account fees that
back into accounts of that size.) Some families with less capital than that will
still be ultra-wealthy-like, but most won’t be.
To put these numbers in perspective, note that the average American family
has a net worth of about $700,000, and most of that (north of 70%) is tied
up in their homes. And the median net worth is far smaller—less than
$100,000. Obviously, ordinary Americans don’t have much liquid capital to

© The Author(s) 2020 1

G. Curtis, Advising the Ultra-Wealthy, https://doi.org/10.1007/978-3-030-57605-9_1
2 G. Curtis

invest, and what they do have is likely to be in a retirement account—IRAs

and 401(k) plans, for example.
Wealth is very unevenly distributed in most countries, and the US is no
exception. According to an analysis by the University of California at Santa
Cruz,1 the top 1% of families own 35% of all wealth and the next 19% con-
trol an additional 50%. On the other hand, when people refer to “the top
1%,” they aren’t referring to what I am discussing in this book. To be in the
top 1% in terms of wealth requires a net worth of only about $5 million. In
other words, the ultra-­wealthy are—at least!—the top 1% of the top 1%.
As families climb up the net worth spectrum, they begin to resemble the
ultra-wealthy, albeit with less complexity, especially regarding family office
issues. Still, the main point is that while advising an ultra-wealthy family is
nothing like advising a mass affluent family (people with @ $2 million–$5
million in investable assets), it is really a spectrum. By the time advisors are
working with families with $25 million, even if it’s only a few clients, they are
dealing with issues quite similar to those faced by the true ultra-wealthy.
For purposes of this book, I consider the ultra-wealthy to begin at the $50
million level and preferably higher—many of the best wealth advisory firms
enforce a $100 million minimum account size. But of course, there are excep-
tions. Consider a family with $40 million of liquid capital but which controls
a business worth $300 million. Such a family will still operate under the same
investment constraints as families with $25 million or less, but they will also
have the resources to behave, in most ways, like a true ultra-wealthy family.
Such a family will likely have established a family office—perhaps with
some of the company executives playing dual roles at the company and the
family office. The family will need to take seriously such issues as succession
planning (since that will affect the company as well as the family), human
capital, family dynamics, and so on. This family’s investment portfolio might
look a lot like that of a smaller family’s, but they are truly in the ultra-wealthy
category.

What Does It Take to Remain Ultra-Wealthy?

Remaining wealthy—to say nothing of ultra-wealthy—requires a family to
succeed on many fronts. That’s why so many families fail. Here, in roughly
their order of importance, are the main challenges the ultra-wealthy face:

1
G. William Domhoff, Wealth, Income, and Power, http://www1bpt.bridgeport.edu/~jconlin/
EssayDomhoffWealthIncomePower.pdf
 1 Ultra-Wealthy Families and Their Financial Advisors 3

• Maintaining and, if possible, improving, the family’s human capital.

• Controlling spending.
• Learning to govern the family wisely.
• Planning for succession in family leadership.
• Educating younger family members in the obligations and skills of
stewardship.
• Putting in writing all the key family policies: spending, governance, succes-
sion, investment, and so on.
• Employing only best-in-class advisors across the board.
• Developing an investment strategy that is appropriately designed to meet
the family’s risk tolerance and investment objectives on an after-tax basis—
regardless of how different that strategy might be from the strategies pursued
by others.
• Optimizing investment fees as well as fees paid to other advisors.
• Investing with only the best investment managers and funds available, and
avoiding high-cost proprietary products.

In the chapters that follow, I will address each of these challenges, as well as
others, and will suggest best practices that, if followed by advisors and the
families they work with, will stack the odds in favor of remaining in the ultra-­
wealthy category while most others fall by the wayside.

 hat Human Skills Are Required to Advise

W
the Ultra-Wealthy?
I often hear it said that a successful wealth advisor must be both a first-rate
investment professional and also a talented psychiatrist. That is an exaggera-
tion—the ultra-rich are perfectly capable of finding their own therapists—but
there is a kernel of truth to it. Wealth advisors don’t need to be psychiatrists,
but they do need to be good listeners.
Of course, all good advisors listen carefully to their clients before making
recommendations, but the level of complexity of ultra-wealthy families
requires a whole new level of listening. For example, I have sometimes worked
with families for more than a year before making any major changes in their
portfolios or practices.
As I noted above, a key challenge for every ultra-wealthy family is:
4 G. Curtis

Developing an investment strategy that is appropriately designed to meet the

family’s risk tolerance and investment objectives on an after-tax basis—regardless
of how different that strategy might be from the strategies pursued by others.

But how does an advisor know what the family’s tolerance for risk is? How
does the family know what its risk tolerance is? And the same two questions
can be asked about the family’s investment objectives. The only way to under-
stand these kinds of issues is to talk with the family about them—often at
great length and over extended periods of time.
Indeed, there are far more wrong ways to advise the ultra-rich than there are
right ways. Here are just a few of them:

• Not listening.
• Putting a family’s money to work in the capital markets too quickly, before
both the advisor and the family fully understand what they are doing and why.
• Working in an advisory business model that encourages capital to be put to
work too quickly. That is, if an advisor can’t get paid until the money is
invested, that advisor will be sorely tempted to do the wrong thing.

In addition to being a good listener, successful wealth advisors need to be

diplomats. Families sometimes need to hear hard things—that they are over-­
spending, for example, or are reacting to short-term market events. These
aren’t easy matters to hear or deal with, but advisors who can raise such issues
diplomatically will have much greater success convincing their clients to do
the right thing.
Wealth advisors need to maintain a calm and confident demeanor (though
never approaching arrogance), especially during difficult market environ-
ments. If the stock market is crashing and the advisor seems skittish or agi-
tated, the family is likely to be spooked.
Wealth advisors need to be fundamentally humble. The simple fact is that
no one knows what the markets are going to do and everyone is going to get
it wrong occasionally. Advisors must acknowledge the unknowability of the
markets while still positioning the family to weather the most likely scenarios.
And—this is crucial—wealth advisors must admit their mistakes. It’s never
easy to acknowledge that we were wrong and that our advice cost the family
money. But being honest about failed strategies will almost always build con-
fidence rather than destroy it.
When a family has become ultra-wealthy, that family has, by definition,
been incredibly successful. Family members are likely to be extremely astute
and to exercise exceptionally good judgment about matters in general.
 1 Ultra-Wealthy Families and Their Financial Advisors 5

However, almost no families became wealthy through managing broadly

diversified portfolios (Warren Buffet might be an exception, depending on
how we define “diversified”).
Therefore, wealth advisors are faced with the constant challenge of working
with successful, confident, capable people who, nonetheless, know very little
about managing liquid wealth. Balancing respect for what the family has
accomplished with the understanding that the families are navigating very
new waters, is a difficult role to play, but it is an essential one.

 hat Technical Skills Are Required to Advise

W
the Ultra-Wealthy?
A good part of this book is dedicated to the development of the technical
skills required to successfully design and manage large, taxable investment
portfolios. But let’s start by observing that while many of the technical skills
required for wealth advisors are similar to the skills required to be successful
in allied professions (money management, for example, hedge fund manage-
ment, or even stockbrokering), those skills will be deployed in a very different
context.
I once served on an investment committee for a university with one of the
world’s great money managers, and I looked forward to hearing his insights
into the market and into how the endowment should be positioned. To my
surprise, the money manager proved to be an unconstructive member of the
committee.
Why? Because money managers are engaged in a different activity, one that
has very different risk and reward characteristics and very different conse-
quences. This money manager had interesting opinions about obscure sectors
of the market (German bunds, Italian real estate), but these were of no practi-
cal use to the endowment.
In addition, the money manager had a very different idea about risk,
namely, that a few disastrous trades or even a few very bad years of perfor-
mance would be forgiven by his investors because of his long and successful
track record.
But the endowment didn’t exist for the personal benefit of the money man-
ager—it had to serve the interests of thousands of students, faculty and
alumni, none of whom had much patience for extremely poor performance.
To use an analogy, the money manager was like an extremely agile speed-
boat, while the endowment was like a massive aircraft carrier. The speedboat
Another random document with
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 “How d’ye like it, Hughie? Come and get it, boy, come and get it
—”
With a gasping bellow of anguished fury, the other obeyed, rushed
blindly into the blow that Hardrock smashed in with full force—a
perfect solar-plexus knockout. Dunlevy simply doubled up and rolled
to the ground.
Two leaps took Hardrock to the boat. As he splashed through the
water, wild yells chorused up behind him, and he glanced around to
see dark figures bounding after him. He set himself against the
heavy bow of the boat and shoved—vainly. He could not budge her.
Desperate, he gave up the attempt and with a leap was dragging
himself over her rail.
Too late! They were upon him, three of them; that effort to shove
her off had lost him his fighting chance. Mad with battlelust and
moonshine whisky, they dragged him back and bore him down, all
three hurtling in upon him bodily, careless of his blows, so that only
they might land blows upon him. Slipping on the stones, he lost
balance, went down, was stamped into the knee-deep water—
That was all he knew, for a time.
Presently, half strangled and exhausted, Hardrock came to himself
again. This time he found ankles and arms fast lashed by men who
knew how to handle ropes. Beside him lay one of the Greeks, dark
features masked by blood, beaten senseless and bound; the other
Greek lay farther away, muttering low curses.
Hardrock realized that some terrible sound had dragged him to
life, and now it came once more—a low scream of agony. His head
cleared slowly, as he visualized the scene before him. In the circle of
firelight lay Hughie Dunlevy, still unconscious, and by him sat his
brother Connie, weak and white and rather drunk, his arm all
swathed in crimsoned bandages.
The other four men, by the fire, held the frantically struggling
figure of Marks, and were shoving his feet into the red embers. From
the man broke another scream, this time rising shrill with pain and
horror.
“Quit it! Quit it! I’ll tell!”
 “Then talk, ye domned murderer,” growled Jimmy Basset. “Pull
him out and give him a drink to make him talk, lads—”
The groaning Marks waited for no drink. “It was them Greeks done
it!” he cried desperately. “I wasn’t along with ’em, I tell ye! It was
them two done it!”
“All right,” snapped Bassett, lurching a little as he glared down at
the captive. “And what about this Hardrock felly? Is he your boss?”
“I don’t know him,” returned the unfortunate Marks.
“Shove him in again, lads—”
Marks screamed and twisted terribly. “No, no! Yes, he’s my boss.
Sure he is.”
“Don’t you fools know a man will swear to anything under torture?”
demanded Hardrock furiously. “You’re going too far here. Cut this
business out!”
Marks was hastily flung aside. They all turned to stare at him.
Connie Dunlevy, waving a bottle in his free hand, gave a weak,
drunken laugh.
“Glory be, he’s awake! Burn the boots off’m him, byes!”
The four lurched over. Hardrock made one desperate effort to
pierce through the liquor fumes to their fuddled brains.
“Hold on, there, boys! You’ve got this thing all wrong. These men
are whisky-runners, and they had captured me before you came
along. I was getting away—”
Jimmy Basset leaned over and struck him across the mouth,
heavily.
“Shut up wid you and your lies! Well we know it’s you that’s the
whisky-runner, and behind all this deviltry. So it was them Greeks
done the killin’, was it? Well, it was you behind it all, and it’s you we’ll
have a bit o’ fun wid the night. Up wid him, lads! Up and shove him
in!”
Hardrock felt himself picked up. The next instant, with a wild yell,
the four men shoved him at the fire, shoved his feet and legs into the
heart of the blazing embers. He made one frantic, frightful effort,
kicked himself out of the flames, rolled aside. The four gripped him
and lifted him again, with a maudlin yell of glee.
“All together, now!” howled Basset.
“One, two—”
 CHAPTER X

As the shot rang out, Jimmy Basset jumped into the air, then
stood staring at his arm that dripped blood. A voice struck on the
silence—a voice from the edge of the trees.
“All right, boys—hands up all around! Sheriff Fulsom talking, and
two guns to talk with. First man moves gets a bullet in the leg.”
That crisp, businesslike voice bit into their drunken senses like
acid. Hardrock lay where they dropped him. Sheriff Fulsom stepped
forward into the circle of light, a pistol in each hand, and not one of
the islanders moved, after reaching upward.
“Cut loose that man Hardrock and do it durned quick. He’s a
Deputy Sheriff of this county, if ye want to know who he is. Cut him
loose, Willy John. Move sharp.”
One of the men stooped and fumbled with Hardrock’s bonds.
They were all struck silent and were held in a stupefaction of dismay
and consternation by the appearance of Fulsom, whom they all
knew. A sudden and terrible sanity crept upon them.
“You boys are shoving a good thing too far,” continued Fulsom.
“Hardrock and me got them murderers, and then they jumped us.
Lucky I aint as soft in the head as I look to be, for a fact! Took me
quite a spell to get ashore and come back here, at that. H’are ye,
Hardrock?”
“All right,” said the latter, getting to his feet.
“You done some swift action gettin’ out of that fire, sure enough!
Here, take a gun and stretch yourself. All right, boys, put your hands
down. I’m doin’ the talking for a spell—remember that. What’s the
matter with Hughie Dunlevy?”
“I knocked him out,” and Hardrock chuckled. “Connie got knifed by
one of these Greeks—badly slashed, I think.”
“All right, Connie, you go climb aboard that there launch, and do it
quick—no talk! Jimmy Basset, go with him. We’ll ’tend to your arm
quick enough; long’s you can move your hand it aint broke. Git!”
 The two men, dazed, obeyed the order and stumbled toward the
boat at the shore. Fulsom looked at the other three, grimly enough.
“Now, I want you three boys for deputies. We got to take this
whisky boat over to Charlevoix and lock up these birds. Hardrock,
got any information to spill?”
The man from Arizona briefly recounted what Marks had told him
about the murder by the Greeks. Fulsom comprehended at once,
and nodded.
“All right. Willy John, I s’pose you snuck up here in a boat and left
her laying down the shore?”
“Yes,” said Willy John, rather sheepishly. “She’s down to Belmore
Bay.”
“All right. You three deputies take the pris’ners and get aboard. I’ll
rustle up some handcuffs, if you rascals aint lost ’em. Hardrock, get
aboard likewise.”
Hardrock smiled. “Sorry, Sheriff. Can’t be done.”
“Eh?” Fulsom eyed him sharply. “We got to have your evidence—”
“You’ll get it. I’ll come over on the mailboat tomorrow.” Hardrock
motioned to the figure of Hughie Dunlevy. “I’ve got a little business to
settle with this chap, first—I may have to convince him a little more
that I’m the better man. Then we’ll have to get his launch and
Micky’s boat back to St. James. And I have a very important errand
there.”
“Oh!” Fulsom broke into a grin. “Oh! So that’s it, eh? That
Callahan girl, eh? Dog-gone you, Hardrock, here’s luck to you! See
you later, then.”
He went for his handcuffs. Hardrock looked down at the slowly
wakening Hughie Dunlevy.
“Looks like that textbook for engineers is never going to get
written!” he murmured. “Sure looks that way. I’ve got to convince this
fellow, then I’ve got to convince Matt Big Mary that I’m a good man to
marry his daughter, and then I’ve got to convince the daughter of the
same thing—but, I guess an Arizona Callahan can do it, by gosh!”
And he grinned happily.

The End
*** END OF THE PROJECT GUTENBERG EBOOK THE ARIZONA
CALLAHAN ***

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