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lifestyle included extensive traveling, boating, hunting, and
socializing, and decedent remained at his residence in
Wilmington, Delaware, only about 50 percent of the time. For
instance, during the 1995 through 1998 period, decedent made
regular visits to Vredenburgh, Alabama, to oversee both a working
farm he owned there and Schutt family timberlands in the
vicinity. He also traveled to, inter alia, England, Turkey,
China, Russia, and Africa, and he spent a substantial amount of
time cruising the Chesapeake Bay area on his yacht.
When at his home in Wilmington, decedent typically spent
mornings during the work week at the Carpenter/Schutt family
office7 reviewing investment literature, followed by lunch at the
Wilmington Club (a social club), followed by a return to the
family office for additional investment research. Decedent
subscribed to a buy and hold investment philosophy, as had his
father-in-law, Mr. duPont.
This philosophy emphasized the acquisition of stock in
quality companies that would provide both income and value
appreciation, which would then be held for the long term. In
particular, decedent, like Mr. duPont before him, stressed
maintaining the family’s large holdings in DuPont and, depending
7 Mrs. Carpenter and Mrs. Schutt were both daughters of
Mr. duPont. Since at least the early 1970s, the two families had
maintained a joint family office with staff overseeing and
assisting in business and personal matters for family members.
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