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Tax Alpha
You need fairly low turnover strategies for tax alpha to be a thing and to work. The concept itself is honestly pretty straightforward. As you sell stuff that's at a loss, re invested in similar stuff so that your overall exposure remains fairly constant. That's something that traditional direct indextures don't allow for. But we see it happen. If your tracking our budget was five, which is huge, we can generate a lot more losses. And look, there are drawbacks to this. I think, as you mature a single account, let's say, 20 million dollars into an s m a, and do this loss harvesting overtime, as markets go up, your opportunity for gains