A wash sale is a wash sale no matter the wrapper.
What I'm reading this week...
- AQR (2026): The Wrapper Illusion: Do Entity Structures Neutralize Tax Anti-Abuse Rules? (inspiration for the meme) <— This is worth a read. I didn't realize folks were saying/doing funny stuff with different wrappers (LP, LLC, etc.) thinking that could get away with basic, for example, wash sale rule violations. 🤦🤦♀️🤦♂️
- AlphaSimplex (2023): Crisis or Correction: Managing Expectations for Managed Futures and Crisis Alpha
- Matt Levine (2026): Short Squeeze as a Service
- Bloomberg (2013): How Investors Lose 89 Percent of Gains from Futures Funds
- Journal of Wealth Management (2026): What Basis Northwest Revealed about the Future of Tax-Aware Investing
- Internal Revenue Code (timeless): Economic Substance Doctrine (note that the Economic Substance Doctrine has existed in common law for much longer than 2010's §7701(o) linked above). (A) and (B) below are worth memorizing. 🧠
New AQR paper (forthcoming) in effect says Hey, the data show that mutual funds for liquid alts (e.g., managed futures, etc.) tend to be a better fit than ETFs.
I ask myself this everyday...
Fight Club, 27 years later...
TGIF.