Some source articles from Basis Northwest 2026
Memes and weekend reading
Some source articles and more… (memes below)
Savina Rizova (Dimensional): Why You Should Go Beyond Tax Loss Harvesting in SMAs
Gavin Romm (AllianceBernstein): Tax-Loss Harvesting with Bonds vs. Stocks: Different Rules, Same Goal
Liberman, Sosner, Freitas (AQR): The Tax Benefits of Pre-Tax Alpha
Basis Northwest / The Journal of Wealth Management curated articles
Tax Alpha Insider on How I Invest…
A quick thank you…
Check out basisconf.com (we already updated it!) for more info on attending, sponsoring, and hosting.
What is Tape of Tapes Day?
A family member was drafted during the Vietnam War, and just before he was meant to ship out, Nixon halted the draft. As a consequence, Nixon was heralded, though not necessarily a hero, in my house growing up.
When the Nixon Presidential Library opened in 1990, I (wearing my Little League uniform) went with my family. And I’ve been back once a decade since.
I, like many people, find Nixon darkly fascinating and odd. I’ve read all of Woodward and Bernstein’s work on him, and saw Woodward live a handful of years ago.
My favorite piece on Nixon is probably A Night at Richard Nixon’s, a podcast about a strange dinner party (he was an awkward host) he had in 1989, well after leaving the White House.
June 4th, 1973 is a weird day in Nixon history. On that day, Nixon sat in the Executive Office Building and listened to one of his famous tapes (he had bugged several locations, including the Oval Office)… amazingly, a tape was rolling at the time, creating a tape of tapes.
I only know this story because Hillary Clinton told it in 1993 and I stumbled across her recollection while researching a children's book about how the taping system was installed. (don't judge… we all had way too much time during COVID… the book is done, btw. I printed 20 copies and gave them to friends, who undoubtedly read them to some baffled toddlers).
Here is the interview with Hilary…
In 1974 on the Impeachment Committee, Hillary Rodham’s main assignment was establishing the legal procedures to be followed in the course of the impeachment. Her work ultimately led to suggesting drafting procedures to be followed by the committee in conducting the formal presentation aspects of its work, what sort of rules of evidence would be involved, what sort of objections would be deemed appropriate or inappropriate, and the scope of cross-examination. It meant staying in the background, and being, above all, discreet.
“I was kind of locked in this soundproof room with the big headphone on, listening to tapes,” she told the Arkansas Gazette. “There was one we called the tape of tapes. It was Nixon taping himself listening to the tapes, making up his defenses to what he heard on the tapes. So you would hear Nixon talk and then you’d hear very faintly the sound of a taped prior conversation, and you’d hear him say, ‘What I meant when I said that was...’ I mean, it was surreal.”
Hillary Clinton: The Inside Story, by Judith Warner: on Government Reform (1993)
Here is a recording from June 4th, if you’re curious.
Why bother acknowledging Tape of Tapes Day?
First, it’s a ridiculous way to spend a precious day on Planet Earth. (We have so few)
Second, and without sounding corny, Tape of Tapes Day is about integrity and what happens when it flies out the window. It is a ridiculous reminder that we can bury ourselves in rumination, and to avoid shenanigans that might get us into that position in the first place.
Happy (belated) Tape of Tapes Day.
If you’re here for the memes…
TGIF