Taxes mess up the endowment model
Institutional managers are always surprised by the complexity of private wealth
What I’m reading…
Tax management
AQR: The Impact of Liquidation Taxes on the Lifecycle Benefits of Tax-Aware Long-Short Strategies
Parametric: Active Tax Loss Harvesting in Fixed Income: Checking In at Midyear
BlackRock/Aperio: Long/short extensions diversify concentrated stock tax-neutrally
Dimensional: Another Hidden Cost for Index Funds: Index Share Changes
MSCI: The Cost of Access: Understanding Price Efficiency of ADRs
Vest: Synthetic Borrow (not an ad!)
Alpha Architect: How Buffer ETFs Promise to Protect You (and Why They Can’t Do It All)
Gambling and collecting
Reuters: Polymarket receives green signal from CFTC for US return
Foolish Baseball: Baseball Is Ruining Gambling
Editorial: I’m not sure what role, if any, advisers should play in their clients’ gambling and collecting habits. Both have some weird tax quirks. My only comment is that they are huge, growing, and can sometimes get out of control. Let me know if tax (or other) analysis would be interesting.
Cool pic of long/short financing costs
From BlackRock/Aperio
Bond tax-loss harvesting is a thing
From Parametric
After hopping on a quick call
Mariners etsy witch
I don’t care if you like baseball.
Random guy bought a spell (yes) on Etsy for $19.99 and the mariners are 5-0 since.
This is ridiculous and joyful. And everyone could use some silliness now.
Last night at the Mariners game: witch hats, Halloween, broomsticks. Why not.
Coming Sunday: The other phantom menace
