Is tax-aware long/short transforming taxable wealth? 181 people opined.

How big of a deal is this?

LeVar Burton telling kids to read the book and form their own opinion was cathartic. To a young Brent Sullivan, it felt like permission to think independently.

I ran a 3-day poll asking if tax-aware long/short is transforming taxable wealth

181 people responded.

If you need a refresher on tax-aware long/short, here is an incredibly brief introduction.

“This is for science” is, of course, ridiculous.

My audience on LinkedIn is heavily tax-focused, so read the results carefully.

The respondents are nearly all industry folks: advisers and product people.

Some of the nay-sayers (25) offer competing products, but there are a lot of advisers in there, too.

Comments on the poll

Pretax alpha

Skeptical

Deploy selectively

What questions do advisers have?

Where to from here?

The anecdotes above are the tip of the iceberg.

Investors and advisers want to know more. Some are public about it. Some just email me.

Education and tooling are probably the answer.

There are conceptual questions, like “What is short rebate?”

And there are modeling questions, like “how does tax alpha evolve if I diversify a concentrated position and then wind down the long/short extensions over the subsequent 3 years.”

And countless others somewhere on the conceptual-to-modeling spectrum dealing with risk, tax, financing, and planning.

Tax-aware long/short is a complex, but powerful, product.

Stay tuned…

---

GPT-5 is transforming… cats

Happy Tues