February 5, 2025
Equity market concentration and technological innovation are two hot topics for active equity investors today. We argue that a systematic approach is uniquely positioned to capitalize on these topics.
Tax Aware
May 14, 2025
This paper investigates the most effective ways to manage the risk of concentrated stock positions.
Alternative Investing
May 9, 2025
We analyze the persistent outperformance of US equities compared to non-US equities, focusing on the drivers of relative performance, including fundamentals and valuations. We examine historical data, valuation trends, and the implications for future returns, highlighting the potential for mean reversion and the benefits of global diversification.
Equities
May 6, 2025
This article explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Alternative Investing
April 28, 2025
We provide an overview of the contrasting ways investors form long-run return expectations and examine the tensions between "objective" yield-based expected returns and "subjective" rearview-mirror expectations. We also discuss the dangers of a rearview-mirror mindset and emphasize the importance of forward-looking measures.
April 14, 2025
Tax Aware
April 1, 2025
When implemented well, CRUTs can be a valuable tool, combining wealth preservation with philanthropy. Our latest papers are meant to help investors maximize the benefits of these strategies.
Tax Aware
March 19, 2025
Our first post in this series showed the power of deferral for building wealth; our second showed how robust the value of deferral is to changes in future tax rates on capital gains; our third considers whether deferral is still the right choice if an investor is able to find a strategy with a higher expected return. Here, we build on Part 3 by adding a tool investors and advisors increasingly have access to: tax-aware transition.
Tax Aware
March 18, 2025
We provide a practical guide for financial planners and wealth management professionals on charitable remainder unitrusts (CRUTs).
Tax Aware
March 18, 2025
We show how combining charitable remainder unitrusts (CRUTs) with tax-aware strategies can help investors diversify low-basis stock and enhance after-tax wealth accumulation. Our findings suggest that investors and their advisors should integrate philanthropy and investment management to optimize wealth preservation and charitable impact.
Tax Aware
March 12, 2025
Our first post in this series showed the power of deferral for building wealth, and our second showed how robust the value of deferral is to changes in future tax rates on capital gains. But what if you’re able to find a new investment with a higher expected return?
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