Publisher's Synopsis
Investment returns are uncertain, especially in today's economic environment. But taxes are a sure thing.
That's one reason why tax-aware investment management is essential for building and maintaining wealth.
In this comprehensive, groundbreaking book, Douglas S. Rogers, CFA, explains why many accepted investment strategies and techniques developed for tax-exempt institutional investors don't work for individuals who are subject to taxes. They will end up with substantially lower after-tax returns simply because their portfolios are not structured or managed with tax obligations in mind.
This book shows:
- How to measure and compare the tax-efficiency of mutual funds, hedge funds, and individual investment managers
- How the widely used style-box matrix can prove detrimental to after-tax investment returns
- How to minimize taxes on stock-and-bond portfolios and employ sophisticated strategies for offsetting gains against losses
- How to decide which asset categories should be placed in tax-deferred accounts such as IRAs and which should be placed in regular taxable accounts
- How to incorporate tax-aware techniques and insights into all facets of investment planning, portfolio management, and estate planning
