§ 1 · Featured
The future of tax-efficient investing
What tax-aware long/short strategies are, how they work, when they make sense, and the cases in which they will not.
Borrowing against a portfolio with box spreads
How S&P 500 index option box spreads compare with a broker margin loan as a way to borrow against a portfolio, with the tax treatment and the risks.
§ 2 · The library
- 1
Borrowing against a portfolio with box spreads
How S&P 500 index option box spreads compare with a broker margin loan as a way to borrow against a portfolio, with the tax treatment and the risks.
- 2
Tax-aware long/short for private equity investors
Carried interest and fund distributions arrive on a schedule visible years in advance. A $10M expectation against $5M of liquid capital, worked through at four program settings, and how a program is set up.
- 3
The tax-aware long/short provider landscape
Six of the main tax-aware long/short providers compared on their published minimums, fees, leverage, custody, and access channels.
- 4
Section 351 conversions, exchange funds, and tax-aware long/short
How the three structures compare as routes out of a large appreciated position, and the tradeoffs each carries.
- 5
Working directly or through an advisor
Tax-aware long/short strategies typically reach investors through advisors and platforms. What a direct relationship with the manager changes.
- 6
A brief introduction to tax-aware investing
What tax-aware long/short strategies are, why they work, and the situations in which they may make sense. The place to begin if the topic is new.
- 7
The founder's tax problem
For most founders, the largest cost they will ever face is the capital gains tax on their equity. A strategy that pursues returns and diversification can begin preparing for it years ahead.
- 8
Tax-aware long/short equity
Long/short extension strategies from 130/30 to 300/200 that seek better after-tax returns for taxable investors.
- 9
Our approach to tax-aware long/short
What Prism is, how the Max, Diversify, and Enhance configurations differ, and the situations each one fits.
- 10
The concentrated stock dilemma
A single stock grows to dominate a family's net worth, and the conventional tools each solve only a piece of the problem. This essay covers an approach that addresses all of it.
- 11
The future of tax-efficient investing
The full research primer covers how tax-aware long/short works, when it makes sense, when it will not, and the research it rests on.
- 12
NinePointTwo Prism
Our tax-aware long/short strategy in three configurations. Max, Diversify, and Enhance each address a different investor need.
§ 3 · Subscribe
New research delivered to your inbox.
We publish occasionally, with no set schedule.
New pieces go out to subscribers first.