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Harvesting Strategy Minute - November 30, 2020

by Solomon Teller, CFA , Chief Investment Strategist

Where Have All the Hedgers Gone?

It’s often lonely protecting gains at the top.  Just before stocks’ September pullback, short interest among S&P500 constituents was at 15 year lows.  Similarly, our own chart, updated through today, shows that short interest in the big three S&P 500 Exchange Traded Funds (SPY, IVV and VOO) has fallen to levels last seen at the pre-pandemic market top.[1]  Is a decline coming?  Difficult to say, but managing risk via hedging means giving up some further upside in order to reduce potential losses from any decline. Stocks are hitting new highs now, but trends can change quite rapidly, as 2020 has demonstrated over and over. Hedges can also mitigate the tax and strategy impacts of selling assets and may provide tax benefits when properly implemented.   Click here for the .pdf.

[1] Short interest is the number of shares that have been sold short and are still outstanding, i.e. shares borrowed from other investors and sold into the market to be bought back and replaced at a later date.  It is often perceived as an indicator of bearish sentiment.

Harvesting Strategy Minute - November 23, 2020

by Solomon Teller, CFA , Chief Investment Strategist

$1 Trillion in Mutual Fund Capital Gain Distributions in the Last 3 Years

Capital gains distributions are arriving.  Investors owning mutual funds may incur unwelcome tax costs in 2020. See the Mutual Fund Observer’s list for 2020 estimates or get a personal estimate using iShares’ Tax Evaluator tool.  One way to help mitigate – look to maximize your Tax Loss Harvesting opportunities.

Click here for the .pdf.

Harvesting Strategy for November 9 - 13

Monday November 16, 2020, by Solomon Teller, CFA , Chief Investment Strategist

What’s Beneath the Great Rotation?
Last Monday’s trading action was remarkable.

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Harvesting Strategy for November 2 - 6

Monday November 9, 2020, by Solomon Teller, CFA , Chief Investment Strategist

An Escalator Down and an Elevator Up
An upside down rendition of a familiar Wall Street saying

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Harvesting Strategy for October 26 - October 30

Monday November 2, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Volatility is Back; Seize the Opportunity
Divergence last week was in geographic regions

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Harvesting Strategy for October 19 - October 23

Tuesday October 27, 2020, by Solomon Teller, CFA , Chief Investment Strategist

How Sectors are a Sweet Spot to Powering Tax Benefit Capture
For U.S. equity investors to be able to consistently capture tax benefits, they must have an effective mechanism in place.

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Harvesting Strategy for October 12 - 16

Tuesday October 20, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Opportunity and Risk Come in Pairs
Hope for the best but plan for otherwise.

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Harvesting Strategy for October 5 - October 9

Tuesday October 13, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Anticipating Tax Changes
Learn about different strategy options.

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Harvesting Strategy for September 28 - October 2

Tuesday October 6, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Do Stocks Care Who Wins?
What else investors should consider.

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Harvesting Strategy for September 21 - 25

Tuesday September 29, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Tax Benefit Capture: Third Quarter Activity
Energy and Financials sectors most heavily traded.

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Harvesting Strategy for September 14 - 18

Tuesday September 22, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Unlock the ETF Toolbox for Today’s Market
Continuing our discussion about the market dynamics favoring hedging strategies that directly short sell ETFs.

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Harvesting Strategy for September 7 - 11

Tuesday September 15, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Take Less Risk… Pay Less Taxes… Keep it Simple 
Investors may want to discuss with their wealth manager the benefits and risks of hedging strategies using ETFs.

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Harvesting Strategy for August 31 - September 4

Tuesday September 8, 2020, by Solomon Teller, CFA , Chief Investment Strategist

How to Benefit From Peaks and Declines 
Reacting to a volatile week.

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Harvesting Strategy for August 24 - 28

Monday August 31, 2020, by Solomon Teller, CFA , Chief Investment Strategist

The Other Side of Innovation 
Lessons from compelling ideas and technologies.

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Harvesting Strategy for August 17 - 21

Monday August 24, 2020, by Solomon Teller, CFA , Chief Investment Strategist

2020: An After-Tax Investing Year for the Ages
Tax Benefit Capture is a critical tool to potentially help lower overall tax cost

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Harvesting Strategy for August 10 - 14

Monday August 17, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Tech and Taxes
Harvest Your Gain with Less Pain

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Harvesting Strategy for July 20 - 24

Monday July 27, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Tails First
How can a hedged position yield tax benefit opportunities and be a source of returns?

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Harvesting Strategy for July 13 - 17

Monday July 20, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Hedges Harvested as Stocks Headed Higher

Let’s Look Under the Hood of TBC in a Rising Market

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Harvesting Strategy for July 6 - 10

Monday July 13, 2020, by Solomon Teller, CFA , Chief Investment Strategist

It’s Not What You Make But What You Keep
Taking steps now to improve after-tax returns in 2020

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Harvesting Strategy for June 29 - July 2

Monday July 6, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Do What Buffett Says, Not What He Does
Mr. Buffett has been picking stocks for nearly eight decades.  Yet, he has repeatedly said that most people would be better off just buying an S&P 500 index fund.

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Harvesting Strategy for June 22 - 26

Monday June 29, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Where’s the Tax Alpha?
A Tale of Two Sectors

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Harvesting Strategy for June 15 - 19

Monday June 29, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Tax Season Is Here
It’s not about what you make but what you keep

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Harvesting Strategy for June 8 - 12

Monday June 15, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Festival of the Fearless and a Few Other Updates

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Harvesting Strategy for June 1 - 5

Monday June 8, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Managing Tail Risk and The In Between
We don’t really know when we’re in the tails except in hindsight

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Harvesting Strategy for May 26 - 29

Monday June 1, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Just Another May Away From All Time Highs
What if there was a way to protect client assets by reducing capitulation?

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Harvesting Strategy for May 11 - 15

Monday May 18, 2020, by Solomon Teller, CFA , Chief Investment Strategist

3 Critical Tools for This Market Environment
No need to start from scratch

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Harvesting Strategy for May 4 - 8

Monday May 11, 2020, by Solomon Teller, CFA , Chief Investment Strategist

How Did We Do?
Capturing benefits in both up and down markets, a YTD update

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Harvesting Strategy Analysis for the Month of April

Monday May 4, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Making the Most of the Journey There and (Mostly) Back Again

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Harvesting Strategy for April 20 - 24, 2020

Monday April 27, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Investing While in the Upside Down

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Harvesting Strategy for April 13 - 17, 2020

Monday April 13, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Not Throwing Away Your Shot

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Harvesting Strategy for April 6 - 9, 2020

Monday April 13, 2020, by Jeff Conway, CFA CAIA, Chief Investment Officer

Alpha Turnover?

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Harvesting Strategy for March 30 - April 3, 2020

Monday April 6, 2020, by Solomon Teller, CFA , Chief Investment Strategist

Manage Risk Thoughtfully and Efficiently

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Harvesting Strategy for March 23 - March 27, 2020

Monday March 30, 2020, by Solomon Teller, CFA , Chief Investment Strategist

The Ballast in the Storm

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