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How Rising Tax Rates Could Accelerate Direct Indexing Growth

by Solomon Teller, CFA , Chief Investment Strategist, Monday October 19, 2021
Investors should consider positioning their portfolios with taxes in mind..

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Crypto for Tax Loss Harvesting; Is There a Better Way?

by Solomon Teller, CFA , Chief Investment Strategist, Monday October 11, 2021
You can capture losses with crypto, but why go there.

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September Review: Fall (Tax Loss) Harvesting

by Solomon Teller, CFA , Chief Investment Strategist, Monday October 4, 2021
Challenging month for the S&P 500. Is there a safe haven?
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Tax Loss Harvest Opportunity: S&P 500 Down 5% Before Bouncing Back

by Solomon Teller, CFA , Chief Investment Strategist, Monday September 27, 2021
Another opportunity to take advantage of volatile market conditions.
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'Tis the Season for Cap Gains Distributions Estimates (But They Needn't Be So Taxing)

by Solomon Teller, CFA , Chief Investment Strategist, Monday September 13, 2021
There are solutions to these challenges.
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Why Are Investors Adding to ETFs at Record Pace?

by Solomon Teller, CFA , Chief Investment Strategist, Monday September 13, 2021
Proven history of tax efficiency may be part of it.
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Tax Benefit Capture Without Contradiction

by Solomon Teller, CFA , Chief Investment Strategist, Tuesday September 7, 2021
Perhaps you can have your cake and eat it too.
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How to Be an Above Average Investor

by Solomon Teller, CFA , Chief Investment Strategist, Monday August 30, 2021
Why the average equity fund investor has underperformed, but you needn’t.
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Capture More Tax Benefits With ETFs

by Solomon Teller, CFA , Chief Investment Strategist, Monday August 23, 2021
How last week’s market activity highlighted another powerful feature.
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ETFs Ascendant, Investors Benefit

by Solomon Teller, CFA , Chief Investment Strategist, Monday August 16, 2021
Offers investors even more opportunities.
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ETF Ownership Keeps Getting Better

by Solomon Teller, CFA , Chief Investment Strategist, Monday August 9, 2021
This is good news for investors.
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July Performance Review: Stocks Dip Before Gaining, An Opportunity?

by Solomon Teller, CFA , Chief Investment Strategist, Monday August 2, 2021
Highlights of Green Harvest Asset Management’s TBC activity last month.
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Latest Vanguard Acquisition: Should You Seriously Consider On-Going Tax Optimization?

by Solomon Teller, CFA , Chief Investment Strategist, Monday July 26, 2021
The question for advisors and investors is evolving from “if” to “how”.
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Transient Dips: a Long-Term Investor's After-Tax Opportunity

by Solomon Teller, CFA , Chief Investment Strategist, Monday July 12, 2021
There’s likely to be additional opportunities for capturing tax benefits this year.

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June Report: U.S. Stocks Gained, But Harvest Opportunities Remained

by Solomon Teller, CFA , Chief Investment Strategist, Tuesday July 6, 2021
Last month’s performance highlights.

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Expect Higher Taxes to Hasten the Move from Mutual Funds to ETFs

by Solomon Teller, CFA , Chief Investment Strategist, Monday June 28, 2021
Recent research suggests that taxes have been the primary driver of this switch.

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Moving on to Greener pastures... a less taxing way to Transition Legacy Portfolios

by Solomon Teller, CFA , Chief Investment Strategist, Monday June 21, 2021

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Amidst the Headlines, How Should You Approach Your Investment Strategy?

by Solomon Teller, CFA , Chief Investment Strategist, Monday June 14, 2021
Separating the “actual” from the “normative” in today’s financial environment.

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Keeping It Real: Focusing on Taxes and Inflation

by Solomon Teller, CFA , Chief Investment Strategist, Monday June 7, 2021
Get past the surreal and don’t lose sight of your investment’s bottom line.

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We Harvest in May, But Don't Go Away

by Solomon Teller, CFA , Chief Investment Strategist, Tuesday June 1, 2021
Investors who harvested tax losses and maintained market exposure, were amply rewarded.

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Taxation Without Liquidation

by Solomon Teller, CFA , Chief Investment Strategist, Monday May 24, 2021
Over the last 10 years, mutual funds collectively made just over $3 trillion of taxable capital gains distributions, the vast majority of these were reinvested back into the funds.

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Tax Day This Year

by Solomon Teller, CFA , Chief Investment Strategist, Monday May 17, 2021
It’s not about what you make but what you keep.

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What Higher Tax Rates Might Look Like

by Solomon Teller, CFA , Chief Investment Strategist, Monday May 10, 2021
Interest in tax beneficial investment strategies may increase dramatically if the proposed Biden tax plan becomes a reality.

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Tax Benefits Captured Despite Strong April Returns

by Solomon Teller, CFA , Chief Investment Strategist, Monday May 3, 2021
The tax filing deadline is two weeks away, but Tax Benefit Capture (TBC), continues in all seasons.

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Tax Loss Harvest Your Municipal Bonds

by Solomon Teller, CFA , Chief Investment Strategist, Monday April 26, 2021
Amidst the press coverage of potentially higher tax rates, it’s welcome news that tax-advantaged and tax-free muni bonds can be tax loss harvested too.

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Crypto Could be Challenging to Loss Harvest

by Solomon Teller, CFA , Chief Investment Strategist, Monday April 19, 2021
TLH may be possible after events such as Sunday’s flash crash, but differences among cryptocurrency products may complicate their direct substitution.

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A March for Tax Alpha

by Solomon Teller, CFA , Chief Investment Strategist, Monday April 12, 2021
Notable highlights of Green Harvest’s Tax Benefit Capture from last month.

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Four Propitious Investment Questions

by Solomon Teller, CFA , Chief Investment Strategist, Monday April 5, 2021
At dinner on the first night of Passover, it’s ritual for the youngest at the dinner table to recite four questions about the Passover tradition.

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The Greatest Year-Long Rally

by Solomon Teller, CFA , Chief Investment Strategist, Monday March 29, 2021
Investors who liquidated their portfolios during last March’s volatility likely missed out.

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Harvesting Strategy for March 22, 2021

Monday March 22, 2021, by Solomon Teller, CFA , Chief Investment Strategist

Got Direct Indexing Customization?
Only ETF-oriented direct indexing enables the full spectrum of inter-asset class customization.

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Harvesting Strategy for March 15, 2021

Monday March 15, 2021, by Solomon Teller, CFA , Chief Investment Strategist

Benchmarking Tax Alpha?
Our latest white paper dissects Benchmarking Tax Alpha, evaluating the potential Tax Alpha opportunity in S&P 500-benchmarked strategies and quantifying tax loss harvesting’s potential benefits.  Check it out in the latest 2021 MMI Journal of Investment Advisory Solutions (Q1 2021) beginning on page 124.

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Harvesting Strategy Minute - March 8, 2021

by Solomon Teller, CFA , Chief Investment Strategist

S&P 500 Gained 0.9%. Harvesting Opportunity?

Last week, the S&P 500 offered ample additional Tax Benefit Capture (TBC) opportunities across various sectors while still returning 0.9%.  This follows the tax benefits captured last month as well, even as the S&P 500 gained 2.8%.  Bottom line: you can find TBC opportunities even when the overall market is up.
(Chart shows Market Data and Green Harvest Tax Benefit Capture (TBC) Heat Map Summary for week of March 1-5, 2021)

 

 

Click here for the PDF

Harvesting Strategy for March 1, 2021

Monday March 1, 2021, by Solomon Teller, CFA , Chief Investment Strategist

Tax Benefits in February?
Volatility returned last month yielding new Tax Benefit Capture (TBC) opportunities.

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Harvesting Strategy for February 22, 2021

Monday February 22, 2021, by Solomon Teller, CFA , Chief Investment Strategist

ETFs: The Foundation for Better After-Tax Returns
Tax beneficial investing begins with vehicle selection and Exchange Traded Funds (ETFs) have an established history of providing an after-tax edge.

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Harvesting Strategy Minute - February 8, 2021

by Solomon Teller, CFA , Chief Investment Strategist

Beating the Index?
There were new all-time highs for the S&P 500 index on Friday. It returned a whopping 76.3% since the March 2020 lows and 22.7% since the start of 2020. Those incredible returns were difficult for many active investors to beat, pre-tax. On an after-tax basis, however, 2020 was a banner year for Green Harvest’s S&P 500 benchmarked strategy, outperforming by 10.2%.
*Important disclosures relating to after-tax performance are available here.

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Harvesting Strategy Minute - February 1, 2021

by Solomon Teller, CFA , Chief Investment Strategist

2021’s Stock Market is the Least Hedged Since 2000
Short interest in the average S&P 500 stock fell to an even lower low this January than back in August 2020, when Goldman Sachs’ market indicator was last widely circulated.[1]   January’s measure of 1.61% was last seen in early 2000 when the Dotcom bull market was rolling over. Lack of overall shorting may be a sign of complacency as few are hedging broader market risks.  But, with stocks hovering near all-time highs, investors may want to consider a hedging strategy to protect recent gains.

[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.

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Harvesting Strategy for January 26

Monday January 25, 2021, by Solomon Teller, CFA , Chief Investment Strategist

Making Cents of After-Tax Returns
Investors should be mindful how after-tax performance calculations apply to them; however, real-life after-tax returns may in fact be higher than they appear when compounding is included.

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Harvesting Strategy Minute - January 4, 2021

by Solomon Teller, CFA , Chief Investment Strategist

What a Year for Stocks

What a year – Stocks finished 2020 strong despite big pullbacks.  Investors who stayed invested and incorporated systematic Tax Loss Harvesting strategies reaped additional benefits.

That’s the rear view.  How are you planning to take advantage of opportunities and manage risk in 2021?

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Harvesting Strategy Minute - December 14, 2020

by Solomon Teller, CFA , Chief Investment Strategist

Investors Keep Choosing ETFs

Signposts of potential speculation in stocks seem to increasingly capture attention and headlines: the proliferation of day trading, call option buying, the SPAC craze, or the recent frequency of IPOs doubling, to name a few.

Meanwhile in 2020, hundreds of billions ($) continue to migrate to the investment vehicle that has revolutionized investing over the last two decades: Exchange Traded Funds (ETFs).  2020 is shaping up to be another record year for ETF inflows.  And it’s clearly not just about stocks, as bonds are receiving nearly an equal amount as stock ETFs. Click here for the PDF.

Harvesting Strategy Minute - December 7, 2020

by Solomon Teller, CFA , Chief Investment Strategist

Time to Swap Your ETFs? Finding Tax Loss Harvesting opportunities … even in a Bull Market

Stocks had one of their best months in November.[1]  Even still, money put to work last month had opportunities to capture tax benefits via Tax Loss Harvesting (TLH).

These opportunities can often be captured with minimal impact to investor exposure and returns, by simultaneously substituting similar ETFs during a drawdown.  The S&P 500 had a maximum drawdown of 2.3% intra-month, a benchmark measure of the TLH opportunity.  The underlying sectors had even greater TLH opportunities.  All but one of the eleven S&P 500 GICS sectors had larger drawdowns than the S&P500 itself.  A sector weighted S&P 500 exposure had a 3.4% TLH opportunity and still carried the same return as the S&P 500 itself.

[1] The S&P 500 gained nearly 10%, the MSCI World ex- U.S. gained 12%, the Dow 30 had its best month since 1987, and the Russell 2000 small cap index had its best month return ever.

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.

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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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