Topics
One question per topic
Each topic starts with three short reads, then goes deeper. Pick the question you have.
Tax in investing How much of my return does tax take, and what is worth doing about it? Eight tax levers ranked by what they are worth. The four worth the most are free; the one sold hardest is worth the least after year five. What tax takes, and which levers give it back. Start here What a dollar of gain keeps after taxEight tax levers, ranked by what they are worth 9 short reads · 35 min Account placement Which of my accounts should hold which piece of the portfolio? Which account holds each piece of the mix: taxable, traditional IRA or 401(k), Roth, HSA. Sorted by turnover, not asset class. The mix itself is chosen under Choose. Start here The rollover that never got investedFour accounts, three tax treatmentsTurnover decides location, not asset class 6 short reads · 16 min Funds, wrappers and fees Which fund wrapper keeps the most after tax, and who keeps the fees? Why ETFs pay less tax than mutual funds, what direct indexing is, and who keeps the basis points. Start here Why ETFs pay less tax than mutual fundsDirect indexing, in one pageSame harvesting, 9 basis points or 115 7 short reads · 24 min Asset allocation How much of the result does the mix of stocks, bonds and gold decide, before any other choice? The split between stocks, bonds and gold a household holds before any strategy or wrapper choice. Which account holds each piece is Account placement, under Implement. Start here The stock-bond mix alone swings twenty-year returns by up to three points a year 1 short reads · 5 min Equity strategies Which equity approach, and does the evidence support paying for it over the index? Cap-weighted index, value and growth tilts, sector funds: which approach inside the equity sleeve, and why a blend beats a bet. Start here A value tilt has earned 0.5 points a year since 1985, and none of it since 2006 1 short reads · 5 min Diversifiers What else, beyond stocks, bonds and gold, actually diversifies the portfolio? What else, beyond stocks, bonds and gold, actually earns a place: trend following, bitcoin, commodities, TIPS, carry, and covered calls. Start here Trend following made money in all five of the worst US equity years since 1985 1 short reads · 4 min