Tax-Efficient Investing

Tax-efficient investing is not about picking better securities — it's about engineering a portfolio so that each asset class sits in its most tax-favorable account, losses are harvested continuously throughout the year rather than as a year-end afterthought, and fund selection minimizes the tax drag created by high-turnover strategies. Asset location alone can add approximately 0.48% in expected annual return; systematic tax-loss harvesting generates additional savings that compound significantly over decades. This episode covers all three foundational disciplines — asset location, tax-loss harvesting, and low-turnover fund selection — and explains how sophisticated families integrate these practices with their entity structures, trust planning, and liquidity events into a unified portfolio architecture reviewed annually.