Brent Sullivan

speaker

332 appearances 1 recordings 1 series first heard Jul 2026 last heard 19 Jul

Brent Sullivan’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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WSJ's Take On the Week · How This $150B+ Wall Street Strategy Could Lower Your Taxes · 19 Jul 2026 podcast

So the alpha has to make sense before this strategy makes sense.

And then you get these juicy tax benefits as a fringe benefit.

Yeah.

So, I mean, if we talk about the management fees, you know, on the low end, oh boy, 25 basis points and the high end 100 basis points.

That's just management fee and it scales with the leverage that I've seen out there.

Exactly.

That's a dollar contributed.

Those are the management fees charged on just the dollar.

But we talked about financing costs earlier.

And financing costs, again, is margin minus the short rebate.

So if we talk about maybe 100 basis points there as really a rule of thumb, that's just the financing costs.

Now, additional costs, since these portfolios are trading so aggressively, again, they're trying to capture that pre-tax alpha, relative value play between the longs and the shorts.

They're trying to capture all that.

They're going to trade a lot.

Portfolio turnover might be 500%, 600%, 700%.

Now, that's crazy by index fund standards, where turnover might be 10%.

And so people forget this.

They say, oh, Robinhood has got no transaction costs, all this stuff.

You do pay.

You pay in a different way.

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