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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So the first thing is just like, does the alpha make sense?

And this gives you leverage.

Now, the second thing is that the tax benefits are eye-popping.

But they are, again, a secondary concern here.

But that's, I believe, the second thing that's getting people's attention.

So first, that pre-tax alpha and access to cheap leverage.

The second thing are those tax benefits.

And those tax benefits can be, you know, on the order of five to ten times greater than a typical tax loss harvesting long-only portfolio.

So five to ten times greater.

Yeah, so this is the long arc that I think goes back decades and decades.

Okay, so if we think about the origins of investment management in the United States, we're really talking about an active management story.

We have indices, and then you have managers who are trying to outperform those indices.

And then something happens in the 70s.

Jack Bogle comes along, launches the first index fund, and just totally refutes the active ethos.

And then what happened?

80s and 90s is there was like a little bit of a splinter.

And the splinter was you had one camp of investment management firms that said, no, no, no, we can still outperform.

We're going to do it systematically.

And then at the same time, you have the passive ethos really, really trying to wring every single basis point out of the portfolio.

And so what they did was introduce something like direct indexing.

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