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

Yeah, the short answer is I think that it's a driver.

It's a contributor for sure.

And the reason is so that $150 billion that we keep on mentioning, that's net assets.

So that actually doesn't capture the total margin that's extended.

So the net assets, I mean, that's a dollar contributed.

And then the investment manager is going to take that dollar, and then they're going to lever it up again with margin and short positions.

Now, the dollar is all that we see now.

A year from now, we'll have way more visibility, important regulatory change at FINRA.

We'll be able to trace how or where the shorts are actually allocated, things like that.

We'll have way more visibility in a year.

think there's a little bit of risk but in general the long and short extensions again that's the margin in the short positions they're designed mostly to be market neutral but I have to caveat this is really an alpha strategy so the longs and the shorts are meant to be practically market neutral but there is a relative value play there and it is a source of alpha and so what they're trying to do is create all that unique return but do so without introducing additional market exposure so most of these strategies are

are beta 1.

They tend to track an index.

Beta 1, so I'm talking about just plain vanilla index exposure.

If somebody chooses, let's say, Russell 2000 as the underlying benchmark for these strategies, then typically that would be beta in this specific case.

But these strategies typically stay around beta 1.

So you're introducing margin and shorts, but the market exposure is designed to be about the same.

But again, those longs and shorts are meant to produce alpha.

Yeah, not a chance.

I mean like the first gate in this decision is really the pre-tax alpha.

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