Jon Sindreu

speaker

150 appearances 3 recordings 1 series first heard Aug 2017 last heard Jan 2025

Jon Sindreu’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Avoid Taxes Like the Rich and Famous · 12 Dec 2024 podcast

You can also get just some simple automated tax management of where you're putting each of your assets, which actually makes a big difference.

So we see a little bit of weirdness going on in financial markets, usually near the end of the year.

Not everything has to do with tax.

It also has to do with the risk budgets of asset managers and other issues.

But

You do see, for example, the famous Santa Claus rally, which is the observation that stocks tend to rally near the end of the year.

Usually one of the theories that holds more water is that it's the reversal of people selling their losing stocks earlier to try and do what is known as tax loss harvesting, where you can offset some of the gainers with some losers.

So they do this earlier.

And then as we get near the end of the year, there's other people who try and buy them because they think they're cheap.

It is relatively effective.

You can offset quite a lot of your gains.

So this traditionally has been a tactic that many wealthy individuals have followed, especially since the 1990s.

There's a company called Parametric, which pioneered a strategy that's usually referred to as direct indexing, which means that, say, instead of

owning an S&P 500 tracker in the form of a mutual fund or whatever it is.

You'll just own those stocks individually.

And then the advantage of that is, of course, you can dispose of the ones that have been losing money to try and offset your taxes.

This is a strategy that is beneficial, particularly for people with millions of dollars in wealth.

but has issues.

And one of them is, well, eventually you run out of losers, right?

Because the market tends to go up.

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