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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Appearances
You end up with what's being called a frozen portfolio.
And here's where other more complicated strategies have been developed to try to help the wealthy not so much offset the taxes they have to pay, but more defer the taxes they have to pay.
Because if you can defer this for 30 years, you're compounding gains right now, right?
And you also pay a smaller long-term capital gains tax than you do a short-term capital gains tax.
The interesting thing here is, of course, you can always tax loss harvest and try and sell your losers and all that kind of stuff.
The main way that this has gotten easier is just exchange-traded funds.
ETFs, they are tax advantaged by their very nature.
For example, if you own a mutual fund and your fund manager returns you some cash because there's been capital gains or you've earned dividends, whatever it is, even if you were to reinvest that money immediately, you still owe the IRS, right?
But an ETF is a different structure because the way that it works is that there is a bank that is continuously making what's called transfers in kind.
So it's exchanging the basket of stocks that ETF owns for the shares of the ETF.
It's like a dealer system.
So basically what happens there is that you don't pay tax for any of that.
So the ETF is itself already a tax-optimized product.
On top of this, one of the rules you have to follow if you try to sell one of your losers is that you can't immediately buy a similar security with an ETF because there's so much variety and all of these products are properly diversified.
It makes it far easier to dump something that's lost money and just buy some pretty good ETF.
It's just the nature of financial markets, especially as technology gets cheaper, access to digital platforms gets cheaper.
All of this means now, increasingly, a computer can do it.
And even simple things can help a lot of people.
So, for example, these mass market wealth platforms are
They will automatically tell you this is what the tax on your portfolio is.
Showing 81–100 of 150 · page 5 of 8
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