Miriam Gottfried

speaker

638 appearances 7 recordings 1 series first heard Jul 2026 last heard 6d ago

Miriam Gottfried’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 7 in all, peaking in Aug 2026 with 4.

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

The goal is never to lose money on balance.

Well, over one hundred and fifty billion in AUM now.

That's up from roughly zero five years ago.

Wow.

Alpha meaning excess return above the benchmark.

So instead of owning an S&P 500 ETF, you're buying individual securities that will track the S&P 500, for example.

We've been doing these active strategies all along, maybe for institutions that didn't have to pay taxes.

So now we can start to do them for

Taxable investors.

Because remember, pension funds don't have to pay taxes.

endowments are not taxed.

The people who are taxed are you and me.

But against this, we also have the backdrop of a bull market that just goes on and on.

Right.

Ever since the financial crisis, effectively, we've been in a bull market and stocks are going up, which means that the people who had been in these direct indexing strategies may no longer be able to generate a lot of losses.

And so that's another thing that I looked at in the story that I wrote.

is these portfolios have become ossified, which is the term that the industry likes to use, which means you're still tracking the index, but it's really hard to generate enough losses to offset your capital gains in these direct indexing strategies.

So if you're somebody who still wants to do that, you kind of have to look elsewhere.

So on balance, it's not quite as costly.

What do you mean by beta 1?

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