Portfolio Construction

When investing, taxes matter more than you think and more than you would like. For wealthy New Yorkers, it just got worse as the state and local tax burden, one of the highest in the country at 12.7%, lost the bulk of its deductibility against federal taxes. Adding together federal, state, and Obamacare (Net Investment

Note: This whitepaper has been explicitly written for California tax payers – the highest tax rate payers in the U.S. However, the lessons are highly applicable to U.S. taxpayers regardless of in which state they reside. When investing, taxes matter more than you think and more than you would like. For wealthy Californians, it just

Investors with substantial uninvested capital face two key decisions: determining the optimal investment strategy for their needs, and deciding when this should be implemented. This article analyses the immediate deployment (or lump-sum investing) and dollar-cost averaging approaches in liquid equity markets and investigates whether it’s possible to improve the outcomes associated with dollar-cost averaging by