Читать книгу The Taxable Investor's Manifesto - Stuart E. Lucas - Страница 13

 Taxable investors should evaluate the symmetry of risk, magnitude of profit, probability of winning, and profit retention rates from their unique perspective.

 Given all their differences, managing taxable and tax-exempt portfolios using the same investment theories, the same analysis, the same structures, the same metrics of performance, is not acceptable. We taxable investors need to think and act differently than tax-exempt investors, and our advisors should too.

 The character of profit determines the rate at which it is taxed and when it is taxed. It's important to understand the differences.

 For taxable investors, the more successful an investment becomes, the more expensive it is to sell and the harder it is to replace. Over time, each buy and sell decision becomes more and more important.

 Costs also affect taxable profits. Many investment funds are structurally more attractive to tax-exempt investors than to taxable ones. Avoid them and focus on a smaller and more sensible set of options.