Subject: Re: Latest from Howard Marks
This is clear on its face. Simple math.

Of course it is. I was just surprised at how small the improvement in CAGR needed to be for the taxed port to keep up.

My tax bar is pretty high, since my state taxes long-term gains as ordinary income. But even so, if you think your trades can improve CAGR by 2 to 3 per cent versus LTBH, then they're probably worth doing.

Baltassar