Tax-Aware Investment Management: The Essential Guide
By admin • Aug 23rd, 2008 • Category: Business
Tax-Aware Investment Management: The Essential Guide
Tax-Aware Investment Management: The Essential Guide
By Douglas S Rogers
Publisher: Bloomberg Press
Number Of Pages: 301
Publication Date: 2006-01-16
ISBN-10 / ASIN: 1576601803
ISBN-13 / EAN: 9781576601808
Binding: Hardcover
Effective management of taxable accounts and portfolios rarely gets the attention it deserves from investment managers and advisers, often leaving investors with a larger-than-necessary tax bite. Tax-Aware Investment Management details new research, new analytic tools, and new thinking that can change that. This book punctures received wisdom and dispels misconceptions about how to account for tax effects; how to allocate assets; how and when to buy, sell, and rebalance; and how to communicate with clients and with other professionals involved in managing their assets. Douglas Rogers, widely considered the authority in this growing field, details the trading strategies and fund evaluation criteria essential to the task and presents critical considerations for investment managers. He also covers the expanding area of separate accounts.
Summary: Tax Aware Investing doesn’t need to be an oxymoron
Rating: 5
I have yet to meet a prudent investor that thinks the government would do a better job of spending the money that the investor has accumulated, than they would do spending it themselves.
Doug Rogers’ Tax-Aware Investment Management guide is timely. Doug gives you questions to ask your advisor. He provides a historical prospective while injecting humor. Doug even synthesizes the implications of taxation on investment results in a readable fashion.
Wall Street serves institutions (they live in world of relative “better than the benchmark or at least awfully darn close to it so they can keep their job” performance evaluation.
Private clients are often sold what institutions bought 5 or 10 years ago. The individual investor’s best interests would be better served by thinking about this topic before, during and after they invest. You can only spend what you have after tax, after fee. I suggest you invest some time in thinking about the wisdom that Doug shares.
Summary: Importance of Tax Aware Investing Brought to the Forefront
Rating: 5
This book could/should be used as a handbook for investment professionals considering tax aware investing. Doug has compiled years of research, insight and practice into a concise “manual” to shed some light on this complicated,and ever-changing aspect of investment management. Billions of dollars are needlessly lost each year from investors’ portfolios because investment professionals fail to consider the impact of taxes when constructing and managing investment portfolios.
The book is very well written and organized. Hopefully, more people will realize the importance of taxes on portfolio performance and be drawn to firm’s who can add value by having the knowledge and the ability to “play the game”. This is especially true in a low return environment where the tax burden can have a meaningful impact in overall returns.
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