Investment Counseling for Private Clients V by Zvi Bodie, Jean L.P. Brunel, Edward H. Dougherty,

By Zvi Bodie, Jean L.P. Brunel, Edward H. Dougherty, Christopher G. Luck, Christine L. Todd, Marty Carter, Scott D. Welch, Thomas D. Giachetti, James H. Gilkeson

Court cases of the March 2003 AIMR seminar "Private Wealth administration: New advancements in making an investment and Advising"

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4 (Summer 2000):84–94; Robert D. Arnott and Robert H. ” Journal of Portfolio Management, vol. 19, no. 3 (Spring 1993):15–26. org Tax management can also add a lot of value relative to a simple buy-and-hold strategy but is often overlooked. Taxes matter greatly, especially over long time horizons. Taxes amount to a heavy transaction cost— whether a 35 percent short-term capital gains rate, a 35 percent corporate rate, or a 15 percent long-term capital gains or qualifying dividend rate. Unfortunately, most managers focus solely on beating the benchmark on a pretax basis, which is an uncertain game to play because consistently generating this sort of alpha is very difficult to do.

For our study, we ran a large number of simulations, and we examined the range of outcomes to determine how a particular strategy performs relative to other strategies. For the base case in our simulations, we assumed an average annual benchmark return of 8 percent with a standard deviation of 15 percent for the equity market, consistent with historical norms. 12 percent a month, which is close to the actual average dividend). We assumed a tax rate of 35 percent; in other words, the assumption was for a corporate entity, not an individual who faces both long- and short-term capital gains tax rates.

Rather than canceling out each other, these effects appear to be additive. Increasing the tax rate led to significantly higher after-tax performance compared with the simple buy-and-hold strategy; the higher the tax rate, the greater the advantage for tax management. Interestingly, the improvement was most pronounced in moving from a low to a medium tax rate, as shown in Figure 5. The benefit of tax management when moving from the 20 percent to the 35 percent tax rate is clearly greater than when moving from the 35 percent to the 50 percent tax rate.

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