Tax-Aware Investment Management
The Essential Guide
Bloomberg Professional
1. Auflage Januar 2006
320 Seiten, Hardcover
Wiley & Sons Ltd
Investment returns are uncertain, especially in
today's economic environment. But taxes are a sure thing.
That's one reason why tax-aware investment management is
essential for building and maintaining wealth.
In this comprehensive, groundbreaking book, Douglas S. Rogers,
CFA, explains why many accepted investment strategies and
techniques developed for tax-exempt institutional investors don't
work for individuals who are subject to taxes. They will end up
with substantially lower after-tax returns simply because their
portfolios are not structured or managed with tax obligations in
mind.
This book shows:
* How to measure and compare the tax-efficiency of mutual funds,
hedge funds, and individual investment managers
* How the widely used style-box matrix can prove detrimental to
after-tax investment returns
* How to minimize taxes on stock-and-bond portfolios and employ
sophisticated strategies for offsetting gains against losses
* How to decide which asset categories should be placed in
tax-deferred accounts such as IRAs and which should be placed in
regular taxable accounts
* How to incorporate tax-aware techniques and insights into all
facets of investment planning, portfolio management, and estate
planning
Introduction.
Part One: Evolution of Knowledge Pertaining to Tax-Aware
Investment Management.
1 The Evolution of Tax-Aware Investment Management.
2 The Sources and Impact of Taxes on Investment Returns.
3 Seminal Research.
4 The Tax-Aware Practitioner.
5 Creating the Triumvirate of Qualified Professionals.
Part Two: After-Tax Reporting and Measures of Tax
Efficiency.
6 Mutual Fund After-Tax Reporting.
7 Separate Account After-Tax Reporting.
8 Measures of Tax Efficiency.
Part Three: Tax-Aware Portfolio Management.
9 Outperforming the Index Fund.
10 Quantitative Tax-Aware Portfolio Management and Concentrated
Stock.
11 Practices of Elite Tax-Aware Equity Active Managers.
12 Practices of Elite Tax-Aware Fixed Income Active
Managers.
13 The Hedge Fund Dilemma.
14 Amending the Search Process for Tax-Aware Manager
Selection.
Part Four: Challenging Traditional Asset Allocation
Methods.
15 Challenges with Traditional Investment Policy
Development.
16 Developing After-Tax Asset Class Assumptions.
17 Why the Style Box Hurts Taxable Investors.
18 Positioning Assets by the Tax Characteristics of the
Entity.
19 The Role of Systems Solutions in Tax-Aware Investing.
Summary.
Appendix.
Continuing Education Exam.
Index.
and then, to your horror, realized that a move on one board was
actually impacting your other game, you can understand how private
investors feel about investments and taxes. Until Doug Rogers
tackled this complex and confounding topic, professionals and
investors alike had few resources to guide them. From being a voice
in the wilderness in the 1990s to being a most respected guru in
the field, Doug Rogers contributes mightily to the wealth
management industry with Tax-Aware Investment
Management."
--Charlotte B. Beyer
Founder and CEO, Institute for Private Investors
"If you believe it's not what you make but what you keep,
this is must-reading. Practical, pragmatic and professional,
Doug Rogers brings a wealth of knowledge and common sense to
tax-aware investment management. Planning, measuring and
implementing, product and process--it's all here."
--Harold Evensky
Chairman, Evensky & Katz
Author, Wealth Management
"Finally! A to-do manual on how best to keep the money
our investments make! Most investors--and most
investment managers--invest as though taxes can't be
managed (or worse, don't exist). Doug Rogers has studied these
issues as much as almost anyone in the finance world and has
assembled a commonsense guide to help navigate our investment
choices with an eye on the tax man's take."
--Robert D. Arnott
Chairman, Research Affiliates, LLC
Editor, Financial Analysts Journal
"Doug Rogers combines his many years of experience with a high
degree of technical knowledge to create an innovative guide with a
fresh perspective on tax-aware strategies. In my opinion, it
is an essential tool for private investors and wealth management
professionals to manage portfolios holistically and
effectively."
--Ralph C. Rittenour Jr.
Chairman and Chief Executive Officer, CTC Consulting, Inc.
"This is the definitive work on this complex and rapidly
evolving subject. Doug Rogers covers an array of
topics--including security analysis, portfolio construction
methodologies, the manager search process, asset allocation, and
technology developments--in a way that everyone can
immediately apply to more effectively manage wealth from an
after-tax perspective. Whether you are an investor, portfolio
manager, investment consultant, private banker, financial adviser,
accountant, or estate attorney, Tax-Aware Investment
Management will give you the knowledge to allow you to
differentiate yourself in today's competitive
environment."
--Thomas J. Boczar, CFA, Esq.
Chairman, Private Wealth Management Committee,
New York Society of Security Analysts (NYSSA)
