Tax-Aware Investment Management

By Douglas S. Rogers

Book Overview

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

• Format: Hardcover
• Language: English
• ISBN: 1576601803
• ISBN13: 9781576601808
• Release Date: January 2006
• Publisher: Bloomberg Press
• Length: 320 Pages
• Weight: 1.61 lbs.
• Dimensions: 1.0" x 6.4" x 9.5"

Customer Reviews

Tax Aware Investing doesn't need to be an oxymoron

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.

Importance of Tax Aware Investing Brought to the Forefront

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.