Wes Gray: Optimizing for After-Tax Returns

Bullish:

• $TAXETF - Tax-efficient ETF structures are superior investment vehicles due to their inherent tax advantages, which has been the core DNA of the business from the beginning

  • “Tax behind the scenes has always been our DNA from the very beginning. That's why we got in the ETF business.”

    Wes·5:55

Bearish:

• $CONCPOS - Concentrated stock positions are statistically likely to underperform as only 3% of stocks deliver returns above cash long-term, making it nearly impossible to pick winners

  • “only 3% of stocks actually over the long term end up going on and delivering all the index performance... what's the probability that your concentrated stock position is among the 3%?”

    Adam·38:28
• $EXCHFUND - Traditional exchange funds are overpriced, inefficient structured products run by banks that are ripe for disruption by new competitors

  • “exchange funds, if you're aware, they're like these old stodgy, you know, overpriced structured product type businesses. The banks have been operating for thirty years. It was about time a competitor came in”

    Wes·19:22