{"product_id":"tax-aware-investment-management-isbn-9781576601808","title":"Tax-Aware Investment Management","description":"\u003cb\u003eInvestment returns are uncertain,\u003c\/b\u003e \u003cb\u003eespecially in today’s economic environment. But taxes are a sure thing.\u003c\/b\u003e  \u003cp\u003eThat's one reason why tax-aware investment management is essential for building and maintaining wealth.\u003c\/p\u003e \u003cp\u003eIn 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.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThis book shows:\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eHow to measure and compare the tax-efficiency of mutual funds, hedge funds, and individual investment managers\u003c\/li\u003e \u003cli\u003eHow the widely used style-box matrix can prove detrimental to after-tax investment returns\u003c\/li\u003e \u003cli\u003eHow to minimize taxes on stock-and-bond portfolios and employ sophisticated strategies for offsetting gains against losses\u003c\/li\u003e \u003cli\u003eHow to decide which asset categories should be placed in tax-deferred accounts such as IRAs and which should be placed in regular taxable accounts\u003c\/li\u003e \u003cli\u003eHow to incorporate tax-aware techniques and insights into all facets of investment planning, portfolio management, and estate planning\u003c\/li\u003e \u003c\/ul\u003e  Acknowledgments.  \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One: Evolution of Knowledge Pertaining to Tax-Aware Investment Management.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 The Evolution of Tax-Aware Investment Management.\u003c\/p\u003e \u003cp\u003e2 The Sources and Impact of Taxes on Investment Returns.\u003c\/p\u003e \u003cp\u003e3 Seminal Research.\u003c\/p\u003e \u003cp\u003e4 The Tax-Aware Practitioner.\u003c\/p\u003e \u003cp\u003e5 Creating the Triumvirate of Qualified Professionals.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two: After-Tax Reporting and Measures of Tax Efficiency.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6 Mutual Fund After-Tax Reporting.\u003c\/p\u003e \u003cp\u003e7 Separate Account After-Tax Reporting.\u003c\/p\u003e \u003cp\u003e8 Measures of Tax Efficiency.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three: Tax\u003c\/b\u003e-\u003cb\u003eAware Portfolio Management.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9 Outperforming the Index Fund.\u003c\/p\u003e \u003cp\u003e10 Quantitative Tax-Aware Portfolio Management and Concentrated Stock.\u003c\/p\u003e \u003cp\u003e11 Practices of Elite Tax-Aware Equity Active Managers.\u003c\/p\u003e \u003cp\u003e12 Practices of Elite Tax-Aware Fixed Income Active Managers.\u003c\/p\u003e \u003cp\u003e13 The Hedge Fund Dilemma.\u003c\/p\u003e \u003cp\u003e14 Amending the Search Process for Tax-Aware Manager Selection.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four: Challenging Traditional Asset Allocation Methods.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15 Challenges with Traditional Investment Policy Development.\u003c\/p\u003e \u003cp\u003e16 Developing After-Tax Asset Class Assumptions.\u003c\/p\u003e \u003cp\u003e17 Why the Style Box Hurts Taxable Investors.\u003c\/p\u003e \u003cp\u003e18 Positioning Assets by the Tax Characteristics of the Entity.\u003c\/p\u003e \u003cp\u003e19 The Role of Systems Solutions in Tax-Aware Investing.\u003c\/p\u003e \u003cp\u003eSummary.\u003c\/p\u003e \u003cp\u003eAppendix.\u003c\/p\u003e \u003cp\u003eContinuing Education Exam.\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eD\u003csmall\u003eOUGLAS\u003c\/small\u003e S. R\u003csmall\u003eOGERS\u003c\/small\u003e, CFA,\u003c\/b\u003e is a nationally known authority on tax-aware investment management. He is a managing director and senior consultant at CTC Consulting Inc., a subsidiary of U.S. Trust Corporation, where he serves ultra-high-net-worth families. Mr. Rogers is currently chair of the CFA Institute (formerly AIMR) Subcommittee for After-Tax Return Reporting. He is a former chief investment officer and director of manager research for a nationally known investment advisory firm and holds an MBA in finance from Southern Methodist University. A Chartered Financial Analyst (CFA), he is a frequent speaker on tax-aware investment management and after-tax reporting standards at industry conferences.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003e“\u003ci\u003eTax-Aware Investment Management is the most comprehensive guide to portfolio optimality\u003c\/i\u003e.\u003c\/b\u003e From capital allocation to manager selection, Doug Rogers clarifies the critical issues and provides strategies for maximizing after-tax returns. He has succeeded in applying the principles of modern portfolio theory to taxable investors.”\u003cbr\u003e\u003cb\u003ePeter K. Scaturro CEO, U.S. Trust Corporation\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003eAlthough some tax rates on investments are lower now than in the past, many investors pay much higher rates to the IRS simply because they or their advisers don’t search out the best tax-aware investment strategies. For example, they may sell before a gain qualifies as long-term. In that case, the tax rate can be 35 percent, not 15 percent.\u003c\/p\u003e\u003cp\u003eSurprisingly, says Douglas S. Rogers, CFA, most managers of mutual funds and other investment vehicles ignore such tax considerations when buying and selling securities, leaving investors with lower after-tax returns than they deserve. \u003ci\u003eTax-Aware Investment Management\u003c\/i\u003e offers new thinking, new research, and new analytic tools to help advisers raise the after-tax returns on their clients’ portfolios and improve their investments, their overall financial picture, and their estate planning.\u003c\/p\u003e   \"\u003cb\u003eIf you've ever tried playing two games of chess simultaneously 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.\u003c\/b\u003e 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 \u003ci\u003eTax-Aware Investment Management\u003c\/i\u003e.\"\u003cbr\u003e —\u003cb\u003eCharlotte B. Beyer\u003c\/b\u003e\u003cbr\u003e Founder and CEO, Institute for Private Investors  \u003cp\u003e\"\u003cb\u003eIf you believe it's not what you make but what you keep, this is must-reading.\u003c\/b\u003e 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.\"\u003cbr\u003e —\u003cb\u003eHarold Evensky\u003cbr\u003e \u003c\/b\u003eChairman, Evensky \u0026amp; Katz\u003cbr\u003e Author, \u003ci\u003eWealth Management\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Finally! A to-do manual on how best to \u003ci\u003ekeep\u003c\/i\u003e the money our investments \u003ci\u003emake!\u003c\/i\u003e Most investors—and most investment managers—invest as though taxes can’t be managed (or worse, don't exist). \u003cb\u003eDoug 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\u003c\/b\u003e.\"\u003cbr\u003e —\u003cb\u003eRobert D. Arnott\u003cbr\u003e \u003c\/b\u003eChairman, Research Affiliates, LLC\u003cbr\u003e Editor, \u003ci\u003eFinancial Analysts Journal\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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 \u003cb\u003ean essential tool for private investors and wealth management professionals to manage portfolios holistically and effectively.\u003c\/b\u003e\"\u003cbr\u003e —\u003cb\u003eRalph C. Rittenour Jr.\u003c\/b\u003e\u003cbr\u003e Chairman and Chief Executive Officer, CTC Consulting, Inc.\u003c\/p\u003e \u003cp\u003e\"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. \u003cb\u003eWhether you are an investor, portfolio manager, investment consultant, private banker, financial adviser, accountant, or estate attorney, \u003ci\u003eTax-Aware Investment Management\u003c\/i\u003e will give you the knowledge to allow you to differentiate yourself in today's competitive environment.\u003c\/b\u003e\"\u003cbr\u003e —\u003cb\u003eThomas J. Boczar, CFA, Esq.\u003c\/b\u003e\u003cbr\u003e Chairman, Private Wealth Management Committee,\u003cbr\u003e New York Society of Security Analysts (NYSSA)\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47990133326053,"sku":"NP9781576601808","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781576601808.jpg?v=1761786631","url":"https:\/\/k12savings.com\/es\/products\/tax-aware-investment-management-isbn-9781576601808","provider":"K12savings","version":"1.0","type":"link"}