In 2014, an investor asked Charlie Munger—Warren Buffett’s second-in-command—why he wasn’t investing in Apple. Munger responded that, “No matter what their financial statements showed,” he’d never have a high degree of confidence in the company. “It’s just too hard.” Buffett agreed. But things [...]
SECURE 2.0 planning opportunities
In the waning days of 2019, Congress passed the SECURE Act, a law that delivered a mix bag of changes for retirement savers. Well, Congress has been busy, and at the tail end of 2022, a follow-up law, known as SECURE 2.0, was signed into law. The good news: There’s a whole lot included in this [...]
Perot’s Quest
When Ross Perot ran for the presidency in 1992, a pillar of his campaign was tax reform. Federal tax rules, he pointed out, had grown to more than 80,000 pages. His proposal: Start over and replace everything with a simple flat tax. Perot’s campaign for tax reform didn’t make much progress, but [...]
ETFs: The most frequently asked question
Exchange-traded funds (ETFs) are popular, but their structure is complex. That can make them difficult to understand. The question I hear most frequently is: Are ETFs more tax-efficient than traditional mutual funds? The evidence suggests they are. One recent study, for example, found that ETFs [...]
Emily’s story
Earlier this week, I received an anguished call from an investor—let’s call her Emily. Emily’s accountant was finishing up her tax return and was surprised to see a $113,000 capital gain. The explanation turned out to be just as surprising. The issue stemmed from a well-intentioned move by the [...]
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