My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Back to Beliefs
Tax optimization provides more reliable alpha than investment selection
Evidence
Taxes are guaranteed cost while investment alpha is uncertain. Tax strategies can provide 1-3% annual equivalent returns with certainty.
Implication
Focus optimization efforts on tax reduction rather than trying to beat market returns
Counter Belief
Investment skill can generate alpha that far exceeds tax savings, making tax optimization secondary priority
Example Application
Use direct indexing to harvest tax losses while matching market performance rather than trying to pick winning stocks