Featured Insights
With tax-aware investing on the rise, identifying strategies with real value has never been more important. This video explores the economic substance doctrine and why strong pre-tax investment logic is essential for sustainable after-tax returns.
In this piece, we discuss how, in tax-aware long-short investing, pre-tax alpha not only enhances returns but can also improve tax outcomes and reduce transition costs.
This paper shows that pre-tax alpha may enhance tax benefits in tax-aware long-short strategies by accelerating NAV growth and creating new positions that support loss realization. The result is meaningfully higher after-tax wealth—especially at longer horizons and higher levels of leverage.
Our Approach
As quantitative investors, we believe that a systematic and disciplined approach is the best way to achieve long-term value. Explore our broad range of innovative, diversifying strategies.
Cliff's Perspectives
March 25, 2026
I push back on claims that I predicted recent turmoil in private markets, clarifying that my prior work focused on long‑term issues like volatility mismeasurement, illiquidity, and expected returns—not short‑term market calls. While privates play a real economic role, I argue investors shouldn’t confuse smoothed valuations and perceived stability with lower risk or superior long‑run performance.
Investors should conduct their own analysis and consult with professional advisors prior to making any investment decisions. Diversification does not eliminate the risk of experiencing investment loss. Past performance is not a guarantee of future results. Investment process is subject to change.
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