The Albatross

Landing the long/short plane with BlackRock's Taotao Cai

For tax-aware long/short strategies, some see the leverage as cost-effective, amplified exposure to the underlying manager, while others need to have a plan to land the p

IRS on "solid ground" going after suspicious §351 transactions - Bob Elwood and Ray Holst

Last week, Treasury released Notice 2026-62 and Rev. Rul. 2026-20 concerning IRC §351 transactions, nowadays popularly used to seed new exchange-traded funds (ETFs) in-ki

Too much tax alpha, too little diligence with Steve Curley

There's a flavor of financial adviser that understands how powerful tax alpha sounds to prospects and clients, but who hasn't thought too much about what could go wrong.

Abusive §351 is dead, long live routine §351

For the last few years, the ETF industry has used Section 351 of the Internal Revenue Code to let investors seed new exchange traded funds with appreciated securities, mo

Exchange Fund Replication using Options with BlackRock's Eric Metz

Exchange fund replication is a hidden gem in the concentrated public stock de-risking toolkit. Exchange fund replication is a 4-legged options trade that collars a singl

Covered Calls Are Not For Hedging With Roy Haya

Covered calls are in the single-stock management canon, but not because they meaningfully hedge risk. Roy Haya, Partner and Head of Derivative Solutions at Fort Point Ca

The Cost of Holding a Concentrated Position with Antti Petajisto

Antti Petajisto and I talk about concentration drag resulting from the many, many, many public companies that go bust, and the tiny slice of the market that vastly outper

Opportunity Zones Won't Save a Bad Deal, But Can Accelerate a Good One

The biggest criticism of Qualified Opportunity Funds is that the tax tail is wagging the dog so hard that investors completely lose sight of investment viability. Nick R

Investing in Three Dimensions with Paul Bouchey

Paul Bouchey is the Editor of the Journal of Wealth Management, Managing Director of Applied Research at Morgan Stanley, and the former Chief Investment Officer at Parame

A Good Problem

The Albatross is about navigating concentrated wealth. Markets are at all-time highs, and founders, executives, early employees, and investors have become rich... but hi