# E375: Why Tax Alpha Could Matter More Than Investment Returns

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Text version: https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713/e375-why-tax-alpha-could-matter-more-than-investment-returns.md
Podcast: [How I Invest with David Weisburd](https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713)
Published: 2026-05-22T12:45:00+00:00
Episode link: https://howiinvestpodcast.com/episodes/6lnsk3LO804
Audio file: https://dts.podtrac.com/redirect.mp3/media.podcastai.com/episodes/6lnsk3LO804.mp3?u=1779455993
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Duration seconds: 2838

## Resource

What if the biggest source of alpha for taxable investors isn’t stock picking—but minimizing friction inside the portfolio itself? In this episode, I sit down with Brent Sullivan, independent tax analyst and author of one of the leading research platforms on tax-aware investing, to discuss why tax alpha has become one of the fastest-growing themes in wealth management. Brent explains how long-short tax-loss harvesting strategies evolved from niche institutional products into mainstream planning tools, why tracking error is often misunderstood, and how sophisticated investors think about balancing risk, leverage, and after-tax returns. We also explore trader funds, operational risk, and why tax management may matter more than active management for many investors.

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## Transcript

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