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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Uncle Frank who wrote (20821)3/20/2000 5:52:00 PM
From: Mike Buckley  Read Replies (1) of 54805
 
Some folks claim to be able to time the market, but their results never hold up to objective scrutiny over the long term.

I've never seen an attempt to make those comparisons using after-tax dollars assuming varaious tax-bracket scenarios. I do know that in my current tax bracket the before-tax short-term profits have to be twice the before-tax long-term profits in order to achieve the same after-tax profit. Add to that scenario that deferred taxes (the difference between paying long-term capital gains taxes every other year as opposed to paying them once in 20 years) has monumental impact on the after-tax returns of a life-long investment career.

The moral of the story is the timing of when we pay taxes really does matter, giving shorter-term strategies a huge obstacle to overcome compared with longer-term strategies.

--Mike Buckley
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