At the Money: Deferring Capital Gains on Appreciated Equity

Masters in Business

Bloomberg

Business, Investing

4.4 • 2.2K Ratings

🗓️ 4 December 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you holding large, concentrated equity positions that have accrued big gains? Would you like to diversify but also defer paying big capital gains taxes? Meb Faber, founder and chief investment officer of Cambria Investments, speaks with Barry Ritholtz about a new ETF that may be the solution to the challenge of concentrated equity positions.

Each week, “At the Money” discusses an important topic in money management. From portfolio construction to taxes and cutting down on fees, join Barry Ritholtz to learn the best ways to put your money to work.

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Transcript

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0:00.0	Enterprises are busy embracing the technologies that underpin industry 4.0, such as AI and automation.
0:07.0	But now the fifth industrial revolution is coming.
0:09.8	So what is it?
0:10.5	And what could it mean for our jobs?
0:12.1	I'm Hannah Fry.
0:12.8	You can learn more later in the podcast.
0:15.1	The forces shaping markets and the economy are often hiding behind a blur of numbers.
0:19.5	So that's why we created the big take from Bloomberg Podcasts, to give you the context you need to make sense of it all.
0:26.5	Every day in just 15 minutes, we dive into one global business story that matters.
0:31.2	You'll hear from Bloomberg journalists like Matt Levine.
0:34.1	A lot of this meme stock stuff is, I think, embarrassing to the SEC.
0:38.3	Follow the Big Take podcast on the IHeart Radio app, Apple Podcasts, or wherever you listen.
0:47.2	Bloomberg Audio Studios.
0:49.7	Podcasts, Radio News.
0:54.9	Let me tell you how it will be.
1:02.0	There's one for you, 19 for me.
1:08.7	Because I'm the taxman. Yeah, I'm the taxman. Some investors have big concentrated equity positions that have accrued big gains.
1:22.6	Maybe it's due to employee's stock option plans.
1:25.6	Perhaps they have some founder stock from a startup.
1:29.0	Maybe there was an IPO or a takeover. But suddenly they find themselves sitting on an uncomfortably
1:35.0	large percentage of their portfolio in a single name. The challenge for investors is how can
1:41.5	they diversify when selling shares leads to owing big capital gains.
	...

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