2025-07-02
15 分钟The Economist. Hi, this is Ethan Wu,
cohost of Money Talks, our business and finance podcast.
Welcome to Editor's Picks.
We've handpicked an article we recommend from the most recent edition of The Economist.
I hope you enjoy it.
An investor's desire to minimise his dues is nothing new.
The avoidance of taxes, said John Maynard Keynes,
is the only intellectual pursuit that still carries any reward.
What's new is the scale and speed at which the desire is transforming financial intermediaries,
wealth management and even the notion of passive investing.
Once the preserve of the ultra-rich,
the drive to minimise taxes has reshaped America's financial system.
Everything from the separately managed account industry,
with $2.7 trillion of assets under management, and robo-advisors,
an estimated $1.2 trillion, to exchange-traded funds,
$15.5 trillion, now caters to an investor's desire to minimise taxes.
Beneath these behemoths is a plethora of niche offerings,
such as exchange funds and 1031 exchanges,
as well as more sophisticated strategies such as heartbeat trades.
box spreads and long short dynamic tax loss harvesting.