80-90% of active stock pickers fail to beat the market.

I think the reality is even worse once you factor in:

• The taxes they incur
• The extra concentration risk they take

That’s why broad, low-cost index funds are an incredible tool for most investors.

And yet, we don’t use them.

In this video, I walk through why.

I genuinely believe it’s possible to build portfolios that target better outcomes after fees and after taxes than a plain index-only approach.

But to even have a shot at that, you need to understand:

• Portable alpha
• Long/short investing
• The very real risks and trade-offs that come with both

Give it a watch and let me know what you think!