Most wealthy families are borrowing the wrong way.

If you have a $5M+ portfolio and you’re using:

• Margin loans
• Securities-backed lines of credit (SBLOCs)
• Or selling appreciated stock to raise cash

…there may be a more efficient option.

One of the best-kept secrets in the family office space is the box spread loan.

At a high level:

• Borrow at rates typically close to the risk-free rate
• Lock in a fixed borrowing cost and term
• Avoid selling appreciated assets
• Create deductible capital losses

A few use cases I cover in my latest video:

• Creating liquidity from concentrated stock positions
• Funding real estate investments with significant depreciation
• Pairing financing with tax-aware investment strategies

Many investors spend years optimizing their portfolio but never optimize how they borrow.

That can be an expensive mistake.

I also take a shot at Tony Yang in this video, who seems to have a thing for MacBooks…