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Animal Spirits Podcast · 2026-03-16 · 33 min · 6,070 words

Talk Your Book: After-Tax Alpha

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Today's Animal Spirits Talk, your book, is brought to you by Brooklyn Investment Group, powered by Nuveen. Go to nuveen.com to learn more about how Brooklyn Investment Group can help with a long, short, tax-advantage SMA. That's nuveen.com to learn more. Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.

All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Rydholtz Wealth Management. This podcast is for informational purposes only and should not be relied upon for any investment decisions. Clients of Rydholtz Wealth Management may maintain positions in the securities discussed in this podcast. Welcome to Animal Spirits with Michael and Ben.

Michael, when direct indexing really came came on board with, I guess, early 2020s, a lot of the ETF crowd, and you know, there's there's ETF analysts and people that follow this stuff, kind of said, I don't get it. Why would you ever do direct indexing when ETFs exist? They're already pretty tax-advantaged, tax efficient, low cost, simple, liquid. Owning all the individual names doesn't make any sense.

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