We are long-term investors with a strong commitment toward publicly traded equities. Historically, equities have provided the highest after-tax, long-term returns among major asset classes. We believe this will continue into the future.
Additionally, a large portion of equity returns come in the form of capital appreciation that is not taxable until gains are realized. This tax deferral—and the flexibility to realize gains when most advantageous—contributes to the attractive after-tax returns of equities.