The new trend among the rich is “tax alpha,” which is the pursuit of lowering one’s tax bill while generating more profit along the way. It can be traced to a quadrupling of the S&P 500 over the past decade, largely driven by technology stocks. The rally has left many investors with huge gains, often concentrated in a handful of companies.

To diversify those positions without a big tax bill, the wealthy are looking at investment techniques like tax-aware long-short and 351 conversions. Modern techniques and technology have helped wring savings out of century-old provisions in the US tax code.

A Tax Strategy for the Rich Built the World’s Largest Hedge Fund: https://bloom.bg/4pY0APl

Cliff Asness’s AQR supercharged tax-loss harvesting, erasing IRS bills for the wealthiest.

Watch more mini documentaries from Bloomberg: https://www.youtube.com/playlist?list=PLGaYlBJIOoa_EzzMpticURNR29AiQi10v

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#Taxes #Investing #Wealth

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CXMT, a secretive Chinese chipmaker, has made its trading debut after a $9.8 billion IPO.

It’s set to shake up the trillion-dollar memory market dominated by names like Samsung Electronics and Micron, and accelerate China’s AI ambitions. Winnie Hsu explains.
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The US and Japan’s first joint action on the yen in 15 years has underscored their unprecedented determination to defend the Asian currency. Watch highlights from Bloomberg TV as events unfolded.
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Economics and Policy Correspondent Mike McKee & Senior Federal Reserve Reporter Enda Curran react to reports regarding President Trump’s relationship and communications with Fed Chair Kevin Warsh, plus a preview of July payrolls dropping Friday. Then, Bloomberg Hedge Fund Reporter Hema Parmar reports what $400 Million bet Situational Awareness made in its return back to investing. Plus, Bloomberg Intelligence’s Global Head of Technology Research Mandeep Singh talks Alphabet’s potentially $25 Billion bond sale.

Chapters
00:00:00 Bloomberg Businessweek Daily
00:01:43 SpaceX Lockup Day & AI Spending
00:03:21 Market Update: Oil Rises, Stocks Slip
00:05:24 Trump’s Calls with Fed Chair Kevin Warsh
00:06:04 Inside the White House–Fed Communications
00:07:13 Presidential Pressure & Fed Independence
00:08:52 Will Trump and Warsh’s Honeymoon Last?
00:11:27 Jobs Report, Inflation & Jackson Hole
00:15:03 Labor Market Uncertainty
00:17:17 Biggest Risks Facing the Economy
00:20:31 Situational Awareness Returns to Investing
00:21:21 Hedge Fund Rebuild After Near Collapse
00:24:24 Citadel’s Windfall from the Rescue Deal
00:27:22 AI Investing, Leverage & Hedge Fund Risk
00:34:20 Alphabet’s $25 Billion AI Bond Sale
00:35:27 Why Big Tech Needs More Debt
00:38:32 Where AI Spending Is Paying Off
00:39:12 When Will AI Deliver ROI?
00:40:28 Google’s AI Leadership Shake-Up
00:44:39 Stock Movers: Sandisk, Datadog & Honeywell Aerospace
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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Morgan Stanley PWM Executive Director Katerina Simonetti, BlackRock Deputy CIO of Global Fixed Income Russ Brownback, Jefferies Equity Research Analyst David Chiaverini, Hamilton Lane Co-CEO Erik Hirsch, Wells Fargo Investment Institute Head of Global Investment Strategy Paul Christopher, Bokeh Capital Partners Founder & Chief Investment Officer Kim Forrest, US Chief Design Officer Joe Gebbia, Robinhood CEO Vlad Tenev, & Churchill Asset Management Vice Chairman & Chief Investment Strategist Randy Schwimmer.

Chapters:
00:00:00 Bloomberg The Close
00:01:06 AI Chip Cycle, Samsung & SK Hynix in Focus
00:03:58 Morgan Stanley on Market Rotation & AI Investing
00:10:42 BlackRock on Rates, Inflation & Fixed Income
00:16:40 Top Calls
00:17:48 Regional Banks Preview Ahead of Earnings Season
00:22:27 Hamilton Lane on Private Equity Co-Investing
00:30:35 Stock of the Hour: Broadcom Extends Apple Partnership
00:35:13 Countdown to the Closing Bell
00:37:39 Bloomberg Intelligence on Earnings & Market Positioning
00:43:12 Closing Bell
00:46:28 Broadcom, AMD & Tesla Power the Rally
00:48:34 O’Reilly, AMC & GXO Lead the Decliners
00:54:06 Post-Close: AI Trade & Market Rotation
00:55:30 Kim Forrest on the Future of AI Infrastructure
01:02:32 Trump Accounts App Launch Explained
01:08:03 Robinhood CEO Vlad Tenev on Trump Accounts
01:16:39 Churchill Asset Management on Private Credit
01:28:57 What to Watch: SpaceX, NATO & World Cup
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