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Buy and Hedge: The 5 Iron Rules for Investing Over the Long Term by Wayne Ferbert, Jay Pestrichelli

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28. Managing for Tax Efficiency

Carl Spackler: “This place got a pool?”

Ty Webb: “Pool and a pond.... Pond would be good for you.”

—From Caddyshack (1980)

I know this quote has nothing to do with taxes. Do you know how difficult it is to find quotes from quality movies about taxes? It is difficult. But along with tax advice in this chapter we offer one other piece of advice. At some point in your life you will be at a party or a hotel or some gathering and one of your friends will ask, “Does it have a pool?” My advice: Don’t miss a beat. Immediately say, “... a pool and a pond.... Pond would be good for you.” It is not only a cheap laugh but you’ll instantly know whether your friend is a Caddyshack fan.

In Chapter 9, The Taxman Cometh,” you learned ...

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