Q2 market letter is out — what we changed in client portfolios, and what we deliberately did not.

Asset location: the free lunch most portfolios leave on the table

Which account holds which asset is worth more over a lifetime than most fund selection decisions, and it costs nothing to get right.

Bonds in sheltered accounts, high-growth equity where gains compound untaxed, and the tax-inefficient holdings kept well away from the taxable account. It is unglamorous and it compounds.

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