[posnet]

Well one of the big factors was tax avoidance. Basically mislabel your long term strategy as short term for a lower tax bill. Then just wait, and know that the final penalty fine (while still large) will still be less than the total you made over time by not paying the tax.

https://www.reuters.com/business/finance/renaissance-executi...

[paulpauper]

You don't geta 60% cagr with tax loopholes. all hedge funds try to minimize their taxes by whatever means possible.