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by onlyrealcuzzo 1406 days ago
> If what you're saying is true, untaxed investors would have radically different allocations than similar taxed investors. That's not the case.

Except it is the case for endowments and charities. They both have much lower risk tolerance than HNWI (~33% of capital).

The bottom ~50% of capital is in R/E and is mostly about living, and less about taxes.