ABOUT THIS EPISODE
Ryan Nauman interviews Shang Chou, co-founder and managing partner at Dishmi Capital, about how portfolio construction is evolving beyond traditional 60/40 and mean-variance optimization toward maximizing after-tax wealth. Shang shares his Wall Street background (PIMCO, J.P. Morgan, Goldman Sachs), work at Simplify Asset Management, and the personal liquidity-event experience that motivated Dishmi’s focus on helping taxable investors with concentrated stock and major life events. He argues advisors leave “structural alpha” untapped by optimizing for pre-tax returns and outlines a three-dimensional framework—time, the full balance sheet (including proactive, tax-aware borrowing), and an expanded solution set—highlighting tools like tax-aware long-short, exchange funds, variable prepaid forwards, collars, SPX box spreads, and Section 351 exchanges. He predicts tax-aware portfolio construction will become table stakes and expects continued growth in the independent advisory channel.
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00:00 Why Tax Alpha Matters
01:10 Meet Shang Chou
02:44 Founding Dishmi Capital
05:17 Planning Before Liquidity
06:28 PIMCO Structural Alpha
08:55 After Tax Mindset Shift
12:27 Three Dimensional Framework
15:33 Borrowing Smarter for Homes
17:41 Institutional Tools for Advisors
20:32 Biggest Untapped Tax Wins
23:13 Which Strategies Go Mainstream
25:56 Life Events Drive Planning
28:28 Future of Tax Aware Advice
31:38 Where to Find Sheng
32:12 Closing and Subscribe
