- 13
- Episodes
- 24
- Ratings
- Weekly
- Cadence
- 2024
- First episode
About Taylor Made Macro
Do you lie awake at night wondering how traders and investors do what they do? On Taylor Made Macro, we uncover how our guests navigate the complex contours of the markets and dig deep into their inspiration, processes, tools, and failures. If you are a curious, truth-seeking person, join us for the investing discussion, and stay for the humor and humility we approach these topics with. We’ll let others “stay on top of markets” while we “get to the bottom of markets”. Together we’ll learn how great investors have developed their investing style and what they’ve learned about themselves on their journey.
- Publisher
- Chase Taylor
- Category
- business · government · news
- Language
- en
- Explicit
- Yes
- First episode
- 21 Feb 2024
- Latest episode
- 10 Sept 2026
Latest episodes
13 episodes in the feed.
10 Sept 2026
Copy of Beatings Will Continue...
Market beatings will continue until the war ends. I discuss why I think markets can no longer avoid the war or the inflation it is causing. Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
1 Sept 2026
Oil is Back
Catching you up on the war in Iran as it goes kinetic again and what that means for energy prices and macro. Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
28 Aug 2026
Arsonist & Fireman
A review of the week with a focus on the Fed and the Treasury as they row in different directions. Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
20 Aug 2026
Gonna Need a Bigger Boat
Yesterday I said Treasury would need a bigger boat and compared buybacks to the Cheeto as a door lock - today (faster than expected!) that became clear. So I cover the buyback fail and the need for QE, the economic war against Iran, the China/Switzerland trade deal, Walmart earnings, and more supply coming thanks to the giant Anthropic IPO. Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
20 Aug 2026
1. Score One For the Referee
First Daily Discernment discussing the Treasury's intervention today and everything it may mean moving forward. Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
20 Aug 2025
#8 - Book 1: Learn Vitaliy’s Art of a Meaningful Life
No one enjoys being wrong. But I do enjoy having been wrong. This means I am now less wrong, now than I was before. This means I have learned something. -- Chase sits down with book in hand to discuss some of the great insights in Soul in the Game: The Art of a Meaningful Life by Vitaliy Katsenelson. Consider this your audio CliffsNotes with anecdotes from the author and from Chase’s experiences with stoicism, challenging your own market theses, and why we should treat everything in our life as if it’s on borrowed time. Timestamps: (00:01) – Intro (01:44) – Put curiosity above conviction and humility above pride (03:47) – No one enjoys being wrong, but…do enjoy having been wrong (05:58) – The rules of an intellectually honest debate (07:56) – Acknowledge our assumptions, acknowledge our own biases. Address the argument, don’t attack the person (10:56) – Pain is a perfect tuner (14:16) – Time discovers truth (15:55) – Accept that our control only lies within (21:45) – Negative visualization helps you realize all the great things in your life are borrowed, not owned (24:00) – Outro Referenced in the Show: Soul in the Game by Vitaliy Katsenelson (https://amzn.to/3JaiT2x) Think Again (https://amzn.to/3UtDG3z) by Adam Grant Chase’s favorite Daniel Kahneman book: Thinking, Fast and Slow (https://amzn.to/41qqnF5) Brothers Karamazov (https://amzn.to/414mmpt): by Fyodor Dostoevsky The Intelligent Investor (https://amzn.to/4fzWh7z): Ben Graham Stoic Books: The Wisdom of the Stoics Boxed Set (https://amzn.to/4fEi91Q) & Discipline Is Destiny: The Power (https://amzn.to/4lmzcH3) of Self-Control (https://amzn.to/4lmzcH3) Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: https://bulwarkcapitalmgmt.com/ Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
22 Nov 2024
#7 - Practice 6: Be Strategically Agnostic Like Rupert Mitchell
Chase Taylor interviews Rupert Mitchell of Blind Squirrel Macro on strategically approaching A.I. and building a personal library of knowledge to stay ahead of the market.
1 Jul 2024
#6 - Practice 5: Use Scenario Analysis like Jacob Shapiro
“So, geopolitics really is more about defining possibilities and getting ready for any possibility so that if the crazy thing happens, ah, I've thought about it before. And I know what I'm going to do when that happens, rather than I'm going to perfectly be able to identify the scenario.” - Jacob Shapiro, Cognitive Investments -- This week’s episode features a future regular guest of Taylor Made Macro, Jacob Shapiro, from Cognitive Investments. Jacob is a true neutral geopolitical analyst that approaches the world and the markets with humility and back-breaking labor to arrive at his conclusions. Chase and Jacob discuss current events in global elections, the importance of finding original news sources, paying attention to news that seems strange, and implementing a ranking system for the avalanche of information one needs to get through to do this work each day. This helps you with the most important takeaway of the episode: scenario planning. Thinking about what could happen helps you prepare if it does happen. -- Timestamps: (00:00) – Intro (01:38) – Charity: William and Anne Monroe Shapiro Endowment (https://securelb.imodules.com/s/1705/giving/index.aspx?sid=1705&gid=3&pgid=600&cid=1358&dids=10663&bledit=1&appealcode=7EOBS) (02:16) – Mexican Elections: Shienbaum is a Scientist (08:13) – Modi’s Age and Charisma Have Their Limits (11:29) – South Africa’s Apartheid History Overshadows the Geopolitical Potential (14:39) – Individual Leaders Can Have a Great Amount of Agency in the Right Moment, with the Right Circumstances (17:54) – Milei’s Economic Changes Could be Trading Short-Term Pain for Long-Term Meaningful Change (25:23) – Mexican, Brazilian, and Saudi Arabian ETFs Are (as of recording) Mispriced. (27:16) – Between Two Pines (32:43) – Scenario Imagination and Admitting You’re Wrong are too Important When Money is on the Line (36:32) – Google Translate Your Way to More Accurate, Ground-level News, and Dissect the Piece of Info that Seems Strange (44:04) – Spanx vs. High Nutritional Reading (46:07) – Jacob’s Books: All the King's Men by Robert Penn Warren (https://amzn.to/4cIk1Ee) & Psychology of Intelligence Analysis by Richards Heuer [Jr.] (https://amzn.to/3W37e9R) (47:14) – Notion Helps Organize Information (51:44) – Finding the Original is the Most Important Task (53:37) – High Level Meeting Summaries: Pay Attention to Divergence (56:10) – Don’t Put on a Trade Unless You Can Get to Confidence (58:40) – Geopolitical Analysis is not a Hard Science (1:02:14) – Swim to Connect Dots (1:03:10) – Half-Holocaust Survivors / Half D.C. Socialites – Bridging the Various Classes Perspectives for Better Political Analysis (1:06:36) - Plugs -- This Episode's Charity: In honor of Jacob’s parents, an endowment for First Generation American citizens has been established at Oxford College of Emory University. Please donate here (https://securelb.imodules.com/s/1705/giving/index.aspx?sid=1705&gid=3&pgid=600&cid=1358&dids=10663&bledit=1&appealcode=7EOBS). Jacob and Chase raised $20 for charity this week! -- Referenced in the Show: Cognitive Dissidents (Soon The Jacob Shapiro Podcast): Depreciable Line of Information (https://podcasts.apple.com/us/podcast/the-depreciable-life-of-information/id1618811454?i=1000626434574) Movie: <a href="https://www.imdb.com/title/tt0073802/"...
14 Jun 2024
#5 - Practice 4: Research as if You’ll Argue Both Sides Like Warren Pies
“I can generally, take an issue and argue both sides...ultimately you've got to weigh all the evidence and be honest with yourself and come up with the right answer… the ability to take an issue, see both sides, argue both sides, build a case for both sides…and that causes you to just dig and read and turn over stones and understand underlying processes and things like that.” - Warren Pies, 3Fourteen Research -- This episode features Warren Pies of 3Fourteen Research. Chase and Warren dig deep into construction data, Warren’s process, models, and why he finds construction so important for macro. Warren teaches us how to research trades like a lawyer, but also how important saying, “I don’t know” is for your credibility…unless you’re at a cocktail party. He argues that sticking to what you know and picking high quality businesses will keep you alive in the markets. We also learned that Gothic Western Fiction is an actual genre (!?). Enjoy this meeting of the minds and learn how to balance granularity with accuracy. -- Timestamps: (00:00) – Intro & Plugs (01:20) – Warren’s Charity: BridgeALife (02:57) – Warren’s Framework on Housing, Construction, and Construction Employment (16:07) – Argue Both Sides of a Trade Like a Lawyer (18:49) – A Behavioral Edge Creates an Informational Edge (19:37) – Preempt a Bad Trade Through Research and Process (21:26) – Learn How To Say, “I Don’t Know” Unless You’re at a Cocktail Party (23:59) – Stick to Investing in What You Know & Pick Quality Businesses (27:45) –Speed Read Until AI Can Do it For You (31:13)— Exercise Your Nervous System to Help Connect the Dots (33:36) – Having to Rescind a Prediction Made Publicly is Tough (38:45) – Blood Meridian (https://amzn.to/4a7KCZu) – Gothic Western Fiction?? (42:22) – Understanding Modern Money (https://amzn.to/3WuHV11) – A transformation for Warren (42:34) – Between Two Pines (47:48) – Are Higher Rates Stimulative? (50:52) – Self-Reinforcing Loops to the Downside (55:01) – Malinvestment in the 2020s (56:39) – Yellowstone is “Too Popcorn” (59:40) – Thank You Listeners -- This Episode's Charity: Bridge A Life Charity – Local group in Sarasota Area, Florida that provides resources to foster families. Donate here: https://www.bridgealife.com/get-involved/donate-2021 (https://www.bridgealife.com/get-involved/donate-2021) -- Referenced in the Show: Warren’s Market Huddle Interview (https://pod.link/1444520320/episode/94c804f302f00ec75aa01265df94cc28) Books: Blood Meridian by Cormac McCarthy (https://amzn.to/4a7KCZu) & Understanding Modern Money: The Key to Full Employment and Price Stability by Randall Wray (https://amzn.to/3WuHV11) David Einhorn – The Long and Short of Investing (https://www.joincolossus.com/episodes/72443180/einhorn-the-long-and-short-of-investing?tab=transcript) Warren Mosler – This Guy Says the Fed Has Got Everything Precisely Backward, 2022, NYT Article (https://www.nytimes.com/2022/08/15/opinion/interest-rates-federal-reserve.html) -- Guest Plugs: Warren’s X : <a href="https://twitter.com/WarrenPies" rel="noopener noreferrer"...
3 May 2024
#4 - Practice 3: Find Inflections in Cyclical Businesses Undergoing Secular Change Like Kuppy
“But I'm buying stuff where, revenue’s growing rapidly. I'm buying stuff where value creation is happening rapidly. I'm buying, you know, growth momentum names. I’m buying them before anyone else realizes that they’re growth momentum names...they're still valued like uh, value stocks. If you look at this sort of stuff we're doing, we call it--, I call it inflection investing for lack of a better word, but they tend to be industries that have destroyed a lot of capital that have bored people to death, that give people PTSD.” -Kuppy, Praetorian Capital -- Kuppy has been a great friend to Chase since he started PMR. This week they discuss position sizing, what inflection investing really means, how to spot the convergence of cyclical and secular tailwinds, and most importantly, how getting away from the markets allows you to express your trades more effectively. Kuppy's approach to investing is bold, well researched, and decisive. We also discussed how he decided to stop missing stuff with the inception of Kuppy’s Event Driven Monitor (KEDM). -- Timestamps: (00:00) - Intro (01:46) – Kuppy is a value investor that makes money (02:58) – Charity of Choice: Sugar Pine Foundation (04:09) – Roman History isn’t a real major (06:03) – Inflection investing is momentum investing with a value overlay (09:28) – Middleman companies provide the best value? (09:46) – Cyclical sectors with secular change (12:02) – Find ways to be out of the office (12:46) – Kuppy makes the chart (12:55) – Fundamental Momentum (13:42) – Exit criteria: When something better comes along (15:40) – Sizing of trades: There’s not enough good ideas to trade small positions (19:54) – Get away from granularity unless it’s earnings season (24:42) – Massive events still take weeks to figure out (26:25) – Surfing – no phones allowed (28:20) – Good food and good weather for good living (29:13) – Being wrong isn’t personal. Get out before you change your mind (31:39) – Between Two Pines (35:21) – Sidestep the politics and sales pitches of corporate management leadership (40:45) – KEDM – Kuppy got tired of missing stuff (46:16) – Tomorrow’s Gold by Marc Faber & Reminiscences of a Stock Operator by Edwin Lefèvre and Roger Lowenstein (47:00) – Sleepwalking into YCC (48:04) – Kuppy reaches out the finance circle for “smell tests” (49:23) – Luck in trades because of long timeline horizons (51:46) – Plugs -- This Episode's Charity: The Sugar Pine Foundation began in 2004.They are dedicated to restoring sugar pines in the Lake Tahoe National Forest in California. Donate here: https://sugarpinefoundation.org/get-involved/donate (https://sugarpinefoundation.org/get-involved/donate) -- Referenced in the Show: Kuppy’s Book Recommendations: Tomorrow’s Gold by Marc Faber (https://amzn.to/4bgboQx) & Reminiscences of a Stock Operator by Edwin Lefèvre and Roger Lowenstein (https://amzn.to/4b9rHhS) -- Guest Plugs: Kuppy’s X : https://twitter.com/hkuppy (https://twitter.com/hkuppy) Praetorian Capital : https://pracap.com/ (https://pracap.com/) Kuppy’s Event Driven Monitor (KEDM) : <a...
5 Apr 2024
#3 - Practice 2: Sideline Your Ego Like Kevin Muir
"When trading, are you more interested in being right, or are you more interested in making money? And I ultimately just look at it like ‘I just want to make money, and…make the best returns I can’, and so therefore I need to stay open to different ideas.” - Kevin Muir -- This week’s episode features another one of Chase’s greatest mentors, Kevin Muir. Kevin is a prototype of the kind of investor we’re trying to highlight on this podcast. He’s a markets scientist who isn’t afraid to explore new ideas and find himself wrong after that process. His open-mindedness has led him to some great theories that we dig deeper into for this episode. -- Timestamps: -- (00:01) - Intro -- (03:19)- Kevin’s Charity: Covenant House -- (04:39) -Why Kevin loves the markets -- (05:39)- James Aiken’s philosophy on overload -- (10:56)- How Kevin discovered MMT wasn’t the stupidest thing he ever heard -- (15:10)- Tim Urban and the “high rung” approach to ideas --(17:41)- How do you intentionally stay open to new ideas? --(23:55)- Systematic Investing Flows --(30:01)- Tried and True Indicators can’t always help (Yield Curve Inversion) --(39:25)- Must Read Books for Traders --(45:27)- Between Two Pines --(53:25)- Simple morning rituals set you up for a full day of markets, and you should adjust your reading to the macro environment --(56:18)- Different life priorities led Kevin from working at a bank to operating the Macro Tourist --(1:01:43)- “New techs” cause mini-rolling bubbles and never underestimate the stupidity of regional bank CEOs --(1:07:14)- Plugs -- This Episode's Charity: The Covenant House of Toronto (https://covenanthousetoronto.ca/) aims to serve youth who are homeless, trafficked, or at risk. They’re located in the heart of Toronto and offer youth ages 16-24 essential services such as medical care, food, and shelter. Kevin and Chase raised $100 for charity this week! -- Referenced in the Show: What’s Our Problem?: A Self-Help Book for Societies by Tim Urban (https://amzn.to/4aEBcp2) Is Inflation Ending: Are You Ready? by A. Gary Shilling and Kiril Sokoloff (https://amzn.to/3PPitis) The Logical Trader: Applying a Method to the Madness by Mark Fisher (https://amzn.to/3vEOYcj) The Alchemy of Finance by George Soros (https://amzn.to/4cGBLjZ) Kevin’s Interviews of Jim Leitner on The Market Huddle: Check out this episode’s blog post (https://www.pineconemacro.com/taylormademacro/episode3kevinmuir) -- Guest Plugs: Kevin’s The Macro Tourist Substack (https://substack.com/profile/9262551-macrotourist) Kevin’s X: https://twitter.com/kevinmuir (https://twitter.com/kevinmuir) Kevin’s email: kevin@themacrotourist.com (mailto:kevin@themacrotourist.com) -- Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & <a href="https://twitter.com/TaylorMadeMacro"...
22 Mar 2024
#2 - Practice 1: Use Systems Thinking Like Brent Johnson
"I have forced myself to be a rationalist...I force myself to understand that what I think is right or wrong has absolutely zero bearing on what the market is going to do." - Brent Johnson -- Our inaugural episode highlights Chase's long-time mentor and friend, Brent Johnson. Brent Johnson is the founder of Santiago Capital and has more than 20 years of experience in finance. Chase and Brent discuss systems thinking, how they draw inspiration from people smarter than themselves, and how removing your own biases is a learned skill required to operate in the markets. -- Timestamps: (00:00) - Intro (01:36) - How Chase and Brent Met (06:52) - Ground Rules (07:18) - Charity of Choice: Love4Satos (08:30) - Milkshake Theory Evolution & How to Approach the Markets (13:26) - Systems Thinking (17:31) - George Soros, Imperial Circle, and Liquidity (25:17) - Strong Dollar, Weak Dollar (34:30) - Between Two Pines (36:31) - Changing Thoughts on the Fed Hikes End Goal (37:12) - Getting a Trade Right for the Wrong Reasons (40:44) - Read to "Collect Dots" (43:28) - The "Santiago" Book Characters Behind Santiago Capital (43:57) - Contrarian Views Can Be More Profitable than Consensus Views (46:28) - Conference Tips From a Seasoned Guest Speaker (48:52) - Plugs -- This Episode's Charity: Brent chose Love4Satos. The charity is located in Puerto Rico and aims to find forever homes for stray dogs in the continental United States Website (https://love4satos.org/what-we-do-2) & Where to Donate (https://love4satos.org/ways-to-donate) -- Referenced in the Show: 1) Imperial Circle Primer - George Soros (https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1045.pdf) 2) Milkshake Theory (https://youtu.be/xxzy3sLs4Bs) 3) 35 Books on Systems Thinking by Category (I recommend #1, #5, and #13). (https://bryanlindsley.com/greatest-systems-thinking-books/) 4) The Alchemist by Paulo Coelho (https://amzn.to/3TBUYM5) 5) The Old Man and the Sea by Ernest Hemingway (https://amzn.to/3PkfFcY) -- Guest Plugs: Brent Johnson X (https://twitter.com/SantiagoAuFund) & MilkshakesPod X (https://twitter.com/MilkshakesPod) Milkshake, Markets, and Madness Podcast (https://Milkshake,Markets,andMadnessPodcast) -- Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com (https://www.pineconemacro.com/) Follow us and the show on Twitter: @PineconeMacro (https://twitter.com/pineconemacro) & @TaylorMadeMacro (https://twitter.com/TaylorMadeMacro) Subscribe on Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Bulwark Capital Management: <a href="https://bulwarkcapitalmgmt.com/" rel="noopener noreferrer"...
21 Feb 2024
What is Taylor Made Macro?
Welcome to Taylor Made Macro! This episode is a quick primer to let y'all know who I am, what I do and what this podcast is going to be all about. -- Pinecone Macro: https://www.pineconemacro.com/ (https://www.pineconemacro.com/) X: https://twitter.com/pineconemacro (https://twitter.com/pineconemacro) Substack: https://substack.com/@pineconemacroresearch (https://substack.com/@pineconemacroresearch) -- Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. -- Disclaimer: -- The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor
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