Portfolio allocation, page-4

That is an excellent return. However, tax considerations do make a big difference, as does the time cost of idea generation. When I used high turnover strategies (when I started investing) I had higher pre-tax returns, but I think my current strategy has higher post-tax returns.  I went with the high conviction style as this is the only strategy that I can use to generate adequate equity market returns, whilst being able to maximise the effort I put into my own professional career development whilst still having a healthy personal/family life. With my current portfolio, I am spending active time in the markets in Jan-Feb, July-August, towards the end of (few days only) Jan/April/Jul/Oct for quarterly reports, and May/November for Xero reporting. The rest is only opportunistic when I have idle time. Longer term investments (like CWP, XRO) take minimal time for the rewards (maybe 5-10 hours/year), although they obviously require many hours of DD at the start. I purposely didn't tag adam as he has alluded many times that his current portfolio has been largely determined by legacy decisions, without enough active managing, and that tax considerations now are quite significant...