Tag: Tax Planning
Your Concentrated Stock Fix: Long-Short Direct Indexing with Jeff Murphy (Ep. 10)

Your Concentrated Stock Fix: Long-Short Direct Indexing with Jeff Murphy (Ep. 10)

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Managing a concentrated stock position or preparing for a significant tax year can create complex planning decisions. This episode outlines a practical framework for using direct indexing to support diversification, reduce concentrated exposure, and prepare for liquidity events in a controlled and tax-aware way.

Rex Berger speaks with Jeff Murphy, Market Leader at Invesco, about how direct indexing works and why it has become a useful approach for handling concentrated stock, navigating equity-based compensation, and identifying tax opportunities within a portfolio. They discuss the differences between long-only and long-short structures, how tax loss harvesting functions in real portfolios, and how tracking error fits into overall portfolio design. The conversation includes examples relevant to business owners, corporate executives, and families managing long-term embedded gains.

What to expect:

  • How direct indexing builds index exposure while allowing for customization
  • Why tax loss harvesting can be a valuable planning tool
  • How long-short direct indexing helps investors with concentrated stock
  • Examples of preparing for liquidity events and reducing tax pressure

Connect with Rex Berger: 

Connect with Jeff Murphy:

About our Guest:

Jeff Murphy is a market leader at Invesco with deep expertise in direct indexing, portfolio construction, and tax-sensitive investment strategies. He works closely with advisors across the country to help clients navigate concentrated stock positions, liquidity events, and the evolving world of personalized indexing.

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Generational Investments featuring CIO Steve Kolano (Ep. 2)

Generational Investments featuring CIO Steve Kolano (Ep. 2)

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There’s a quiet revolution reshaping how investors build wealth—and it’s not about chasing headlines or hype.

Why are fewer companies going public, and what does that mean for you? What’s really happening under the surface in private credit and equity markets?

In this episode, Rex Berger, Private Wealth Advisor of Generation Capital Advisors, sits down with Steve Kolano, Chief Investment Officer at Integrated Partners, to break down the realities of public versus private investing, why simplification beats complexity, and how private markets are evolving. Together, they unpack what it takes to construct portfolios designed to last for generations.

Key Takeaways:

  • Why most alpha should come from tax and estate planning rather than trying to beat the market [00:10:14]
  • How their “core and explore” philosophy balances efficient index investing with selectively vetted alternatives [00:13:20]
  • The dramatic drop in publicly listed companies since 2000 and the resulting rise of private market opportunities [00:14:40]
  • How market conditions and rising interest rates are forcing private equity firms to focus on long-term operational value over quick exits [00:19:38]
  • The importance of manager selection and due diligence in navigating the private credit and equity space [00:22:00]
  • And more!

Resources:

Connect with Rex Berger: 

Connect with Steve Kolano: 

About Our Guest: 

Steve Kolano brings a deep passion for both financial markets and people to his role, ensuring that every investment strategy he oversees is custom-built to align with each client’s personal vision of success.

He understands that financial markets are complex, dynamic systems, constantly adapting and evolving. People are no different. Each investor carries unique beliefs, perspectives, and goals that shift over time.

Steve’s mission is rooted in understanding the individual first. What drives them? What informs their decision-making? What is their “why”? By uncovering these insights, Steve crafts investment portfolios that are not only tailored to the person but also integrated with their broader financial plans and strategies.

Throughout his career, Steve has come to embrace a critical truth: there is no magic bullet in investing. No secret formula. No one-size-fits-all portfolio.

What sets Steve apart is his process, beginning with a deep understanding of the client and then applying the art and science of investing in pursuit of their specific goals.

In the end, Steve believes the closest thing to a magic bullet in investing is a well-designed, disciplined plan—and the commitment to stick with it.

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