Too much tax alpha, too little diligence with Steve Curley

Tax-aware long-short and other complex strategies are being sold by advisors who can't explain their own products' downside risk.

• Explainability test: Steve Curley says advisors should be able to explain a tax-aware long-short strategy's underperformance (e.g., down 2-5%) the way they once explained simple market-cap-weighted index attribution.
• Hype cycle pattern: Curley traces a recurring FOMO sequence — market timing (2008-2011), private investments (post-2015), crypto, and now tax alpha — each pitched as 'you'll lose clients without it.'

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