id	sid	tid	token	lemma	pos
fsr-3996	1	1	financial	financial	PROPN
fsr-3996	1	2	services	service	NOUN
fsr-3996	1	3	review	review	NOUN
fsr-3996	1	4	,	,	PUNCT
fsr-3996	1	5	32(4	32(4	NUM
fsr-3996	1	6	)	)	PUNCT
fsr-3996	1	7	13	13	NUM
fsr-3996	1	8	should	should	AUX
fsr-3996	1	9	investors	investor	NOUN
fsr-3996	1	10	defer	defer	VERB
fsr-3996	1	11	long	long	ADJ
fsr-3996	1	12	-	-	PUNCT
fsr-3996	1	13	term	term	NOUN
fsr-3996	1	14	gains	gain	NOUN
fsr-3996	1	15	in	in	ADP
fsr-3996	1	16	taxable	taxable	ADJ
fsr-3996	1	17	stock	stock	NOUN
fsr-3996	1	18	portfolios	portfolio	NOUN
fsr-3996	1	19	?	?	PUNCT
fsr-3996	2	1	jeff	jeff	PROPN
fsr-3996	2	2	whitworth1	whitworth1	PROPN
fsr-3996	2	3	abstract	abstract	ADJ
fsr-3996	2	4	investors	investor	NOUN
fsr-3996	2	5	with	with	ADP
fsr-3996	2	6	taxable	taxable	ADJ
fsr-3996	2	7	portfolios	portfolio	NOUN
fsr-3996	2	8	sometimes	sometimes	ADV
fsr-3996	2	9	delay	delay	VERB
fsr-3996	2	10	the	the	DET
fsr-3996	2	11	sale	sale	NOUN
fsr-3996	2	12	of	of	ADP
fsr-3996	2	13	appreciated	appreciated	ADJ
fsr-3996	2	14	stock	stock	NOUN
fsr-3996	2	15	to	to	PART
fsr-3996	2	16	defer	defer	VERB
fsr-3996	2	17	capital	capital	NOUN
fsr-3996	2	18	gains	gain	NOUN
fsr-3996	2	19	taxes	taxis	NOUN
fsr-3996	2	20	.	.	PUNCT
fsr-3996	3	1	while	while	SCONJ
fsr-3996	3	2	this	this	DET
fsr-3996	3	3	strategy	strategy	NOUN
fsr-3996	3	4	does	do	AUX
fsr-3996	3	5	help	help	VERB
fsr-3996	3	6	to	to	PART
fsr-3996	3	7	reduce	reduce	VERB
fsr-3996	3	8	taxes	taxis	NOUN
fsr-3996	3	9	,	,	PUNCT
fsr-3996	3	10	it	it	PRON
fsr-3996	3	11	can	can	AUX
fsr-3996	3	12	cause	cause	VERB
fsr-3996	3	13	the	the	DET
fsr-3996	3	14	portfolio	portfolio	NOUN
fsr-3996	3	15	to	to	PART
fsr-3996	3	16	become	become	VERB
fsr-3996	3	17	more	more	ADV
fsr-3996	3	18	concentrated	concentrated	ADJ
fsr-3996	3	19	over	over	ADP
fsr-3996	3	20	time	time	NOUN
fsr-3996	3	21	,	,	PUNCT
fsr-3996	3	22	leading	lead	VERB
fsr-3996	3	23	to	to	ADP
fsr-3996	3	24	higher	high	ADJ
fsr-3996	3	25	overall	overall	ADJ
fsr-3996	3	26	volatility	volatility	NOUN
fsr-3996	3	27	and	and	CCONJ
fsr-3996	3	28	lower	low	ADJ
fsr-3996	3	29	long	long	ADJ
fsr-3996	3	30	-	-	PUNCT
fsr-3996	3	31	term	term	NOUN
fsr-3996	3	32	returns	return	NOUN
fsr-3996	3	33	.	.	PUNCT
fsr-3996	4	1	this	this	DET
fsr-3996	4	2	paper	paper	NOUN
fsr-3996	4	3	evaluates	evaluate	VERB
fsr-3996	4	4	the	the	DET
fsr-3996	4	5	tradeoff	tradeoff	NOUN
fsr-3996	4	6	between	between	ADP
fsr-3996	4	7	tax	tax	NOUN
fsr-3996	4	8	efficiency	efficiency	NOUN
fsr-3996	4	9	and	and	CCONJ
fsr-3996	4	10	diversification	diversification	NOUN
fsr-3996	4	11	via	via	ADP
fsr-3996	4	12	monte	monte	PROPN
fsr-3996	4	13	carlo	carlo	PROPN
fsr-3996	4	14	simulation	simulation	PROPN
fsr-3996	4	15	and	and	CCONJ
fsr-3996	4	16	finds	find	VERB
fsr-3996	4	17	that	that	SCONJ
fsr-3996	4	18	diversification	diversification	NOUN
fsr-3996	4	19	is	be	AUX
fsr-3996	4	20	far	far	ADV
fsr-3996	4	21	more	more	ADV
fsr-3996	4	22	important	important	ADJ
fsr-3996	4	23	for	for	ADP
fsr-3996	4	24	the	the	DET
fsr-3996	4	25	investor	investor	NOUN
fsr-3996	4	26	’s	’s	PART
fsr-3996	4	27	terminal	terminal	ADJ
fsr-3996	4	28	wealth	wealth	NOUN
fsr-3996	4	29	,	,	PUNCT
fsr-3996	4	30	especially	especially	ADV
fsr-3996	4	31	over	over	ADP
fsr-3996	4	32	longer	long	ADJ
fsr-3996	4	33	time	time	NOUN
fsr-3996	4	34	horizons	horizon	NOUN
fsr-3996	4	35	.	.	PUNCT
fsr-3996	5	1	under	under	ADP
fsr-3996	5	2	a	a	DET
fsr-3996	5	3	reasonable	reasonable	ADJ
fsr-3996	5	4	set	set	NOUN
fsr-3996	5	5	of	of	ADP
fsr-3996	5	6	assumptions	assumption	NOUN
fsr-3996	5	7	,	,	PUNCT
fsr-3996	5	8	investors	investor	NOUN
fsr-3996	5	9	are	be	AUX
fsr-3996	5	10	better	well	ADJ
fsr-3996	5	11	off	off	ADP
fsr-3996	5	12	rebalancing	rebalancing	NOUN
fsr-3996	5	13	almost	almost	ADV
fsr-3996	5	14	completely	completely	ADV
fsr-3996	5	15	each	each	DET
fsr-3996	5	16	year	year	NOUN
fsr-3996	5	17	,	,	PUNCT
fsr-3996	5	18	even	even	ADV
fsr-3996	5	19	though	though	SCONJ
fsr-3996	5	20	it	it	PRON
fsr-3996	5	21	requires	require	VERB
fsr-3996	5	22	selling	sell	VERB
fsr-3996	5	23	some	some	DET
fsr-3996	5	24	recent	recent	ADJ
fsr-3996	5	25	winners	winner	NOUN
fsr-3996	5	26	and	and	CCONJ
fsr-3996	5	27	paying	pay	VERB
fsr-3996	5	28	capital	capital	NOUN
fsr-3996	5	29	gains	gain	NOUN
fsr-3996	5	30	taxes	taxis	NOUN
fsr-3996	5	31	.	.	PUNCT
fsr-3996	6	1	while	while	SCONJ
fsr-3996	6	2	tax	tax	NOUN
fsr-3996	6	3	efficiency	efficiency	NOUN
fsr-3996	6	4	does	do	AUX
fsr-3996	6	5	become	become	VERB
fsr-3996	6	6	somewhat	somewhat	ADV
fsr-3996	6	7	more	more	ADV
fsr-3996	6	8	important	important	ADJ
fsr-3996	6	9	for	for	ADP
fsr-3996	6	10	individuals	individual	NOUN
fsr-3996	6	11	who	who	PRON
fsr-3996	6	12	are	be	AUX
fsr-3996	6	13	taxed	tax	VERB
fsr-3996	6	14	more	more	ADV
fsr-3996	6	15	heavily	heavily	ADV
fsr-3996	6	16	on	on	ADP
fsr-3996	6	17	gains	gain	NOUN
fsr-3996	6	18	or	or	CCONJ
fsr-3996	6	19	who	who	PRON
fsr-3996	6	20	expect	expect	VERB
fsr-3996	6	21	an	an	DET
fsr-3996	6	22	eventual	eventual	ADJ
fsr-3996	6	23	step	step	NOUN
fsr-3996	6	24	-	-	PUNCT
fsr-3996	6	25	up	up	NOUN
fsr-3996	6	26	in	in	ADP
fsr-3996	6	27	basis	basis	NOUN
fsr-3996	6	28	,	,	PUNCT
fsr-3996	6	29	even	even	ADV
fsr-3996	6	30	these	these	DET
fsr-3996	6	31	investors	investor	NOUN
fsr-3996	6	32	should	should	AUX
fsr-3996	6	33	tolerate	tolerate	VERB
fsr-3996	6	34	only	only	ADV
fsr-3996	6	35	a	a	DET
fsr-3996	6	36	modest	modest	ADJ
fsr-3996	6	37	increase	increase	NOUN
fsr-3996	6	38	in	in	ADP
fsr-3996	6	39	portfolio	portfolio	NOUN
fsr-3996	6	40	concentration	concentration	NOUN
fsr-3996	6	41	.	.	PUNCT
fsr-3996	7	1	creative	creative	ADJ
fsr-3996	7	2	commons	commons	PROPN
fsr-3996	7	3	license	license	NOUN
fsr-3996	7	4	this	this	DET
fsr-3996	7	5	work	work	NOUN
fsr-3996	7	6	is	be	AUX
fsr-3996	7	7	licensed	license	VERB
fsr-3996	7	8	under	under	ADP
fsr-3996	7	9	a	a	DET
fsr-3996	7	10	creative	creative	ADJ
fsr-3996	7	11	commons	common	NOUN
fsr-3996	7	12	attribution	attribution	NOUN
fsr-3996	7	13	-	-	PUNCT
fsr-3996	7	14	noncommercial	noncommercial	ADJ
fsr-3996	7	15	4.0	4.0	NUM
fsr-3996	7	16	license	license	NOUN
fsr-3996	7	17	recommended	recommend	VERB
fsr-3996	7	18	citation	citation	NOUN
fsr-3996	7	19	whitworth	whitworth	PROPN
fsr-3996	7	20	,	,	PUNCT
fsr-3996	7	21	j.	j.	PROPN
fsr-3996	7	22	(	(	PUNCT
fsr-3996	7	23	2024	2024	NUM
fsr-3996	7	24	)	)	PUNCT
fsr-3996	7	25	.	.	PUNCT
fsr-3996	8	1	should	should	AUX
fsr-3996	8	2	investors	investor	NOUN
fsr-3996	8	3	defer	defer	VERB
fsr-3996	8	4	long	long	ADJ
fsr-3996	8	5	-	-	PUNCT
fsr-3996	8	6	term	term	NOUN
fsr-3996	8	7	gains	gain	NOUN
fsr-3996	8	8	in	in	ADP
fsr-3996	8	9	taxable	taxable	ADJ
fsr-3996	8	10	stock	stock	NOUN
fsr-3996	8	11	portfolios	portfolio	NOUN
fsr-3996	8	12	?	?	PUNCT
fsr-3996	9	1	financial	financial	ADJ
fsr-3996	9	2	services	service	NOUN
fsr-3996	9	3	review	review	NOUN
fsr-3996	9	4	,	,	PUNCT
fsr-3996	9	5	32(4	32(4	NUM
fsr-3996	9	6	)	)	PUNCT
fsr-3996	9	7	,	,	PUNCT
fsr-3996	9	8	13	13	NUM
fsr-3996	9	9	-	-	SYM
fsr-3996	9	10	26	26	NUM
fsr-3996	9	11	.	.	PUNCT
fsr-3996	10	1	introduction	introduction	NOUN
fsr-3996	10	2	how	how	SCONJ
fsr-3996	10	3	should	should	AUX
fsr-3996	10	4	taxable	taxable	ADJ
fsr-3996	10	5	investors	investor	NOUN
fsr-3996	10	6	deal	deal	VERB
fsr-3996	10	7	with	with	ADP
fsr-3996	10	8	appreciated	appreciated	ADJ
fsr-3996	10	9	stock	stock	NOUN
fsr-3996	10	10	in	in	ADP
fsr-3996	10	11	their	their	PRON
fsr-3996	10	12	portfolios	portfolio	NOUN
fsr-3996	10	13	?	?	PUNCT
fsr-3996	11	1	while	while	SCONJ
fsr-3996	11	2	owning	own	VERB
fsr-3996	11	3	stock	stock	NOUN
fsr-3996	11	4	that	that	PRON
fsr-3996	11	5	has	have	AUX
fsr-3996	11	6	increased	increase	VERB
fsr-3996	11	7	in	in	ADP
fsr-3996	11	8	value	value	NOUN
fsr-3996	11	9	is	be	AUX
fsr-3996	11	10	obviously	obviously	ADV
fsr-3996	11	11	a	a	DET
fsr-3996	11	12	good	good	ADJ
fsr-3996	11	13	“	"	PUNCT
fsr-3996	11	14	problem	problem	NOUN
fsr-3996	11	15	”	"	PUNCT
fsr-3996	11	16	to	to	PART
fsr-3996	11	17	have	have	VERB
fsr-3996	11	18	,	,	PUNCT
fsr-3996	11	19	it	it	PRON
fsr-3996	11	20	does	do	AUX
fsr-3996	11	21	present	present	VERB
fsr-3996	11	22	investors	investor	NOUN
fsr-3996	11	23	with	with	ADP
fsr-3996	11	24	a	a	DET
fsr-3996	11	25	dilemma	dilemma	NOUN
fsr-3996	11	26	.	.	PUNCT
fsr-3996	12	1	selling	selling	NOUN
fsr-3996	12	2	would	would	AUX
fsr-3996	12	3	trigger	trigger	VERB
fsr-3996	12	4	a	a	DET
fsr-3996	12	5	capital	capital	NOUN
fsr-3996	12	6	gains	gain	NOUN
fsr-3996	12	7	tax	tax	NOUN
fsr-3996	12	8	liability	liability	NOUN
fsr-3996	12	9	,	,	PUNCT
fsr-3996	12	10	so	so	SCONJ
fsr-3996	12	11	it	it	PRON
fsr-3996	12	12	may	may	AUX
fsr-3996	12	13	be	be	AUX
fsr-3996	12	14	advantageous	advantageous	ADJ
fsr-3996	12	15	to	to	PART
fsr-3996	12	16	defer	defer	VERB
fsr-3996	12	17	the	the	DET
fsr-3996	12	18	realization	realization	NOUN
fsr-3996	12	19	of	of	ADP
fsr-3996	12	20	gains	gain	NOUN
fsr-3996	12	21	as	as	ADV
fsr-3996	12	22	long	long	ADV
fsr-3996	12	23	as	as	ADP
fsr-3996	12	24	possible	possible	ADJ
fsr-3996	12	25	.	.	PUNCT
fsr-3996	13	1	however	however	ADV
fsr-3996	13	2	,	,	PUNCT
fsr-3996	13	3	a	a	DET
fsr-3996	13	4	policy	policy	NOUN
fsr-3996	13	5	of	of	ADP
fsr-3996	13	6	never	never	ADV
fsr-3996	13	7	selling	sell	VERB
fsr-3996	13	8	appreciated	appreciated	ADJ
fsr-3996	13	9	shares	share	NOUN
fsr-3996	13	10	inevitably	inevitably	ADV
fsr-3996	13	11	leads	lead	VERB
fsr-3996	13	12	to	to	ADP
fsr-3996	13	13	a	a	DET
fsr-3996	13	14	loss	loss	NOUN
fsr-3996	13	15	of	of	ADP
fsr-3996	13	16	diversification	diversification	NOUN
fsr-3996	13	17	over	over	ADP
fsr-3996	13	18	time	time	NOUN
fsr-3996	13	19	,	,	PUNCT
fsr-3996	13	20	as	as	SCONJ
fsr-3996	13	21	the	the	DET
fsr-3996	13	22	portfolio	portfolio	NOUN
fsr-3996	13	23	becomes	becomes	AUX
fsr-3996	13	24	increasingly	increasingly	ADV
fsr-3996	13	25	dominated	dominate	VERB
fsr-3996	13	26	by	by	ADP
fsr-3996	13	27	a	a	DET
fsr-3996	13	28	few	few	ADJ
fsr-3996	13	29	big	big	ADJ
fsr-3996	13	30	winners	winner	NOUN
fsr-3996	13	31	.	.	PUNCT
fsr-3996	14	1	the	the	DET
fsr-3996	14	2	resulting	result	VERB
fsr-3996	14	3	increase	increase	NOUN
fsr-3996	14	4	in	in	ADP
fsr-3996	14	5	risk	risk	NOUN
fsr-3996	14	6	–	–	PUNCT
fsr-3996	14	7	while	while	SCONJ
fsr-3996	14	8	undesirable	undesirable	ADJ
fsr-3996	14	9	in	in	ADP
fsr-3996	14	10	itself	itself	PRON
fsr-3996	14	11	–	–	PUNCT
fsr-3996	14	12	also	also	ADV
fsr-3996	14	13	reduces	reduce	VERB
fsr-3996	14	14	the	the	DET
fsr-3996	14	15	portfolio	portfolio	NOUN
fsr-3996	14	16	’s	’s	PART
fsr-3996	14	17	long	long	ADJ
fsr-3996	14	18	-	-	PUNCT
fsr-3996	14	19	term	term	NOUN
fsr-3996	14	20	expected	expect	VERB
fsr-3996	14	21	growth	growth	NOUN
fsr-3996	14	22	rate	rate	NOUN
fsr-3996	14	23	through	through	ADP
fsr-3996	14	24	“	"	PUNCT
fsr-3996	14	25	volatility	volatility	NOUN
fsr-3996	14	26	drag	drag	NOUN
fsr-3996	14	27	.	.	PUNCT
fsr-3996	14	28	”	"	PUNCT
fsr-3996	15	1	therefore	therefore	ADV
fsr-3996	15	2	,	,	PUNCT
fsr-3996	15	3	it	it	PRON
fsr-3996	15	4	is	be	AUX
fsr-3996	15	5	not	not	PART
fsr-3996	15	6	immediately	immediately	ADV
fsr-3996	15	7	1	1	NUM
fsr-3996	15	8	corresponding	correspond	VERB
fsr-3996	15	9	author	author	NOUN
fsr-3996	15	10	(	(	PUNCT
fsr-3996	15	11	whitworthj@uhcl.edu	whitworthj@uhcl.edu	PROPN
fsr-3996	15	12	)	)	PUNCT
fsr-3996	15	13	.	.	PUNCT
fsr-3996	16	1	university	university	PROPN
fsr-3996	16	2	of	of	ADP
fsr-3996	16	3	houston	houston	PROPN
fsr-3996	16	4	-	-	PUNCT
fsr-3996	16	5	clear	clear	PROPN
fsr-3996	16	6	lake	lake	PROPN
fsr-3996	16	7	,	,	PUNCT
fsr-3996	16	8	houston	houston	PROPN
fsr-3996	16	9	,	,	PUNCT
fsr-3996	16	10	tx	tx	PROPN
fsr-3996	16	11	,	,	PUNCT
fsr-3996	16	12	usa	usa	PROPN
fsr-3996	16	13	clear	clear	ADJ
fsr-3996	16	14	whether	whether	SCONJ
fsr-3996	16	15	an	an	DET
fsr-3996	16	16	investor	investor	NOUN
fsr-3996	16	17	should	should	AUX
fsr-3996	16	18	sell	sell	VERB
fsr-3996	16	19	appreciated	appreciated	ADJ
fsr-3996	16	20	shares	share	NOUN
fsr-3996	16	21	or	or	CCONJ
fsr-3996	16	22	continue	continue	VERB
fsr-3996	16	23	to	to	PART
fsr-3996	16	24	hold	hold	VERB
fsr-3996	16	25	them	they	PRON
fsr-3996	16	26	.	.	PUNCT
fsr-3996	17	1	in	in	ADP
fsr-3996	17	2	an	an	DET
fsr-3996	17	3	early	early	ADJ
fsr-3996	17	4	study	study	NOUN
fsr-3996	17	5	on	on	ADP
fsr-3996	17	6	tax	tax	NOUN
fsr-3996	17	7	-	-	PUNCT
fsr-3996	17	8	efficient	efficient	ADJ
fsr-3996	17	9	investing	investing	NOUN
fsr-3996	17	10	,	,	PUNCT
fsr-3996	17	11	constantinides	constantinide	VERB
fsr-3996	17	12	(	(	PUNCT
fsr-3996	17	13	1983	1983	NUM
fsr-3996	17	14	)	)	PUNCT
fsr-3996	17	15	argues	argue	VERB
fsr-3996	17	16	that	that	SCONJ
fsr-3996	17	17	it	it	PRON
fsr-3996	17	18	is	be	AUX
fsr-3996	17	19	best	good	ADJ
fsr-3996	17	20	to	to	PART
fsr-3996	17	21	realize	realize	VERB
fsr-3996	17	22	losses	loss	NOUN
fsr-3996	17	23	as	as	ADV
fsr-3996	17	24	soon	soon	ADV
fsr-3996	17	25	as	as	SCONJ
fsr-3996	17	26	they	they	PRON
fsr-3996	17	27	occur	occur	VERB
fsr-3996	17	28	and	and	CCONJ
fsr-3996	17	29	to	to	PART
fsr-3996	17	30	defer	defer	VERB
fsr-3996	17	31	gains	gain	NOUN
fsr-3996	17	32	indefinitely	indefinitely	ADV
fsr-3996	17	33	(	(	PUNCT
fsr-3996	17	34	or	or	CCONJ
fsr-3996	17	35	until	until	SCONJ
fsr-3996	17	36	exogenous	exogenous	ADJ
fsr-3996	17	37	factors	factor	NOUN
fsr-3996	17	38	force	force	VERB
fsr-3996	17	39	the	the	DET
fsr-3996	17	40	investor	investor	NOUN
fsr-3996	17	41	to	to	PART
fsr-3996	17	42	liquidate	liquidate	VERB
fsr-3996	17	43	shares	share	NOUN
fsr-3996	17	44	)	)	PUNCT
fsr-3996	17	45	.	.	PUNCT
fsr-3996	18	1	however	however	ADV
fsr-3996	18	2	,	,	PUNCT
fsr-3996	18	3	in	in	ADP
fsr-3996	18	4	a	a	DET
fsr-3996	18	5	follow	follow	VERB
fsr-3996	18	6	-	-	PUNCT
fsr-3996	18	7	up	up	ADP
fsr-3996	18	8	study	study	NOUN
fsr-3996	18	9	,	,	PUNCT
fsr-3996	18	10	constantinides	constantinide	VERB
fsr-3996	18	11	(	(	PUNCT
fsr-3996	18	12	1984	1984	NUM
fsr-3996	18	13	)	)	PUNCT
fsr-3996	18	14	demonstrates	demonstrate	VERB
fsr-3996	18	15	that	that	SCONJ
fsr-3996	18	16	when	when	SCONJ
fsr-3996	18	17	short	short	ADJ
fsr-3996	18	18	-	-	PUNCT
fsr-3996	18	19	term	term	NOUN
fsr-3996	18	20	gains	gain	NOUN
fsr-3996	18	21	are	be	AUX
fsr-3996	18	22	taxed	tax	VERB
fsr-3996	18	23	as	as	ADP
fsr-3996	18	24	ordinary	ordinary	ADJ
fsr-3996	18	25	income	income	NOUN
fsr-3996	18	26	but	but	CCONJ
fsr-3996	18	27	long	long	ADJ
fsr-3996	18	28	-	-	PUNCT
fsr-3996	18	29	term	term	NOUN
fsr-3996	18	30	gains	gain	NOUN
fsr-3996	18	31	are	be	AUX
fsr-3996	18	32	taxed	tax	VERB
fsr-3996	18	33	at	at	ADP
fsr-3996	18	34	a	a	DET
fsr-3996	18	35	lower	low	ADJ
fsr-3996	18	36	rate	rate	NOUN
fsr-3996	18	37	,	,	PUNCT
fsr-3996	18	38	it	it	PRON
fsr-3996	18	39	often	often	ADV
fsr-3996	18	40	makes	make	VERB
fsr-3996	18	41	sense	sense	NOUN
fsr-3996	18	42	to	to	PART
fsr-3996	18	43	realize	realize	VERB
fsr-3996	18	44	some	some	DET
fsr-3996	18	45	long	long	ADJ
fsr-3996	18	46	-	-	PUNCT
fsr-3996	18	47	term	term	NOUN
fsr-3996	18	48	gains	gain	NOUN
fsr-3996	18	49	so	so	SCONJ
fsr-3996	18	50	that	that	SCONJ
fsr-3996	18	51	future	future	ADJ
fsr-3996	18	52	losses	loss	NOUN
fsr-3996	18	53	can	can	AUX
fsr-3996	18	54	be	be	AUX
fsr-3996	18	55	realized	realize	VERB
fsr-3996	18	56	short	short	ADJ
fsr-3996	18	57	-	-	PUNCT
fsr-3996	18	58	term	term	NOUN
fsr-3996	18	59	and	and	CCONJ
fsr-3996	18	60	deducted	deduct	VERB
fsr-3996	18	61	against	against	ADP
fsr-3996	18	62	ordinary	ordinary	ADJ
fsr-3996	18	63	income	income	NOUN
fsr-3996	18	64	.	.	PUNCT
fsr-3996	19	1	smith	smith	PROPN
fsr-3996	19	2	and	and	CCONJ
fsr-3996	19	3	smith	smith	PROPN
fsr-3996	19	4	(	(	PUNCT
fsr-3996	19	5	2008	2008	NUM
fsr-3996	19	6	)	)	PUNCT
fsr-3996	19	7	propose	propose	VERB
fsr-3996	19	8	a	a	DET
fsr-3996	19	9	strategy	strategy	NOUN
fsr-3996	19	10	of	of	ADP
fsr-3996	19	11	realizing	realize	VERB
fsr-3996	19	12	all	all	DET
fsr-3996	19	13	losses	loss	NOUN
fsr-3996	19	14	but	but	CCONJ
fsr-3996	19	15	also	also	ADV
fsr-3996	19	16	realizing	realize	VERB
fsr-3996	19	17	enough	enough	ADJ
fsr-3996	19	18	gains	gain	NOUN
fsr-3996	19	19	to	to	PART
fsr-3996	19	20	offset	offset	VERB
fsr-3996	19	21	any	any	DET
fsr-3996	19	22	losses	loss	NOUN
fsr-3996	19	23	in	in	ADP
fsr-3996	19	24	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	DET
fsr-3996	19	25	mailto:whitworthj@uhcl.edu	mailto:whitworthj@uhcl.edu	PROPN
fsr-3996	19	26	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PRON
fsr-3996	19	27	financial	financial	PROPN
fsr-3996	19	28	services	service	NOUN
fsr-3996	19	29	review	review	NOUN
fsr-3996	19	30	,	,	PUNCT
fsr-3996	19	31	32(4	32(4	NUM
fsr-3996	19	32	)	)	PUNCT
fsr-3996	19	33	14	14	NUM
fsr-3996	19	34	excess	excess	NOUN
fsr-3996	19	35	of	of	ADP
fsr-3996	19	36	$	$	SYM
fsr-3996	19	37	3,000	3,000	NUM
fsr-3996	19	38	(	(	PUNCT
fsr-3996	19	39	the	the	DET
fsr-3996	19	40	maximum	maximum	NOUN
fsr-3996	19	41	that	that	PRON
fsr-3996	19	42	can	can	AUX
fsr-3996	19	43	be	be	AUX
fsr-3996	19	44	deducted	deduct	VERB
fsr-3996	19	45	against	against	ADP
fsr-3996	19	46	ordinary	ordinary	ADJ
fsr-3996	19	47	income	income	NOUN
fsr-3996	19	48	in	in	ADP
fsr-3996	19	49	any	any	DET
fsr-3996	19	50	year	year	NOUN
fsr-3996	19	51	)	)	PUNCT
fsr-3996	19	52	.	.	PUNCT
fsr-3996	20	1	they	they	PRON
fsr-3996	20	2	show	show	VERB
fsr-3996	20	3	via	via	ADP
fsr-3996	20	4	monte	monte	PROPN
fsr-3996	20	5	carlo	carlo	PROPN
fsr-3996	20	6	simulation	simulation	NOUN
fsr-3996	20	7	that	that	SCONJ
fsr-3996	20	8	this	this	DET
fsr-3996	20	9	method	method	NOUN
fsr-3996	20	10	generates	generate	VERB
fsr-3996	20	11	higher	high	ADJ
fsr-3996	20	12	terminal	terminal	ADJ
fsr-3996	20	13	wealth	wealth	NOUN
fsr-3996	20	14	than	than	ADP
fsr-3996	20	15	any	any	PRON
fsr-3996	20	16	of	of	ADP
fsr-3996	20	17	the	the	DET
fsr-3996	20	18	strategies	strategy	NOUN
fsr-3996	20	19	previously	previously	ADV
fsr-3996	20	20	proposed	propose	VERB
fsr-3996	20	21	by	by	ADP
fsr-3996	20	22	constantinides	constantinide	NOUN
fsr-3996	20	23	.	.	PUNCT
fsr-3996	21	1	in	in	ADP
fsr-3996	21	2	a	a	DET
fsr-3996	21	3	more	more	ADV
fsr-3996	21	4	recent	recent	ADJ
fsr-3996	21	5	simulation	simulation	NOUN
fsr-3996	21	6	study	study	NOUN
fsr-3996	21	7	of	of	ADP
fsr-3996	21	8	tax	tax	NOUN
fsr-3996	21	9	-	-	PUNCT
fsr-3996	21	10	efficient	efficient	ADJ
fsr-3996	21	11	investing	investing	NOUN
fsr-3996	21	12	,	,	PUNCT
fsr-3996	21	13	whitworth	whitworth	PROPN
fsr-3996	21	14	(	(	PUNCT
fsr-3996	21	15	2018	2018	NUM
fsr-3996	21	16	)	)	PUNCT
fsr-3996	21	17	considers	consider	VERB
fsr-3996	21	18	the	the	DET
fsr-3996	21	19	effects	effect	NOUN
fsr-3996	21	20	of	of	ADP
fsr-3996	21	21	loss	loss	NOUN
fsr-3996	21	22	recognition	recognition	NOUN
fsr-3996	21	23	,	,	PUNCT
fsr-3996	21	24	smith	smith	PROPN
fsr-3996	21	25	and	and	CCONJ
fsr-3996	21	26	smith	smith	PROPN
fsr-3996	21	27	’s	’s	PART
fsr-3996	21	28	(	(	PUNCT
fsr-3996	21	29	2008	2008	NUM
fsr-3996	21	30	)	)	PUNCT
fsr-3996	21	31	limited	limited	ADJ
fsr-3996	21	32	gain	gain	NOUN
fsr-3996	21	33	recognition	recognition	NOUN
fsr-3996	21	34	,	,	PUNCT
fsr-3996	21	35	and	and	CCONJ
fsr-3996	21	36	the	the	DET
fsr-3996	21	37	use	use	NOUN
fsr-3996	21	38	of	of	ADP
fsr-3996	21	39	appreciated	appreciated	ADJ
fsr-3996	21	40	stock	stock	NOUN
fsr-3996	21	41	for	for	ADP
fsr-3996	21	42	charitable	charitable	ADJ
fsr-3996	21	43	donations	donation	NOUN
fsr-3996	21	44	.	.	PUNCT
fsr-3996	22	1	while	while	SCONJ
fsr-3996	22	2	all	all	PRON
fsr-3996	22	3	of	of	ADP
fsr-3996	22	4	these	these	DET
fsr-3996	22	5	strategies	strategy	NOUN
fsr-3996	22	6	clearly	clearly	ADV
fsr-3996	22	7	increase	increase	VERB
fsr-3996	22	8	the	the	DET
fsr-3996	22	9	investor	investor	NOUN
fsr-3996	22	10	’s	’s	PART
fsr-3996	22	11	wealth	wealth	NOUN
fsr-3996	22	12	over	over	ADP
fsr-3996	22	13	time	time	NOUN
fsr-3996	22	14	,	,	PUNCT
fsr-3996	22	15	a	a	DET
fsr-3996	22	16	more	more	ADV
fsr-3996	22	17	detailed	detailed	ADJ
fsr-3996	22	18	breakdown	breakdown	NOUN
fsr-3996	22	19	of	of	ADP
fsr-3996	22	20	his	his	PRON
fsr-3996	22	21	results	result	NOUN
fsr-3996	22	22	shows	show	VERB
fsr-3996	22	23	that	that	SCONJ
fsr-3996	22	24	most	most	ADJ
fsr-3996	22	25	of	of	ADP
fsr-3996	22	26	the	the	DET
fsr-3996	22	27	increase	increase	NOUN
fsr-3996	22	28	is	be	AUX
fsr-3996	22	29	attributable	attributable	ADJ
fsr-3996	22	30	not	not	PART
fsr-3996	22	31	to	to	ADP
fsr-3996	22	32	capital	capital	NOUN
fsr-3996	22	33	gains	gain	NOUN
fsr-3996	22	34	tax	tax	NOUN
fsr-3996	22	35	savings	saving	NOUN
fsr-3996	22	36	,	,	PUNCT
fsr-3996	22	37	but	but	CCONJ
fsr-3996	22	38	to	to	PART
fsr-3996	22	39	improved	improve	VERB
fsr-3996	22	40	portfolio	portfolio	NOUN
fsr-3996	22	41	diversification	diversification	NOUN
fsr-3996	22	42	.	.	PUNCT
fsr-3996	23	1	this	this	PRON
fsr-3996	23	2	raises	raise	VERB
fsr-3996	23	3	the	the	DET
fsr-3996	23	4	question	question	NOUN
fsr-3996	23	5	:	:	PUNCT
fsr-3996	23	6	could	could	AUX
fsr-3996	23	7	diversification	diversification	NOUN
fsr-3996	23	8	be	be	AUX
fsr-3996	23	9	so	so	ADV
fsr-3996	23	10	important	important	ADJ
fsr-3996	23	11	that	that	SCONJ
fsr-3996	23	12	investors	investor	NOUN
fsr-3996	23	13	should	should	AUX
fsr-3996	23	14	actually	actually	ADV
fsr-3996	23	15	sacrifice	sacrifice	VERB
fsr-3996	23	16	tax	tax	NOUN
fsr-3996	23	17	efficiency	efficiency	NOUN
fsr-3996	23	18	for	for	ADP
fsr-3996	23	19	a	a	DET
fsr-3996	23	20	more	more	ADV
fsr-3996	23	21	balanced	balanced	ADJ
fsr-3996	23	22	portfolio	portfolio	NOUN
fsr-3996	23	23	?	?	PUNCT
fsr-3996	24	1	if	if	SCONJ
fsr-3996	24	2	so	so	ADV
fsr-3996	24	3	,	,	PUNCT
fsr-3996	24	4	might	might	AUX
fsr-3996	24	5	investors	investor	NOUN
fsr-3996	24	6	be	be	AUX
fsr-3996	24	7	better	well	ADJ
fsr-3996	24	8	off	off	ADP
fsr-3996	24	9	completely	completely	ADV
fsr-3996	24	10	rebalancing	rebalance	VERB
fsr-3996	24	11	their	their	PRON
fsr-3996	24	12	portfolios	portfolio	NOUN
fsr-3996	24	13	each	each	DET
fsr-3996	24	14	year	year	NOUN
fsr-3996	24	15	,	,	PUNCT
fsr-3996	24	16	even	even	ADV
fsr-3996	24	17	though	though	SCONJ
fsr-3996	24	18	it	it	PRON
fsr-3996	24	19	would	would	AUX
fsr-3996	24	20	require	require	VERB
fsr-3996	24	21	selling	sell	VERB
fsr-3996	24	22	some	some	DET
fsr-3996	24	23	appreciated	appreciated	ADJ
fsr-3996	24	24	shares	share	NOUN
fsr-3996	24	25	and	and	CCONJ
fsr-3996	24	26	incurring	incur	VERB
fsr-3996	24	27	capital	capital	NOUN
fsr-3996	24	28	gains	gain	NOUN
fsr-3996	24	29	taxes	taxis	NOUN
fsr-3996	24	30	?	?	PUNCT
fsr-3996	25	1	or	or	CCONJ
fsr-3996	25	2	could	could	AUX
fsr-3996	25	3	there	there	PRON
fsr-3996	25	4	be	be	AUX
fsr-3996	25	5	an	an	DET
fsr-3996	25	6	optimal	optimal	ADJ
fsr-3996	25	7	balance	balance	NOUN
fsr-3996	25	8	between	between	ADP
fsr-3996	25	9	tax	tax	NOUN
fsr-3996	25	10	efficiency	efficiency	NOUN
fsr-3996	25	11	and	and	CCONJ
fsr-3996	25	12	diversification	diversification	NOUN
fsr-3996	25	13	that	that	PRON
fsr-3996	25	14	calls	call	VERB
fsr-3996	25	15	for	for	ADP
fsr-3996	25	16	less	less	ADJ
fsr-3996	25	17	-	-	PUNCT
fsr-3996	25	18	than	than	ADP
fsr-3996	25	19	-	-	PUNCT
fsr-3996	25	20	complete	complete	ADJ
fsr-3996	25	21	annual	annual	ADJ
fsr-3996	25	22	rebalancing	rebalancing	NOUN
fsr-3996	25	23	?	?	PUNCT
fsr-3996	26	1	these	these	DET
fsr-3996	26	2	questions	question	NOUN
fsr-3996	26	3	–	–	PUNCT
fsr-3996	26	4	which	which	PRON
fsr-3996	26	5	are	be	AUX
fsr-3996	26	6	not	not	PART
fsr-3996	26	7	addressed	address	VERB
fsr-3996	26	8	in	in	ADP
fsr-3996	26	9	whitworth	whitworth	PROPN
fsr-3996	26	10	(	(	PUNCT
fsr-3996	26	11	2018	2018	NUM
fsr-3996	26	12	)	)	PUNCT
fsr-3996	26	13	–	–	PUNCT
fsr-3996	26	14	are	be	AUX
fsr-3996	26	15	the	the	DET
fsr-3996	26	16	central	central	ADJ
fsr-3996	26	17	focus	focus	NOUN
fsr-3996	26	18	of	of	ADP
fsr-3996	26	19	this	this	DET
fsr-3996	26	20	paper	paper	NOUN
fsr-3996	26	21	.	.	PUNCT
fsr-3996	27	1	it	it	PRON
fsr-3996	27	2	is	be	AUX
fsr-3996	27	3	well	well	ADV
fsr-3996	27	4	known	know	VERB
fsr-3996	27	5	that	that	SCONJ
fsr-3996	27	6	diversification	diversification	NOUN
fsr-3996	27	7	reduces	reduce	VERB
fsr-3996	27	8	portfolio	portfolio	NOUN
fsr-3996	27	9	risk	risk	NOUN
fsr-3996	27	10	without	without	ADP
fsr-3996	27	11	reducing	reduce	VERB
fsr-3996	27	12	expected	expect	VERB
fsr-3996	27	13	return	return	NOUN
fsr-3996	27	14	–	–	PUNCT
fsr-3996	27	15	a	a	DET
fsr-3996	27	16	fact	fact	NOUN
fsr-3996	27	17	sometimes	sometimes	ADV
fsr-3996	27	18	referred	refer	VERB
fsr-3996	27	19	to	to	ADP
fsr-3996	27	20	as	as	ADP
fsr-3996	27	21	the	the	DET
fsr-3996	27	22	“	"	PUNCT
fsr-3996	27	23	only	only	ADV
fsr-3996	27	24	free	free	ADJ
fsr-3996	27	25	lunch	lunch	NOUN
fsr-3996	27	26	in	in	ADP
fsr-3996	27	27	investing	invest	VERB
fsr-3996	27	28	.	.	PUNCT
fsr-3996	27	29	”	"	PUNCT
fsr-3996	28	1	since	since	SCONJ
fsr-3996	28	2	the	the	DET
fsr-3996	28	3	long	long	ADJ
fsr-3996	28	4	-	-	PUNCT
fsr-3996	28	5	term	term	NOUN
fsr-3996	28	6	geometric	geometric	ADJ
fsr-3996	28	7	growth	growth	NOUN
fsr-3996	28	8	rate	rate	NOUN
fsr-3996	28	9	on	on	ADP
fsr-3996	28	10	an	an	DET
fsr-3996	28	11	asset	asset	NOUN
fsr-3996	28	12	is	be	AUX
fsr-3996	28	13	approximated	approximate	VERB
fsr-3996	28	14	by	by	ADP
fsr-3996	28	15	g	g	NOUN
fsr-3996	28	16	=	=	NOUN
fsr-3996	28	17			NOUN
fsr-3996	28	18	−	−	PROPN
fsr-3996	28	19	0.52	0.52	PROPN
fsr-3996	28	20	,	,	PUNCT
fsr-3996	28	21	where	where	SCONJ
fsr-3996	28	22			NOUN
fsr-3996	28	23	is	be	AUX
fsr-3996	28	24	the	the	DET
fsr-3996	28	25	mean	mean	ADJ
fsr-3996	28	26	annual	annual	ADJ
fsr-3996	28	27	return	return	NOUN
fsr-3996	28	28	and	and	CCONJ
fsr-3996	28	29			PROPN
fsr-3996	28	30	is	be	AUX
fsr-3996	28	31	the	the	DET
fsr-3996	28	32	annualized	annualize	VERB
fsr-3996	28	33	return	return	NOUN
fsr-3996	28	34	volatility	volatility	NOUN
fsr-3996	28	35	,	,	PUNCT
fsr-3996	28	36	the	the	DET
fsr-3996	28	37	reduction	reduction	NOUN
fsr-3996	28	38	in	in	ADP
fsr-3996	28	39	portfolio	portfolio	NOUN
fsr-3996	28	40	risk	risk	NOUN
fsr-3996	28	41	that	that	PRON
fsr-3996	28	42	accompanies	accompany	VERB
fsr-3996	28	43	diversification	diversification	NOUN
fsr-3996	28	44	should	should	AUX
fsr-3996	28	45	result	result	VERB
fsr-3996	28	46	in	in	ADP
fsr-3996	28	47	improved	improved	ADJ
fsr-3996	28	48	long	long	ADJ
fsr-3996	28	49	-	-	PUNCT
fsr-3996	28	50	term	term	NOUN
fsr-3996	28	51	growth	growth	NOUN
fsr-3996	28	52	.	.	PUNCT
fsr-3996	29	1	indeed	indeed	ADV
fsr-3996	29	2	,	,	PUNCT
fsr-3996	29	3	several	several	ADJ
fsr-3996	29	4	studies	study	NOUN
fsr-3996	29	5	have	have	AUX
fsr-3996	29	6	noted	note	VERB
fsr-3996	29	7	the	the	DET
fsr-3996	29	8	existence	existence	NOUN
fsr-3996	29	9	of	of	ADP
fsr-3996	29	10	a	a	DET
fsr-3996	29	11	“	"	PUNCT
fsr-3996	29	12	diversification	diversification	NOUN
fsr-3996	29	13	return	return	NOUN
fsr-3996	29	14	”	"	PUNCT
fsr-3996	29	15	(	(	PUNCT
fsr-3996	29	16	cuthbertson	cuthbertson	NOUN
fsr-3996	29	17	et	et	NOUN
fsr-3996	29	18	al	al	PROPN
fsr-3996	29	19	.	.	PROPN
fsr-3996	29	20	,	,	PUNCT
fsr-3996	29	21	2016	2016	NUM
fsr-3996	29	22	;	;	PUNCT
fsr-3996	29	23	booth	booth	NOUN
fsr-3996	29	24	and	and	CCONJ
fsr-3996	29	25	fama	fama	NOUN
fsr-3996	29	26	,	,	PUNCT
fsr-3996	29	27	1992	1992	NUM
fsr-3996	29	28	;	;	PUNCT
fsr-3996	29	29	willenbrock	willenbrock	VERB
fsr-3996	29	30	,	,	PUNCT
fsr-3996	29	31	2011	2011	NUM
fsr-3996	29	32	;	;	PUNCT
fsr-3996	29	33	erb	erb	NOUN
fsr-3996	29	34	and	and	CCONJ
fsr-3996	29	35	harvey	harvey	NOUN
fsr-3996	29	36	,	,	PUNCT
fsr-3996	29	37	2006	2006	NUM
fsr-3996	29	38	;	;	PUNCT
fsr-3996	29	39	bouchey	bouchey	PRON
fsr-3996	29	40	et	et	VERB
fsr-3996	29	41	al	al	PROPN
fsr-3996	29	42	.	.	PROPN
fsr-3996	29	43	,	,	PUNCT
fsr-3996	29	44	2012	2012	NUM
fsr-3996	29	45	)	)	PUNCT
fsr-3996	29	46	,	,	PUNCT
fsr-3996	29	47	and	and	CCONJ
fsr-3996	29	48	because	because	SCONJ
fsr-3996	29	49	of	of	ADP
fsr-3996	29	50	this	this	PRON
fsr-3996	29	51	,	,	PUNCT
fsr-3996	29	52	feld	feld	PROPN
fsr-3996	29	53	(	(	PUNCT
fsr-3996	29	54	1999	1999	NUM
fsr-3996	29	55	)	)	PUNCT
fsr-3996	29	56	suggests	suggest	VERB
fsr-3996	29	57	that	that	SCONJ
fsr-3996	29	58	many	many	ADJ
fsr-3996	29	59	investors	investor	NOUN
fsr-3996	29	60	might	might	AUX
fsr-3996	29	61	be	be	AUX
fsr-3996	29	62	better	well	ADJ
fsr-3996	29	63	off	off	ADP
fsr-3996	29	64	selling	sell	VERB
fsr-3996	29	65	appreciated	appreciate	VERB
fsr-3996	29	66	2	2	NUM
fsr-3996	29	67	these	these	DET
fsr-3996	29	68	market	market	NOUN
fsr-3996	29	69	return	return	NOUN
fsr-3996	29	70	assumptions	assumption	NOUN
fsr-3996	29	71	are	be	AUX
fsr-3996	29	72	the	the	DET
fsr-3996	29	73	same	same	ADJ
fsr-3996	29	74	as	as	ADP
fsr-3996	29	75	those	those	PRON
fsr-3996	29	76	used	use	VERB
fsr-3996	29	77	in	in	ADP
fsr-3996	29	78	whitworth	whitworth	PROPN
fsr-3996	29	79	(	(	PUNCT
fsr-3996	29	80	2018	2018	NUM
fsr-3996	29	81	)	)	PUNCT
fsr-3996	29	82	and	and	CCONJ
fsr-3996	29	83	are	be	AUX
fsr-3996	29	84	generally	generally	ADV
fsr-3996	29	85	consistent	consistent	ADJ
fsr-3996	29	86	with	with	ADP
fsr-3996	29	87	the	the	DET
fsr-3996	29	88	2024	2024	NUM
fsr-3996	29	89	long	long	ADJ
fsr-3996	29	90	-	-	PUNCT
fsr-3996	29	91	term	term	NOUN
fsr-3996	29	92	capital	capital	NOUN
fsr-3996	29	93	market	market	NOUN
fsr-3996	29	94	assumptions	assumption	NOUN
fsr-3996	29	95	of	of	ADP
fsr-3996	29	96	j.p	j.p	PROPN
fsr-3996	29	97	.	.	PROPN
fsr-3996	29	98	morgan	morgan	PROPN
fsr-3996	29	99	,	,	PUNCT
fsr-3996	29	100	which	which	PRON
fsr-3996	29	101	are	be	AUX
fsr-3996	29	102	available	available	ADJ
fsr-3996	29	103	at	at	ADP
fsr-3996	29	104	shares	share	NOUN
fsr-3996	29	105	and	and	CCONJ
fsr-3996	29	106	taking	take	VERB
fsr-3996	29	107	the	the	DET
fsr-3996	29	108	capital	capital	NOUN
fsr-3996	29	109	gains	gain	NOUN
fsr-3996	29	110	tax	tax	NOUN
fsr-3996	29	111	hit	hit	VERB
fsr-3996	29	112	rather	rather	ADV
fsr-3996	29	113	than	than	ADP
fsr-3996	29	114	dealing	deal	VERB
fsr-3996	29	115	with	with	ADP
fsr-3996	29	116	the	the	DET
fsr-3996	29	117	higher	high	ADJ
fsr-3996	29	118	volatility	volatility	NOUN
fsr-3996	29	119	inherent	inherent	ADJ
fsr-3996	29	120	in	in	ADP
fsr-3996	29	121	an	an	DET
fsr-3996	29	122	overly	overly	ADV
fsr-3996	29	123	concentrated	concentrated	ADJ
fsr-3996	29	124	portfolio	portfolio	NOUN
fsr-3996	29	125	.	.	PUNCT
fsr-3996	30	1	in	in	ADP
fsr-3996	30	2	a	a	DET
fsr-3996	30	3	simplified	simplified	ADJ
fsr-3996	30	4	analysis	analysis	NOUN
fsr-3996	30	5	of	of	ADP
fsr-3996	30	6	an	an	DET
fsr-3996	30	7	investor	investor	NOUN
fsr-3996	30	8	who	who	PRON
fsr-3996	30	9	is	be	AUX
fsr-3996	30	10	fully	fully	ADV
fsr-3996	30	11	concentrated	concentrate	VERB
fsr-3996	30	12	in	in	ADP
fsr-3996	30	13	a	a	DET
fsr-3996	30	14	single	single	ADJ
fsr-3996	30	15	appreciated	appreciated	ADJ
fsr-3996	30	16	stock	stock	NOUN
fsr-3996	30	17	,	,	PUNCT
fsr-3996	30	18	stein	stein	PROPN
fsr-3996	30	19	et	et	PROPN
fsr-3996	30	20	al	al	PROPN
fsr-3996	30	21	.	.	PROPN
fsr-3996	31	1	(	(	PUNCT
fsr-3996	31	2	2000	2000	NUM
fsr-3996	31	3	)	)	PUNCT
fsr-3996	31	4	find	find	VERB
fsr-3996	31	5	that	that	SCONJ
fsr-3996	31	6	“	"	PUNCT
fsr-3996	31	7	near	near	ADJ
fsr-3996	31	8	-	-	PUNCT
fsr-3996	31	9	complete	complete	ADJ
fsr-3996	31	10	diversification	diversification	NOUN
fsr-3996	31	11	”	"	PUNCT
fsr-3996	31	12	into	into	ADP
fsr-3996	31	13	a	a	DET
fsr-3996	31	14	lower	low	ADJ
fsr-3996	31	15	-	-	PUNCT
fsr-3996	31	16	volatility	volatility	NOUN
fsr-3996	31	17	portfolio	portfolio	NOUN
fsr-3996	31	18	is	be	AUX
fsr-3996	31	19	preferable	preferable	ADJ
fsr-3996	31	20	,	,	PUNCT
fsr-3996	31	21	“	"	PUNCT
fsr-3996	31	22	despite	despite	SCONJ
fsr-3996	31	23	a	a	DET
fsr-3996	31	24	high	high	ADJ
fsr-3996	31	25	initial	initial	ADJ
fsr-3996	31	26	tax	tax	NOUN
fsr-3996	31	27	cost	cost	NOUN
fsr-3996	31	28	.	.	PUNCT
fsr-3996	31	29	”	"	PUNCT
fsr-3996	32	1	this	this	DET
fsr-3996	32	2	paper	paper	NOUN
fsr-3996	32	3	considers	consider	VERB
fsr-3996	32	4	the	the	DET
fsr-3996	32	5	case	case	NOUN
fsr-3996	32	6	of	of	ADP
fsr-3996	32	7	a	a	DET
fsr-3996	32	8	taxable	taxable	ADJ
fsr-3996	32	9	investor	investor	NOUN
fsr-3996	32	10	managing	manage	VERB
fsr-3996	32	11	a	a	DET
fsr-3996	32	12	multi	multi	ADJ
fsr-3996	32	13	-	-	ADJ
fsr-3996	32	14	stock	stock	ADJ
fsr-3996	32	15	portfolio	portfolio	NOUN
fsr-3996	32	16	and	and	CCONJ
fsr-3996	32	17	simulates	simulate	VERB
fsr-3996	32	18	the	the	DET
fsr-3996	32	19	likely	likely	ADJ
fsr-3996	32	20	long	long	ADJ
fsr-3996	32	21	-	-	PUNCT
fsr-3996	32	22	term	term	NOUN
fsr-3996	32	23	outcomes	outcome	NOUN
fsr-3996	32	24	from	from	ADP
fsr-3996	32	25	different	different	ADJ
fsr-3996	32	26	strategies	strategy	NOUN
fsr-3996	32	27	.	.	PUNCT
fsr-3996	33	1	we	we	PRON
fsr-3996	33	2	assume	assume	VERB
fsr-3996	33	3	that	that	SCONJ
fsr-3996	33	4	all	all	DET
fsr-3996	33	5	losses	loss	NOUN
fsr-3996	33	6	are	be	AUX
fsr-3996	33	7	realized	realize	VERB
fsr-3996	33	8	each	each	DET
fsr-3996	33	9	year	year	NOUN
fsr-3996	33	10	but	but	CCONJ
fsr-3996	33	11	also	also	ADV
fsr-3996	33	12	test	test	VERB
fsr-3996	33	13	several	several	ADJ
fsr-3996	33	14	criteria	criterion	NOUN
fsr-3996	33	15	for	for	ADP
fsr-3996	33	16	deciding	decide	VERB
fsr-3996	33	17	when	when	SCONJ
fsr-3996	33	18	to	to	PART
fsr-3996	33	19	sell	sell	VERB
fsr-3996	33	20	winning	win	VERB
fsr-3996	33	21	stocks	stock	NOUN
fsr-3996	33	22	.	.	PUNCT
fsr-3996	34	1	consistent	consistent	ADJ
fsr-3996	34	2	with	with	ADP
fsr-3996	34	3	the	the	DET
fsr-3996	34	4	studies	study	NOUN
fsr-3996	34	5	cited	cite	VERB
fsr-3996	34	6	above	above	ADV
fsr-3996	34	7	,	,	PUNCT
fsr-3996	34	8	our	our	PRON
fsr-3996	34	9	results	result	NOUN
fsr-3996	34	10	indicate	indicate	VERB
fsr-3996	34	11	that	that	SCONJ
fsr-3996	34	12	the	the	DET
fsr-3996	34	13	investor	investor	NOUN
fsr-3996	34	14	’s	’s	PART
fsr-3996	34	15	after	after	ADP
fsr-3996	34	16	-	-	PUNCT
fsr-3996	34	17	tax	tax	NOUN
fsr-3996	34	18	terminal	terminal	NOUN
fsr-3996	34	19	wealth	wealth	NOUN
fsr-3996	34	20	is	be	AUX
fsr-3996	34	21	maximized	maximize	VERB
fsr-3996	34	22	by	by	ADP
fsr-3996	34	23	keeping	keep	VERB
fsr-3996	34	24	the	the	DET
fsr-3996	34	25	portfolio	portfolio	NOUN
fsr-3996	34	26	almost	almost	ADV
fsr-3996	34	27	fully	fully	ADV
fsr-3996	34	28	diversified	diversify	VERB
fsr-3996	34	29	via	via	ADP
fsr-3996	34	30	annual	annual	ADJ
fsr-3996	34	31	rebalancing	rebalancing	NOUN
fsr-3996	34	32	,	,	PUNCT
fsr-3996	34	33	even	even	ADV
fsr-3996	34	34	though	though	SCONJ
fsr-3996	34	35	this	this	DET
fsr-3996	34	36	method	method	NOUN
fsr-3996	34	37	results	result	VERB
fsr-3996	34	38	in	in	ADP
fsr-3996	34	39	more	more	ADJ
fsr-3996	34	40	capital	capital	NOUN
fsr-3996	34	41	gains	gain	NOUN
fsr-3996	34	42	taxes	taxis	NOUN
fsr-3996	34	43	being	be	AUX
fsr-3996	34	44	paid	pay	VERB
fsr-3996	34	45	.	.	PUNCT
fsr-3996	35	1	even	even	ADV
fsr-3996	35	2	an	an	DET
fsr-3996	35	3	investor	investor	NOUN
fsr-3996	35	4	with	with	ADP
fsr-3996	35	5	a	a	DET
fsr-3996	35	6	high	high	ADJ
fsr-3996	35	7	capital	capital	NOUN
fsr-3996	35	8	gains	gain	NOUN
fsr-3996	35	9	tax	tax	NOUN
fsr-3996	35	10	rate	rate	NOUN
fsr-3996	35	11	or	or	CCONJ
fsr-3996	35	12	one	one	NUM
fsr-3996	35	13	who	who	PRON
fsr-3996	35	14	expects	expect	VERB
fsr-3996	35	15	a	a	DET
fsr-3996	35	16	step	step	NOUN
fsr-3996	35	17	-	-	PUNCT
fsr-3996	35	18	up	up	NOUN
fsr-3996	35	19	in	in	ADP
fsr-3996	35	20	basis	basis	NOUN
fsr-3996	35	21	(	(	PUNCT
fsr-3996	35	22	which	which	PRON
fsr-3996	35	23	would	would	AUX
fsr-3996	35	24	increase	increase	VERB
fsr-3996	35	25	the	the	DET
fsr-3996	35	26	incentive	incentive	NOUN
fsr-3996	35	27	to	to	PART
fsr-3996	35	28	defer	defer	VERB
fsr-3996	35	29	gains	gain	NOUN
fsr-3996	35	30	)	)	PUNCT
fsr-3996	35	31	should	should	AUX
fsr-3996	35	32	be	be	AUX
fsr-3996	35	33	willing	willing	ADJ
fsr-3996	35	34	to	to	PART
fsr-3996	35	35	tolerate	tolerate	VERB
fsr-3996	35	36	only	only	ADV
fsr-3996	35	37	a	a	DET
fsr-3996	35	38	modest	modest	ADJ
fsr-3996	35	39	increase	increase	NOUN
fsr-3996	35	40	in	in	ADP
fsr-3996	35	41	portfolio	portfolio	NOUN
fsr-3996	35	42	concentration	concentration	NOUN
fsr-3996	35	43	.	.	PUNCT
fsr-3996	36	1	the	the	DET
fsr-3996	36	2	next	next	ADJ
fsr-3996	36	3	section	section	NOUN
fsr-3996	36	4	describes	describe	VERB
fsr-3996	36	5	the	the	DET
fsr-3996	36	6	monte	monte	PROPN
fsr-3996	36	7	carlo	carlo	PROPN
fsr-3996	36	8	simulation	simulation	PROPN
fsr-3996	36	9	methodology	methodology	NOUN
fsr-3996	36	10	used	use	VERB
fsr-3996	36	11	in	in	ADP
fsr-3996	36	12	this	this	DET
fsr-3996	36	13	paper	paper	NOUN
fsr-3996	36	14	.	.	PUNCT
fsr-3996	37	1	the	the	DET
fsr-3996	37	2	following	follow	VERB
fsr-3996	37	3	section	section	NOUN
fsr-3996	37	4	presents	present	NOUN
fsr-3996	37	5	and	and	CCONJ
fsr-3996	37	6	analyzes	analyze	VERB
fsr-3996	37	7	the	the	DET
fsr-3996	37	8	results	result	NOUN
fsr-3996	37	9	of	of	ADP
fsr-3996	37	10	the	the	DET
fsr-3996	37	11	study	study	NOUN
fsr-3996	37	12	,	,	PUNCT
fsr-3996	37	13	and	and	CCONJ
fsr-3996	37	14	the	the	DET
fsr-3996	37	15	final	final	ADJ
fsr-3996	37	16	section	section	NOUN
fsr-3996	37	17	concludes	conclude	VERB
fsr-3996	37	18	.	.	PUNCT
fsr-3996	38	1	simulation	simulation	NOUN
fsr-3996	38	2	methodology	methodology	NOUN
fsr-3996	38	3	this	this	DET
fsr-3996	38	4	study	study	NOUN
fsr-3996	38	5	builds	build	VERB
fsr-3996	38	6	on	on	ADP
fsr-3996	38	7	the	the	DET
fsr-3996	38	8	simulation	simulation	NOUN
fsr-3996	38	9	methodology	methodology	NOUN
fsr-3996	38	10	of	of	ADP
fsr-3996	38	11	whitworth	whitworth	PROPN
fsr-3996	38	12	(	(	PUNCT
fsr-3996	38	13	2018	2018	NUM
fsr-3996	38	14	)	)	PUNCT
fsr-3996	38	15	,	,	PUNCT
fsr-3996	38	16	which	which	PRON
fsr-3996	38	17	itself	itself	PRON
fsr-3996	38	18	is	be	AUX
fsr-3996	38	19	based	base	VERB
fsr-3996	38	20	on	on	ADP
fsr-3996	38	21	smith	smith	PROPN
fsr-3996	38	22	and	and	CCONJ
fsr-3996	38	23	smith	smith	PROPN
fsr-3996	38	24	(	(	PUNCT
fsr-3996	38	25	2008	2008	NUM
fsr-3996	38	26	)	)	PUNCT
fsr-3996	38	27	.	.	PUNCT
fsr-3996	39	1	we	we	PRON
fsr-3996	39	2	assume	assume	VERB
fsr-3996	39	3	that	that	SCONJ
fsr-3996	39	4	an	an	DET
fsr-3996	39	5	investor	investor	NOUN
fsr-3996	39	6	has	have	VERB
fsr-3996	39	7	an	an	DET
fsr-3996	39	8	initial	initial	ADJ
fsr-3996	39	9	portfolio	portfolio	NOUN
fsr-3996	39	10	of	of	ADP
fsr-3996	39	11	$	$	SYM
fsr-3996	39	12	250,000	250,000	NUM
fsr-3996	39	13	,	,	PUNCT
fsr-3996	39	14	consisting	consist	VERB
fsr-3996	39	15	of	of	ADP
fsr-3996	39	16	$	$	SYM
fsr-3996	39	17	10,000	10,000	NUM
fsr-3996	39	18	invested	invest	VERB
fsr-3996	39	19	in	in	ADP
fsr-3996	39	20	each	each	PRON
fsr-3996	39	21	of	of	ADP
fsr-3996	39	22	25	25	NUM
fsr-3996	39	23	nondividend	nondividend	NOUN
fsr-3996	39	24	-	-	PUNCT
fsr-3996	39	25	paying	pay	VERB
fsr-3996	39	26	stocks	stock	NOUN
fsr-3996	39	27	.	.	PUNCT
fsr-3996	40	1	for	for	ADP
fsr-3996	40	2	each	each	DET
fsr-3996	40	3	year	year	NOUN
fsr-3996	40	4	t	t	PROPN
fsr-3996	40	5	,	,	PUNCT
fsr-3996	40	6	a	a	DET
fsr-3996	40	7	simulated	simulated	ADJ
fsr-3996	40	8	market	market	NOUN
fsr-3996	40	9	return	return	NOUN
fsr-3996	40	10	rmt	rmt	NOUN
fsr-3996	40	11	is	be	AUX
fsr-3996	40	12	generated	generate	VERB
fsr-3996	40	13	from	from	ADP
fsr-3996	40	14	a	a	DET
fsr-3996	40	15	normal	normal	ADJ
fsr-3996	40	16	distribution	distribution	NOUN
fsr-3996	40	17	with	with	ADP
fsr-3996	40	18	a	a	DET
fsr-3996	40	19	mean	mean	NOUN
fsr-3996	40	20	of	of	ADP
fsr-3996	40	21	8	8	NUM
fsr-3996	40	22	%	%	NOUN
fsr-3996	40	23	and	and	CCONJ
fsr-3996	40	24	a	a	DET
fsr-3996	40	25	standard	standard	ADJ
fsr-3996	40	26	deviation	deviation	NOUN
fsr-3996	40	27	of	of	ADP
fsr-3996	40	28	20%.2	20%.2	PROPN
fsr-3996	40	29	a	a	DET
fsr-3996	40	30	set	set	NOUN
fsr-3996	40	31	of	of	ADP
fsr-3996	40	32	idiosyncratic	idiosyncratic	ADJ
fsr-3996	40	33	disturbances	disturbance	NOUN
fsr-3996	40	34	εit	εit	VERB
fsr-3996	40	35	(	(	PUNCT
fsr-3996	40	36	i	i	NOUN
fsr-3996	40	37	=	=	NOUN
fsr-3996	40	38	1	1	NUM
fsr-3996	40	39	,	,	PUNCT
fsr-3996	40	40	2	2	NUM
fsr-3996	40	41	,	,	PUNCT
fsr-3996	40	42	…	…	PUNCT
fsr-3996	40	43	25	25	NUM
fsr-3996	40	44	)	)	PUNCT
fsr-3996	40	45	is	be	AUX
fsr-3996	40	46	also	also	ADV
fsr-3996	40	47	generated	generate	VERB
fsr-3996	40	48	via	via	ADP
fsr-3996	40	49	independent	independent	ADJ
fsr-3996	40	50	draws	draw	NOUN
fsr-3996	40	51	from	from	ADP
fsr-3996	40	52	a	a	DET
fsr-3996	40	53	normal	normal	ADJ
fsr-3996	40	54	distribution	distribution	NOUN
fsr-3996	40	55	with	with	ADP
fsr-3996	40	56	mean	mean	NOUN
fsr-3996	40	57	zero	zero	NUM
fsr-3996	40	58	and	and	CCONJ
fsr-3996	40	59	(	(	PUNCT
fsr-3996	40	60	for	for	ADP
fsr-3996	40	61	reasons	reason	NOUN
fsr-3996	40	62	that	that	PRON
fsr-3996	40	63	will	will	AUX
fsr-3996	40	64	become	become	VERB
fsr-3996	40	65	clear	clear	ADJ
fsr-3996	40	66	shortly	shortly	ADV
fsr-3996	40	67	)	)	PUNCT
fsr-3996	40	68	a	a	DET
fsr-3996	40	69	standard	standard	ADJ
fsr-3996	40	70	deviation	deviation	NOUN
fsr-3996	40	71	of	of	ADP
fsr-3996	40	72	34.641	34.641	NUM
fsr-3996	40	73	%	%	NOUN
fsr-3996	40	74	.	.	PUNCT
fsr-3996	41	1	the	the	DET
fsr-3996	41	2	set	set	NOUN
fsr-3996	41	3	of	of	ADP
fsr-3996	41	4	realized	realize	VERB
fsr-3996	41	5	stock	stock	NOUN
fsr-3996	41	6	returns	return	NOUN
fsr-3996	41	7	rit	rit	NOUN
fsr-3996	41	8	(	(	PUNCT
fsr-3996	41	9	i	i	NOUN
fsr-3996	41	10	=	=	NOUN
fsr-3996	41	11	1	1	NUM
fsr-3996	41	12	,	,	PUNCT
fsr-3996	41	13	2	2	NUM
fsr-3996	41	14	,	,	PUNCT
fsr-3996	41	15	…	…	PUNCT
fsr-3996	41	16	https://am.jpmorgan.com/us/en/assetmanagement/institutional/insights/portfolioinsights/ltcma/.	https://am.jpmorgan.com/us/en/assetmanagement/institutional/insights/portfolioinsights/ltcma/.	ADV
fsr-3996	42	1	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	INTJ
fsr-3996	42	2	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	INTJ
fsr-3996	43	1	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	https://am.jpmorgan.com/us/en/asset-management/institutional/insights/portfolio-insights/ltcma/	INTJ
fsr-3996	43	2	whitworth	whitworth	PROPN
fsr-3996	43	3	15	15	NUM
fsr-3996	43	4	25	25	NUM
fsr-3996	43	5	)	)	PUNCT
fsr-3996	43	6	in	in	ADP
fsr-3996	43	7	year	year	NOUN
fsr-3996	43	8	t	t	PROPN
fsr-3996	43	9	is	be	AUX
fsr-3996	43	10	then	then	ADV
fsr-3996	43	11	determined	determine	VERB
fsr-3996	43	12	by	by	ADP
fsr-3996	43	13	adding	add	VERB
fsr-3996	43	14	the	the	DET
fsr-3996	43	15	market	market	NOUN
fsr-3996	43	16	return	return	NOUN
fsr-3996	43	17	rmt	rmt	NOUN
fsr-3996	43	18	to	to	ADP
fsr-3996	43	19	each	each	PRON
fsr-3996	43	20	of	of	ADP
fsr-3996	43	21	the	the	DET
fsr-3996	43	22	25	25	NUM
fsr-3996	43	23	disturbances	disturbance	NOUN
fsr-3996	43	24	εit	εit	VERB
fsr-3996	43	25	.	.	PUNCT
fsr-3996	44	1	given	give	VERB
fsr-3996	44	2	the	the	DET
fsr-3996	44	3	parameters	parameter	NOUN
fsr-3996	44	4	above	above	ADV
fsr-3996	44	5	,	,	PUNCT
fsr-3996	44	6	the	the	DET
fsr-3996	44	7	simulated	simulated	ADJ
fsr-3996	44	8	annual	annual	ADJ
fsr-3996	44	9	stock	stock	NOUN
fsr-3996	44	10	returns	return	NOUN
fsr-3996	44	11	rit	rit	NOUN
fsr-3996	44	12	will	will	AUX
fsr-3996	44	13	be	be	AUX
fsr-3996	44	14	distributed	distribute	VERB
fsr-3996	44	15	normally	normally	ADV
fsr-3996	44	16	with	with	ADP
fsr-3996	44	17	a	a	DET
fsr-3996	44	18	mean	mean	NOUN
fsr-3996	44	19	of	of	ADP
fsr-3996	44	20	8	8	NUM
fsr-3996	44	21	%	%	NOUN
fsr-3996	44	22	and	and	CCONJ
fsr-3996	44	23	a	a	DET
fsr-3996	44	24	standard	standard	ADJ
fsr-3996	44	25	deviation	deviation	NOUN
fsr-3996	44	26	of	of	ADP
fsr-3996	44	27	𝜎𝑖	𝜎𝑖	PRON
fsr-3996	44	28	=	=	SYM
fsr-3996	44	29	√𝜎𝑚	√𝜎𝑚	NOUN
fsr-3996	44	30	2	2	NUM
fsr-3996	44	31	+	+	CCONJ
fsr-3996	44	32	𝜎𝜀	𝜎𝜀	PRON
fsr-3996	44	33	2	2	NUM
fsr-3996	44	34	=	=	NOUN
fsr-3996	44	35	√0.22	√0.22	NOUN
fsr-3996	44	36	+	+	CCONJ
fsr-3996	44	37	0.346412	0.346412	NUM
fsr-3996	44	38	=	=	SYM
fsr-3996	44	39	0.4	0.4	NUM
fsr-3996	44	40	=	=	SYM
fsr-3996	44	41	40	40	NUM
fsr-3996	44	42	%	%	NOUN
fsr-3996	44	43	.	.	PUNCT
fsr-3996	45	1	3	3	NUM
fsr-3996	45	2	the	the	DET
fsr-3996	45	3	contemporaneous	contemporaneous	ADJ
fsr-3996	45	4	correlation	correlation	NOUN
fsr-3996	45	5	between	between	ADP
fsr-3996	45	6	the	the	DET
fsr-3996	45	7	returns	return	NOUN
fsr-3996	45	8	of	of	ADP
fsr-3996	45	9	any	any	DET
fsr-3996	45	10	two	two	NUM
fsr-3996	45	11	different	different	ADJ
fsr-3996	45	12	stocks	stock	NOUN
fsr-3996	45	13	i	i	PRON
fsr-3996	45	14	and	and	CCONJ
fsr-3996	45	15	j	j	PROPN
fsr-3996	45	16	in	in	ADP
fsr-3996	45	17	the	the	DET
fsr-3996	45	18	same	same	ADJ
fsr-3996	45	19	year	year	NOUN
fsr-3996	45	20	will	will	AUX
fsr-3996	45	21	be	be	AUX
fsr-3996	45	22	𝜌𝑖𝑗	𝜌𝑖𝑗	ADJ
fsr-3996	45	23	=	=	SYM
fsr-3996	45	24	𝜎𝑖𝑗	𝜎𝑖𝑗	PROPN
fsr-3996	45	25	𝜎𝑖𝜎𝑗	𝜎𝑖𝜎𝑗	NOUN
fsr-3996	45	26	=	=	PROPN
fsr-3996	45	27	𝜎𝑚	𝜎𝑚	PROPN
fsr-3996	45	28	2	2	NUM
fsr-3996	45	29	𝜎𝑖𝜎𝑗	𝜎𝑖𝜎𝑗	NOUN
fsr-3996	45	30	=	=	NOUN
fsr-3996	45	31	0.22	0.22	NUM
fsr-3996	45	32	0.4	0.4	NUM
fsr-3996	45	33	∙	∙	PROPN
fsr-3996	45	34	0.4	0.4	NUM
fsr-3996	46	1	=	=	SYM
fsr-3996	46	2	0.25	0.25	NUM
fsr-3996	46	3	.	.	PUNCT
fsr-3996	47	1	these	these	DET
fsr-3996	47	2	values	value	NOUN
fsr-3996	47	3	for	for	ADP
fsr-3996	47	4	σi	σi	PRON
fsr-3996	47	5	and	and	CCONJ
fsr-3996	47	6	ρij	ρij	NOUN
fsr-3996	47	7	are	be	AUX
fsr-3996	47	8	the	the	DET
fsr-3996	47	9	same	same	ADJ
fsr-3996	47	10	as	as	ADP
fsr-3996	47	11	those	those	PRON
fsr-3996	47	12	used	use	VERB
fsr-3996	47	13	by	by	ADP
fsr-3996	47	14	smith	smith	PROPN
fsr-3996	47	15	and	and	CCONJ
fsr-3996	47	16	smith	smith	PROPN
fsr-3996	47	17	(	(	PUNCT
fsr-3996	47	18	2008	2008	NUM
fsr-3996	47	19	)	)	PUNCT
fsr-3996	47	20	and	and	CCONJ
fsr-3996	47	21	whitworth	whitworth	PROPN
fsr-3996	47	22	(	(	PUNCT
fsr-3996	47	23	2018	2018	NUM
fsr-3996	47	24	)	)	PUNCT
fsr-3996	47	25	.	.	PUNCT
fsr-3996	48	1	returns	return	NOUN
fsr-3996	48	2	across	across	ADP
fsr-3996	48	3	different	different	ADJ
fsr-3996	48	4	years	year	NOUN
fsr-3996	48	5	are	be	AUX
fsr-3996	48	6	generated	generate	VERB
fsr-3996	48	7	independently	independently	ADV
fsr-3996	48	8	and	and	CCONJ
fsr-3996	48	9	thus	thus	ADV
fsr-3996	48	10	are	be	AUX
fsr-3996	48	11	uncorrelated.4	uncorrelated.4	PROPN
fsr-3996	48	12	ordinary	ordinary	ADJ
fsr-3996	48	13	income	income	NOUN
fsr-3996	48	14	is	be	AUX
fsr-3996	48	15	taxed	tax	VERB
fsr-3996	48	16	at	at	ADP
fsr-3996	48	17	24	24	NUM
fsr-3996	48	18	%	%	NOUN
fsr-3996	48	19	,	,	PUNCT
fsr-3996	48	20	while	while	SCONJ
fsr-3996	48	21	long	long	ADJ
fsr-3996	48	22	-	-	PUNCT
fsr-3996	48	23	term	term	NOUN
fsr-3996	48	24	capital	capital	NOUN
fsr-3996	48	25	gains	gain	NOUN
fsr-3996	48	26	are	be	AUX
fsr-3996	48	27	taxed	tax	VERB
fsr-3996	48	28	at	at	ADP
fsr-3996	48	29	15%5	15%5	NUM
fsr-3996	48	30	.	.	PUNCT
fsr-3996	49	1	given	give	VERB
fsr-3996	49	2	these	these	DET
fsr-3996	49	3	assumptions	assumption	NOUN
fsr-3996	49	4	,	,	PUNCT
fsr-3996	49	5	the	the	DET
fsr-3996	49	6	investor	investor	NOUN
fsr-3996	49	7	does	do	AUX
fsr-3996	49	8	not	not	PART
fsr-3996	49	9	try	try	VERB
fsr-3996	49	10	to	to	PART
fsr-3996	49	11	time	time	VERB
fsr-3996	49	12	the	the	DET
fsr-3996	49	13	market	market	NOUN
fsr-3996	49	14	.	.	PUNCT
fsr-3996	50	1	of	of	ADP
fsr-3996	50	2	course	course	NOUN
fsr-3996	50	3	,	,	PUNCT
fsr-3996	50	4	one	one	PRON
fsr-3996	50	5	could	could	AUX
fsr-3996	50	6	adopt	adopt	VERB
fsr-3996	50	7	a	a	DET
fsr-3996	50	8	buy	buy	VERB
fsr-3996	50	9	-	-	PUNCT
fsr-3996	50	10	and	and	CCONJ
fsr-3996	50	11	-	-	PUNCT
fsr-3996	50	12	hold	hold	VERB
fsr-3996	50	13	approach	approach	NOUN
fsr-3996	50	14	where	where	SCONJ
fsr-3996	50	15	no	no	DET
fsr-3996	50	16	stocks	stock	NOUN
fsr-3996	50	17	are	be	AUX
fsr-3996	50	18	sold	sell	VERB
fsr-3996	50	19	until	until	ADP
fsr-3996	50	20	the	the	DET
fsr-3996	50	21	end	end	NOUN
fsr-3996	50	22	of	of	ADP
fsr-3996	50	23	the	the	DET
fsr-3996	50	24	investment	investment	NOUN
fsr-3996	50	25	horizon	horizon	NOUN
fsr-3996	50	26	,	,	PUNCT
fsr-3996	50	27	but	but	CCONJ
fsr-3996	50	28	we	we	PRON
fsr-3996	50	29	consider	consider	VERB
fsr-3996	50	30	several	several	ADJ
fsr-3996	50	31	alternative	alternative	ADJ
fsr-3996	50	32	strategies	strategy	NOUN
fsr-3996	50	33	(	(	PUNCT
fsr-3996	50	34	described	describe	VERB
fsr-3996	50	35	below	below	ADV
fsr-3996	50	36	)	)	PUNCT
fsr-3996	50	37	where	where	SCONJ
fsr-3996	50	38	trading	trading	NOUN
fsr-3996	50	39	decisions	decision	NOUN
fsr-3996	50	40	are	be	AUX
fsr-3996	50	41	made	make	VERB
fsr-3996	50	42	based	base	VERB
fsr-3996	50	43	on	on	ADP
fsr-3996	50	44	taxes	taxis	NOUN
fsr-3996	50	45	and	and	CCONJ
fsr-3996	50	46	portfolio	portfolio	NOUN
fsr-3996	50	47	diversification	diversification	NOUN
fsr-3996	50	48	.	.	PUNCT
fsr-3996	51	1	at	at	ADP
fsr-3996	51	2	the	the	DET
fsr-3996	51	3	end	end	NOUN
fsr-3996	51	4	of	of	ADP
fsr-3996	51	5	each	each	DET
fsr-3996	51	6	year	year	NOUN
fsr-3996	51	7	,	,	PUNCT
fsr-3996	51	8	any	any	DET
fsr-3996	51	9	lot	lot	NOUN
fsr-3996	51	10	of	of	ADP
fsr-3996	51	11	stock	stock	NOUN
fsr-3996	51	12	whose	whose	DET
fsr-3996	51	13	value	value	NOUN
fsr-3996	51	14	has	have	AUX
fsr-3996	51	15	declined	decline	VERB
fsr-3996	51	16	below	below	ADP
fsr-3996	51	17	its	its	PRON
fsr-3996	51	18	original	original	ADJ
fsr-3996	51	19	basis	basis	NOUN
fsr-3996	51	20	is	be	AUX
fsr-3996	51	21	sold	sell	VERB
fsr-3996	51	22	to	to	PART
fsr-3996	51	23	realize	realize	VERB
fsr-3996	51	24	capital	capital	NOUN
fsr-3996	51	25	losses	loss	NOUN
fsr-3996	51	26	.	.	PUNCT
fsr-3996	52	1	any	any	DET
fsr-3996	52	2	capital	capital	NOUN
fsr-3996	52	3	gains	gain	NOUN
fsr-3996	52	4	that	that	PRON
fsr-3996	52	5	have	have	AUX
fsr-3996	52	6	accrued	accrue	VERB
fsr-3996	52	7	are	be	AUX
fsr-3996	52	8	then	then	ADV
fsr-3996	52	9	handled	handle	VERB
fsr-3996	52	10	according	accord	VERB
fsr-3996	52	11	to	to	ADP
fsr-3996	52	12	one	one	NUM
fsr-3996	52	13	of	of	ADP
fsr-3996	52	14	three	three	NUM
fsr-3996	52	15	policies	policy	NOUN
fsr-3996	52	16	.	.	PUNCT
fsr-3996	53	1	the	the	DET
fsr-3996	53	2	first	first	ADJ
fsr-3996	53	3	two	two	NUM
fsr-3996	53	4	policies	policy	NOUN
fsr-3996	53	5	are	be	AUX
fsr-3996	53	6	considered	consider	VERB
fsr-3996	53	7	in	in	ADP
fsr-3996	53	8	smith	smith	PROPN
fsr-3996	53	9	and	and	CCONJ
fsr-3996	53	10	smith	smith	PROPN
fsr-3996	53	11	(	(	PUNCT
fsr-3996	53	12	2008	2008	NUM
fsr-3996	53	13	)	)	PUNCT
fsr-3996	53	14	and	and	CCONJ
fsr-3996	53	15	in	in	ADP
fsr-3996	53	16	whitworth	whitworth	PROPN
fsr-3996	53	17	(	(	PUNCT
fsr-3996	53	18	2018	2018	NUM
fsr-3996	53	19	)	)	PUNCT
fsr-3996	53	20	;	;	PUNCT
fsr-3996	53	21	however	however	ADV
fsr-3996	53	22	,	,	PUNCT
fsr-3996	53	23	the	the	DET
fsr-3996	53	24	third	third	ADJ
fsr-3996	53	25	policy	policy	NOUN
fsr-3996	53	26	has	have	VERB
fsr-3996	53	27	3	3	NUM
fsr-3996	53	28	as	as	SCONJ
fsr-3996	53	29	noted	note	VERB
fsr-3996	53	30	in	in	ADP
fsr-3996	53	31	whitworth	whitworth	PROPN
fsr-3996	53	32	(	(	PUNCT
fsr-3996	53	33	2018	2018	NUM
fsr-3996	53	34	)	)	PUNCT
fsr-3996	53	35	,	,	PUNCT
fsr-3996	53	36	this	this	DET
fsr-3996	53	37	value	value	NOUN
fsr-3996	53	38	for	for	ADP
fsr-3996	53	39	σi	σi	PROPN
fsr-3996	53	40	is	be	AUX
fsr-3996	53	41	reasonable	reasonable	ADJ
fsr-3996	53	42	given	give	VERB
fsr-3996	53	43	the	the	DET
fsr-3996	53	44	individual	individual	ADJ
fsr-3996	53	45	stock	stock	NOUN
fsr-3996	53	46	volatilities	volatility	NOUN
fsr-3996	53	47	that	that	PRON
fsr-3996	53	48	have	have	AUX
fsr-3996	53	49	been	be	AUX
fsr-3996	53	50	observed	observe	VERB
fsr-3996	53	51	historically	historically	ADV
fsr-3996	53	52	[	[	X
fsr-3996	53	53	e.g.	e.g.	ADV
fsr-3996	53	54	,	,	PUNCT
fsr-3996	53	55	see	see	VERB
fsr-3996	53	56	statman	statman	NOUN
fsr-3996	53	57	(	(	PUNCT
fsr-3996	53	58	1987	1987	NUM
fsr-3996	53	59	)	)	PUNCT
fsr-3996	53	60	and	and	CCONJ
fsr-3996	53	61	campbell	campbell	PROPN
fsr-3996	53	62	et	et	PROPN
fsr-3996	53	63	al	al	PROPN
fsr-3996	53	64	.	.	PROPN
fsr-3996	54	1	(	(	PUNCT
fsr-3996	54	2	2001	2001	NUM
fsr-3996	54	3	)	)	PUNCT
fsr-3996	54	4	]	]	PUNCT
fsr-3996	54	5	.	.	PUNCT
fsr-3996	55	1	to	to	ADP
fsr-3996	55	2	the	the	DET
fsr-3996	55	3	extent	extent	NOUN
fsr-3996	55	4	that	that	PRON
fsr-3996	55	5	investors	investor	NOUN
fsr-3996	55	6	choose	choose	VERB
fsr-3996	55	7	lower	low	ADJ
fsr-3996	55	8	-	-	PUNCT
fsr-3996	55	9	volatility	volatility	NOUN
fsr-3996	55	10	stocks	stock	NOUN
fsr-3996	55	11	,	,	PUNCT
fsr-3996	55	12	less	less	ADJ
fsr-3996	55	13	rebalancing	rebalancing	NOUN
fsr-3996	55	14	would	would	AUX
fsr-3996	55	15	be	be	AUX
fsr-3996	55	16	needed	need	VERB
fsr-3996	55	17	to	to	PART
fsr-3996	55	18	maintain	maintain	VERB
fsr-3996	55	19	diversification	diversification	NOUN
fsr-3996	55	20	,	,	PUNCT
fsr-3996	55	21	and	and	CCONJ
fsr-3996	55	22	tax	tax	NOUN
fsr-3996	55	23	efficiency	efficiency	NOUN
fsr-3996	55	24	would	would	AUX
fsr-3996	55	25	likely	likely	ADV
fsr-3996	55	26	become	become	VERB
fsr-3996	55	27	more	more	ADJ
fsr-3996	55	28	of	of	ADP
fsr-3996	55	29	a	a	DET
fsr-3996	55	30	consideration	consideration	NOUN
fsr-3996	55	31	.	.	PUNCT
fsr-3996	56	1	(	(	PUNCT
fsr-3996	56	2	of	of	ADP
fsr-3996	56	3	course	course	NOUN
fsr-3996	56	4	,	,	PUNCT
fsr-3996	56	5	the	the	DET
fsr-3996	56	6	reverse	reverse	NOUN
fsr-3996	56	7	is	be	AUX
fsr-3996	56	8	true	true	ADJ
fsr-3996	56	9	if	if	SCONJ
fsr-3996	56	10	investors	investor	NOUN
fsr-3996	56	11	choose	choose	VERB
fsr-3996	56	12	higher	high	ADJ
fsr-3996	56	13	-	-	PUNCT
fsr-3996	56	14	volatility	volatility	NOUN
fsr-3996	56	15	stocks	stock	NOUN
fsr-3996	56	16	.	.	PUNCT
fsr-3996	56	17	)	)	PUNCT
fsr-3996	57	1	4	4	NUM
fsr-3996	57	2	the	the	DET
fsr-3996	57	3	assumption	assumption	NOUN
fsr-3996	57	4	of	of	ADP
fsr-3996	57	5	serially	serially	ADV
fsr-3996	57	6	independent	independent	ADJ
fsr-3996	57	7	returns	return	NOUN
fsr-3996	57	8	is	be	AUX
fsr-3996	57	9	largely	largely	ADV
fsr-3996	57	10	consistent	consistent	ADJ
fsr-3996	57	11	with	with	ADP
fsr-3996	57	12	the	the	DET
fsr-3996	57	13	market	market	NOUN
fsr-3996	57	14	efficiency	efficiency	NOUN
fsr-3996	57	15	literature	literature	NOUN
fsr-3996	57	16	summarized	summarize	VERB
fsr-3996	57	17	by	by	ADP
fsr-3996	57	18	fama	fama	PROPN
fsr-3996	57	19	(	(	PUNCT
fsr-3996	57	20	1970	1970	NUM
fsr-3996	57	21	,	,	PUNCT
fsr-3996	57	22	1991	1991	NUM
fsr-3996	57	23	)	)	PUNCT
fsr-3996	57	24	and	and	CCONJ
fsr-3996	57	25	malkiel	malkiel	VERB
fsr-3996	57	26	(	(	PUNCT
fsr-3996	57	27	2003	2003	NUM
fsr-3996	57	28	)	)	PUNCT
fsr-3996	57	29	.	.	PUNCT
fsr-3996	58	1	to	to	ADP
fsr-3996	58	2	the	the	DET
fsr-3996	58	3	extent	extent	NOUN
fsr-3996	58	4	that	that	SCONJ
fsr-3996	58	5	stock	stock	NOUN
fsr-3996	58	6	returns	return	NOUN
fsr-3996	58	7	exhibit	exhibit	VERB
fsr-3996	58	8	not	not	PART
fsr-3996	58	9	been	be	AUX
fsr-3996	58	10	considered	consider	VERB
fsr-3996	58	11	in	in	ADP
fsr-3996	58	12	previous	previous	ADJ
fsr-3996	58	13	simulation	simulation	NOUN
fsr-3996	58	14	studies	study	NOUN
fsr-3996	58	15	.	.	PUNCT
fsr-3996	59	1	the	the	DET
fsr-3996	59	2	three	three	NUM
fsr-3996	59	3	strategies	strategy	NOUN
fsr-3996	59	4	for	for	ADP
fsr-3996	59	5	dealing	deal	VERB
fsr-3996	59	6	with	with	ADP
fsr-3996	59	7	accrued	accrue	VERB
fsr-3996	59	8	gains	gain	NOUN
fsr-3996	59	9	that	that	PRON
fsr-3996	59	10	we	we	PRON
fsr-3996	59	11	examine	examine	VERB
fsr-3996	59	12	are	be	AUX
fsr-3996	59	13	as	as	SCONJ
fsr-3996	59	14	follows	follow	VERB
fsr-3996	59	15	:	:	PUNCT
fsr-3996	59	16	1	1	X
fsr-3996	59	17	)	)	PUNCT
fsr-3996	59	18	defer	defer	VERB
fsr-3996	59	19	all	all	DET
fsr-3996	59	20	gains	gain	NOUN
fsr-3996	59	21	:	:	PUNCT
fsr-3996	59	22	appreciated	appreciate	VERB
fsr-3996	59	23	shares	share	NOUN
fsr-3996	59	24	are	be	AUX
fsr-3996	59	25	held	hold	VERB
fsr-3996	59	26	as	as	ADV
fsr-3996	59	27	long	long	ADV
fsr-3996	59	28	as	as	ADP
fsr-3996	59	29	possible	possible	ADJ
fsr-3996	59	30	(	(	PUNCT
fsr-3996	59	31	i.e.	i.e.	X
fsr-3996	59	32	,	,	PUNCT
fsr-3996	59	33	until	until	ADP
fsr-3996	59	34	the	the	DET
fsr-3996	59	35	end	end	NOUN
fsr-3996	59	36	of	of	ADP
fsr-3996	59	37	the	the	DET
fsr-3996	59	38	investment	investment	NOUN
fsr-3996	59	39	horizon	horizon	NOUN
fsr-3996	59	40	)	)	PUNCT
fsr-3996	59	41	so	so	ADV
fsr-3996	59	42	long	long	ADV
fsr-3996	59	43	as	as	SCONJ
fsr-3996	59	44	their	their	PRON
fsr-3996	59	45	value	value	NOUN
fsr-3996	59	46	never	never	ADV
fsr-3996	59	47	dips	dip	VERB
fsr-3996	59	48	below	below	ADP
fsr-3996	59	49	the	the	DET
fsr-3996	59	50	original	original	ADJ
fsr-3996	59	51	basis	basis	NOUN
fsr-3996	59	52	.	.	PUNCT
fsr-3996	60	1	2	2	X
fsr-3996	60	2	)	)	PUNCT
fsr-3996	60	3	realize	realize	VERB
fsr-3996	60	4	gains	gain	NOUN
fsr-3996	60	5	to	to	PART
fsr-3996	60	6	offset	offset	VERB
fsr-3996	60	7	excess	excess	ADJ
fsr-3996	60	8	losses	loss	NOUN
fsr-3996	60	9	:	:	PUNCT
fsr-3996	60	10	under	under	ADP
fsr-3996	60	11	this	this	DET
fsr-3996	60	12	policy	policy	NOUN
fsr-3996	60	13	,	,	PUNCT
fsr-3996	60	14	the	the	DET
fsr-3996	60	15	investor	investor	NOUN
fsr-3996	60	16	follows	follow	VERB
fsr-3996	60	17	smith	smith	PROPN
fsr-3996	60	18	and	and	CCONJ
fsr-3996	60	19	smith	smith	PROPN
fsr-3996	60	20	’s	’s	PART
fsr-3996	60	21	(	(	PUNCT
fsr-3996	60	22	2008	2008	NUM
fsr-3996	60	23	)	)	PUNCT
fsr-3996	60	24	strategy	strategy	NOUN
fsr-3996	60	25	of	of	ADP
fsr-3996	60	26	realizing	realize	VERB
fsr-3996	60	27	only	only	ADV
fsr-3996	60	28	enough	enough	ADJ
fsr-3996	60	29	gains	gain	NOUN
fsr-3996	60	30	to	to	PART
fsr-3996	60	31	offset	offset	VERB
fsr-3996	60	32	any	any	DET
fsr-3996	60	33	losses	loss	NOUN
fsr-3996	60	34	exceeding	exceed	VERB
fsr-3996	60	35	$	$	SYM
fsr-3996	60	36	3,000	3,000	NUM
fsr-3996	60	37	(	(	PUNCT
fsr-3996	60	38	the	the	DET
fsr-3996	60	39	maximum	maximum	NOUN
fsr-3996	60	40	which	which	PRON
fsr-3996	60	41	may	may	AUX
fsr-3996	60	42	be	be	AUX
fsr-3996	60	43	deducted	deduct	VERB
fsr-3996	60	44	against	against	ADP
fsr-3996	60	45	ordinary	ordinary	ADJ
fsr-3996	60	46	income	income	NOUN
fsr-3996	60	47	in	in	ADP
fsr-3996	60	48	any	any	DET
fsr-3996	60	49	year	year	NOUN
fsr-3996	60	50	)	)	PUNCT
fsr-3996	60	51	.	.	PUNCT
fsr-3996	61	1	because	because	SCONJ
fsr-3996	61	2	an	an	DET
fsr-3996	61	3	important	important	ADJ
fsr-3996	61	4	objective	objective	NOUN
fsr-3996	61	5	of	of	ADP
fsr-3996	61	6	this	this	DET
fsr-3996	61	7	strategy	strategy	NOUN
fsr-3996	61	8	is	be	AUX
fsr-3996	61	9	to	to	PART
fsr-3996	61	10	facilitate	facilitate	VERB
fsr-3996	61	11	rebalancing	rebalancing	NOUN
fsr-3996	61	12	,	,	PUNCT
fsr-3996	61	13	shares	share	NOUN
fsr-3996	61	14	are	be	AUX
fsr-3996	61	15	sold	sell	VERB
fsr-3996	61	16	first	first	ADV
fsr-3996	61	17	from	from	ADP
fsr-3996	61	18	the	the	DET
fsr-3996	61	19	portfolio	portfolio	NOUN
fsr-3996	61	20	’s	’s	PART
fsr-3996	61	21	most	most	ADV
fsr-3996	61	22	heavilyweighted	heavilyweighte	VERB
fsr-3996	61	23	stock	stock	NOUN
fsr-3996	61	24	until	until	SCONJ
fsr-3996	61	25	its	its	PRON
fsr-3996	61	26	remaining	remain	VERB
fsr-3996	61	27	value	value	NOUN
fsr-3996	61	28	equals	equal	VERB
fsr-3996	61	29	that	that	PRON
fsr-3996	61	30	of	of	ADP
fsr-3996	61	31	the	the	DET
fsr-3996	61	32	second	second	ADJ
fsr-3996	61	33	heaviest	heaviest	ADV
fsr-3996	61	34	-	-	PUNCT
fsr-3996	61	35	weighted	weight	VERB
fsr-3996	61	36	.	.	PUNCT
fsr-3996	62	1	then	then	ADV
fsr-3996	62	2	shares	share	NOUN
fsr-3996	62	3	are	be	AUX
fsr-3996	62	4	sold	sell	VERB
fsr-3996	62	5	from	from	ADP
fsr-3996	62	6	the	the	DET
fsr-3996	62	7	first	first	ADJ
fsr-3996	62	8	two	two	NUM
fsr-3996	62	9	stocks	stock	NOUN
fsr-3996	62	10	until	until	SCONJ
fsr-3996	62	11	each	each	PRON
fsr-3996	62	12	of	of	ADP
fsr-3996	62	13	their	their	PRON
fsr-3996	62	14	values	value	NOUN
fsr-3996	62	15	equal	equal	ADJ
fsr-3996	62	16	that	that	PRON
fsr-3996	62	17	of	of	ADP
fsr-3996	62	18	the	the	DET
fsr-3996	62	19	third	third	ADJ
fsr-3996	62	20	heaviest	heaviest	ADV
fsr-3996	62	21	-	-	PUNCT
fsr-3996	62	22	weighted	weight	VERB
fsr-3996	62	23	.	.	PUNCT
fsr-3996	63	1	this	this	PRON
fsr-3996	63	2	continues	continue	VERB
fsr-3996	63	3	until	until	SCONJ
fsr-3996	63	4	the	the	DET
fsr-3996	63	5	desired	desire	VERB
fsr-3996	63	6	amount	amount	NOUN
fsr-3996	63	7	of	of	ADP
fsr-3996	63	8	capital	capital	NOUN
fsr-3996	63	9	gains	gain	NOUN
fsr-3996	63	10	have	have	AUX
fsr-3996	63	11	been	be	AUX
fsr-3996	63	12	realized	realize	VERB
fsr-3996	63	13	,	,	PUNCT
fsr-3996	63	14	or	or	CCONJ
fsr-3996	63	15	until	until	SCONJ
fsr-3996	63	16	there	there	PRON
fsr-3996	63	17	are	be	VERB
fsr-3996	63	18	no	no	DET
fsr-3996	63	19	more	more	ADV
fsr-3996	63	20	unrealized	unrealized	ADJ
fsr-3996	63	21	gains	gain	NOUN
fsr-3996	63	22	left	leave	VERB
fsr-3996	63	23	in	in	ADP
fsr-3996	63	24	the	the	DET
fsr-3996	63	25	portfolio	portfolio	NOUN
fsr-3996	63	26	.	.	PUNCT
fsr-3996	64	1	3	3	X
fsr-3996	64	2	)	)	PUNCT
fsr-3996	64	3	rebalance	rebalance	NOUN
fsr-3996	64	4	the	the	DET
fsr-3996	64	5	entire	entire	ADJ
fsr-3996	64	6	portfolio	portfolio	NOUN
fsr-3996	64	7	:	:	PUNCT
fsr-3996	64	8	under	under	ADP
fsr-3996	64	9	this	this	DET
fsr-3996	64	10	policy	policy	NOUN
fsr-3996	64	11	,	,	PUNCT
fsr-3996	64	12	if	if	SCONJ
fsr-3996	64	13	any	any	DET
fsr-3996	64	14	stock	stock	NOUN
fsr-3996	64	15	comprises	comprise	VERB
fsr-3996	64	16	more	more	ADJ
fsr-3996	64	17	than	than	ADP
fsr-3996	64	18	4	4	NUM
fsr-3996	64	19	%	%	NOUN
fsr-3996	64	20	(	(	PUNCT
fsr-3996	64	21	i.e.	i.e.	X
fsr-3996	64	22	,	,	PUNCT
fsr-3996	64	23	1/25	1/25	NUM
fsr-3996	64	24	)	)	PUNCT
fsr-3996	64	25	of	of	ADP
fsr-3996	64	26	the	the	DET
fsr-3996	64	27	portfolio	portfolio	NOUN
fsr-3996	64	28	,	,	PUNCT
fsr-3996	64	29	enough	enough	ADJ
fsr-3996	64	30	shares	share	NOUN
fsr-3996	64	31	are	be	AUX
fsr-3996	64	32	sold	sell	VERB
fsr-3996	64	33	to	to	PART
fsr-3996	64	34	bring	bring	VERB
fsr-3996	64	35	that	that	DET
fsr-3996	64	36	stock	stock	NOUN
fsr-3996	64	37	’s	’s	PART
fsr-3996	64	38	weight	weight	NOUN
fsr-3996	64	39	down	down	ADV
fsr-3996	64	40	to	to	ADP
fsr-3996	64	41	4	4	NUM
fsr-3996	64	42	%	%	NOUN
fsr-3996	64	43	.	.	PUNCT
fsr-3996	65	1	when	when	SCONJ
fsr-3996	65	2	selling	sell	VERB
fsr-3996	65	3	shares	share	NOUN
fsr-3996	65	4	under	under	ADP
fsr-3996	65	5	policy	policy	NOUN
fsr-3996	65	6	(	(	PUNCT
fsr-3996	65	7	2	2	NUM
fsr-3996	65	8	)	)	PUNCT
fsr-3996	65	9	or	or	CCONJ
fsr-3996	65	10	(	(	PUNCT
fsr-3996	65	11	3	3	X
fsr-3996	65	12	)	)	PUNCT
fsr-3996	65	13	to	to	PART
fsr-3996	65	14	reduce	reduce	VERB
fsr-3996	65	15	a	a	DET
fsr-3996	65	16	stock	stock	NOUN
fsr-3996	65	17	’s	’s	PART
fsr-3996	65	18	weight	weight	NOUN
fsr-3996	65	19	in	in	ADP
fsr-3996	65	20	the	the	DET
fsr-3996	65	21	portfolio	portfolio	NOUN
fsr-3996	65	22	,	,	PUNCT
fsr-3996	65	23	it	it	PRON
fsr-3996	65	24	is	be	AUX
fsr-3996	65	25	possible	possible	ADJ
fsr-3996	65	26	that	that	SCONJ
fsr-3996	65	27	the	the	DET
fsr-3996	65	28	investor	investor	NOUN
fsr-3996	65	29	might	might	AUX
fsr-3996	65	30	own	own	VERB
fsr-3996	65	31	multiple	multiple	ADJ
fsr-3996	65	32	lots	lot	NOUN
fsr-3996	65	33	of	of	ADP
fsr-3996	65	34	that	that	DET
fsr-3996	65	35	company	company	NOUN
fsr-3996	65	36	’s	’s	PART
fsr-3996	65	37	stock	stock	NOUN
fsr-3996	65	38	.	.	PUNCT
fsr-3996	66	1	if	if	SCONJ
fsr-3996	66	2	so	so	ADV
fsr-3996	66	3	,	,	PUNCT
fsr-3996	66	4	shares	share	NOUN
fsr-3996	66	5	are	be	AUX
fsr-3996	66	6	sold	sell	VERB
fsr-3996	66	7	first	first	ADV
fsr-3996	66	8	from	from	ADP
fsr-3996	66	9	the	the	DET
fsr-3996	66	10	lot	lot	NOUN
fsr-3996	66	11	with	with	ADP
fsr-3996	66	12	the	the	DET
fsr-3996	66	13	highest	high	ADJ
fsr-3996	66	14	basis	basis	NOUN
fsr-3996	66	15	-	-	PUNCT
fsr-3996	66	16	to	to	ADP
fsr-3996	66	17	-	-	PUNCT
fsr-3996	66	18	value	value	NOUN
fsr-3996	66	19	ratio	ratio	NOUN
fsr-3996	66	20	.	.	PUNCT
fsr-3996	67	1	under	under	ADP
fsr-3996	67	2	policies	policy	NOUN
fsr-3996	67	3	(	(	PUNCT
fsr-3996	67	4	1	1	NUM
fsr-3996	67	5	)	)	PUNCT
fsr-3996	67	6	and	and	CCONJ
fsr-3996	67	7	(	(	PUNCT
fsr-3996	67	8	2	2	NUM
fsr-3996	67	9	)	)	PUNCT
fsr-3996	67	10	–	–	PUNCT
fsr-3996	67	11	and	and	CCONJ
fsr-3996	67	12	possibly	possibly	ADV
fsr-3996	67	13	under	under	ADP
fsr-3996	67	14	policy	policy	NOUN
fsr-3996	67	15	(	(	PUNCT
fsr-3996	67	16	3	3	NUM
fsr-3996	67	17	)	)	PUNCT
fsr-3996	67	18	–	–	PUNCT
fsr-3996	67	19	the	the	DET
fsr-3996	67	20	investor	investor	NOUN
fsr-3996	67	21	will	will	AUX
fsr-3996	67	22	realize	realize	VERB
fsr-3996	67	23	a	a	DET
fsr-3996	67	24	net	net	ADJ
fsr-3996	67	25	capital	capital	NOUN
fsr-3996	67	26	momentum	momentum	NOUN
fsr-3996	67	27	,	,	PUNCT
fsr-3996	67	28	constantinides	constantinide	VERB
fsr-3996	67	29	’	'	PUNCT
fsr-3996	67	30	(	(	PUNCT
fsr-3996	67	31	1983	1983	NUM
fsr-3996	67	32	)	)	PUNCT
fsr-3996	67	33	strategy	strategy	NOUN
fsr-3996	67	34	of	of	ADP
fsr-3996	67	35	recognizing	recognize	VERB
fsr-3996	67	36	losses	loss	NOUN
fsr-3996	67	37	and	and	CCONJ
fsr-3996	67	38	continuing	continue	VERB
fsr-3996	67	39	to	to	PART
fsr-3996	67	40	hold	hold	VERB
fsr-3996	67	41	winners	winner	NOUN
fsr-3996	67	42	would	would	AUX
fsr-3996	67	43	increase	increase	VERB
fsr-3996	67	44	in	in	ADP
fsr-3996	67	45	effectiveness	effectiveness	NOUN
fsr-3996	67	46	.	.	PUNCT
fsr-3996	68	1	to	to	ADP
fsr-3996	68	2	the	the	DET
fsr-3996	68	3	extent	extent	NOUN
fsr-3996	68	4	that	that	SCONJ
fsr-3996	68	5	returns	return	NOUN
fsr-3996	68	6	are	be	AUX
fsr-3996	68	7	mean	mean	ADJ
fsr-3996	68	8	-	-	PUNCT
fsr-3996	68	9	reverting	revert	VERB
fsr-3996	68	10	,	,	PUNCT
fsr-3996	68	11	regular	regular	ADJ
fsr-3996	68	12	portfolio	portfolio	NOUN
fsr-3996	68	13	rebalancing	rebalancing	NOUN
fsr-3996	68	14	(	(	PUNCT
fsr-3996	68	15	which	which	PRON
fsr-3996	68	16	requires	require	VERB
fsr-3996	68	17	selling	sell	VERB
fsr-3996	68	18	recent	recent	ADJ
fsr-3996	68	19	winners	winner	NOUN
fsr-3996	68	20	and	and	CCONJ
fsr-3996	68	21	buying	buy	VERB
fsr-3996	68	22	additional	additional	ADJ
fsr-3996	68	23	shares	share	NOUN
fsr-3996	68	24	of	of	ADP
fsr-3996	68	25	recent	recent	ADJ
fsr-3996	68	26	losers	loser	NOUN
fsr-3996	68	27	)	)	PUNCT
fsr-3996	68	28	would	would	AUX
fsr-3996	68	29	become	become	VERB
fsr-3996	68	30	more	more	ADV
fsr-3996	68	31	desirable	desirable	ADJ
fsr-3996	68	32	.	.	PUNCT
fsr-3996	69	1	5	5	NUM
fsr-3996	69	2	according	accord	VERB
fsr-3996	69	3	to	to	ADP
fsr-3996	69	4	the	the	DET
fsr-3996	69	5	most	most	ADV
fsr-3996	69	6	recently	recently	ADV
fsr-3996	69	7	available	available	ADJ
fsr-3996	69	8	irs	irs	PROPN
fsr-3996	69	9	statistics	statistic	NOUN
fsr-3996	69	10	of	of	ADP
fsr-3996	69	11	income	income	NOUN
fsr-3996	69	12	(	(	PUNCT
fsr-3996	69	13	for	for	ADP
fsr-3996	69	14	tax	tax	NOUN
fsr-3996	69	15	year	year	NOUN
fsr-3996	69	16	2021	2021	NUM
fsr-3996	69	17	)	)	PUNCT
fsr-3996	70	1	,	,	PUNCT
fsr-3996	70	2	67	67	NUM
fsr-3996	70	3	%	%	NOUN
fsr-3996	70	4	of	of	ADP
fsr-3996	70	5	returns	return	NOUN
fsr-3996	70	6	reporting	report	VERB
fsr-3996	70	7	long	long	ADJ
fsr-3996	70	8	-	-	PUNCT
fsr-3996	70	9	term	term	NOUN
fsr-3996	70	10	gains	gain	NOUN
fsr-3996	70	11	were	be	AUX
fsr-3996	70	12	subject	subject	ADJ
fsr-3996	70	13	to	to	ADP
fsr-3996	70	14	the	the	DET
fsr-3996	70	15	15	15	NUM
fsr-3996	70	16	%	%	NOUN
fsr-3996	70	17	tax	tax	NOUN
fsr-3996	70	18	rate	rate	NOUN
fsr-3996	70	19	.	.	PUNCT
fsr-3996	71	1	as	as	ADP
fsr-3996	71	2	of	of	ADP
fsr-3996	71	3	2024	2024	NUM
fsr-3996	71	4	,	,	PUNCT
fsr-3996	71	5	this	this	DET
fsr-3996	71	6	rate	rate	NOUN
fsr-3996	71	7	applies	apply	VERB
fsr-3996	71	8	to	to	ADP
fsr-3996	71	9	single	single	ADJ
fsr-3996	71	10	filers	filer	NOUN
fsr-3996	71	11	with	with	ADP
fsr-3996	71	12	taxable	taxable	ADJ
fsr-3996	71	13	income	income	NOUN
fsr-3996	71	14	between	between	ADP
fsr-3996	71	15	$	$	SYM
fsr-3996	71	16	47,026	47,026	NUM
fsr-3996	71	17	and	and	CCONJ
fsr-3996	71	18	$	$	SYM
fsr-3996	71	19	518,900	518,900	NUM
fsr-3996	71	20	and	and	CCONJ
fsr-3996	71	21	to	to	PART
fsr-3996	71	22	married	marry	VERB
fsr-3996	71	23	couples	couple	NOUN
fsr-3996	71	24	filing	file	VERB
fsr-3996	71	25	jointly	jointly	ADV
fsr-3996	71	26	with	with	ADP
fsr-3996	71	27	income	income	NOUN
fsr-3996	71	28	between	between	ADP
fsr-3996	71	29	$	$	SYM
fsr-3996	71	30	94,051	94,051	NUM
fsr-3996	71	31	and	and	CCONJ
fsr-3996	71	32	$	$	SYM
fsr-3996	71	33	583,750	583,750	NUM
fsr-3996	71	34	.	.	PUNCT
fsr-3996	72	1	financial	financial	ADJ
fsr-3996	72	2	services	service	NOUN
fsr-3996	72	3	review	review	PROPN
fsr-3996	72	4	,	,	PUNCT
fsr-3996	72	5	32(4	32(4	NUM
fsr-3996	72	6	)	)	PUNCT
fsr-3996	72	7	16	16	NUM
fsr-3996	72	8	loss6	loss6	NOUN
fsr-3996	72	9	,	,	PUNCT
fsr-3996	72	10	up	up	ADP
fsr-3996	72	11	to	to	PART
fsr-3996	72	12	$	$	SYM
fsr-3996	72	13	3,000	3,000	NUM
fsr-3996	72	14	of	of	ADP
fsr-3996	72	15	which	which	PRON
fsr-3996	72	16	will	will	AUX
fsr-3996	72	17	be	be	AUX
fsr-3996	72	18	deducted	deduct	VERB
fsr-3996	72	19	against	against	ADP
fsr-3996	72	20	ordinary	ordinary	ADJ
fsr-3996	72	21	income	income	NOUN
fsr-3996	72	22	(	(	PUNCT
fsr-3996	72	23	resulting	result	VERB
fsr-3996	72	24	in	in	ADP
fsr-3996	72	25	a	a	DET
fsr-3996	72	26	tax	tax	NOUN
fsr-3996	72	27	savings	saving	NOUN
fsr-3996	72	28	of	of	ADP
fsr-3996	72	29	24	24	NUM
fsr-3996	72	30	%	%	NOUN
fsr-3996	72	31	of	of	ADP
fsr-3996	72	32	the	the	DET
fsr-3996	72	33	deduction	deduction	NOUN
fsr-3996	72	34	)	)	PUNCT
fsr-3996	72	35	.	.	PUNCT
fsr-3996	73	1	any	any	DET
fsr-3996	73	2	unused	unused	ADJ
fsr-3996	73	3	loss	loss	NOUN
fsr-3996	73	4	deduction	deduction	NOUN
fsr-3996	73	5	is	be	AUX
fsr-3996	73	6	carried	carry	VERB
fsr-3996	73	7	forward	forward	ADV
fsr-3996	73	8	to	to	ADP
fsr-3996	73	9	the	the	DET
fsr-3996	73	10	next	next	ADJ
fsr-3996	73	11	year	year	NOUN
fsr-3996	73	12	.	.	PUNCT
fsr-3996	74	1	however	however	ADV
fsr-3996	74	2	,	,	PUNCT
fsr-3996	74	3	policy	policy	NOUN
fsr-3996	74	4	(	(	PUNCT
fsr-3996	74	5	3	3	X
fsr-3996	74	6	)	)	PUNCT
fsr-3996	74	7	will	will	AUX
fsr-3996	74	8	often	often	ADV
fsr-3996	74	9	realize	realize	VERB
fsr-3996	74	10	more	more	ADJ
fsr-3996	74	11	capital	capital	NOUN
fsr-3996	74	12	gains	gain	NOUN
fsr-3996	74	13	than	than	ADP
fsr-3996	74	14	losses	loss	NOUN
fsr-3996	74	15	,	,	PUNCT
fsr-3996	74	16	in	in	ADP
fsr-3996	74	17	which	which	DET
fsr-3996	74	18	case	case	NOUN
fsr-3996	74	19	the	the	DET
fsr-3996	74	20	net	net	ADJ
fsr-3996	74	21	gain	gain	NOUN
fsr-3996	74	22	is	be	AUX
fsr-3996	74	23	taxed	tax	VERB
fsr-3996	74	24	at	at	ADP
fsr-3996	74	25	the	the	DET
fsr-3996	74	26	long	long	ADJ
fsr-3996	74	27	-	-	PUNCT
fsr-3996	74	28	term	term	NOUN
fsr-3996	74	29	rate	rate	NOUN
fsr-3996	74	30	of	of	ADP
fsr-3996	74	31	15	15	NUM
fsr-3996	74	32	%	%	NOUN
fsr-3996	74	33	.	.	PUNCT
fsr-3996	75	1	(	(	PUNCT
fsr-3996	75	2	this	this	PRON
fsr-3996	75	3	assumes	assume	VERB
fsr-3996	75	4	that	that	SCONJ
fsr-3996	75	5	the	the	DET
fsr-3996	75	6	appreciated	appreciated	ADJ
fsr-3996	75	7	shares	share	NOUN
fsr-3996	75	8	were	be	AUX
fsr-3996	75	9	held	hold	VERB
fsr-3996	75	10	for	for	ADP
fsr-3996	75	11	at	at	ADV
fsr-3996	75	12	least	least	ADV
fsr-3996	75	13	a	a	PRON
fsr-3996	75	14	year	year	NOUN
fsr-3996	75	15	plus	plus	CCONJ
fsr-3996	75	16	one	one	NUM
fsr-3996	75	17	day	day	NOUN
fsr-3996	75	18	to	to	PART
fsr-3996	75	19	qualify	qualify	VERB
fsr-3996	75	20	for	for	ADP
fsr-3996	75	21	the	the	DET
fsr-3996	75	22	longterm	longterm	ADJ
fsr-3996	75	23	capital	capital	NOUN
fsr-3996	75	24	gains	gain	NOUN
fsr-3996	75	25	rate	rate	NOUN
fsr-3996	75	26	.	.	PUNCT
fsr-3996	75	27	)	)	PUNCT
fsr-3996	76	1	the	the	DET
fsr-3996	76	2	proceeds	proceed	NOUN
fsr-3996	76	3	from	from	ADP
fsr-3996	76	4	end	end	NOUN
fsr-3996	76	5	-	-	PUNCT
fsr-3996	76	6	of	of	ADP
fsr-3996	76	7	-	-	PUNCT
fsr-3996	76	8	year	year	NOUN
fsr-3996	76	9	stock	stock	NOUN
fsr-3996	76	10	sales	sale	NOUN
fsr-3996	76	11	(	(	PUNCT
fsr-3996	76	12	plus	plus	CCONJ
fsr-3996	76	13	the	the	DET
fsr-3996	76	14	tax	tax	NOUN
fsr-3996	76	15	savings	saving	NOUN
fsr-3996	76	16	on	on	ADP
fsr-3996	76	17	net	net	ADJ
fsr-3996	76	18	losses	loss	NOUN
fsr-3996	76	19	,	,	PUNCT
fsr-3996	76	20	or	or	CCONJ
fsr-3996	76	21	minus	minus	CCONJ
fsr-3996	76	22	taxes	taxis	NOUN
fsr-3996	76	23	paid	pay	VERB
fsr-3996	76	24	on	on	ADP
fsr-3996	76	25	net	net	ADJ
fsr-3996	76	26	gains	gain	NOUN
fsr-3996	76	27	)	)	PUNCT
fsr-3996	76	28	are	be	AUX
fsr-3996	76	29	then	then	ADV
fsr-3996	76	30	reallocated	reallocate	VERB
fsr-3996	76	31	to	to	ADP
fsr-3996	76	32	the	the	DET
fsr-3996	76	33	leastweighted	leastweighte	VERB
fsr-3996	76	34	stocks	stock	NOUN
fsr-3996	76	35	in	in	ADP
fsr-3996	76	36	the	the	DET
fsr-3996	76	37	portfolio	portfolio	NOUN
fsr-3996	76	38	.	.	PUNCT
fsr-3996	77	1	funds	fund	NOUN
fsr-3996	77	2	are	be	AUX
fsr-3996	77	3	invested	invest	VERB
fsr-3996	77	4	first	first	ADV
fsr-3996	77	5	in	in	ADP
fsr-3996	77	6	the	the	DET
fsr-3996	77	7	least	least	ADV
fsr-3996	77	8	-	-	PUNCT
fsr-3996	77	9	weighted	weight	VERB
fsr-3996	77	10	stock	stock	NOUN
fsr-3996	77	11	until	until	SCONJ
fsr-3996	77	12	its	its	PRON
fsr-3996	77	13	weight	weight	NOUN
fsr-3996	77	14	equals	equal	VERB
fsr-3996	77	15	the	the	DET
fsr-3996	77	16	second	second	ADJ
fsr-3996	77	17	least	least	ADV
fsr-3996	77	18	-	-	PUNCT
fsr-3996	77	19	weighted	weight	VERB
fsr-3996	77	20	;	;	PUNCT
fsr-3996	77	21	then	then	ADV
fsr-3996	77	22	funds	fund	NOUN
fsr-3996	77	23	are	be	AUX
fsr-3996	77	24	invested	invest	VERB
fsr-3996	77	25	in	in	ADP
fsr-3996	77	26	the	the	DET
fsr-3996	77	27	two	two	NUM
fsr-3996	77	28	least	least	ADV
fsr-3996	77	29	-	-	PUNCT
fsr-3996	77	30	weighted	weight	VERB
fsr-3996	77	31	stocks	stock	NOUN
fsr-3996	77	32	until	until	SCONJ
fsr-3996	77	33	their	their	PRON
fsr-3996	77	34	respective	respective	ADJ
fsr-3996	77	35	weights	weight	NOUN
fsr-3996	77	36	match	match	VERB
fsr-3996	77	37	the	the	DET
fsr-3996	77	38	third	third	NOUN
fsr-3996	77	39	;	;	PUNCT
fsr-3996	77	40	and	and	CCONJ
fsr-3996	77	41	so	so	ADV
fsr-3996	77	42	on	on	ADV
fsr-3996	77	43	,	,	PUNCT
fsr-3996	77	44	until	until	SCONJ
fsr-3996	77	45	all	all	DET
fsr-3996	77	46	cash	cash	NOUN
fsr-3996	77	47	has	have	AUX
fsr-3996	77	48	been	be	AUX
fsr-3996	77	49	reinvested	reinveste	VERB
fsr-3996	77	50	.	.	PUNCT
fsr-3996	78	1	this	this	DET
fsr-3996	78	2	rebalancing	rebalancing	NOUN
fsr-3996	78	3	procedure	procedure	NOUN
fsr-3996	78	4	ensures	ensure	VERB
fsr-3996	78	5	that	that	SCONJ
fsr-3996	78	6	the	the	DET
fsr-3996	78	7	portfolio	portfolio	NOUN
fsr-3996	78	8	is	be	AUX
fsr-3996	78	9	as	as	ADV
fsr-3996	78	10	diversified	diversified	ADJ
fsr-3996	78	11	as	as	ADP
fsr-3996	78	12	possible.7	possible.7	NOUN
fsr-3996	78	13	this	this	DET
fsr-3996	78	14	process	process	NOUN
fsr-3996	78	15	continues	continue	VERB
fsr-3996	78	16	each	each	DET
fsr-3996	78	17	year	year	NOUN
fsr-3996	78	18	until	until	ADP
fsr-3996	78	19	the	the	DET
fsr-3996	78	20	end	end	NOUN
fsr-3996	78	21	of	of	ADP
fsr-3996	78	22	the	the	DET
fsr-3996	78	23	investment	investment	NOUN
fsr-3996	78	24	horizon	horizon	NOUN
fsr-3996	78	25	(	(	PUNCT
fsr-3996	78	26	assumed	assume	VERB
fsr-3996	78	27	to	to	PART
fsr-3996	78	28	be	be	AUX
fsr-3996	78	29	10	10	NUM
fsr-3996	78	30	,	,	PUNCT
fsr-3996	78	31	20	20	NUM
fsr-3996	78	32	,	,	PUNCT
fsr-3996	78	33	30	30	NUM
fsr-3996	78	34	,	,	PUNCT
fsr-3996	78	35	40	40	NUM
fsr-3996	78	36	,	,	PUNCT
fsr-3996	78	37	or	or	CCONJ
fsr-3996	78	38	50	50	NUM
fsr-3996	78	39	years	year	NOUN
fsr-3996	78	40	)	)	PUNCT
fsr-3996	78	41	,	,	PUNCT
fsr-3996	78	42	at	at	ADP
fsr-3996	78	43	which	which	DET
fsr-3996	78	44	point	point	NOUN
fsr-3996	78	45	the	the	DET
fsr-3996	78	46	entire	entire	ADJ
fsr-3996	78	47	portfolio	portfolio	NOUN
fsr-3996	78	48	is	be	AUX
fsr-3996	78	49	liquidated	liquidate	VERB
fsr-3996	78	50	and	and	CCONJ
fsr-3996	78	51	taxes	taxis	NOUN
fsr-3996	78	52	are	be	AUX
fsr-3996	78	53	paid	pay	VERB
fsr-3996	78	54	on	on	ADP
fsr-3996	78	55	the	the	DET
fsr-3996	78	56	net	net	ADJ
fsr-3996	78	57	long	long	ADJ
fsr-3996	78	58	-	-	PUNCT
fsr-3996	78	59	term	term	NOUN
fsr-3996	78	60	gain	gain	NOUN
fsr-3996	78	61	.	.	PUNCT
fsr-3996	79	1	for	for	ADP
fsr-3996	79	2	each	each	DET
fsr-3996	79	3	iteration	iteration	NOUN
fsr-3996	79	4	of	of	ADP
fsr-3996	79	5	the	the	DET
fsr-3996	79	6	simulation	simulation	NOUN
fsr-3996	79	7	,	,	PUNCT
fsr-3996	79	8	we	we	PRON
fsr-3996	79	9	concurrently	concurrently	ADV
fsr-3996	79	10	track	track	VERB
fsr-3996	79	11	the	the	DET
fsr-3996	79	12	value	value	NOUN
fsr-3996	79	13	of	of	ADP
fsr-3996	79	14	a	a	DET
fsr-3996	79	15	buy	buy	VERB
fsr-3996	79	16	-	-	PUNCT
fsr-3996	79	17	and	and	CCONJ
fsr-3996	79	18	-	-	PUNCT
fsr-3996	79	19	hold	hold	VERB
fsr-3996	79	20	portfolio	portfolio	NOUN
fsr-3996	79	21	which	which	PRON
fsr-3996	79	22	begins	begin	VERB
fsr-3996	79	23	with	with	ADP
fsr-3996	79	24	$	$	SYM
fsr-3996	79	25	250,000	250,000	NUM
fsr-3996	79	26	invested	invest	VERB
fsr-3996	79	27	equally	equally	ADV
fsr-3996	79	28	across	across	ADP
fsr-3996	79	29	the	the	DET
fsr-3996	79	30	same	same	ADJ
fsr-3996	79	31	25	25	NUM
fsr-3996	79	32	stocks	stock	NOUN
fsr-3996	79	33	,	,	PUNCT
fsr-3996	79	34	but	but	CCONJ
fsr-3996	79	35	in	in	ADP
fsr-3996	79	36	which	which	PRON
fsr-3996	79	37	no	no	DET
fsr-3996	79	38	stocks	stock	NOUN
fsr-3996	79	39	are	be	AUX
fsr-3996	79	40	ever	ever	ADV
fsr-3996	79	41	sold	sell	VERB
fsr-3996	79	42	until	until	ADP
fsr-3996	79	43	the	the	DET
fsr-3996	79	44	final	final	ADJ
fsr-3996	79	45	liquidation	liquidation	NOUN
fsr-3996	79	46	date	date	NOUN
fsr-3996	79	47	.	.	PUNCT
fsr-3996	80	1	from	from	ADP
fsr-3996	80	2	this	this	PRON
fsr-3996	80	3	,	,	PUNCT
fsr-3996	80	4	we	we	PRON
fsr-3996	80	5	calculate	calculate	VERB
fsr-3996	80	6	the	the	DET
fsr-3996	80	7	percentage	percentage	NOUN
fsr-3996	80	8	by	by	ADP
fsr-3996	80	9	which	which	PRON
fsr-3996	80	10	the	the	DET
fsr-3996	80	11	investor	investor	NOUN
fsr-3996	80	12	’s	’s	PART
fsr-3996	80	13	after	after	ADP
fsr-3996	80	14	-	-	PUNCT
fsr-3996	80	15	tax	tax	NOUN
fsr-3996	80	16	terminal	terminal	NOUN
fsr-3996	80	17	wealth	wealth	NOUN
fsr-3996	80	18	exceeds	exceed	VERB
fsr-3996	80	19	that	that	PRON
fsr-3996	80	20	of	of	ADP
fsr-3996	80	21	the	the	DET
fsr-3996	80	22	buy	buy	VERB
fsr-3996	80	23	-	-	PUNCT
fsr-3996	80	24	and	and	CCONJ
fsr-3996	80	25	-	-	PUNCT
fsr-3996	80	26	hold	hold	VERB
fsr-3996	80	27	portfolio	portfolio	NOUN
fsr-3996	80	28	.	.	PUNCT
fsr-3996	81	1	some	some	PRON
fsr-3996	81	2	of	of	ADP
fsr-3996	81	3	this	this	DET
fsr-3996	81	4	wealth	wealth	NOUN
fsr-3996	81	5	increase	increase	NOUN
fsr-3996	81	6	may	may	AUX
fsr-3996	81	7	be	be	AUX
fsr-3996	81	8	due	due	ADJ
fsr-3996	81	9	to	to	ADP
fsr-3996	81	10	improved	improve	VERB
fsr-3996	81	11	tax	tax	NOUN
fsr-3996	81	12	efficiency	efficiency	NOUN
fsr-3996	81	13	,	,	PUNCT
fsr-3996	81	14	while	while	SCONJ
fsr-3996	81	15	some	some	PRON
fsr-3996	81	16	is	be	AUX
fsr-3996	81	17	attributable	attributable	ADJ
fsr-3996	81	18	to	to	ADP
fsr-3996	81	19	the	the	DET
fsr-3996	81	20	“	"	PUNCT
fsr-3996	81	21	diversification	diversification	NOUN
fsr-3996	81	22	return	return	NOUN
fsr-3996	81	23	”	"	PUNCT
fsr-3996	81	24	previously	previously	ADV
fsr-3996	81	25	noted	note	VERB
fsr-3996	81	26	.	.	PUNCT
fsr-3996	82	1	to	to	PART
fsr-3996	82	2	determine	determine	VERB
fsr-3996	82	3	how	how	SCONJ
fsr-3996	82	4	much	much	ADJ
fsr-3996	82	5	is	be	AUX
fsr-3996	82	6	due	due	ADJ
fsr-3996	82	7	to	to	ADP
fsr-3996	82	8	better	well	ADJ
fsr-3996	82	9	diversification	diversification	NOUN
fsr-3996	82	10	,	,	PUNCT
fsr-3996	82	11	we	we	PRON
fsr-3996	82	12	also	also	ADV
fsr-3996	82	13	track	track	VERB
fsr-3996	82	14	the	the	DET
fsr-3996	82	15	value	value	NOUN
fsr-3996	82	16	of	of	ADP
fsr-3996	82	17	a	a	DET
fsr-3996	82	18	portfolio	portfolio	NOUN
fsr-3996	82	19	which	which	PRON
fsr-3996	82	20	–	–	PUNCT
fsr-3996	82	21	like	like	ADP
fsr-3996	82	22	the	the	DET
fsr-3996	82	23	buy	buy	VERB
fsr-3996	82	24	-	-	PUNCT
fsr-3996	82	25	and	and	CCONJ
fsr-3996	82	26	-	-	PUNCT
fsr-3996	82	27	hold	hold	VERB
fsr-3996	82	28	portfolio	portfolio	NOUN
fsr-3996	82	29	above	above	ADV
fsr-3996	82	30	–	–	PUNCT
fsr-3996	82	31	starts	start	VERB
fsr-3996	82	32	with	with	ADP
fsr-3996	82	33	the	the	DET
fsr-3996	82	34	same	same	ADJ
fsr-3996	82	35	$	$	SYM
fsr-3996	82	36	250,000	250,000	NUM
fsr-3996	82	37	and	and	CCONJ
fsr-3996	82	38	never	never	ADV
fsr-3996	82	39	realizes	realize	VERB
fsr-3996	82	40	any	any	DET
fsr-3996	82	41	gains	gain	NOUN
fsr-3996	82	42	or	or	CCONJ
fsr-3996	82	43	losses	loss	NOUN
fsr-3996	82	44	until	until	ADP
fsr-3996	82	45	the	the	DET
fsr-3996	82	46	terminal	terminal	ADJ
fsr-3996	82	47	date	date	NOUN
fsr-3996	82	48	.	.	PUNCT
fsr-3996	83	1	in	in	ADP
fsr-3996	83	2	this	this	DET
fsr-3996	83	3	portfolio	portfolio	NOUN
fsr-3996	83	4	,	,	PUNCT
fsr-3996	83	5	however	however	ADV
fsr-3996	83	6	,	,	PUNCT
fsr-3996	83	7	funds	fund	NOUN
fsr-3996	83	8	are	be	AUX
fsr-3996	83	9	costlessly	costlessly	ADV
fsr-3996	83	10	6	6	NUM
fsr-3996	83	11	in	in	ADP
fsr-3996	83	12	the	the	DET
fsr-3996	83	13	unlikely	unlikely	ADJ
fsr-3996	83	14	event	event	NOUN
fsr-3996	83	15	that	that	SCONJ
fsr-3996	83	16	none	none	NOUN
fsr-3996	83	17	of	of	ADP
fsr-3996	83	18	the	the	DET
fsr-3996	83	19	25	25	NUM
fsr-3996	83	20	stocks	stock	NOUN
fsr-3996	83	21	in	in	ADP
fsr-3996	83	22	the	the	DET
fsr-3996	83	23	portfolio	portfolio	NOUN
fsr-3996	83	24	experienced	experience	VERB
fsr-3996	83	25	a	a	DET
fsr-3996	83	26	loss	loss	NOUN
fsr-3996	83	27	,	,	PUNCT
fsr-3996	83	28	no	no	DET
fsr-3996	83	29	gains	gain	NOUN
fsr-3996	83	30	or	or	CCONJ
fsr-3996	83	31	losses	loss	NOUN
fsr-3996	83	32	would	would	AUX
fsr-3996	83	33	be	be	AUX
fsr-3996	83	34	realized	realize	VERB
fsr-3996	83	35	that	that	DET
fsr-3996	83	36	year	year	NOUN
fsr-3996	83	37	under	under	ADP
fsr-3996	83	38	policies	policy	NOUN
fsr-3996	83	39	(	(	PUNCT
fsr-3996	83	40	1	1	NUM
fsr-3996	83	41	)	)	PUNCT
fsr-3996	83	42	and	and	CCONJ
fsr-3996	83	43	(	(	PUNCT
fsr-3996	83	44	2	2	NUM
fsr-3996	83	45	)	)	PUNCT
fsr-3996	83	46	.	.	PUNCT
fsr-3996	84	1	7	7	NUM
fsr-3996	85	1	implementing	implement	VERB
fsr-3996	85	2	this	this	DET
fsr-3996	85	3	strategy	strategy	NOUN
fsr-3996	85	4	usually	usually	ADV
fsr-3996	85	5	will	will	AUX
fsr-3996	85	6	require	require	VERB
fsr-3996	85	7	repurchasing	repurchasing	NOUN
fsr-3996	85	8	shares	share	NOUN
fsr-3996	85	9	that	that	PRON
fsr-3996	85	10	have	have	AUX
fsr-3996	85	11	just	just	ADV
fsr-3996	85	12	been	be	AUX
fsr-3996	85	13	sold	sell	VERB
fsr-3996	85	14	to	to	PART
fsr-3996	85	15	recognize	recognize	VERB
fsr-3996	85	16	capital	capital	NOUN
fsr-3996	85	17	losses	loss	NOUN
fsr-3996	85	18	.	.	PUNCT
fsr-3996	86	1	in	in	ADP
fsr-3996	86	2	practice	practice	NOUN
fsr-3996	86	3	,	,	PUNCT
fsr-3996	86	4	this	this	PRON
fsr-3996	86	5	would	would	AUX
fsr-3996	86	6	run	run	VERB
fsr-3996	86	7	redistributed	redistribute	VERB
fsr-3996	86	8	each	each	DET
fsr-3996	86	9	year	year	NOUN
fsr-3996	86	10	(	(	PUNCT
fsr-3996	86	11	without	without	ADP
fsr-3996	86	12	any	any	DET
fsr-3996	86	13	immediate	immediate	ADJ
fsr-3996	86	14	tax	tax	NOUN
fsr-3996	86	15	consequence	consequence	NOUN
fsr-3996	86	16	)	)	PUNCT
fsr-3996	86	17	so	so	SCONJ
fsr-3996	86	18	that	that	SCONJ
fsr-3996	86	19	the	the	DET
fsr-3996	86	20	individual	individual	ADJ
fsr-3996	86	21	stock	stock	NOUN
fsr-3996	86	22	weights	weight	NOUN
fsr-3996	86	23	match	match	VERB
fsr-3996	86	24	those	those	PRON
fsr-3996	86	25	in	in	ADP
fsr-3996	86	26	the	the	DET
fsr-3996	86	27	investor	investor	NOUN
fsr-3996	86	28	’s	’s	PART
fsr-3996	86	29	portfolio	portfolio	NOUN
fsr-3996	86	30	.	.	PUNCT
fsr-3996	87	1	therefore	therefore	ADV
fsr-3996	87	2	,	,	PUNCT
fsr-3996	87	3	this	this	DET
fsr-3996	87	4	portfolio	portfolio	NOUN
fsr-3996	87	5	receives	receive	VERB
fsr-3996	87	6	none	none	NOUN
fsr-3996	87	7	of	of	ADP
fsr-3996	87	8	the	the	DET
fsr-3996	87	9	tax	tax	NOUN
fsr-3996	87	10	benefits	benefit	NOUN
fsr-3996	87	11	that	that	PRON
fsr-3996	87	12	the	the	DET
fsr-3996	87	13	investor	investor	NOUN
fsr-3996	87	14	does	do	VERB
fsr-3996	87	15	via	via	ADP
fsr-3996	87	16	tax	tax	NOUN
fsr-3996	87	17	-	-	PUNCT
fsr-3996	87	18	efficient	efficient	ADJ
fsr-3996	87	19	trading	trading	NOUN
fsr-3996	87	20	,	,	PUNCT
fsr-3996	87	21	but	but	CCONJ
fsr-3996	87	22	it	it	PRON
fsr-3996	87	23	maintains	maintain	VERB
fsr-3996	87	24	the	the	DET
fsr-3996	87	25	same	same	ADJ
fsr-3996	87	26	level	level	NOUN
fsr-3996	87	27	of	of	ADP
fsr-3996	87	28	diversification	diversification	NOUN
fsr-3996	87	29	.	.	PUNCT
fsr-3996	88	1	by	by	ADP
fsr-3996	88	2	also	also	ADV
fsr-3996	88	3	comparing	compare	VERB
fsr-3996	88	4	its	its	PRON
fsr-3996	88	5	performance	performance	NOUN
fsr-3996	88	6	versus	versus	ADP
fsr-3996	88	7	buy	buy	VERB
fsr-3996	88	8	-	-	PUNCT
fsr-3996	88	9	and	and	CCONJ
fsr-3996	88	10	-	-	PUNCT
fsr-3996	88	11	hold	hold	VERB
fsr-3996	88	12	,	,	PUNCT
fsr-3996	88	13	we	we	PRON
fsr-3996	88	14	can	can	AUX
fsr-3996	88	15	ascertain	ascertain	VERB
fsr-3996	88	16	how	how	SCONJ
fsr-3996	88	17	much	much	ADJ
fsr-3996	88	18	of	of	ADP
fsr-3996	88	19	the	the	DET
fsr-3996	88	20	investor	investor	NOUN
fsr-3996	88	21	’s	’s	PART
fsr-3996	88	22	wealth	wealth	NOUN
fsr-3996	88	23	gain	gain	NOUN
fsr-3996	88	24	is	be	AUX
fsr-3996	88	25	due	due	ADJ
fsr-3996	88	26	to	to	ADP
fsr-3996	88	27	diversification	diversification	NOUN
fsr-3996	88	28	and	and	CCONJ
fsr-3996	88	29	how	how	SCONJ
fsr-3996	88	30	much	much	ADJ
fsr-3996	88	31	is	be	AUX
fsr-3996	88	32	from	from	ADP
fsr-3996	88	33	tax	tax	NOUN
fsr-3996	88	34	savings	saving	NOUN
fsr-3996	88	35	.	.	PUNCT
fsr-3996	89	1	for	for	ADP
fsr-3996	89	2	each	each	PRON
fsr-3996	89	3	of	of	ADP
fsr-3996	89	4	the	the	DET
fsr-3996	89	5	three	three	NUM
fsr-3996	89	6	gain	gain	NOUN
fsr-3996	89	7	realization	realization	NOUN
fsr-3996	89	8	policies	policy	NOUN
fsr-3996	89	9	above	above	ADV
fsr-3996	89	10	and	and	CCONJ
fsr-3996	89	11	for	for	ADP
fsr-3996	89	12	each	each	DET
fsr-3996	89	13	possible	possible	ADJ
fsr-3996	89	14	time	time	NOUN
fsr-3996	89	15	horizon	horizon	NOUN
fsr-3996	89	16	(	(	PUNCT
fsr-3996	89	17	ranging	range	VERB
fsr-3996	89	18	from	from	ADP
fsr-3996	89	19	10	10	NUM
fsr-3996	89	20	to	to	PART
fsr-3996	89	21	50	50	NUM
fsr-3996	89	22	years	year	NOUN
fsr-3996	89	23	)	)	PUNCT
fsr-3996	89	24	,	,	PUNCT
fsr-3996	89	25	one	one	NUM
fsr-3996	89	26	million	million	NUM
fsr-3996	89	27	iterations	iteration	NOUN
fsr-3996	89	28	of	of	ADP
fsr-3996	89	29	the	the	DET
fsr-3996	89	30	simulation	simulation	NOUN
fsr-3996	89	31	are	be	AUX
fsr-3996	89	32	run	run	VERB
fsr-3996	89	33	to	to	PART
fsr-3996	89	34	obtain	obtain	VERB
fsr-3996	89	35	parameter	parameter	NOUN
fsr-3996	89	36	estimates	estimate	NOUN
fsr-3996	89	37	.	.	PUNCT
fsr-3996	90	1	results	result	NOUN
fsr-3996	90	2	effect	effect	NOUN
fsr-3996	90	3	of	of	ADP
fsr-3996	90	4	the	the	DET
fsr-3996	90	5	three	three	NUM
fsr-3996	90	6	gain	gain	NOUN
fsr-3996	90	7	realization	realization	NOUN
fsr-3996	90	8	strategies	strategy	NOUN
fsr-3996	90	9	on	on	ADP
fsr-3996	90	10	terminal	terminal	ADJ
fsr-3996	90	11	wealth	wealth	NOUN
fsr-3996	90	12	and	and	CCONJ
fsr-3996	90	13	risk	risk	NOUN
fsr-3996	90	14	table	table	NOUN
fsr-3996	90	15	1	1	NUM
fsr-3996	90	16	shows	show	VERB
fsr-3996	90	17	the	the	DET
fsr-3996	90	18	mean	mean	ADJ
fsr-3996	90	19	and	and	CCONJ
fsr-3996	90	20	median	median	ADJ
fsr-3996	90	21	increases	increase	NOUN
fsr-3996	90	22	in	in	ADP
fsr-3996	90	23	after	after	ADP
fsr-3996	90	24	-	-	PUNCT
fsr-3996	90	25	tax	tax	NOUN
fsr-3996	90	26	terminal	terminal	ADJ
fsr-3996	90	27	wealth	wealth	NOUN
fsr-3996	90	28	(	(	PUNCT
fsr-3996	90	29	relative	relative	ADJ
fsr-3996	90	30	to	to	ADP
fsr-3996	90	31	a	a	DET
fsr-3996	90	32	buy	buy	NOUN
fsr-3996	90	33	-	-	PUNCT
fsr-3996	90	34	andhold	andhold	VERB
fsr-3996	90	35	approach	approach	NOUN
fsr-3996	90	36	)	)	PUNCT
fsr-3996	90	37	from	from	ADP
fsr-3996	90	38	implementing	implement	VERB
fsr-3996	90	39	the	the	DET
fsr-3996	90	40	three	three	NUM
fsr-3996	90	41	investment	investment	NOUN
fsr-3996	90	42	strategies	strategy	NOUN
fsr-3996	90	43	described	describe	VERB
fsr-3996	90	44	in	in	ADP
fsr-3996	90	45	the	the	DET
fsr-3996	90	46	previous	previous	ADJ
fsr-3996	90	47	section	section	NOUN
fsr-3996	90	48	.	.	PUNCT
fsr-3996	91	1	in	in	ADP
fsr-3996	91	2	addition	addition	NOUN
fsr-3996	91	3	,	,	PUNCT
fsr-3996	91	4	the	the	DET
fsr-3996	91	5	table	table	NOUN
fsr-3996	91	6	shows	show	VERB
fsr-3996	91	7	how	how	SCONJ
fsr-3996	91	8	much	much	ADJ
fsr-3996	91	9	of	of	ADP
fsr-3996	91	10	the	the	DET
fsr-3996	91	11	increase	increase	NOUN
fsr-3996	91	12	is	be	AUX
fsr-3996	91	13	attributable	attributable	ADJ
fsr-3996	91	14	to	to	ADP
fsr-3996	91	15	tax	tax	NOUN
fsr-3996	91	16	savings	saving	NOUN
fsr-3996	91	17	and	and	CCONJ
fsr-3996	91	18	how	how	SCONJ
fsr-3996	91	19	much	much	ADJ
fsr-3996	91	20	is	be	AUX
fsr-3996	91	21	due	due	ADJ
fsr-3996	91	22	to	to	ADP
fsr-3996	91	23	improved	improve	VERB
fsr-3996	91	24	diversification	diversification	NOUN
fsr-3996	91	25	.	.	PUNCT
fsr-3996	92	1	it	it	PRON
fsr-3996	92	2	is	be	AUX
fsr-3996	92	3	immediately	immediately	ADV
fsr-3996	92	4	clear	clear	ADJ
fsr-3996	92	5	that	that	SCONJ
fsr-3996	92	6	all	all	DET
fsr-3996	92	7	three	three	NUM
fsr-3996	92	8	strategies	strategy	NOUN
fsr-3996	92	9	outperform	outperform	VERB
fsr-3996	92	10	buy	buy	NOUN
fsr-3996	92	11	-	-	PUNCT
fsr-3996	92	12	and	and	CCONJ
fsr-3996	92	13	-	-	PUNCT
fsr-3996	92	14	hold	hold	NOUN
fsr-3996	92	15	and	and	CCONJ
fsr-3996	92	16	that	that	SCONJ
fsr-3996	92	17	the	the	DET
fsr-3996	92	18	difference	difference	NOUN
fsr-3996	92	19	is	be	AUX
fsr-3996	92	20	greater	great	ADJ
fsr-3996	92	21	over	over	ADP
fsr-3996	92	22	longer	long	ADJ
fsr-3996	92	23	time	time	NOUN
fsr-3996	92	24	horizons	horizon	NOUN
fsr-3996	92	25	.	.	PUNCT
fsr-3996	93	1	a	a	DET
fsr-3996	93	2	comparison	comparison	NOUN
fsr-3996	93	3	of	of	ADP
fsr-3996	93	4	panels	panel	NOUN
fsr-3996	93	5	a	a	PRON
fsr-3996	93	6	and	and	CCONJ
fsr-3996	93	7	b	b	NOUN
fsr-3996	93	8	shows	show	VERB
fsr-3996	93	9	that	that	SCONJ
fsr-3996	93	10	smith	smith	PROPN
fsr-3996	93	11	and	and	CCONJ
fsr-3996	93	12	smith	smith	PROPN
fsr-3996	93	13	’s	’s	PART
fsr-3996	93	14	(	(	PUNCT
fsr-3996	93	15	2008	2008	NUM
fsr-3996	93	16	)	)	PUNCT
fsr-3996	93	17	strategy	strategy	NOUN
fsr-3996	93	18	of	of	ADP
fsr-3996	93	19	realizing	realize	VERB
fsr-3996	93	20	enough	enough	ADJ
fsr-3996	93	21	gains	gain	NOUN
fsr-3996	93	22	to	to	PART
fsr-3996	93	23	offset	offset	VERB
fsr-3996	93	24	excess	excess	ADJ
fsr-3996	93	25	losses	loss	NOUN
fsr-3996	93	26	does	do	VERB
fsr-3996	93	27	much	much	ADV
fsr-3996	93	28	better	well	ADJ
fsr-3996	93	29	than	than	ADP
fsr-3996	93	30	a	a	DET
fsr-3996	93	31	policy	policy	NOUN
fsr-3996	93	32	of	of	ADP
fsr-3996	93	33	simply	simply	ADV
fsr-3996	93	34	deferring	defer	VERB
fsr-3996	93	35	all	all	DET
fsr-3996	93	36	gains	gain	NOUN
fsr-3996	93	37	.	.	PUNCT
fsr-3996	94	1	the	the	DET
fsr-3996	94	2	middle	middle	ADJ
fsr-3996	94	3	column	column	NOUN
fsr-3996	94	4	of	of	ADP
fsr-3996	94	5	the	the	DET
fsr-3996	94	6	table	table	NOUN
fsr-3996	94	7	shows	show	VERB
fsr-3996	94	8	that	that	SCONJ
fsr-3996	94	9	very	very	ADV
fsr-3996	94	10	little	little	ADJ
fsr-3996	94	11	of	of	ADP
fsr-3996	94	12	the	the	DET
fsr-3996	94	13	wealth	wealth	NOUN
fsr-3996	94	14	increase	increase	NOUN
fsr-3996	94	15	is	be	AUX
fsr-3996	94	16	due	due	ADJ
fsr-3996	94	17	to	to	ADP
fsr-3996	94	18	additional	additional	ADJ
fsr-3996	94	19	tax	tax	NOUN
fsr-3996	94	20	savings	saving	NOUN
fsr-3996	94	21	.	.	PUNCT
fsr-3996	95	1	this	this	PRON
fsr-3996	95	2	is	be	AUX
fsr-3996	95	3	not	not	PART
fsr-3996	95	4	surprising	surprising	ADJ
fsr-3996	95	5	since	since	SCONJ
fsr-3996	95	6	recognizing	recognize	VERB
fsr-3996	95	7	gains	gain	NOUN
fsr-3996	95	8	is	be	AUX
fsr-3996	95	9	generally	generally	ADV
fsr-3996	95	10	not	not	PART
fsr-3996	95	11	advantageous	advantageous	ADJ
fsr-3996	95	12	from	from	ADP
fsr-3996	95	13	a	a	DET
fsr-3996	95	14	tax	tax	NOUN
fsr-3996	95	15	standpoint	standpoint	NOUN
fsr-3996	95	16	,	,	PUNCT
fsr-3996	95	17	except	except	SCONJ
fsr-3996	95	18	that	that	SCONJ
fsr-3996	95	19	effectively	effectively	ADV
fsr-3996	95	20	resetting	reset	VERB
fsr-3996	95	21	the	the	DET
fsr-3996	95	22	cost	cost	NOUN
fsr-3996	95	23	basis	basis	NOUN
fsr-3996	95	24	on	on	ADP
fsr-3996	95	25	part	part	NOUN
fsr-3996	95	26	of	of	ADP
fsr-3996	95	27	the	the	DET
fsr-3996	95	28	portfolio	portfolio	NOUN
fsr-3996	95	29	may	may	AUX
fsr-3996	95	30	create	create	VERB
fsr-3996	95	31	a	a	DET
fsr-3996	95	32	few	few	ADJ
fsr-3996	95	33	more	more	ADJ
fsr-3996	95	34	opportunities	opportunity	NOUN
fsr-3996	95	35	to	to	PART
fsr-3996	95	36	harvest	harvest	VERB
fsr-3996	95	37	future	future	ADJ
fsr-3996	95	38	losses	loss	NOUN
fsr-3996	95	39	.	.	PUNCT
fsr-3996	96	1	however	however	ADV
fsr-3996	96	2	,	,	PUNCT
fsr-3996	96	3	as	as	SCONJ
fsr-3996	96	4	seen	see	VERB
fsr-3996	96	5	in	in	ADP
fsr-3996	96	6	the	the	DET
fsr-3996	96	7	rightmost	rightmost	ADJ
fsr-3996	96	8	column	column	NOUN
fsr-3996	96	9	of	of	ADP
fsr-3996	96	10	the	the	DET
fsr-3996	96	11	table	table	NOUN
fsr-3996	96	12	,	,	PUNCT
fsr-3996	96	13	there	there	PRON
fsr-3996	96	14	is	be	VERB
fsr-3996	96	15	a	a	DET
fsr-3996	96	16	large	large	ADJ
fsr-3996	96	17	diversification	diversification	NOUN
fsr-3996	96	18	return	return	NOUN
fsr-3996	96	19	.	.	PUNCT
fsr-3996	97	1	this	this	DET
fsr-3996	97	2	afoul	afoul	NOUN
fsr-3996	97	3	of	of	ADP
fsr-3996	97	4	wash	wash	NOUN
fsr-3996	97	5	sale	sale	NOUN
fsr-3996	97	6	rules	rule	NOUN
fsr-3996	97	7	.	.	PUNCT
fsr-3996	98	1	however	however	ADV
fsr-3996	98	2	,	,	PUNCT
fsr-3996	98	3	an	an	DET
fsr-3996	98	4	investor	investor	NOUN
fsr-3996	98	5	can	can	AUX
fsr-3996	98	6	circumvent	circumvent	VERB
fsr-3996	98	7	these	these	DET
fsr-3996	98	8	restrictions	restriction	NOUN
fsr-3996	98	9	by	by	ADP
fsr-3996	98	10	waiting	wait	VERB
fsr-3996	98	11	31	31	NUM
fsr-3996	98	12	days	day	NOUN
fsr-3996	98	13	to	to	PART
fsr-3996	98	14	repurchase	repurchase	VERB
fsr-3996	98	15	the	the	DET
fsr-3996	98	16	shares	share	NOUN
fsr-3996	98	17	,	,	PUNCT
fsr-3996	98	18	or	or	CCONJ
fsr-3996	98	19	by	by	ADP
fsr-3996	98	20	immediately	immediately	ADV
fsr-3996	98	21	purchasing	purchase	VERB
fsr-3996	98	22	shares	share	NOUN
fsr-3996	98	23	of	of	ADP
fsr-3996	98	24	a	a	DET
fsr-3996	98	25	different	different	ADJ
fsr-3996	98	26	stock	stock	NOUN
fsr-3996	98	27	with	with	ADP
fsr-3996	98	28	similar	similar	ADJ
fsr-3996	98	29	risk	risk	NOUN
fsr-3996	98	30	and	and	CCONJ
fsr-3996	98	31	return	return	NOUN
fsr-3996	98	32	characteristics	characteristic	NOUN
fsr-3996	98	33	.	.	PUNCT
fsr-3996	99	1	whitworth	whitworth	PROPN
fsr-3996	99	2	17	17	NUM
fsr-3996	99	3	is	be	AUX
fsr-3996	99	4	also	also	ADV
fsr-3996	99	5	as	as	SCONJ
fsr-3996	99	6	expected	expect	VERB
fsr-3996	99	7	since	since	SCONJ
fsr-3996	99	8	the	the	DET
fsr-3996	99	9	main	main	ADJ
fsr-3996	99	10	benefit	benefit	NOUN
fsr-3996	99	11	of	of	ADP
fsr-3996	99	12	smith	smith	PROPN
fsr-3996	99	13	and	and	CCONJ
fsr-3996	99	14	smith	smith	PROPN
fsr-3996	99	15	’s	’s	PART
fsr-3996	99	16	approach	approach	NOUN
fsr-3996	99	17	is	be	AUX
fsr-3996	99	18	that	that	SCONJ
fsr-3996	99	19	it	it	PRON
fsr-3996	99	20	routinely	routinely	ADV
fsr-3996	99	21	rebalances	rebalance	VERB
fsr-3996	99	22	the	the	DET
fsr-3996	99	23	portfolio	portfolio	NOUN
fsr-3996	99	24	(	(	PUNCT
fsr-3996	99	25	albeit	albeit	SCONJ
fsr-3996	99	26	to	to	ADP
fsr-3996	99	27	a	a	DET
fsr-3996	99	28	limited	limited	ADJ
fsr-3996	99	29	extent	extent	NOUN
fsr-3996	99	30	)	)	PUNCT
fsr-3996	99	31	by	by	ADP
fsr-3996	99	32	harvesting	harvest	VERB
fsr-3996	99	33	gains	gain	NOUN
fsr-3996	99	34	from	from	ADP
fsr-3996	99	35	the	the	DET
fsr-3996	99	36	most	most	ADV
fsr-3996	99	37	heavily	heavily	ADV
fsr-3996	99	38	-	-	PUNCT
fsr-3996	99	39	weighted	weight	VERB
fsr-3996	99	40	stocks	stock	NOUN
fsr-3996	99	41	and	and	CCONJ
fsr-3996	99	42	reinvesting	reinveste	VERB
fsr-3996	99	43	the	the	DET
fsr-3996	99	44	funds	fund	NOUN
fsr-3996	99	45	into	into	ADP
fsr-3996	99	46	the	the	DET
fsr-3996	99	47	least	least	ADV
fsr-3996	99	48	-	-	PUNCT
fsr-3996	99	49	weighted	weight	VERB
fsr-3996	99	50	stocks	stock	NOUN
fsr-3996	99	51	.	.	PUNCT
fsr-3996	100	1	this	this	PRON
fsr-3996	100	2	in	in	ADP
fsr-3996	100	3	turn	turn	NOUN
fsr-3996	100	4	reduces	reduce	VERB
fsr-3996	100	5	the	the	DET
fsr-3996	100	6	volatility	volatility	NOUN
fsr-3996	100	7	of	of	ADP
fsr-3996	100	8	the	the	DET
fsr-3996	100	9	portfolio	portfolio	NOUN
fsr-3996	100	10	and	and	CCONJ
fsr-3996	100	11	the	the	DET
fsr-3996	100	12	consequent	consequent	ADJ
fsr-3996	100	13	“	"	PUNCT
fsr-3996	100	14	volatility	volatility	NOUN
fsr-3996	100	15	drag	drag	NOUN
fsr-3996	100	16	”	"	PUNCT
fsr-3996	100	17	on	on	ADP
fsr-3996	100	18	returns	return	NOUN
fsr-3996	100	19	.	.	PUNCT
fsr-3996	101	1	table	table	NOUN
fsr-3996	101	2	1	1	NUM
fsr-3996	101	3	.	.	PUNCT
fsr-3996	102	1	mean	mean	VERB
fsr-3996	102	2	(	(	PUNCT
fsr-3996	102	3	median	median	ADJ
fsr-3996	102	4	)	)	PUNCT
fsr-3996	102	5	increase	increase	NOUN
fsr-3996	102	6	in	in	ADP
fsr-3996	102	7	after	after	ADP
fsr-3996	102	8	-	-	PUNCT
fsr-3996	102	9	tax	tax	NOUN
fsr-3996	102	10	terminal	terminal	NOUN
fsr-3996	102	11	wealth	wealth	NOUN
fsr-3996	102	12	from	from	ADP
fsr-3996	102	13	alternative	alternative	ADJ
fsr-3996	102	14	investment	investment	NOUN
fsr-3996	102	15	strategies	strategy	NOUN
fsr-3996	102	16	vs.	vs.	ADP
fsr-3996	102	17	buy	buy	NOUN
fsr-3996	102	18	-	-	PUNCT
fsr-3996	102	19	and	and	CCONJ
fsr-3996	102	20	-	-	PUNCT
fsr-3996	102	21	hold	hold	NOUN
fsr-3996	102	22	years	year	NOUN
fsr-3996	102	23	invested	invest	VERB
fsr-3996	102	24	total	total	ADJ
fsr-3996	102	25	increase	increase	NOUN
fsr-3996	102	26	from	from	ADP
fsr-3996	102	27	tax	tax	NOUN
fsr-3996	102	28	savings	saving	NOUN
fsr-3996	102	29	from	from	ADP
fsr-3996	102	30	diversification	diversification	NOUN
fsr-3996	102	31	panel	panel	NOUN
fsr-3996	102	32	a	a	PRON
fsr-3996	102	33	:	:	PUNCT
fsr-3996	102	34	realize	realize	VERB
fsr-3996	102	35	losses	loss	NOUN
fsr-3996	102	36	and	and	CCONJ
fsr-3996	102	37	defer	defer	VERB
fsr-3996	102	38	all	all	DET
fsr-3996	102	39	gains	gain	NOUN
fsr-3996	102	40	10	10	NUM
fsr-3996	102	41	1	1	NUM
fsr-3996	102	42	%	%	NOUN
fsr-3996	102	43	(	(	PUNCT
fsr-3996	102	44	1	1	NUM
fsr-3996	102	45	%	%	NOUN
fsr-3996	102	46	)	)	PUNCT
fsr-3996	102	47	1	1	NUM
fsr-3996	102	48	%	%	NOUN
fsr-3996	102	49	(	(	PUNCT
fsr-3996	102	50	1	1	NUM
fsr-3996	102	51	%	%	NOUN
fsr-3996	102	52	)	)	PUNCT
fsr-3996	102	53	0	0	NUM
fsr-3996	102	54	%	%	NOUN
fsr-3996	102	55	(	(	PUNCT
fsr-3996	102	56	0	0	NUM
fsr-3996	102	57	%	%	NOUN
fsr-3996	102	58	)	)	PUNCT
fsr-3996	102	59	20	20	NUM
fsr-3996	102	60	4	4	NUM
fsr-3996	102	61	%	%	NOUN
fsr-3996	102	62	(	(	PUNCT
fsr-3996	102	63	2	2	NUM
fsr-3996	102	64	%	%	NOUN
fsr-3996	102	65	)	)	PUNCT
fsr-3996	102	66	2	2	NUM
fsr-3996	102	67	%	%	NOUN
fsr-3996	102	68	(	(	PUNCT
fsr-3996	102	69	2	2	NUM
fsr-3996	102	70	%	%	NOUN
fsr-3996	102	71	)	)	PUNCT
fsr-3996	102	72	0	0	NUM
fsr-3996	102	73	%	%	NOUN
fsr-3996	102	74	(	(	PUNCT
fsr-3996	102	75	0	0	NUM
fsr-3996	102	76	%	%	NOUN
fsr-3996	102	77	)	)	PUNCT
fsr-3996	102	78	30	30	NUM
fsr-3996	102	79	8	8	NUM
fsr-3996	102	80	%	%	NOUN
fsr-3996	102	81	(	(	PUNCT
fsr-3996	102	82	3	3	NUM
fsr-3996	102	83	%	%	NOUN
fsr-3996	102	84	)	)	PUNCT
fsr-3996	102	85	4	4	NUM
fsr-3996	102	86	%	%	NOUN
fsr-3996	102	87	(	(	PUNCT
fsr-3996	102	88	3	3	NUM
fsr-3996	102	89	%	%	NOUN
fsr-3996	102	90	)	)	PUNCT
fsr-3996	102	91	4	4	NUM
fsr-3996	102	92	%	%	NOUN
fsr-3996	102	93	(	(	PUNCT
fsr-3996	102	94	0	0	NUM
fsr-3996	102	95	%	%	NOUN
fsr-3996	102	96	)	)	PUNCT
fsr-3996	102	97	40	40	NUM
fsr-3996	102	98	13	13	NUM
fsr-3996	102	99	%	%	NOUN
fsr-3996	102	100	(	(	PUNCT
fsr-3996	102	101	4	4	NUM
fsr-3996	102	102	%	%	NOUN
fsr-3996	102	103	)	)	PUNCT
fsr-3996	102	104	4	4	NUM
fsr-3996	102	105	%	%	NOUN
fsr-3996	102	106	(	(	PUNCT
fsr-3996	102	107	3	3	NUM
fsr-3996	102	108	%	%	NOUN
fsr-3996	102	109	)	)	PUNCT
fsr-3996	102	110	9	9	NUM
fsr-3996	102	111	%	%	NOUN
fsr-3996	102	112	(	(	PUNCT
fsr-3996	102	113	1	1	NUM
fsr-3996	102	114	%	%	NOUN
fsr-3996	102	115	)	)	PUNCT
fsr-3996	102	116	50	50	NUM
fsr-3996	102	117	22	22	NUM
fsr-3996	102	118	%	%	NOUN
fsr-3996	102	119	(	(	PUNCT
fsr-3996	102	120	6	6	NUM
fsr-3996	102	121	%	%	NOUN
fsr-3996	102	122	)	)	PUNCT
fsr-3996	102	123	7	7	NUM
fsr-3996	102	124	%	%	NOUN
fsr-3996	102	125	(	(	PUNCT
fsr-3996	102	126	4	4	NUM
fsr-3996	102	127	%	%	NOUN
fsr-3996	102	128	)	)	PUNCT
fsr-3996	102	129	15	15	NUM
fsr-3996	102	130	%	%	NOUN
fsr-3996	102	131	(	(	PUNCT
fsr-3996	102	132	2	2	NUM
fsr-3996	102	133	%	%	NOUN
fsr-3996	102	134	)	)	PUNCT
fsr-3996	102	135	panel	panel	NOUN
fsr-3996	102	136	b	b	X
fsr-3996	102	137	:	:	PUNCT
fsr-3996	102	138	realize	realize	VERB
fsr-3996	102	139	gains	gain	NOUN
fsr-3996	102	140	to	to	PART
fsr-3996	102	141	offset	offset	VERB
fsr-3996	102	142	excess	excess	ADJ
fsr-3996	102	143	losses	loss	NOUN
fsr-3996	102	144	10	10	NUM
fsr-3996	102	145	3	3	NUM
fsr-3996	102	146	%	%	NOUN
fsr-3996	102	147	(	(	PUNCT
fsr-3996	102	148	2	2	NUM
fsr-3996	102	149	%	%	NOUN
fsr-3996	102	150	)	)	PUNCT
fsr-3996	102	151	1	1	NUM
fsr-3996	102	152	%	%	NOUN
fsr-3996	102	153	(	(	PUNCT
fsr-3996	102	154	1	1	NUM
fsr-3996	102	155	%	%	NOUN
fsr-3996	102	156	)	)	PUNCT
fsr-3996	102	157	2	2	NUM
fsr-3996	102	158	%	%	NOUN
fsr-3996	102	159	(	(	PUNCT
fsr-3996	102	160	1	1	NUM
fsr-3996	102	161	%	%	NOUN
fsr-3996	102	162	)	)	PUNCT
fsr-3996	102	163	20	20	NUM
fsr-3996	102	164	11	11	NUM
fsr-3996	102	165	%	%	NOUN
fsr-3996	102	166	(	(	PUNCT
fsr-3996	102	167	8	8	NUM
fsr-3996	102	168	%	%	NOUN
fsr-3996	102	169	)	)	PUNCT
fsr-3996	102	170	2	2	NUM
fsr-3996	102	171	%	%	NOUN
fsr-3996	102	172	(	(	PUNCT
fsr-3996	102	173	2	2	NUM
fsr-3996	102	174	%	%	NOUN
fsr-3996	102	175	)	)	PUNCT
fsr-3996	102	176	9	9	NUM
fsr-3996	102	177	%	%	NOUN
fsr-3996	102	178	(	(	PUNCT
fsr-3996	102	179	6	6	NUM
fsr-3996	102	180	%	%	NOUN
fsr-3996	102	181	)	)	PUNCT
fsr-3996	102	182	30	30	NUM
fsr-3996	102	183	26	26	NUM
fsr-3996	102	184	%	%	NOUN
fsr-3996	102	185	(	(	PUNCT
fsr-3996	102	186	17	17	NUM
fsr-3996	102	187	%	%	NOUN
fsr-3996	102	188	)	)	PUNCT
fsr-3996	102	189	4	4	NUM
fsr-3996	102	190	%	%	NOUN
fsr-3996	102	191	(	(	PUNCT
fsr-3996	102	192	3	3	NUM
fsr-3996	102	193	%	%	NOUN
fsr-3996	102	194	)	)	PUNCT
fsr-3996	102	195	22	22	NUM
fsr-3996	102	196	%	%	NOUN
fsr-3996	102	197	(	(	PUNCT
fsr-3996	102	198	14	14	NUM
fsr-3996	102	199	%	%	NOUN
fsr-3996	102	200	)	)	PUNCT
fsr-3996	102	201	40	40	NUM
fsr-3996	102	202	48	48	NUM
fsr-3996	102	203	%	%	NOUN
fsr-3996	102	204	(	(	PUNCT
fsr-3996	102	205	27	27	NUM
fsr-3996	102	206	%	%	NOUN
fsr-3996	102	207	)	)	PUNCT
fsr-3996	102	208	6	6	NUM
fsr-3996	102	209	%	%	NOUN
fsr-3996	102	210	(	(	PUNCT
fsr-3996	102	211	4	4	NUM
fsr-3996	102	212	%	%	NOUN
fsr-3996	102	213	)	)	PUNCT
fsr-3996	102	214	42	42	NUM
fsr-3996	102	215	%	%	NOUN
fsr-3996	102	216	(	(	PUNCT
fsr-3996	102	217	23	23	NUM
fsr-3996	102	218	%	%	NOUN
fsr-3996	102	219	)	)	PUNCT
fsr-3996	102	220	50	50	NUM
fsr-3996	102	221	78	78	NUM
fsr-3996	102	222	%	%	NOUN
fsr-3996	102	223	(	(	PUNCT
fsr-3996	102	224	39	39	NUM
fsr-3996	102	225	%	%	NOUN
fsr-3996	102	226	)	)	PUNCT
fsr-3996	102	227	9	9	NUM
fsr-3996	102	228	%	%	NOUN
fsr-3996	102	229	(	(	PUNCT
fsr-3996	102	230	5	5	NUM
fsr-3996	102	231	%	%	NOUN
fsr-3996	102	232	)	)	PUNCT
fsr-3996	102	233	69	69	NUM
fsr-3996	102	234	%	%	NOUN
fsr-3996	102	235	(	(	PUNCT
fsr-3996	102	236	34	34	NUM
fsr-3996	102	237	%	%	NOUN
fsr-3996	102	238	)	)	PUNCT
fsr-3996	102	239	panel	panel	NOUN
fsr-3996	102	240	c	c	NOUN
fsr-3996	102	241	:	:	PUNCT
fsr-3996	102	242	rebalance	rebalance	NOUN
fsr-3996	102	243	entire	entire	ADJ
fsr-3996	102	244	portfolio	portfolio	NOUN
fsr-3996	102	245	10	10	NUM
fsr-3996	102	246	3	3	NUM
fsr-3996	102	247	%	%	NOUN
fsr-3996	102	248	(	(	PUNCT
fsr-3996	102	249	3	3	NUM
fsr-3996	102	250	%	%	NOUN
fsr-3996	102	251	)	)	PUNCT
fsr-3996	102	252	1	1	NUM
fsr-3996	102	253	%	%	NOUN
fsr-3996	102	254	(	(	PUNCT
fsr-3996	102	255	1	1	NUM
fsr-3996	102	256	%	%	NOUN
fsr-3996	102	257	)	)	PUNCT
fsr-3996	102	258	2	2	NUM
fsr-3996	102	259	%	%	NOUN
fsr-3996	102	260	(	(	PUNCT
fsr-3996	102	261	2	2	NUM
fsr-3996	102	262	%	%	NOUN
fsr-3996	102	263	)	)	PUNCT
fsr-3996	102	264	20	20	NUM
fsr-3996	102	265	12	12	NUM
fsr-3996	102	266	%	%	NOUN
fsr-3996	102	267	(	(	PUNCT
fsr-3996	102	268	10	10	NUM
fsr-3996	102	269	%	%	NOUN
fsr-3996	102	270	)	)	PUNCT
fsr-3996	102	271	0	0	NUM
fsr-3996	102	272	%	%	NOUN
fsr-3996	102	273	(	(	PUNCT
fsr-3996	102	274	0	0	NUM
fsr-3996	102	275	%	%	NOUN
fsr-3996	102	276	)	)	PUNCT
fsr-3996	102	277	12	12	NUM
fsr-3996	102	278	%	%	NOUN
fsr-3996	102	279	(	(	PUNCT
fsr-3996	102	280	10	10	NUM
fsr-3996	102	281	%	%	NOUN
fsr-3996	102	282	)	)	PUNCT
fsr-3996	102	283	30	30	NUM
fsr-3996	102	284	32	32	NUM
fsr-3996	102	285	%	%	NOUN
fsr-3996	102	286	(	(	PUNCT
fsr-3996	102	287	24	24	NUM
fsr-3996	102	288	%	%	NOUN
fsr-3996	102	289	)	)	PUNCT
fsr-3996	102	290	0	0	NUM
fsr-3996	102	291	%	%	NOUN
fsr-3996	102	292	(	(	PUNCT
fsr-3996	102	293	-1	-1	INTJ
fsr-3996	102	294	%	%	NOUN
fsr-3996	102	295	)	)	PUNCT
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fsr-3996	102	297	%	%	NOUN
fsr-3996	102	298	(	(	PUNCT
fsr-3996	102	299	25	25	NUM
fsr-3996	102	300	%	%	NOUN
fsr-3996	102	301	)	)	PUNCT
fsr-3996	102	302	40	40	NUM
fsr-3996	102	303	64	64	NUM
fsr-3996	102	304	%	%	NOUN
fsr-3996	102	305	(	(	PUNCT
fsr-3996	102	306	44	44	NUM
fsr-3996	102	307	%	%	NOUN
fsr-3996	102	308	)	)	PUNCT
fsr-3996	102	309	-3	-3	PUNCT
fsr-3996	102	310	%	%	INTJ
fsr-3996	102	311	(	(	PUNCT
fsr-3996	102	312	-4	-4	INTJ
fsr-3996	102	313	%	%	NOUN
fsr-3996	102	314	)	)	PUNCT
fsr-3996	102	315	67	67	NUM
fsr-3996	102	316	%	%	NOUN
fsr-3996	102	317	(	(	PUNCT
fsr-3996	102	318	48	48	NUM
fsr-3996	102	319	%	%	NOUN
fsr-3996	102	320	)	)	PUNCT
fsr-3996	102	321	50	50	NUM
fsr-3996	102	322	116	116	NUM
fsr-3996	102	323	%	%	NOUN
fsr-3996	102	324	(	(	PUNCT
fsr-3996	102	325	75	75	NUM
fsr-3996	102	326	%	%	NOUN
fsr-3996	102	327	)	)	PUNCT
fsr-3996	103	1	-9	-9	INTJ
fsr-3996	103	2	%	%	INTJ
fsr-3996	103	3	(	(	PUNCT
fsr-3996	103	4	-9	-9	PROPN
fsr-3996	103	5	%	%	NOUN
fsr-3996	103	6	)	)	PUNCT
fsr-3996	103	7	125	125	NUM
fsr-3996	103	8	%	%	NOUN
fsr-3996	103	9	(	(	PUNCT
fsr-3996	103	10	84	84	NUM
fsr-3996	103	11	%	%	NOUN
fsr-3996	103	12	)	)	PUNCT
fsr-3996	103	13	each	each	DET
fsr-3996	103	14	investment	investment	NOUN
fsr-3996	103	15	strategy	strategy	NOUN
fsr-3996	103	16	is	be	AUX
fsr-3996	103	17	simulated	simulate	VERB
fsr-3996	103	18	1,000,000	1,000,000	NUM
fsr-3996	103	19	times	time	NOUN
fsr-3996	103	20	over	over	ADP
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fsr-3996	103	22	,	,	PUNCT
fsr-3996	103	23	20	20	NUM
fsr-3996	103	24	,	,	PUNCT
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fsr-3996	103	26	,	,	PUNCT
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fsr-3996	103	28	,	,	PUNCT
fsr-3996	103	29	or	or	CCONJ
fsr-3996	103	30	50	50	NUM
fsr-3996	103	31	years	year	NOUN
fsr-3996	103	32	.	.	PUNCT
fsr-3996	104	1	the	the	DET
fsr-3996	104	2	simulated	simulated	ADJ
fsr-3996	104	3	portfolio	portfolio	NOUN
fsr-3996	104	4	begins	begin	VERB
fsr-3996	104	5	with	with	ADP
fsr-3996	104	6	$	$	SYM
fsr-3996	104	7	250,000	250,000	NUM
fsr-3996	104	8	invested	invest	VERB
fsr-3996	104	9	equally	equally	ADV
fsr-3996	104	10	across	across	ADP
fsr-3996	104	11	25	25	NUM
fsr-3996	104	12	non	non	ADJ
fsr-3996	104	13	-	-	ADJ
fsr-3996	104	14	dividend	dividend	ADJ
fsr-3996	104	15	-	-	PUNCT
fsr-3996	104	16	paying	pay	VERB
fsr-3996	104	17	stocks	stock	NOUN
fsr-3996	104	18	.	.	PUNCT
fsr-3996	105	1	each	each	DET
fsr-3996	105	2	year	year	NOUN
fsr-3996	105	3	,	,	PUNCT
fsr-3996	105	4	we	we	PRON
fsr-3996	105	5	generate	generate	VERB
fsr-3996	105	6	a	a	DET
fsr-3996	105	7	set	set	NOUN
fsr-3996	105	8	of	of	ADP
fsr-3996	105	9	25	25	NUM
fsr-3996	105	10	stock	stock	NOUN
fsr-3996	105	11	returns	return	NOUN
fsr-3996	105	12	with	with	ADP
fsr-3996	105	13	mean	mean	PROPN
fsr-3996	105	14	8	8	NUM
fsr-3996	105	15	%	%	NOUN
fsr-3996	105	16	,	,	PUNCT
fsr-3996	105	17	standard	standard	ADJ
fsr-3996	105	18	deviation	deviation	NOUN
fsr-3996	105	19	40	40	NUM
fsr-3996	105	20	%	%	NOUN
fsr-3996	105	21	,	,	PUNCT
fsr-3996	105	22	same	same	ADJ
fsr-3996	105	23	-	-	PUNCT
fsr-3996	105	24	year	year	NOUN
fsr-3996	105	25	inter	inter	ADJ
fsr-3996	105	26	-	-	ADJ
fsr-3996	105	27	stock	stock	ADJ
fsr-3996	105	28	correlation	correlation	NOUN
fsr-3996	105	29	0.25	0.25	NUM
fsr-3996	105	30	,	,	PUNCT
fsr-3996	105	31	and	and	CCONJ
fsr-3996	105	32	no	no	DET
fsr-3996	105	33	intertemporal	intertemporal	ADJ
fsr-3996	105	34	correlation	correlation	NOUN
fsr-3996	105	35	.	.	PUNCT
fsr-3996	106	1	capital	capital	NOUN
fsr-3996	106	2	losses	loss	NOUN
fsr-3996	106	3	are	be	AUX
fsr-3996	106	4	always	always	ADV
fsr-3996	106	5	realized	realize	VERB
fsr-3996	106	6	annually	annually	ADV
fsr-3996	106	7	.	.	PUNCT
fsr-3996	107	1	the	the	DET
fsr-3996	107	2	three	three	NUM
fsr-3996	107	3	respective	respective	ADJ
fsr-3996	107	4	panels	panel	NOUN
fsr-3996	107	5	report	report	VERB
fsr-3996	107	6	results	result	NOUN
fsr-3996	107	7	assuming	assume	VERB
fsr-3996	107	8	that	that	SCONJ
fsr-3996	107	9	(	(	PUNCT
fsr-3996	107	10	a	a	X
fsr-3996	107	11	)	)	PUNCT
fsr-3996	107	12	no	no	DET
fsr-3996	107	13	capital	capital	NOUN
fsr-3996	107	14	gains	gain	NOUN
fsr-3996	107	15	are	be	AUX
fsr-3996	107	16	ever	ever	ADV
fsr-3996	107	17	realized	realize	VERB
fsr-3996	107	18	until	until	ADP
fsr-3996	107	19	the	the	DET
fsr-3996	107	20	end	end	NOUN
fsr-3996	107	21	of	of	ADP
fsr-3996	107	22	the	the	DET
fsr-3996	107	23	timeline	timeline	NOUN
fsr-3996	107	24	,	,	PUNCT
fsr-3996	107	25	(	(	PUNCT
fsr-3996	107	26	b	b	X
fsr-3996	107	27	)	)	PUNCT
fsr-3996	107	28	enough	enough	ADJ
fsr-3996	107	29	gains	gain	NOUN
fsr-3996	107	30	are	be	AUX
fsr-3996	107	31	realized	realize	VERB
fsr-3996	107	32	each	each	DET
fsr-3996	107	33	year	year	NOUN
fsr-3996	107	34	to	to	PART
fsr-3996	107	35	offset	offset	VERB
fsr-3996	107	36	any	any	DET
fsr-3996	107	37	losses	loss	NOUN
fsr-3996	107	38	in	in	ADP
fsr-3996	107	39	excess	excess	NOUN
fsr-3996	107	40	of	of	ADP
fsr-3996	107	41	$	$	SYM
fsr-3996	107	42	3,000	3,000	NUM
fsr-3996	107	43	,	,	PUNCT
fsr-3996	107	44	or	or	CCONJ
fsr-3996	107	45	(	(	PUNCT
fsr-3996	107	46	c	c	X
fsr-3996	107	47	)	)	PUNCT
fsr-3996	107	48	the	the	DET
fsr-3996	107	49	portfolio	portfolio	NOUN
fsr-3996	107	50	is	be	AUX
fsr-3996	107	51	completely	completely	ADV
fsr-3996	107	52	rebalanced	rebalance	VERB
fsr-3996	107	53	each	each	DET
fsr-3996	107	54	year	year	NOUN
fsr-3996	107	55	.	.	PUNCT
fsr-3996	108	1	net	net	ADJ
fsr-3996	108	2	realized	realize	VERB
fsr-3996	108	3	losses	loss	NOUN
fsr-3996	108	4	are	be	AUX
fsr-3996	108	5	deducted	deduct	VERB
fsr-3996	108	6	(	(	PUNCT
fsr-3996	108	7	up	up	ADP
fsr-3996	108	8	to	to	ADP
fsr-3996	108	9	a	a	DET
fsr-3996	108	10	maximum	maximum	NOUN
fsr-3996	108	11	of	of	ADP
fsr-3996	108	12	$	$	SYM
fsr-3996	108	13	3,000	3,000	NUM
fsr-3996	108	14	per	per	ADP
fsr-3996	108	15	year	year	NOUN
fsr-3996	108	16	)	)	PUNCT
fsr-3996	108	17	against	against	ADP
fsr-3996	108	18	ordinary	ordinary	ADJ
fsr-3996	108	19	income	income	NOUN
fsr-3996	108	20	,	,	PUNCT
fsr-3996	108	21	which	which	PRON
fsr-3996	108	22	is	be	AUX
fsr-3996	108	23	taxed	tax	VERB
fsr-3996	108	24	at	at	ADP
fsr-3996	108	25	24	24	NUM
fsr-3996	108	26	%	%	NOUN
fsr-3996	108	27	.	.	PUNCT
fsr-3996	109	1	net	net	ADJ
fsr-3996	109	2	realized	realize	VERB
fsr-3996	109	3	gains	gain	NOUN
fsr-3996	109	4	are	be	AUX
fsr-3996	109	5	taxed	tax	VERB
fsr-3996	109	6	at	at	ADP
fsr-3996	109	7	15	15	NUM
fsr-3996	109	8	%	%	NOUN
fsr-3996	109	9	.	.	PUNCT
fsr-3996	110	1	after	after	ADP
fsr-3996	110	2	-	-	PUNCT
fsr-3996	110	3	tax	tax	NOUN
fsr-3996	110	4	proceeds	proceed	NOUN
fsr-3996	110	5	from	from	ADP
fsr-3996	110	6	stock	stock	NOUN
fsr-3996	110	7	sales	sale	NOUN
fsr-3996	110	8	are	be	AUX
fsr-3996	110	9	reinvested	reinveste	VERB
fsr-3996	110	10	in	in	ADP
fsr-3996	110	11	the	the	DET
fsr-3996	110	12	least	least	ADV
fsr-3996	110	13	-	-	PUNCT
fsr-3996	110	14	weighted	weight	VERB
fsr-3996	110	15	stocks	stock	NOUN
fsr-3996	110	16	.	.	PUNCT
fsr-3996	111	1	in	in	ADP
fsr-3996	111	2	each	each	DET
fsr-3996	111	3	iteration	iteration	NOUN
fsr-3996	111	4	the	the	DET
fsr-3996	111	5	final	final	ADJ
fsr-3996	111	6	after	after	ADP
fsr-3996	111	7	-	-	PUNCT
fsr-3996	111	8	tax	tax	NOUN
fsr-3996	111	9	wealth	wealth	NOUN
fsr-3996	111	10	is	be	AUX
fsr-3996	111	11	compared	compare	VERB
fsr-3996	111	12	to	to	ADP
fsr-3996	111	13	that	that	PRON
fsr-3996	111	14	of	of	ADP
fsr-3996	111	15	(	(	PUNCT
fsr-3996	111	16	1	1	X
fsr-3996	111	17	)	)	PUNCT
fsr-3996	111	18	a	a	DET
fsr-3996	111	19	portfolio	portfolio	NOUN
fsr-3996	111	20	using	use	VERB
fsr-3996	111	21	a	a	DET
fsr-3996	111	22	pure	pure	ADJ
fsr-3996	111	23	buy	buy	NOUN
fsr-3996	111	24	-	-	PUNCT
fsr-3996	111	25	and	and	CCONJ
fsr-3996	111	26	-	-	PUNCT
fsr-3996	111	27	hold	hold	VERB
fsr-3996	111	28	approach	approach	NOUN
fsr-3996	111	29	,	,	PUNCT
fsr-3996	111	30	and	and	CCONJ
fsr-3996	111	31	(	(	PUNCT
fsr-3996	111	32	2	2	X
fsr-3996	111	33	)	)	PUNCT
fsr-3996	111	34	a	a	DET
fsr-3996	111	35	control	control	NOUN
fsr-3996	111	36	portfolio	portfolio	NOUN
fsr-3996	111	37	that	that	PRON
fsr-3996	111	38	remains	remain	VERB
fsr-3996	111	39	untaxed	untaxed	ADJ
fsr-3996	111	40	until	until	ADP
fsr-3996	111	41	the	the	DET
fsr-3996	111	42	end	end	NOUN
fsr-3996	111	43	of	of	ADP
fsr-3996	111	44	the	the	DET
fsr-3996	111	45	horizon	horizon	NOUN
fsr-3996	111	46	but	but	CCONJ
fsr-3996	111	47	is	be	AUX
fsr-3996	111	48	costlessly	costlessly	ADV
fsr-3996	111	49	rebalanced	rebalance	VERB
fsr-3996	111	50	every	every	DET
fsr-3996	111	51	year	year	NOUN
fsr-3996	111	52	so	so	SCONJ
fsr-3996	111	53	that	that	SCONJ
fsr-3996	111	54	its	its	PRON
fsr-3996	111	55	individual	individual	ADJ
fsr-3996	111	56	stock	stock	NOUN
fsr-3996	111	57	weights	weight	NOUN
fsr-3996	111	58	match	match	VERB
fsr-3996	111	59	those	those	PRON
fsr-3996	111	60	in	in	ADP
fsr-3996	111	61	the	the	DET
fsr-3996	111	62	simulated	simulated	ADJ
fsr-3996	111	63	portfolio	portfolio	NOUN
fsr-3996	111	64	.	.	PUNCT
fsr-3996	112	1	the	the	DET
fsr-3996	112	2	total	total	ADJ
fsr-3996	112	3	increase	increase	NOUN
fsr-3996	112	4	column	column	NOUN
fsr-3996	112	5	reports	report	VERB
fsr-3996	112	6	the	the	DET
fsr-3996	112	7	mean	mean	NOUN
fsr-3996	112	8	(	(	PUNCT
fsr-3996	112	9	and	and	CCONJ
fsr-3996	112	10	median	median	ADJ
fsr-3996	112	11	)	)	PUNCT
fsr-3996	112	12	percentage	percentage	NOUN
fsr-3996	112	13	by	by	ADP
fsr-3996	112	14	which	which	PRON
fsr-3996	112	15	the	the	DET
fsr-3996	112	16	simulated	simulated	ADJ
fsr-3996	112	17	portfolio	portfolio	NOUN
fsr-3996	112	18	’s	’s	PART
fsr-3996	112	19	terminal	terminal	ADJ
fsr-3996	112	20	value	value	NOUN
fsr-3996	112	21	exceeds	exceed	VERB
fsr-3996	112	22	that	that	PRON
fsr-3996	112	23	of	of	ADP
fsr-3996	112	24	the	the	DET
fsr-3996	112	25	buy	buy	VERB
fsr-3996	112	26	-	-	PUNCT
fsr-3996	112	27	and	and	CCONJ
fsr-3996	112	28	-	-	PUNCT
fsr-3996	112	29	hold	hold	VERB
fsr-3996	112	30	portfolio	portfolio	NOUN
fsr-3996	112	31	.	.	PUNCT
fsr-3996	113	1	the	the	DET
fsr-3996	113	2	tax	tax	NOUN
fsr-3996	113	3	savings	saving	NOUN
fsr-3996	113	4	component	component	NOUN
fsr-3996	113	5	is	be	AUX
fsr-3996	113	6	computed	compute	VERB
fsr-3996	113	7	by	by	ADP
fsr-3996	113	8	comparing	compare	VERB
fsr-3996	113	9	the	the	DET
fsr-3996	113	10	simulated	simulated	ADJ
fsr-3996	113	11	portfolio	portfolio	NOUN
fsr-3996	113	12	to	to	ADP
fsr-3996	113	13	the	the	DET
fsr-3996	113	14	control	control	NOUN
fsr-3996	113	15	portfolio	portfolio	NOUN
fsr-3996	113	16	that	that	PRON
fsr-3996	113	17	is	be	AUX
fsr-3996	113	18	costlessly	costlessly	ADV
fsr-3996	113	19	rebalanced	rebalance	VERB
fsr-3996	113	20	each	each	DET
fsr-3996	113	21	year	year	NOUN
fsr-3996	113	22	.	.	PUNCT
fsr-3996	114	1	the	the	DET
fsr-3996	114	2	diversification	diversification	NOUN
fsr-3996	114	3	component	component	NOUN
fsr-3996	114	4	is	be	AUX
fsr-3996	114	5	the	the	DET
fsr-3996	114	6	total	total	ADJ
fsr-3996	114	7	increase	increase	NOUN
fsr-3996	114	8	minus	minus	ADP
fsr-3996	114	9	the	the	DET
fsr-3996	114	10	tax	tax	NOUN
fsr-3996	114	11	savings	saving	NOUN
fsr-3996	114	12	component	component	NOUN
fsr-3996	114	13	.	.	PUNCT
fsr-3996	115	1	financial	financial	ADJ
fsr-3996	115	2	services	service	NOUN
fsr-3996	115	3	review	review	PROPN
fsr-3996	115	4	,	,	PUNCT
fsr-3996	115	5	32(4	32(4	NUM
fsr-3996	115	6	)	)	PUNCT
fsr-3996	115	7	18	18	NUM
fsr-3996	115	8	since	since	SCONJ
fsr-3996	115	9	the	the	DET
fsr-3996	115	10	added	add	VERB
fsr-3996	115	11	diversification	diversification	NOUN
fsr-3996	115	12	of	of	ADP
fsr-3996	115	13	smith	smith	PROPN
fsr-3996	115	14	and	and	CCONJ
fsr-3996	115	15	smith	smith	PROPN
fsr-3996	115	16	’s	’s	PART
fsr-3996	115	17	strategy	strategy	NOUN
fsr-3996	115	18	provides	provide	VERB
fsr-3996	115	19	such	such	ADJ
fsr-3996	115	20	large	large	ADJ
fsr-3996	115	21	benefits	benefit	NOUN
fsr-3996	115	22	,	,	PUNCT
fsr-3996	115	23	a	a	DET
fsr-3996	115	24	natural	natural	ADJ
fsr-3996	115	25	question	question	NOUN
fsr-3996	115	26	is	be	AUX
fsr-3996	115	27	whether	whether	SCONJ
fsr-3996	115	28	an	an	DET
fsr-3996	115	29	investor	investor	NOUN
fsr-3996	115	30	might	might	AUX
fsr-3996	115	31	want	want	VERB
fsr-3996	115	32	to	to	PART
fsr-3996	115	33	diversify	diversify	VERB
fsr-3996	115	34	even	even	ADV
fsr-3996	115	35	further	far	ADV
fsr-3996	115	36	–	–	PUNCT
fsr-3996	115	37	perhaps	perhaps	ADV
fsr-3996	115	38	even	even	ADV
fsr-3996	115	39	rebalancing	rebalance	VERB
fsr-3996	115	40	the	the	DET
fsr-3996	115	41	whole	whole	ADJ
fsr-3996	115	42	portfolio	portfolio	NOUN
fsr-3996	115	43	every	every	DET
fsr-3996	115	44	year	year	NOUN
fsr-3996	115	45	–	–	PUNCT
fsr-3996	115	46	even	even	ADV
fsr-3996	115	47	though	though	SCONJ
fsr-3996	115	48	doing	do	VERB
fsr-3996	115	49	so	so	ADV
fsr-3996	115	50	will	will	AUX
fsr-3996	115	51	require	require	VERB
fsr-3996	115	52	realizing	realize	VERB
fsr-3996	115	53	and	and	CCONJ
fsr-3996	115	54	paying	pay	VERB
fsr-3996	115	55	taxes	taxis	NOUN
fsr-3996	115	56	on	on	ADP
fsr-3996	115	57	some	some	DET
fsr-3996	115	58	gains	gain	NOUN
fsr-3996	115	59	.	.	PUNCT
fsr-3996	116	1	looking	look	VERB
fsr-3996	116	2	at	at	ADP
fsr-3996	116	3	panel	panel	NOUN
fsr-3996	116	4	c	c	NOUN
fsr-3996	116	5	,	,	PUNCT
fsr-3996	116	6	the	the	DET
fsr-3996	116	7	answer	answer	NOUN
fsr-3996	116	8	is	be	AUX
fsr-3996	116	9	a	a	DET
fsr-3996	116	10	clear	clear	ADJ
fsr-3996	116	11	“	"	PUNCT
fsr-3996	116	12	yes	yes	INTJ
fsr-3996	116	13	.	.	PUNCT
fsr-3996	116	14	”	"	PUNCT
fsr-3996	117	1	even	even	ADV
fsr-3996	117	2	though	though	SCONJ
fsr-3996	117	3	(	(	PUNCT
fsr-3996	117	4	as	as	SCONJ
fsr-3996	117	5	expected	expect	VERB
fsr-3996	117	6	)	)	PUNCT
fsr-3996	117	7	the	the	DET
fsr-3996	117	8	tax	tax	NOUN
fsr-3996	117	9	impact	impact	NOUN
fsr-3996	117	10	of	of	ADP
fsr-3996	117	11	this	this	DET
fsr-3996	117	12	strategy	strategy	NOUN
fsr-3996	117	13	is	be	AUX
fsr-3996	117	14	worse	bad	ADJ
fsr-3996	117	15	than	than	ADP
fsr-3996	117	16	the	the	DET
fsr-3996	117	17	others	other	NOUN
fsr-3996	117	18	and	and	CCONJ
fsr-3996	117	19	actually	actually	ADV
fsr-3996	117	20	affects	affect	VERB
fsr-3996	117	21	wealth	wealth	NOUN
fsr-3996	117	22	negatively	negatively	ADV
fsr-3996	117	23	at	at	ADP
fsr-3996	117	24	longer	long	ADJ
fsr-3996	117	25	horizons	horizon	NOUN
fsr-3996	117	26	,	,	PUNCT
fsr-3996	117	27	the	the	DET
fsr-3996	117	28	additional	additional	ADJ
fsr-3996	117	29	diversification	diversification	NOUN
fsr-3996	117	30	gains	gain	NOUN
fsr-3996	117	31	more	more	ADJ
fsr-3996	117	32	than	than	SCONJ
fsr-3996	117	33	make	make	VERB
fsr-3996	117	34	up	up	ADP
fsr-3996	117	35	for	for	ADP
fsr-3996	117	36	this	this	PRON
fsr-3996	117	37	.	.	PUNCT
fsr-3996	118	1	the	the	DET
fsr-3996	118	2	net	net	ADJ
fsr-3996	118	3	result	result	NOUN
fsr-3996	118	4	is	be	AUX
fsr-3996	118	5	that	that	SCONJ
fsr-3996	118	6	fully	fully	ADV
fsr-3996	118	7	rebalancing	rebalancing	NOUN
fsr-3996	118	8	each	each	DET
fsr-3996	118	9	year	year	NOUN
fsr-3996	118	10	outperforms	outperform	VERB
fsr-3996	118	11	smith	smith	PROPN
fsr-3996	118	12	and	and	CCONJ
fsr-3996	118	13	smith	smith	PROPN
fsr-3996	118	14	’s	’s	PART
fsr-3996	118	15	more	more	ADV
fsr-3996	118	16	limited	limited	ADJ
fsr-3996	118	17	gain	gain	NOUN
fsr-3996	118	18	recognition	recognition	NOUN
fsr-3996	118	19	strategy	strategy	NOUN
fsr-3996	118	20	.	.	PUNCT
fsr-3996	119	1	table	table	NOUN
fsr-3996	119	2	2	2	NUM
fsr-3996	119	3	shows	show	VERB
fsr-3996	119	4	the	the	DET
fsr-3996	119	5	effect	effect	NOUN
fsr-3996	119	6	of	of	ADP
fsr-3996	119	7	the	the	DET
fsr-3996	119	8	three	three	NUM
fsr-3996	119	9	strategies	strategy	NOUN
fsr-3996	119	10	on	on	ADP
fsr-3996	119	11	risk	risk	NOUN
fsr-3996	119	12	,	,	PUNCT
fsr-3996	119	13	as	as	SCONJ
fsr-3996	119	14	measured	measure	VERB
fsr-3996	119	15	by	by	ADP
fsr-3996	119	16	the	the	DET
fsr-3996	119	17	standard	standard	ADJ
fsr-3996	119	18	deviation	deviation	NOUN
fsr-3996	119	19	of	of	ADP
fsr-3996	119	20	terminal	terminal	ADJ
fsr-3996	119	21	wealth	wealth	NOUN
fsr-3996	119	22	in	in	ADP
fsr-3996	119	23	our	our	PRON
fsr-3996	119	24	simulation	simulation	NOUN
fsr-3996	119	25	.	.	PUNCT
fsr-3996	120	1	as	as	SCONJ
fsr-3996	120	2	seen	see	VERB
fsr-3996	120	3	in	in	ADP
fsr-3996	120	4	the	the	DET
fsr-3996	120	5	first	first	ADJ
fsr-3996	120	6	column	column	NOUN
fsr-3996	120	7	of	of	ADP
fsr-3996	120	8	the	the	DET
fsr-3996	120	9	table	table	NOUN
fsr-3996	120	10	,	,	PUNCT
fsr-3996	120	11	realizing	realize	VERB
fsr-3996	120	12	only	only	ADJ
fsr-3996	120	13	losses	loss	NOUN
fsr-3996	120	14	has	have	VERB
fsr-3996	120	15	almost	almost	ADV
fsr-3996	120	16	no	no	PRON
fsr-3996	120	17	effect	effect	NOUN
fsr-3996	120	18	on	on	ADP
fsr-3996	120	19	portfolio	portfolio	NOUN
fsr-3996	120	20	risk	risk	NOUN
fsr-3996	120	21	,	,	PUNCT
fsr-3996	120	22	as	as	SCONJ
fsr-3996	120	23	the	the	DET
fsr-3996	120	24	standard	standard	ADJ
fsr-3996	120	25	deviation	deviation	NOUN
fsr-3996	120	26	of	of	ADP
fsr-3996	120	27	terminal	terminal	ADJ
fsr-3996	120	28	wealth	wealth	NOUN
fsr-3996	120	29	is	be	AUX
fsr-3996	120	30	very	very	ADV
fsr-3996	120	31	near	near	ADP
fsr-3996	120	32	what	what	PRON
fsr-3996	120	33	it	it	PRON
fsr-3996	120	34	would	would	AUX
fsr-3996	120	35	be	be	AUX
fsr-3996	120	36	under	under	ADP
fsr-3996	120	37	a	a	DET
fsr-3996	120	38	buy	buy	VERB
fsr-3996	120	39	-	-	PUNCT
fsr-3996	120	40	and	and	CCONJ
fsr-3996	120	41	-	-	PUNCT
fsr-3996	120	42	hold	hold	VERB
fsr-3996	120	43	strategy	strategy	NOUN
fsr-3996	120	44	.	.	PUNCT
fsr-3996	121	1	smith	smith	PROPN
fsr-3996	121	2	and	and	CCONJ
fsr-3996	121	3	smith	smith	PROPN
fsr-3996	121	4	’s	’s	PART
fsr-3996	121	5	(	(	PUNCT
fsr-3996	121	6	2008	2008	NUM
fsr-3996	121	7	)	)	PUNCT
fsr-3996	121	8	strategy	strategy	NOUN
fsr-3996	121	9	does	do	AUX
fsr-3996	121	10	reduce	reduce	VERB
fsr-3996	121	11	risk	risk	NOUN
fsr-3996	121	12	modestly	modestly	ADV
fsr-3996	121	13	.	.	PUNCT
fsr-3996	122	1	however	however	ADV
fsr-3996	122	2	,	,	PUNCT
fsr-3996	122	3	a	a	DET
fsr-3996	122	4	policy	policy	NOUN
fsr-3996	122	5	of	of	ADP
fsr-3996	122	6	full	full	ADJ
fsr-3996	122	7	portfolio	portfolio	NOUN
fsr-3996	122	8	rebalancing	rebalancing	NOUN
fsr-3996	122	9	does	do	VERB
fsr-3996	122	10	much	much	ADV
fsr-3996	122	11	better	well	ADJ
fsr-3996	122	12	,	,	PUNCT
fsr-3996	122	13	especially	especially	ADV
fsr-3996	122	14	over	over	ADP
fsr-3996	122	15	longer	long	ADJ
fsr-3996	122	16	horizons	horizon	NOUN
fsr-3996	122	17	.	.	PUNCT
fsr-3996	123	1	over	over	ADP
fsr-3996	123	2	a	a	DET
fsr-3996	123	3	50	50	NUM
fsr-3996	123	4	-	-	PUNCT
fsr-3996	123	5	year	year	NOUN
fsr-3996	123	6	time	time	NOUN
fsr-3996	123	7	frame	frame	NOUN
fsr-3996	123	8	,	,	PUNCT
fsr-3996	123	9	the	the	DET
fsr-3996	123	10	standard	standard	ADJ
fsr-3996	123	11	deviation	deviation	NOUN
fsr-3996	123	12	of	of	ADP
fsr-3996	123	13	terminal	terminal	ADJ
fsr-3996	123	14	wealth	wealth	NOUN
fsr-3996	123	15	for	for	ADP
fsr-3996	123	16	someone	someone	PRON
fsr-3996	123	17	using	use	VERB
fsr-3996	123	18	the	the	DET
fsr-3996	123	19	more	more	ADV
fsr-3996	123	20	limited	limited	ADJ
fsr-3996	123	21	gain	gain	NOUN
fsr-3996	123	22	harvesting	harvesting	NOUN
fsr-3996	123	23	approach	approach	NOUN
fsr-3996	123	24	would	would	AUX
fsr-3996	123	25	be	be	AUX
fsr-3996	123	26	about	about	ADV
fsr-3996	123	27	80	80	NUM
fsr-3996	123	28	%	%	NOUN
fsr-3996	123	29	of	of	ADP
fsr-3996	123	30	a	a	DET
fsr-3996	123	31	buy	buy	VERB
fsr-3996	123	32	-	-	PUNCT
fsr-3996	123	33	and	and	CCONJ
fsr-3996	123	34	-	-	PUNCT
fsr-3996	123	35	hold	hold	VERB
fsr-3996	123	36	investor	investor	NOUN
fsr-3996	123	37	’s	’s	PART
fsr-3996	123	38	risk	risk	NOUN
fsr-3996	123	39	;	;	PUNCT
fsr-3996	123	40	however	however	ADV
fsr-3996	123	41	,	,	PUNCT
fsr-3996	123	42	for	for	ADP
fsr-3996	123	43	an	an	DET
fsr-3996	123	44	investor	investor	NOUN
fsr-3996	123	45	who	who	PRON
fsr-3996	123	46	fully	fully	ADV
fsr-3996	123	47	rebalances	rebalance	VERB
fsr-3996	123	48	each	each	DET
fsr-3996	123	49	year	year	NOUN
fsr-3996	123	50	,	,	PUNCT
fsr-3996	123	51	it	it	PRON
fsr-3996	123	52	would	would	AUX
fsr-3996	123	53	be	be	AUX
fsr-3996	123	54	only	only	ADV
fsr-3996	123	55	half	half	NOUN
fsr-3996	123	56	of	of	ADP
fsr-3996	123	57	that	that	PRON
fsr-3996	123	58	(	(	PUNCT
fsr-3996	123	59	i.e.	i.e.	X
fsr-3996	123	60	,	,	PUNCT
fsr-3996	123	61	40	40	NUM
fsr-3996	123	62	%	%	NOUN
fsr-3996	123	63	of	of	ADP
fsr-3996	123	64	the	the	DET
fsr-3996	123	65	buy	buy	VERB
fsr-3996	123	66	-	-	PUNCT
fsr-3996	123	67	and	and	CCONJ
fsr-3996	123	68	-	-	PUNCT
fsr-3996	123	69	hold	hold	VERB
fsr-3996	123	70	risk	risk	NOUN
fsr-3996	123	71	)	)	PUNCT
fsr-3996	123	72	.	.	PUNCT
fsr-3996	124	1	the	the	DET
fsr-3996	124	2	difference	difference	NOUN
fsr-3996	124	3	between	between	ADP
fsr-3996	124	4	full	full	ADJ
fsr-3996	124	5	rebalancing	rebalancing	NOUN
fsr-3996	124	6	and	and	CCONJ
fsr-3996	124	7	smith	smith	PROPN
fsr-3996	124	8	and	and	CCONJ
fsr-3996	124	9	smith	smith	PROPN
fsr-3996	124	10	’s	’s	PART
fsr-3996	124	11	more	more	ADV
fsr-3996	124	12	limited	limited	ADJ
fsr-3996	124	13	gain	gain	NOUN
fsr-3996	124	14	recognition	recognition	NOUN
fsr-3996	124	15	is	be	AUX
fsr-3996	124	16	relatively	relatively	ADV
fsr-3996	124	17	modest	modest	ADJ
fsr-3996	124	18	over	over	ADP
fsr-3996	124	19	10or	10or	ADJ
fsr-3996	124	20	20	20	NUM
fsr-3996	124	21	-	-	PUNCT
fsr-3996	124	22	year	year	NOUN
fsr-3996	124	23	horizons	horizon	NOUN
fsr-3996	124	24	,	,	PUNCT
fsr-3996	124	25	but	but	CCONJ
fsr-3996	124	26	it	it	PRON
fsr-3996	124	27	becomes	become	VERB
fsr-3996	124	28	much	much	ADV
fsr-3996	124	29	larger	large	ADJ
fsr-3996	124	30	over	over	ADP
fsr-3996	124	31	40	40	NUM
fsr-3996	124	32	-	-	SYM
fsr-3996	124	33	50	50	NUM
fsr-3996	124	34	years	year	NOUN
fsr-3996	124	35	.	.	PUNCT
fsr-3996	125	1	table	table	NOUN
fsr-3996	125	2	2	2	NUM
fsr-3996	125	3	.	.	X
fsr-3996	126	1	ratio	ratio	NOUN
fsr-3996	126	2	of	of	ADP
fsr-3996	126	3	standard	standard	ADJ
fsr-3996	126	4	deviation	deviation	NOUN
fsr-3996	126	5	of	of	ADP
fsr-3996	126	6	terminal	terminal	ADJ
fsr-3996	126	7	wealth	wealth	NOUN
fsr-3996	126	8	from	from	ADP
fsr-3996	126	9	alternative	alternative	ADJ
fsr-3996	126	10	investment	investment	NOUN
fsr-3996	126	11	strategies	strategy	NOUN
fsr-3996	126	12	vs.	vs.	ADP
fsr-3996	126	13	buy	buy	NOUN
fsr-3996	126	14	-	-	PUNCT
fsr-3996	126	15	and	and	CCONJ
fsr-3996	126	16	-	-	PUNCT
fsr-3996	126	17	hold	hold	NOUN
fsr-3996	126	18	years	year	NOUN
fsr-3996	126	19	invested	invest	VERB
fsr-3996	126	20	realize	realize	VERB
fsr-3996	126	21	losses	loss	NOUN
fsr-3996	126	22	,	,	PUNCT
fsr-3996	126	23	defer	defer	VERB
fsr-3996	126	24	all	all	DET
fsr-3996	126	25	gains	gain	NOUN
fsr-3996	126	26	realize	realize	VERB
fsr-3996	126	27	offsetting	offset	VERB
fsr-3996	126	28	gains	gain	NOUN
fsr-3996	126	29	rebalance	rebalance	NOUN
fsr-3996	126	30	entire	entire	ADJ
fsr-3996	126	31	portfolio	portfolio	NOUN
fsr-3996	126	32	10	10	NUM
fsr-3996	126	33	1.01	1.01	NUM
fsr-3996	126	34	0.98	0.98	NUM
fsr-3996	126	35	0.94	0.94	NUM
fsr-3996	126	36	20	20	NUM
fsr-3996	126	37	1.01	1.01	NUM
fsr-3996	126	38	0.95	0.95	NUM
fsr-3996	126	39	0.83	0.83	NUM
fsr-3996	126	40	30	30	NUM
fsr-3996	126	41	1.01	1.01	NUM
fsr-3996	126	42	0.91	0.91	NUM
fsr-3996	126	43	0.68	0.68	NUM
fsr-3996	126	44	40	40	NUM
fsr-3996	126	45	1.01	1.01	NUM
fsr-3996	126	46	0.87	0.87	NUM
fsr-3996	126	47	0.52	0.52	NUM
fsr-3996	126	48	50	50	NUM
fsr-3996	126	49	0.99	0.99	NUM
fsr-3996	126	50	0.80	0.80	NUM
fsr-3996	126	51	0.40	0.40	NUM
fsr-3996	126	52	the	the	DET
fsr-3996	126	53	simulation	simulation	NOUN
fsr-3996	126	54	procedure	procedure	NOUN
fsr-3996	126	55	is	be	AUX
fsr-3996	126	56	described	describe	VERB
fsr-3996	126	57	in	in	ADP
fsr-3996	126	58	table	table	NOUN
fsr-3996	126	59	1	1	NUM
fsr-3996	126	60	.	.	PUNCT
fsr-3996	127	1	for	for	ADP
fsr-3996	127	2	each	each	DET
fsr-3996	127	3	investment	investment	NOUN
fsr-3996	127	4	strategy	strategy	NOUN
fsr-3996	127	5	and	and	CCONJ
fsr-3996	127	6	time	time	NOUN
fsr-3996	127	7	horizon	horizon	PROPN
fsr-3996	127	8	,	,	PUNCT
fsr-3996	127	9	this	this	DET
fsr-3996	127	10	table	table	NOUN
fsr-3996	127	11	reports	report	VERB
fsr-3996	127	12	the	the	DET
fsr-3996	127	13	standard	standard	ADJ
fsr-3996	127	14	deviation	deviation	NOUN
fsr-3996	127	15	of	of	ADP
fsr-3996	127	16	the	the	DET
fsr-3996	127	17	1,000,000	1,000,000	NUM
fsr-3996	127	18	simulated	simulate	VERB
fsr-3996	127	19	portfolio	portfolio	NOUN
fsr-3996	127	20	terminal	terminal	ADJ
fsr-3996	127	21	values	value	NOUN
fsr-3996	127	22	divided	divide	VERB
fsr-3996	127	23	by	by	ADP
fsr-3996	127	24	the	the	DET
fsr-3996	127	25	standard	standard	ADJ
fsr-3996	127	26	deviation	deviation	NOUN
fsr-3996	127	27	of	of	ADP
fsr-3996	127	28	the	the	DET
fsr-3996	127	29	1,000,000	1,000,000	NUM
fsr-3996	127	30	corresponding	correspond	VERB
fsr-3996	127	31	buy	buy	NOUN
fsr-3996	127	32	-	-	PUNCT
fsr-3996	127	33	and	and	CCONJ
fsr-3996	127	34	-	-	PUNCT
fsr-3996	127	35	hold	hold	VERB
fsr-3996	127	36	portfolio	portfolio	NOUN
fsr-3996	127	37	values	value	NOUN
fsr-3996	127	38	.	.	PUNCT
fsr-3996	128	1	when	when	SCONJ
fsr-3996	128	2	comparing	compare	VERB
fsr-3996	128	3	tables	table	NOUN
fsr-3996	128	4	1	1	NUM
fsr-3996	128	5	and	and	CCONJ
fsr-3996	128	6	2	2	NUM
fsr-3996	128	7	,	,	PUNCT
fsr-3996	128	8	it	it	PRON
fsr-3996	128	9	is	be	AUX
fsr-3996	128	10	clear	clear	ADJ
fsr-3996	128	11	that	that	SCONJ
fsr-3996	128	12	gain	gain	VERB
fsr-3996	128	13	harvesting	harvesting	NOUN
fsr-3996	128	14	is	be	AUX
fsr-3996	128	15	most	most	ADV
fsr-3996	128	16	effective	effective	ADJ
fsr-3996	128	17	at	at	ADP
fsr-3996	128	18	the	the	DET
fsr-3996	128	19	longest	long	ADJ
fsr-3996	128	20	horizons	horizon	NOUN
fsr-3996	128	21	,	,	PUNCT
fsr-3996	128	22	both	both	CCONJ
fsr-3996	128	23	at	at	ADP
fsr-3996	128	24	reducing	reduce	VERB
fsr-3996	128	25	risk	risk	NOUN
fsr-3996	128	26	and	and	CCONJ
fsr-3996	128	27	at	at	ADP
fsr-3996	128	28	improving	improve	VERB
fsr-3996	128	29	mean	mean	NOUN
fsr-3996	128	30	and	and	CCONJ
fsr-3996	128	31	median	median	ADJ
fsr-3996	128	32	terminal	terminal	ADJ
fsr-3996	128	33	wealth	wealth	NOUN
fsr-3996	128	34	.	.	PUNCT
fsr-3996	129	1	as	as	SCONJ
fsr-3996	129	2	table	table	NOUN
fsr-3996	129	3	1	1	NUM
fsr-3996	129	4	shows	show	NOUN
fsr-3996	129	5	,	,	PUNCT
fsr-3996	129	6	the	the	DET
fsr-3996	129	7	diversification	diversification	NOUN
fsr-3996	129	8	return	return	NOUN
fsr-3996	129	9	(	(	PUNCT
fsr-3996	129	10	which	which	PRON
fsr-3996	129	11	is	be	AUX
fsr-3996	129	12	a	a	DET
fsr-3996	129	13	direct	direct	ADJ
fsr-3996	129	14	consequence	consequence	NOUN
fsr-3996	129	15	of	of	ADP
fsr-3996	129	16	the	the	DET
fsr-3996	129	17	lower	low	ADJ
fsr-3996	129	18	risk	risk	NOUN
fsr-3996	129	19	)	)	PUNCT
fsr-3996	129	20	becomes	become	VERB
fsr-3996	129	21	significantly	significantly	ADV
fsr-3996	129	22	greater	great	ADJ
fsr-3996	129	23	over	over	ADP
fsr-3996	129	24	time	time	NOUN
fsr-3996	129	25	.	.	PUNCT
fsr-3996	130	1	this	this	PRON
fsr-3996	130	2	is	be	AUX
fsr-3996	130	3	not	not	PART
fsr-3996	130	4	surprising	surprising	ADJ
fsr-3996	130	5	because	because	SCONJ
fsr-3996	130	6	these	these	DET
fsr-3996	130	7	longer	long	ADJ
fsr-3996	130	8	horizons	horizon	NOUN
fsr-3996	130	9	are	be	AUX
fsr-3996	130	10	precisely	precisely	ADV
fsr-3996	130	11	where	where	SCONJ
fsr-3996	130	12	portfolios	portfolio	NOUN
fsr-3996	130	13	left	leave	VERB
fsr-3996	130	14	to	to	ADP
fsr-3996	130	15	themselves	themselves	PRON
fsr-3996	130	16	could	could	AUX
fsr-3996	130	17	otherwise	otherwise	ADV
fsr-3996	130	18	become	become	VERB
fsr-3996	130	19	extremely	extremely	ADV
fsr-3996	130	20	unbalanced	unbalanced	ADJ
fsr-3996	130	21	.	.	PUNCT
fsr-3996	131	1	to	to	PART
fsr-3996	131	2	see	see	VERB
fsr-3996	131	3	why	why	SCONJ
fsr-3996	131	4	these	these	PRON
fsr-3996	131	5	gain	gain	VERB
fsr-3996	131	6	harvesting	harvesting	NOUN
fsr-3996	131	7	strategies	strategy	NOUN
fsr-3996	131	8	are	be	AUX
fsr-3996	131	9	especially	especially	ADV
fsr-3996	131	10	effective	effective	ADJ
fsr-3996	131	11	in	in	ADP
fsr-3996	131	12	the	the	DET
fsr-3996	131	13	long	long	ADJ
fsr-3996	131	14	run	run	NOUN
fsr-3996	131	15	,	,	PUNCT
fsr-3996	131	16	it	it	PRON
fsr-3996	131	17	is	be	AUX
fsr-3996	131	18	informative	informative	ADJ
fsr-3996	131	19	to	to	PART
fsr-3996	131	20	look	look	VERB
fsr-3996	131	21	directly	directly	ADV
fsr-3996	131	22	at	at	ADP
fsr-3996	131	23	how	how	SCONJ
fsr-3996	131	24	they	they	PRON
fsr-3996	131	25	impact	impact	VERB
fsr-3996	131	26	the	the	DET
fsr-3996	131	27	portfolio	portfolio	NOUN
fsr-3996	131	28	’s	’s	PART
fsr-3996	131	29	level	level	NOUN
fsr-3996	131	30	of	of	ADP
fsr-3996	131	31	diversification	diversification	NOUN
fsr-3996	131	32	.	.	PUNCT
fsr-3996	132	1	table	table	NOUN
fsr-3996	132	2	3	3	NUM
fsr-3996	132	3	shows	show	VERB
fsr-3996	132	4	how	how	SCONJ
fsr-3996	132	5	concentrated	concentrate	VERB
fsr-3996	132	6	a	a	DET
fsr-3996	132	7	portfolio	portfolio	NOUN
fsr-3996	132	8	may	may	AUX
fsr-3996	132	9	become	become	VERB
fsr-3996	132	10	in	in	ADP
fsr-3996	132	11	any	any	DET
fsr-3996	132	12	one	one	NUM
fsr-3996	132	13	stock	stock	NOUN
fsr-3996	132	14	over	over	ADP
fsr-3996	132	15	different	different	ADJ
fsr-3996	132	16	time	time	NOUN
fsr-3996	132	17	frames	frame	NOUN
fsr-3996	132	18	.	.	PUNCT
fsr-3996	133	1	concentration	concentration	NOUN
fsr-3996	133	2	is	be	AUX
fsr-3996	133	3	measured	measure	VERB
fsr-3996	133	4	here	here	ADV
fsr-3996	133	5	by	by	ADP
fsr-3996	133	6	the	the	DET
fsr-3996	133	7	percentage	percentage	NOUN
fsr-3996	133	8	of	of	ADP
fsr-3996	133	9	the	the	DET
fsr-3996	133	10	portfolio	portfolio	NOUN
fsr-3996	133	11	’s	’s	PART
fsr-3996	133	12	value	value	NOUN
fsr-3996	133	13	that	that	PRON
fsr-3996	133	14	is	be	AUX
fsr-3996	133	15	invested	invest	VERB
fsr-3996	133	16	in	in	ADP
fsr-3996	133	17	its	its	PRON
fsr-3996	133	18	heaviest	heaviest	ADV
fsr-3996	133	19	-	-	PUNCT
fsr-3996	133	20	weighted	weight	VERB
fsr-3996	133	21	stock	stock	NOUN
fsr-3996	133	22	.	.	PUNCT
fsr-3996	134	1	(	(	PUNCT
fsr-3996	134	2	this	this	PRON
fsr-3996	134	3	is	be	AUX
fsr-3996	134	4	a	a	DET
fsr-3996	134	5	reasonable	reasonable	ADJ
fsr-3996	134	6	proxy	proxy	NOUN
fsr-3996	134	7	for	for	ADP
fsr-3996	134	8	more	more	ADV
fsr-3996	134	9	sophisticated	sophisticated	ADJ
fsr-3996	134	10	diversification	diversification	NOUN
fsr-3996	134	11	measures	measure	NOUN
fsr-3996	134	12	–	–	PUNCT
fsr-3996	134	13	for	for	ADP
fsr-3996	134	14	example	example	NOUN
fsr-3996	134	15	,	,	PUNCT
fsr-3996	134	16	a	a	DET
fsr-3996	134	17	herfindahl	herfindahl	NOUN
fsr-3996	134	18	-	-	PUNCT
fsr-3996	134	19	style	style	NOUN
fsr-3996	134	20	measure	measure	NOUN
fsr-3996	134	21	equal	equal	ADJ
fsr-3996	134	22	to	to	ADP
fsr-3996	134	23	the	the	DET
fsr-3996	134	24	sum	sum	NOUN
fsr-3996	134	25	of	of	ADP
fsr-3996	134	26	the	the	DET
fsr-3996	134	27	squares	square	NOUN
fsr-3996	134	28	of	of	ADP
fsr-3996	134	29	the	the	DET
fsr-3996	134	30	individual	individual	ADJ
fsr-3996	134	31	stock	stock	NOUN
fsr-3996	134	32	weights	weight	NOUN
fsr-3996	134	33	.	.	PUNCT
fsr-3996	134	34	)	)	PUNCT
fsr-3996	135	1	bessembinder	bessembinder	NOUN
fsr-3996	135	2	(	(	PUNCT
fsr-3996	135	3	2018	2018	NUM
fsr-3996	135	4	)	)	PUNCT
fsr-3996	135	5	notes	note	VERB
fsr-3996	135	6	that	that	SCONJ
fsr-3996	135	7	“	"	PUNCT
fsr-3996	135	8	the	the	DET
fsr-3996	135	9	compounding	compounding	NOUN
fsr-3996	135	10	of	of	ADP
fsr-3996	135	11	random	random	ADJ
fsr-3996	135	12	returns	return	NOUN
fsr-3996	135	13	over	over	ADP
fsr-3996	135	14	multiple	multiple	ADJ
fsr-3996	135	15	periods	period	NOUN
fsr-3996	135	16	will	will	AUX
fsr-3996	135	17	typically	typically	ADV
fsr-3996	135	18	impart	impart	VERB
fsr-3996	135	19	positive	positive	ADJ
fsr-3996	135	20	skewness	skewness	NOUN
fsr-3996	135	21	to	to	ADP
fsr-3996	135	22	longer	long	ADJ
fsr-3996	135	23	horizon	horizon	NOUN
fsr-3996	135	24	returns	return	NOUN
fsr-3996	135	25	,	,	PUNCT
fsr-3996	135	26	even	even	ADV
fsr-3996	135	27	if	if	SCONJ
fsr-3996	135	28	the	the	DET
fsr-3996	135	29	distribution	distribution	NOUN
fsr-3996	135	30	of	of	ADP
fsr-3996	135	31	single	single	ADJ
fsr-3996	135	32	-	-	PUNCT
fsr-3996	135	33	period	period	NOUN
fsr-3996	135	34	returns	return	NOUN
fsr-3996	135	35	is	be	AUX
fsr-3996	135	36	symmetric	symmetric	ADJ
fsr-3996	135	37	.	.	PUNCT
fsr-3996	135	38	”	"	PUNCT
fsr-3996	136	1	as	as	ADP
fsr-3996	136	2	a	a	DET
fsr-3996	136	3	consequence	consequence	NOUN
fsr-3996	136	4	of	of	ADP
fsr-3996	136	5	this	this	DET
fsr-3996	136	6	return	return	NOUN
fsr-3996	136	7	skewness	skewness	NOUN
fsr-3996	136	8	,	,	PUNCT
fsr-3996	136	9	we	we	PRON
fsr-3996	136	10	would	would	AUX
fsr-3996	136	11	whitworth	whitworth	PROPN
fsr-3996	136	12	19	19	NUM
fsr-3996	136	13	expect	expect	VERB
fsr-3996	136	14	a	a	DET
fsr-3996	136	15	portfolio	portfolio	NOUN
fsr-3996	136	16	left	leave	VERB
fsr-3996	136	17	to	to	ADP
fsr-3996	136	18	itself	itself	PRON
fsr-3996	136	19	to	to	PART
fsr-3996	136	20	become	become	VERB
fsr-3996	136	21	increasingly	increasingly	ADV
fsr-3996	136	22	unbalanced	unbalanced	ADJ
fsr-3996	136	23	over	over	ADP
fsr-3996	136	24	time	time	NOUN
fsr-3996	136	25	,	,	PUNCT
fsr-3996	136	26	as	as	SCONJ
fsr-3996	136	27	the	the	DET
fsr-3996	136	28	results	result	NOUN
fsr-3996	136	29	in	in	ADP
fsr-3996	136	30	the	the	DET
fsr-3996	136	31	first	first	ADJ
fsr-3996	136	32	column	column	NOUN
fsr-3996	136	33	of	of	ADP
fsr-3996	136	34	table	table	NOUN
fsr-3996	136	35	3	3	NUM
fsr-3996	136	36	confirm	confirm	NOUN
fsr-3996	136	37	.	.	PUNCT
fsr-3996	137	1	under	under	ADP
fsr-3996	137	2	a	a	DET
fsr-3996	137	3	buy	buy	NOUN
fsr-3996	137	4	and	and	CCONJ
fsr-3996	137	5	hold	hold	VERB
fsr-3996	137	6	strategy	strategy	NOUN
fsr-3996	137	7	,	,	PUNCT
fsr-3996	137	8	just	just	ADV
fsr-3996	137	9	one	one	NUM
fsr-3996	137	10	of	of	ADP
fsr-3996	137	11	the	the	DET
fsr-3996	137	12	25	25	NUM
fsr-3996	137	13	stocks	stock	NOUN
fsr-3996	137	14	will	will	AUX
fsr-3996	137	15	on	on	ADP
fsr-3996	137	16	average	average	ADJ
fsr-3996	137	17	make	make	VERB
fsr-3996	137	18	up	up	ADP
fsr-3996	137	19	20	20	NUM
fsr-3996	137	20	%	%	NOUN
fsr-3996	137	21	of	of	ADP
fsr-3996	137	22	the	the	DET
fsr-3996	137	23	portfolio	portfolio	NOUN
fsr-3996	137	24	(	(	PUNCT
fsr-3996	137	25	which	which	PRON
fsr-3996	137	26	is	be	AUX
fsr-3996	137	27	not	not	PART
fsr-3996	137	28	insignificant	insignificant	ADJ
fsr-3996	137	29	)	)	PUNCT
fsr-3996	137	30	after	after	ADP
fsr-3996	137	31	only	only	ADV
fsr-3996	137	32	10	10	NUM
fsr-3996	137	33	years	year	NOUN
fsr-3996	137	34	.	.	PUNCT
fsr-3996	138	1	after	after	ADP
fsr-3996	138	2	50	50	NUM
fsr-3996	138	3	years	year	NOUN
fsr-3996	138	4	,	,	PUNCT
fsr-3996	138	5	a	a	DET
fsr-3996	138	6	single	single	ADJ
fsr-3996	138	7	stock	stock	NOUN
fsr-3996	138	8	is	be	AUX
fsr-3996	138	9	likely	likely	ADJ
fsr-3996	138	10	to	to	PART
fsr-3996	138	11	become	become	VERB
fsr-3996	138	12	more	more	ADJ
fsr-3996	138	13	than	than	ADP
fsr-3996	138	14	half	half	NOUN
fsr-3996	138	15	(	(	PUNCT
fsr-3996	138	16	53	53	NUM
fsr-3996	138	17	%	%	NOUN
fsr-3996	138	18	)	)	PUNCT
fsr-3996	138	19	of	of	ADP
fsr-3996	138	20	the	the	DET
fsr-3996	138	21	portfolio	portfolio	NOUN
fsr-3996	138	22	.	.	PUNCT
fsr-3996	139	1	merely	merely	ADV
fsr-3996	139	2	realizing	realize	VERB
fsr-3996	139	3	losses	loss	NOUN
fsr-3996	139	4	helps	help	VERB
fsr-3996	139	5	a	a	DET
fsr-3996	139	6	little	little	ADJ
fsr-3996	139	7	bit	bit	NOUN
fsr-3996	139	8	,	,	PUNCT
fsr-3996	139	9	as	as	SCONJ
fsr-3996	139	10	the	the	DET
fsr-3996	139	11	second	second	ADJ
fsr-3996	139	12	column	column	NOUN
fsr-3996	139	13	of	of	ADP
fsr-3996	139	14	the	the	DET
fsr-3996	139	15	table	table	NOUN
fsr-3996	139	16	shows	shows	AUX
fsr-3996	139	17	slightly	slightly	ADV
fsr-3996	139	18	reduced	reduce	VERB
fsr-3996	139	19	maximum	maximum	ADJ
fsr-3996	139	20	weights	weight	NOUN
fsr-3996	139	21	versus	versus	ADP
fsr-3996	139	22	the	the	DET
fsr-3996	139	23	first	first	ADJ
fsr-3996	139	24	column	column	NOUN
fsr-3996	139	25	.	.	PUNCT
fsr-3996	140	1	smith	smith	PROPN
fsr-3996	140	2	and	and	CCONJ
fsr-3996	140	3	smith	smith	PROPN
fsr-3996	140	4	’s	’s	PART
fsr-3996	140	5	(	(	PUNCT
fsr-3996	140	6	2008	2008	NUM
fsr-3996	140	7	)	)	PUNCT
fsr-3996	140	8	strategy	strategy	NOUN
fsr-3996	140	9	(	(	PUNCT
fsr-3996	140	10	corresponding	correspond	VERB
fsr-3996	140	11	to	to	ADP
fsr-3996	140	12	the	the	DET
fsr-3996	140	13	third	third	ADJ
fsr-3996	140	14	column	column	NOUN
fsr-3996	140	15	)	)	PUNCT
fsr-3996	140	16	does	do	AUX
fsr-3996	140	17	even	even	ADV
fsr-3996	140	18	better	well	ADV
fsr-3996	140	19	,	,	PUNCT
fsr-3996	140	20	but	but	CCONJ
fsr-3996	140	21	it	it	PRON
fsr-3996	140	22	still	still	ADV
fsr-3996	140	23	allows	allow	VERB
fsr-3996	140	24	for	for	SCONJ
fsr-3996	140	25	one	one	NUM
fsr-3996	140	26	stock	stock	NOUN
fsr-3996	140	27	to	to	PART
fsr-3996	140	28	become	become	VERB
fsr-3996	140	29	about	about	ADV
fsr-3996	140	30	one	one	NUM
fsr-3996	140	31	-	-	PUNCT
fsr-3996	140	32	third	third	NOUN
fsr-3996	140	33	of	of	ADP
fsr-3996	140	34	the	the	DET
fsr-3996	140	35	portfolio	portfolio	NOUN
fsr-3996	140	36	over	over	ADP
fsr-3996	140	37	longer	long	ADJ
fsr-3996	140	38	horizons	horizon	NOUN
fsr-3996	140	39	.	.	PUNCT
fsr-3996	141	1	by	by	ADP
fsr-3996	141	2	design	design	NOUN
fsr-3996	141	3	,	,	PUNCT
fsr-3996	141	4	a	a	DET
fsr-3996	141	5	strategy	strategy	NOUN
fsr-3996	141	6	of	of	ADP
fsr-3996	141	7	always	always	ADV
fsr-3996	141	8	rebalancing	rebalance	VERB
fsr-3996	141	9	the	the	DET
fsr-3996	141	10	whole	whole	ADJ
fsr-3996	141	11	portfolio	portfolio	NOUN
fsr-3996	141	12	keeps	keep	VERB
fsr-3996	141	13	each	each	PRON
fsr-3996	141	14	of	of	ADP
fsr-3996	141	15	the	the	DET
fsr-3996	141	16	25	25	NUM
fsr-3996	141	17	stock	stock	NOUN
fsr-3996	141	18	weights	weight	NOUN
fsr-3996	141	19	at	at	ADP
fsr-3996	141	20	exactly	exactly	ADV
fsr-3996	141	21	4	4	NUM
fsr-3996	141	22	%	%	NOUN
fsr-3996	141	23	,	,	PUNCT
fsr-3996	141	24	which	which	PRON
fsr-3996	141	25	is	be	AUX
fsr-3996	141	26	optimal	optimal	ADJ
fsr-3996	141	27	from	from	ADP
fsr-3996	141	28	a	a	DET
fsr-3996	141	29	risk	risk	NOUN
fsr-3996	141	30	perspective	perspective	NOUN
fsr-3996	141	31	.	.	PUNCT
fsr-3996	142	1	as	as	ADP
fsr-3996	142	2	a	a	DET
fsr-3996	142	3	comparison	comparison	NOUN
fsr-3996	142	4	of	of	ADP
fsr-3996	142	5	the	the	DET
fsr-3996	142	6	third	third	ADJ
fsr-3996	142	7	and	and	CCONJ
fsr-3996	142	8	fourth	fourth	ADJ
fsr-3996	142	9	columns	column	NOUN
fsr-3996	142	10	shows	show	VERB
fsr-3996	142	11	,	,	PUNCT
fsr-3996	142	12	this	this	PRON
fsr-3996	142	13	is	be	AUX
fsr-3996	142	14	a	a	DET
fsr-3996	142	15	little	little	ADV
fsr-3996	142	16	better	well	ADV
fsr-3996	142	17	diversified	diversify	VERB
fsr-3996	142	18	after	after	ADP
fsr-3996	142	19	10	10	NUM
fsr-3996	142	20	years	year	NOUN
fsr-3996	142	21	than	than	SCONJ
fsr-3996	142	22	a	a	DET
fsr-3996	142	23	portfolio	portfolio	NOUN
fsr-3996	142	24	managed	manage	VERB
fsr-3996	142	25	according	accord	VERB
fsr-3996	142	26	to	to	ADP
fsr-3996	142	27	smith	smith	PROPN
fsr-3996	142	28	and	and	CCONJ
fsr-3996	142	29	smith	smith	PROPN
fsr-3996	142	30	’s	’s	PART
fsr-3996	142	31	strategy	strategy	NOUN
fsr-3996	142	32	,	,	PUNCT
fsr-3996	142	33	but	but	CCONJ
fsr-3996	142	34	after	after	ADP
fsr-3996	142	35	40	40	NUM
fsr-3996	142	36	or	or	CCONJ
fsr-3996	142	37	50	50	NUM
fsr-3996	142	38	years	year	NOUN
fsr-3996	142	39	,	,	PUNCT
fsr-3996	142	40	it	it	PRON
fsr-3996	142	41	is	be	AUX
fsr-3996	142	42	drastically	drastically	ADV
fsr-3996	142	43	better	well	ADJ
fsr-3996	142	44	.	.	PUNCT
fsr-3996	143	1	this	this	PRON
fsr-3996	143	2	explains	explain	VERB
fsr-3996	143	3	why	why	SCONJ
fsr-3996	143	4	(	(	PUNCT
fsr-3996	143	5	as	as	SCONJ
fsr-3996	143	6	previously	previously	ADV
fsr-3996	143	7	seen	see	VERB
fsr-3996	143	8	in	in	ADP
fsr-3996	143	9	tables	table	NOUN
fsr-3996	143	10	1	1	NUM
fsr-3996	143	11	-	-	SYM
fsr-3996	143	12	2	2	NUM
fsr-3996	143	13	)	)	PUNCT
fsr-3996	143	14	,	,	PUNCT
fsr-3996	143	15	the	the	DET
fsr-3996	143	16	difference	difference	NOUN
fsr-3996	143	17	between	between	ADP
fsr-3996	143	18	the	the	DET
fsr-3996	143	19	two	two	NUM
fsr-3996	143	20	strategies	strategy	NOUN
fsr-3996	143	21	with	with	ADP
fsr-3996	143	22	respect	respect	NOUN
fsr-3996	143	23	to	to	ADP
fsr-3996	143	24	terminal	terminal	ADJ
fsr-3996	143	25	wealth	wealth	NOUN
fsr-3996	143	26	and	and	CCONJ
fsr-3996	143	27	risk	risk	NOUN
fsr-3996	143	28	is	be	AUX
fsr-3996	143	29	relatively	relatively	ADV
fsr-3996	143	30	small	small	ADJ
fsr-3996	143	31	for	for	ADP
fsr-3996	143	32	shorter	short	ADJ
fsr-3996	143	33	horizons	horizon	NOUN
fsr-3996	143	34	but	but	CCONJ
fsr-3996	143	35	much	much	ADV
fsr-3996	143	36	greater	great	ADJ
fsr-3996	143	37	over	over	ADP
fsr-3996	143	38	longer	long	ADJ
fsr-3996	143	39	horizons	horizon	NOUN
fsr-3996	143	40	.	.	PUNCT
fsr-3996	144	1	table	table	NOUN
fsr-3996	144	2	3	3	NUM
fsr-3996	144	3	.	.	PUNCT
fsr-3996	145	1	mean	mean	PROPN
fsr-3996	145	2	portfolio	portfolio	NOUN
fsr-3996	145	3	weight	weight	NOUN
fsr-3996	145	4	of	of	ADP
fsr-3996	145	5	largest	large	ADJ
fsr-3996	145	6	stock	stock	NOUN
fsr-3996	145	7	in	in	ADP
fsr-3996	145	8	final	final	ADJ
fsr-3996	145	9	year	year	NOUN
fsr-3996	145	10	years	year	NOUN
fsr-3996	145	11	invested	invest	VERB
fsr-3996	145	12	buy	buy	VERB
fsr-3996	145	13	and	and	CCONJ
fsr-3996	145	14	hold	hold	VERB
fsr-3996	145	15	realize	realize	VERB
fsr-3996	145	16	losses	loss	NOUN
fsr-3996	145	17	,	,	PUNCT
fsr-3996	145	18	defer	defer	VERB
fsr-3996	145	19	all	all	DET
fsr-3996	145	20	gains	gain	NOUN
fsr-3996	145	21	realize	realize	VERB
fsr-3996	145	22	offsetting	offset	VERB
fsr-3996	145	23	gains	gain	NOUN
fsr-3996	145	24	rebalance	rebalance	NOUN
fsr-3996	145	25	entire	entire	ADJ
fsr-3996	145	26	portfolio	portfolio	NOUN
fsr-3996	145	27	10	10	NUM
fsr-3996	145	28	20	20	NUM
fsr-3996	145	29	%	%	NOUN
fsr-3996	145	30	19	19	NUM
fsr-3996	145	31	%	%	NOUN
fsr-3996	145	32	8	8	NUM
fsr-3996	145	33	%	%	NOUN
fsr-3996	145	34	4	4	NUM
fsr-3996	145	35	%	%	NOUN
fsr-3996	145	36	20	20	NUM
fsr-3996	145	37	32	32	NUM
fsr-3996	145	38	%	%	NOUN
fsr-3996	145	39	30	30	NUM
fsr-3996	145	40	%	%	NOUN
fsr-3996	145	41	14	14	NUM
fsr-3996	145	42	%	%	NOUN
fsr-3996	145	43	4	4	NUM
fsr-3996	145	44	%	%	NOUN
fsr-3996	145	45	30	30	NUM
fsr-3996	145	46	41	41	NUM
fsr-3996	145	47	%	%	NOUN
fsr-3996	145	48	38	38	NUM
fsr-3996	145	49	%	%	NOUN
fsr-3996	145	50	22	22	NUM
fsr-3996	145	51	%	%	NOUN
fsr-3996	145	52	4	4	NUM
fsr-3996	145	53	%	%	NOUN
fsr-3996	145	54	40	40	NUM
fsr-3996	145	55	48	48	NUM
fsr-3996	145	56	%	%	NOUN
fsr-3996	145	57	43	43	NUM
fsr-3996	145	58	%	%	NOUN
fsr-3996	145	59	29	29	NUM
fsr-3996	145	60	%	%	NOUN
fsr-3996	145	61	4	4	NUM
fsr-3996	145	62	%	%	NOUN
fsr-3996	145	63	50	50	NUM
fsr-3996	145	64	53	53	NUM
fsr-3996	145	65	%	%	NOUN
fsr-3996	145	66	48	48	NUM
fsr-3996	145	67	%	%	NOUN
fsr-3996	145	68	35	35	NUM
fsr-3996	145	69	%	%	NOUN
fsr-3996	145	70	4	4	NUM
fsr-3996	145	71	%	%	NOUN
fsr-3996	145	72	the	the	DET
fsr-3996	145	73	simulation	simulation	NOUN
fsr-3996	145	74	procedure	procedure	NOUN
fsr-3996	145	75	is	be	AUX
fsr-3996	145	76	described	describe	VERB
fsr-3996	145	77	in	in	ADP
fsr-3996	145	78	table	table	NOUN
fsr-3996	145	79	1	1	NUM
fsr-3996	145	80	.	.	PUNCT
fsr-3996	146	1	results	result	NOUN
fsr-3996	146	2	in	in	ADP
fsr-3996	146	3	the	the	DET
fsr-3996	146	4	four	four	NUM
fsr-3996	146	5	respective	respective	ADJ
fsr-3996	146	6	columns	column	NOUN
fsr-3996	146	7	are	be	AUX
fsr-3996	146	8	reported	report	VERB
fsr-3996	146	9	assuming	assume	VERB
fsr-3996	146	10	that	that	SCONJ
fsr-3996	146	11	(	(	PUNCT
fsr-3996	146	12	a	a	X
fsr-3996	146	13	)	)	PUNCT
fsr-3996	146	14	no	no	DET
fsr-3996	146	15	stocks	stock	NOUN
fsr-3996	146	16	are	be	AUX
fsr-3996	146	17	sold	sell	VERB
fsr-3996	146	18	until	until	ADP
fsr-3996	146	19	the	the	DET
fsr-3996	146	20	end	end	NOUN
fsr-3996	146	21	of	of	ADP
fsr-3996	146	22	the	the	DET
fsr-3996	146	23	horizon	horizon	NOUN
fsr-3996	146	24	;	;	PUNCT
fsr-3996	146	25	(	(	PUNCT
fsr-3996	146	26	b	b	X
fsr-3996	146	27	)	)	PUNCT
fsr-3996	146	28	losses	loss	NOUN
fsr-3996	146	29	are	be	AUX
fsr-3996	146	30	realized	realize	VERB
fsr-3996	146	31	annually	annually	ADV
fsr-3996	146	32	but	but	CCONJ
fsr-3996	146	33	no	no	DET
fsr-3996	146	34	gains	gain	NOUN
fsr-3996	146	35	are	be	AUX
fsr-3996	146	36	realized	realize	VERB
fsr-3996	146	37	until	until	ADP
fsr-3996	146	38	the	the	DET
fsr-3996	146	39	end	end	NOUN
fsr-3996	146	40	of	of	ADP
fsr-3996	146	41	the	the	DET
fsr-3996	146	42	horizon	horizon	NOUN
fsr-3996	146	43	;	;	PUNCT
fsr-3996	146	44	(	(	PUNCT
fsr-3996	146	45	c	c	X
fsr-3996	146	46	)	)	PUNCT
fsr-3996	146	47	losses	loss	NOUN
fsr-3996	146	48	are	be	AUX
fsr-3996	146	49	realized	realize	VERB
fsr-3996	146	50	annually	annually	ADV
fsr-3996	146	51	,	,	PUNCT
fsr-3996	146	52	and	and	CCONJ
fsr-3996	146	53	enough	enough	ADJ
fsr-3996	146	54	gains	gain	NOUN
fsr-3996	146	55	are	be	AUX
fsr-3996	146	56	realized	realize	VERB
fsr-3996	146	57	to	to	PART
fsr-3996	146	58	offset	offset	VERB
fsr-3996	146	59	any	any	DET
fsr-3996	146	60	losses	loss	NOUN
fsr-3996	146	61	in	in	ADP
fsr-3996	146	62	excess	excess	NOUN
fsr-3996	146	63	of	of	ADP
fsr-3996	146	64	$	$	SYM
fsr-3996	146	65	3,000	3,000	NUM
fsr-3996	146	66	;	;	PUNCT
fsr-3996	146	67	or	or	CCONJ
fsr-3996	146	68	(	(	PUNCT
fsr-3996	146	69	d	d	X
fsr-3996	146	70	)	)	PUNCT
fsr-3996	146	71	losses	loss	NOUN
fsr-3996	146	72	are	be	AUX
fsr-3996	146	73	realized	realize	VERB
fsr-3996	146	74	annually	annually	ADV
fsr-3996	146	75	,	,	PUNCT
fsr-3996	146	76	and	and	CCONJ
fsr-3996	146	77	enough	enough	ADJ
fsr-3996	146	78	gains	gain	NOUN
fsr-3996	146	79	are	be	AUX
fsr-3996	146	80	realized	realize	VERB
fsr-3996	146	81	to	to	PART
fsr-3996	146	82	fully	fully	ADV
fsr-3996	146	83	rebalance	rebalance	VERB
fsr-3996	146	84	the	the	DET
fsr-3996	146	85	portfolio	portfolio	NOUN
fsr-3996	146	86	annually	annually	ADV
fsr-3996	146	87	.	.	PUNCT
fsr-3996	147	1	for	for	ADP
fsr-3996	147	2	each	each	DET
fsr-3996	147	3	strategy	strategy	NOUN
fsr-3996	147	4	and	and	CCONJ
fsr-3996	147	5	time	time	NOUN
fsr-3996	147	6	horizon	horizon	PROPN
fsr-3996	147	7	considered	consider	VERB
fsr-3996	147	8	,	,	PUNCT
fsr-3996	147	9	this	this	DET
fsr-3996	147	10	table	table	NOUN
fsr-3996	147	11	reports	report	VERB
fsr-3996	147	12	the	the	DET
fsr-3996	147	13	mean	mean	ADJ
fsr-3996	147	14	percentage	percentage	NOUN
fsr-3996	147	15	of	of	ADP
fsr-3996	147	16	the	the	DET
fsr-3996	147	17	portfolio	portfolio	NOUN
fsr-3996	147	18	that	that	PRON
fsr-3996	147	19	is	be	AUX
fsr-3996	147	20	invested	invest	VERB
fsr-3996	147	21	in	in	ADP
fsr-3996	147	22	its	its	PRON
fsr-3996	147	23	most	most	ADV
fsr-3996	147	24	heavily	heavily	ADV
fsr-3996	147	25	-	-	PUNCT
fsr-3996	147	26	weighted	weight	VERB
fsr-3996	147	27	stock	stock	NOUN
fsr-3996	147	28	at	at	ADP
fsr-3996	147	29	the	the	DET
fsr-3996	147	30	end	end	NOUN
fsr-3996	147	31	of	of	ADP
fsr-3996	147	32	the	the	DET
fsr-3996	147	33	horizon	horizon	NOUN
fsr-3996	147	34	.	.	PUNCT
fsr-3996	148	1	effects	effect	NOUN
fsr-3996	148	2	of	of	ADP
fsr-3996	148	3	less	less	ADJ
fsr-3996	148	4	than	than	ADP
fsr-3996	148	5	complete	complete	ADJ
fsr-3996	148	6	diversification	diversification	NOUN
fsr-3996	148	7	in	in	ADP
fsr-3996	148	8	the	the	DET
fsr-3996	148	9	previous	previous	ADJ
fsr-3996	148	10	subsection	subsection	NOUN
fsr-3996	148	11	,	,	PUNCT
fsr-3996	148	12	we	we	PRON
fsr-3996	148	13	saw	see	VERB
fsr-3996	148	14	that	that	SCONJ
fsr-3996	148	15	the	the	DET
fsr-3996	148	16	best	good	ADJ
fsr-3996	148	17	results	result	NOUN
fsr-3996	148	18	(	(	PUNCT
fsr-3996	148	19	in	in	ADP
fsr-3996	148	20	terms	term	NOUN
fsr-3996	148	21	of	of	ADP
fsr-3996	148	22	terminal	terminal	ADJ
fsr-3996	148	23	wealth	wealth	NOUN
fsr-3996	148	24	,	,	PUNCT
fsr-3996	148	25	risk	risk	NOUN
fsr-3996	148	26	,	,	PUNCT
fsr-3996	148	27	and	and	CCONJ
fsr-3996	148	28	diversification	diversification	NOUN
fsr-3996	148	29	)	)	PUNCT
fsr-3996	148	30	were	be	AUX
fsr-3996	148	31	obtained	obtain	VERB
fsr-3996	148	32	by	by	ADP
fsr-3996	148	33	disregarding	disregard	VERB
fsr-3996	148	34	some	some	PRON
fsr-3996	148	35	of	of	ADP
fsr-3996	148	36	the	the	DET
fsr-3996	148	37	tax	tax	NOUN
fsr-3996	148	38	-	-	PUNCT
fsr-3996	148	39	efficient	efficient	ADJ
fsr-3996	148	40	strategies	strategy	NOUN
fsr-3996	148	41	previously	previously	ADV
fsr-3996	148	42	proposed	propose	VERB
fsr-3996	148	43	in	in	ADP
fsr-3996	148	44	the	the	DET
fsr-3996	148	45	literature	literature	NOUN
fsr-3996	148	46	and	and	CCONJ
fsr-3996	148	47	simply	simply	ADV
fsr-3996	148	48	diversifying	diversify	VERB
fsr-3996	148	49	the	the	DET
fsr-3996	148	50	portfolio	portfolio	NOUN
fsr-3996	148	51	fully	fully	ADV
fsr-3996	148	52	every	every	DET
fsr-3996	148	53	year	year	NOUN
fsr-3996	148	54	instead	instead	ADV
fsr-3996	148	55	.	.	PUNCT
fsr-3996	149	1	however	however	ADV
fsr-3996	149	2	,	,	PUNCT
fsr-3996	149	3	the	the	DET
fsr-3996	149	4	wealth	wealth	NOUN
fsr-3996	149	5	-	-	PUNCT
fsr-3996	149	6	maximizing	maximize	VERB
fsr-3996	149	7	policy8	policy8	NOUN
fsr-3996	149	8	still	still	ADV
fsr-3996	149	9	might	might	AUX
fsr-3996	149	10	lie	lie	VERB
fsr-3996	149	11	somewhere	somewhere	ADV
fsr-3996	149	12	between	between	ADP
fsr-3996	149	13	full	full	ADJ
fsr-3996	149	14	diversification	diversification	NOUN
fsr-3996	149	15	and	and	CCONJ
fsr-3996	149	16	the	the	DET
fsr-3996	149	17	smith	smith	PROPN
fsr-3996	149	18	and	and	CCONJ
fsr-3996	149	19	smith	smith	PROPN
fsr-3996	149	20	(	(	PUNCT
fsr-3996	149	21	2008	2008	NUM
fsr-3996	149	22	)	)	PUNCT
fsr-3996	149	23	strategy	strategy	NOUN
fsr-3996	149	24	(	(	PUNCT
fsr-3996	149	25	which	which	PRON
fsr-3996	149	26	still	still	ADV
fsr-3996	149	27	allows	allow	VERB
fsr-3996	149	28	for	for	ADP
fsr-3996	149	29	considerable	considerable	ADJ
fsr-3996	149	30	portfolio	portfolio	NOUN
fsr-3996	149	31	concentration	concentration	NOUN
fsr-3996	149	32	,	,	PUNCT
fsr-3996	149	33	as	as	SCONJ
fsr-3996	149	34	seen	see	VERB
fsr-3996	149	35	in	in	ADP
fsr-3996	149	36	table	table	NOUN
fsr-3996	149	37	3	3	NUM
fsr-3996	149	38	)	)	PUNCT
fsr-3996	149	39	.	.	PUNCT
fsr-3996	150	1	8	8	NUM
fsr-3996	150	2	in	in	ADP
fsr-3996	150	3	the	the	DET
fsr-3996	150	4	analysis	analysis	NOUN
fsr-3996	150	5	that	that	PRON
fsr-3996	150	6	follows	follow	VERB
fsr-3996	150	7	,	,	PUNCT
fsr-3996	150	8	we	we	PRON
fsr-3996	150	9	focus	focus	VERB
fsr-3996	150	10	mostly	mostly	ADV
fsr-3996	150	11	on	on	ADP
fsr-3996	150	12	how	how	SCONJ
fsr-3996	150	13	different	different	ADJ
fsr-3996	150	14	strategies	strategy	NOUN
fsr-3996	150	15	affect	affect	VERB
fsr-3996	150	16	median	median	ADJ
fsr-3996	150	17	terminal	terminal	NOUN
fsr-3996	150	18	wealth	wealth	NOUN
fsr-3996	150	19	because	because	SCONJ
fsr-3996	150	20	medians	median	NOUN
fsr-3996	150	21	are	be	AUX
fsr-3996	150	22	less	less	ADV
fsr-3996	150	23	influenced	influence	VERB
fsr-3996	150	24	by	by	ADP
fsr-3996	150	25	outliers	outlier	NOUN
fsr-3996	150	26	than	than	ADP
fsr-3996	150	27	means	mean	NOUN
fsr-3996	150	28	.	.	PUNCT
fsr-3996	151	1	although	although	SCONJ
fsr-3996	151	2	the	the	DET
fsr-3996	151	3	graphs	graph	NOUN
fsr-3996	151	4	are	be	AUX
fsr-3996	151	5	not	not	PART
fsr-3996	151	6	shown	show	VERB
fsr-3996	151	7	here	here	ADV
fsr-3996	151	8	,	,	PUNCT
fsr-3996	151	9	we	we	PRON
fsr-3996	151	10	we	we	PRON
fsr-3996	151	11	now	now	ADV
fsr-3996	151	12	consider	consider	VERB
fsr-3996	151	13	the	the	DET
fsr-3996	151	14	effects	effect	NOUN
fsr-3996	151	15	of	of	ADP
fsr-3996	151	16	modifying	modify	VERB
fsr-3996	151	17	policy	policy	NOUN
fsr-3996	151	18	(	(	PUNCT
fsr-3996	151	19	3	3	NUM
fsr-3996	151	20	)	)	PUNCT
fsr-3996	151	21	described	describe	VERB
fsr-3996	151	22	earlier	early	ADV
fsr-3996	151	23	by	by	ADP
fsr-3996	151	24	relaxing	relax	VERB
fsr-3996	151	25	the	the	DET
fsr-3996	151	26	full	full	ADJ
fsr-3996	151	27	diversification	diversification	NOUN
fsr-3996	151	28	criterion	criterion	NOUN
fsr-3996	151	29	to	to	ADP
fsr-3996	151	30	varying	vary	VERB
fsr-3996	151	31	extents	extent	NOUN
fsr-3996	151	32	.	.	PUNCT
fsr-3996	152	1	under	under	ADP
fsr-3996	152	2	this	this	DET
fsr-3996	152	3	modification	modification	NOUN
fsr-3996	152	4	,	,	PUNCT
fsr-3996	152	5	the	the	DET
fsr-3996	152	6	investor	investor	NOUN
fsr-3996	152	7	sets	set	VERB
fsr-3996	152	8	a	a	DET
fsr-3996	152	9	maximum	maximum	ADJ
fsr-3996	152	10	portfolio	portfolio	NOUN
fsr-3996	152	11	weight	weight	NOUN
fsr-3996	152	12	which	which	PRON
fsr-3996	152	13	no	no	DET
fsr-3996	152	14	individual	individual	ADJ
fsr-3996	152	15	stock	stock	NOUN
fsr-3996	152	16	may	may	AUX
fsr-3996	152	17	exceed	exceed	VERB
fsr-3996	152	18	.	.	PUNCT
fsr-3996	153	1	this	this	DET
fsr-3996	153	2	“	"	PUNCT
fsr-3996	153	3	weight	weight	NOUN
fsr-3996	153	4	limit	limit	NOUN
fsr-3996	153	5	”	"	PUNCT
fsr-3996	153	6	(	(	PUNCT
fsr-3996	153	7	which	which	PRON
fsr-3996	153	8	remains	remain	VERB
fsr-3996	153	9	the	the	DET
fsr-3996	153	10	same	same	ADJ
fsr-3996	153	11	for	for	ADP
fsr-3996	153	12	the	the	DET
fsr-3996	153	13	entire	entire	ADJ
fsr-3996	153	14	investment	investment	NOUN
fsr-3996	153	15	period	period	NOUN
fsr-3996	153	16	)	)	PUNCT
fsr-3996	153	17	may	may	AUX
fsr-3996	153	18	be	be	AUX
fsr-3996	153	19	set	set	VERB
fsr-3996	153	20	as	as	ADV
fsr-3996	153	21	low	low	ADJ
fsr-3996	153	22	as	as	ADP
fsr-3996	153	23	4	4	NUM
fsr-3996	153	24	%	%	NOUN
fsr-3996	153	25	if	if	SCONJ
fsr-3996	153	26	full	full	ADJ
fsr-3996	153	27	annual	annual	ADJ
fsr-3996	153	28	rebalancing	rebalancing	NOUN
fsr-3996	153	29	is	be	AUX
fsr-3996	153	30	desired	desire	VERB
fsr-3996	153	31	,	,	PUNCT
fsr-3996	153	32	or	or	CCONJ
fsr-3996	153	33	at	at	ADP
fsr-3996	153	34	a	a	DET
fsr-3996	153	35	higher	high	ADJ
fsr-3996	153	36	percentage	percentage	NOUN
fsr-3996	153	37	if	if	SCONJ
fsr-3996	153	38	the	the	DET
fsr-3996	153	39	investor	investor	NOUN
fsr-3996	153	40	wishes	wish	VERB
fsr-3996	153	41	to	to	PART
fsr-3996	153	42	defer	defer	VERB
fsr-3996	153	43	more	more	ADJ
fsr-3996	153	44	capital	capital	NOUN
fsr-3996	153	45	gains	gain	NOUN
fsr-3996	153	46	while	while	SCONJ
fsr-3996	153	47	still	still	ADV
fsr-3996	153	48	not	not	PART
fsr-3996	153	49	allowing	allow	VERB
fsr-3996	153	50	the	the	DET
fsr-3996	153	51	portfolio	portfolio	NOUN
fsr-3996	153	52	to	to	PART
fsr-3996	153	53	get	get	VERB
fsr-3996	153	54	too	too	ADV
fsr-3996	153	55	far	far	ADV
fsr-3996	153	56	out	out	ADP
fsr-3996	153	57	of	of	ADP
fsr-3996	153	58	balance	balance	NOUN
fsr-3996	153	59	.	.	PUNCT
fsr-3996	154	1	at	at	ADP
fsr-3996	154	2	the	the	DET
fsr-3996	154	3	end	end	NOUN
fsr-3996	154	4	of	of	ADP
fsr-3996	154	5	each	each	DET
fsr-3996	154	6	year	year	NOUN
fsr-3996	154	7	,	,	PUNCT
fsr-3996	154	8	if	if	SCONJ
fsr-3996	154	9	any	any	DET
fsr-3996	154	10	stock	stock	NOUN
fsr-3996	154	11	exceeds	exceed	VERB
fsr-3996	154	12	the	the	DET
fsr-3996	154	13	weight	weight	NOUN
fsr-3996	154	14	limit	limit	NOUN
fsr-3996	154	15	,	,	PUNCT
fsr-3996	154	16	enough	enough	ADJ
fsr-3996	154	17	shares	share	NOUN
fsr-3996	154	18	are	be	AUX
fsr-3996	154	19	sold	sell	VERB
fsr-3996	154	20	to	to	PART
fsr-3996	154	21	bring	bring	VERB
fsr-3996	154	22	its	its	PRON
fsr-3996	154	23	weight	weight	NOUN
fsr-3996	154	24	also	also	ADV
fsr-3996	154	25	find	find	VERB
fsr-3996	154	26	that	that	SCONJ
fsr-3996	154	27	mean	mean	ADJ
fsr-3996	154	28	terminal	terminal	ADJ
fsr-3996	154	29	wealth	wealth	NOUN
fsr-3996	154	30	is	be	AUX
fsr-3996	154	31	affected	affect	VERB
fsr-3996	154	32	similarly	similarly	ADV
fsr-3996	154	33	.	.	PUNCT
fsr-3996	155	1	financial	financial	ADJ
fsr-3996	155	2	services	service	NOUN
fsr-3996	155	3	review	review	PROPN
fsr-3996	155	4	,	,	PUNCT
fsr-3996	155	5	32(4	32(4	NUM
fsr-3996	155	6	)	)	PUNCT
fsr-3996	155	7	20	20	NUM
fsr-3996	155	8	in	in	ADP
fsr-3996	155	9	the	the	DET
fsr-3996	155	10	portfolio	portfolio	NOUN
fsr-3996	155	11	down	down	ADP
fsr-3996	155	12	to	to	ADP
fsr-3996	155	13	the	the	DET
fsr-3996	155	14	limit	limit	NOUN
fsr-3996	155	15	.	.	PUNCT
fsr-3996	156	1	all	all	DET
fsr-3996	156	2	losses	loss	NOUN
fsr-3996	156	3	are	be	AUX
fsr-3996	156	4	still	still	ADV
fsr-3996	156	5	recognized	recognize	VERB
fsr-3996	156	6	,	,	PUNCT
fsr-3996	156	7	just	just	ADV
fsr-3996	156	8	as	as	ADP
fsr-3996	156	9	in	in	ADP
fsr-3996	156	10	the	the	DET
fsr-3996	156	11	original	original	ADJ
fsr-3996	156	12	strategy	strategy	NOUN
fsr-3996	156	13	.	.	PUNCT
fsr-3996	157	1	we	we	PRON
fsr-3996	157	2	repeat	repeat	VERB
fsr-3996	157	3	the	the	DET
fsr-3996	157	4	simulation	simulation	NOUN
fsr-3996	157	5	for	for	ADP
fsr-3996	157	6	weight	weight	NOUN
fsr-3996	157	7	limits	limit	NOUN
fsr-3996	157	8	from	from	ADP
fsr-3996	157	9	4	4	NUM
fsr-3996	157	10	%	%	NOUN
fsr-3996	157	11	to	to	PART
fsr-3996	157	12	20	20	NUM
fsr-3996	157	13	%	%	NOUN
fsr-3996	157	14	(	(	PUNCT
fsr-3996	157	15	in	in	ADP
fsr-3996	157	16	increments	increment	NOUN
fsr-3996	157	17	of	of	ADP
fsr-3996	157	18	1	1	NUM
fsr-3996	157	19	%	%	NOUN
fsr-3996	157	20	)	)	PUNCT
fsr-3996	157	21	.	.	PUNCT
fsr-3996	158	1	figure	figure	NOUN
fsr-3996	158	2	1	1	NUM
fsr-3996	158	3	.	.	PUNCT
fsr-3996	159	1	median	median	ADJ
fsr-3996	159	2	increase	increase	NOUN
fsr-3996	159	3	in	in	ADP
fsr-3996	159	4	after	after	ADP
fsr-3996	159	5	-	-	PUNCT
fsr-3996	159	6	tax	tax	NOUN
fsr-3996	159	7	terminal	terminal	NOUN
fsr-3996	159	8	wealth	wealth	NOUN
fsr-3996	159	9	vs.	vs.	ADP
fsr-3996	159	10	buy	buy	NOUN
fsr-3996	159	11	-	-	PUNCT
fsr-3996	159	12	and	and	CCONJ
fsr-3996	159	13	-	-	PUNCT
fsr-3996	159	14	hold	hold	VERB
fsr-3996	159	15	for	for	ADP
fsr-3996	159	16	alternative	alternative	ADJ
fsr-3996	159	17	portfolio	portfolio	NOUN
fsr-3996	159	18	weight	weight	NOUN
fsr-3996	159	19	limits	limit	NOUN
fsr-3996	159	20	each	each	DET
fsr-3996	159	21	simulated	simulated	ADJ
fsr-3996	159	22	portfolio	portfolio	NOUN
fsr-3996	159	23	begins	begin	VERB
fsr-3996	159	24	with	with	ADP
fsr-3996	159	25	$	$	SYM
fsr-3996	159	26	250,000	250,000	NUM
fsr-3996	159	27	invested	invest	VERB
fsr-3996	159	28	equally	equally	ADV
fsr-3996	159	29	across	across	ADP
fsr-3996	159	30	25	25	NUM
fsr-3996	159	31	non	non	ADJ
fsr-3996	159	32	-	-	ADJ
fsr-3996	159	33	dividend	dividend	ADJ
fsr-3996	159	34	-	-	PUNCT
fsr-3996	159	35	paying	pay	VERB
fsr-3996	159	36	stocks	stock	NOUN
fsr-3996	159	37	.	.	PUNCT
fsr-3996	160	1	each	each	DET
fsr-3996	160	2	year	year	NOUN
fsr-3996	160	3	,	,	PUNCT
fsr-3996	160	4	we	we	PRON
fsr-3996	160	5	generate	generate	VERB
fsr-3996	160	6	a	a	DET
fsr-3996	160	7	set	set	NOUN
fsr-3996	160	8	of	of	ADP
fsr-3996	160	9	25	25	NUM
fsr-3996	160	10	stock	stock	NOUN
fsr-3996	160	11	returns	return	NOUN
fsr-3996	160	12	with	with	ADP
fsr-3996	160	13	mean	mean	PROPN
fsr-3996	160	14	8	8	NUM
fsr-3996	160	15	%	%	NOUN
fsr-3996	160	16	,	,	PUNCT
fsr-3996	160	17	standard	standard	ADJ
fsr-3996	160	18	deviation	deviation	NOUN
fsr-3996	160	19	40	40	NUM
fsr-3996	160	20	%	%	NOUN
fsr-3996	160	21	,	,	PUNCT
fsr-3996	160	22	contemporaneous	contemporaneous	ADJ
fsr-3996	160	23	correlation	correlation	NOUN
fsr-3996	160	24	0.25	0.25	NUM
fsr-3996	160	25	,	,	PUNCT
fsr-3996	160	26	and	and	CCONJ
fsr-3996	160	27	no	no	DET
fsr-3996	160	28	intertemporal	intertemporal	ADJ
fsr-3996	160	29	correlation	correlation	NOUN
fsr-3996	160	30	.	.	PUNCT
fsr-3996	161	1	capital	capital	NOUN
fsr-3996	161	2	losses	loss	NOUN
fsr-3996	161	3	are	be	AUX
fsr-3996	161	4	always	always	ADV
fsr-3996	161	5	realized	realize	VERB
fsr-3996	161	6	annually	annually	ADV
fsr-3996	161	7	.	.	PUNCT
fsr-3996	162	1	a	a	DET
fsr-3996	162	2	maximum	maximum	ADJ
fsr-3996	162	3	weight	weight	NOUN
fsr-3996	162	4	is	be	AUX
fsr-3996	162	5	defined	define	VERB
fsr-3996	162	6	which	which	PRON
fsr-3996	162	7	no	no	DET
fsr-3996	162	8	stock	stock	NOUN
fsr-3996	162	9	may	may	AUX
fsr-3996	162	10	exceed	exceed	VERB
fsr-3996	162	11	in	in	ADP
fsr-3996	162	12	the	the	DET
fsr-3996	162	13	portfolio	portfolio	NOUN
fsr-3996	162	14	;	;	PUNCT
fsr-3996	162	15	if	if	SCONJ
fsr-3996	162	16	any	any	DET
fsr-3996	162	17	stock	stock	NOUN
fsr-3996	162	18	’s	’s	PART
fsr-3996	162	19	weight	weight	NOUN
fsr-3996	162	20	is	be	AUX
fsr-3996	162	21	over	over	ADP
fsr-3996	162	22	the	the	DET
fsr-3996	162	23	limit	limit	NOUN
fsr-3996	162	24	at	at	ADP
fsr-3996	162	25	the	the	DET
fsr-3996	162	26	end	end	NOUN
fsr-3996	162	27	of	of	ADP
fsr-3996	162	28	a	a	DET
fsr-3996	162	29	year	year	NOUN
fsr-3996	162	30	,	,	PUNCT
fsr-3996	162	31	enough	enough	ADJ
fsr-3996	162	32	shares	share	NOUN
fsr-3996	162	33	are	be	AUX
fsr-3996	162	34	sold	sell	VERB
fsr-3996	162	35	to	to	PART
fsr-3996	162	36	bring	bring	VERB
fsr-3996	162	37	its	its	PRON
fsr-3996	162	38	weight	weight	NOUN
fsr-3996	162	39	down	down	ADP
fsr-3996	162	40	to	to	ADP
fsr-3996	162	41	the	the	DET
fsr-3996	162	42	limit	limit	NOUN
fsr-3996	162	43	.	.	PUNCT
fsr-3996	163	1	net	net	ADJ
fsr-3996	163	2	capital	capital	NOUN
fsr-3996	163	3	losses	loss	NOUN
fsr-3996	163	4	(	(	PUNCT
fsr-3996	163	5	up	up	ADP
fsr-3996	163	6	to	to	PART
fsr-3996	163	7	$	$	SYM
fsr-3996	163	8	3,000	3,000	NUM
fsr-3996	163	9	per	per	ADP
fsr-3996	163	10	year	year	NOUN
fsr-3996	163	11	)	)	PUNCT
fsr-3996	163	12	are	be	AUX
fsr-3996	163	13	deducted	deduct	VERB
fsr-3996	163	14	against	against	ADP
fsr-3996	163	15	ordinary	ordinary	ADJ
fsr-3996	163	16	income	income	NOUN
fsr-3996	163	17	(	(	PUNCT
fsr-3996	163	18	which	which	PRON
fsr-3996	163	19	is	be	AUX
fsr-3996	163	20	taxed	tax	VERB
fsr-3996	163	21	at	at	ADP
fsr-3996	163	22	24	24	NUM
fsr-3996	163	23	%	%	NOUN
fsr-3996	163	24	)	)	PUNCT
fsr-3996	163	25	,	,	PUNCT
fsr-3996	163	26	and	and	CCONJ
fsr-3996	163	27	net	net	ADJ
fsr-3996	163	28	capital	capital	NOUN
fsr-3996	163	29	gains	gain	NOUN
fsr-3996	163	30	are	be	AUX
fsr-3996	163	31	taxed	tax	VERB
fsr-3996	163	32	at	at	ADP
fsr-3996	163	33	15	15	NUM
fsr-3996	163	34	%	%	NOUN
fsr-3996	163	35	.	.	PUNCT
fsr-3996	164	1	after	after	ADP
fsr-3996	164	2	-	-	PUNCT
fsr-3996	164	3	tax	tax	NOUN
fsr-3996	164	4	proceeds	proceed	NOUN
fsr-3996	164	5	from	from	ADP
fsr-3996	164	6	stock	stock	NOUN
fsr-3996	164	7	sales	sale	NOUN
fsr-3996	164	8	are	be	AUX
fsr-3996	164	9	reinvested	reinveste	VERB
fsr-3996	164	10	in	in	ADP
fsr-3996	164	11	the	the	DET
fsr-3996	164	12	portfolio	portfolio	NOUN
fsr-3996	164	13	’s	’s	PART
fsr-3996	164	14	least	least	ADV
fsr-3996	164	15	-	-	PUNCT
fsr-3996	164	16	weighted	weight	VERB
fsr-3996	164	17	stocks	stock	NOUN
fsr-3996	164	18	.	.	PUNCT
fsr-3996	165	1	the	the	DET
fsr-3996	165	2	final	final	ADJ
fsr-3996	165	3	after	after	ADP
fsr-3996	165	4	-	-	PUNCT
fsr-3996	165	5	tax	tax	NOUN
fsr-3996	165	6	wealth	wealth	NOUN
fsr-3996	165	7	at	at	ADP
fsr-3996	165	8	the	the	DET
fsr-3996	165	9	end	end	NOUN
fsr-3996	165	10	of	of	ADP
fsr-3996	165	11	the	the	DET
fsr-3996	165	12	horizon	horizon	NOUN
fsr-3996	165	13	is	be	AUX
fsr-3996	165	14	compared	compare	VERB
fsr-3996	165	15	to	to	ADP
fsr-3996	165	16	a	a	DET
fsr-3996	165	17	buy	buy	VERB
fsr-3996	165	18	-	-	PUNCT
fsr-3996	165	19	and	and	CCONJ
fsr-3996	165	20	-	-	PUNCT
fsr-3996	165	21	hold	hold	VERB
fsr-3996	165	22	portfolio	portfolio	NOUN
fsr-3996	165	23	over	over	ADP
fsr-3996	165	24	the	the	DET
fsr-3996	165	25	same	same	ADJ
fsr-3996	165	26	period	period	NOUN
fsr-3996	165	27	.	.	PUNCT
fsr-3996	166	1	the	the	DET
fsr-3996	166	2	simulation	simulation	NOUN
fsr-3996	166	3	is	be	AUX
fsr-3996	166	4	repeated	repeat	VERB
fsr-3996	166	5	1,000,000	1,000,000	NUM
fsr-3996	166	6	times	time	NOUN
fsr-3996	166	7	for	for	ADP
fsr-3996	166	8	investment	investment	NOUN
fsr-3996	166	9	horizons	horizon	NOUN
fsr-3996	166	10	from	from	ADP
fsr-3996	166	11	10	10	NUM
fsr-3996	166	12	to	to	PART
fsr-3996	166	13	50	50	NUM
fsr-3996	166	14	years	year	NOUN
fsr-3996	166	15	and	and	CCONJ
fsr-3996	166	16	for	for	ADP
fsr-3996	166	17	maximum	maximum	ADJ
fsr-3996	166	18	stock	stock	NOUN
fsr-3996	166	19	weights	weight	NOUN
fsr-3996	166	20	from	from	ADP
fsr-3996	166	21	4	4	NUM
fsr-3996	166	22	%	%	NOUN
fsr-3996	166	23	to	to	PART
fsr-3996	166	24	20	20	NUM
fsr-3996	166	25	%	%	NOUN
fsr-3996	166	26	.	.	PUNCT
fsr-3996	167	1	for	for	ADP
fsr-3996	167	2	each	each	DET
fsr-3996	167	3	horizon	horizon	NOUN
fsr-3996	167	4	and	and	CCONJ
fsr-3996	167	5	maximum	maximum	ADJ
fsr-3996	167	6	weight	weight	NOUN
fsr-3996	167	7	,	,	PUNCT
fsr-3996	167	8	this	this	DET
fsr-3996	167	9	graph	graph	NOUN
fsr-3996	167	10	shows	show	VERB
fsr-3996	167	11	the	the	DET
fsr-3996	167	12	median	median	ADJ
fsr-3996	167	13	percentage	percentage	NOUN
fsr-3996	167	14	by	by	ADP
fsr-3996	167	15	which	which	PRON
fsr-3996	167	16	the	the	DET
fsr-3996	167	17	simulated	simulated	ADJ
fsr-3996	167	18	portfolio	portfolio	NOUN
fsr-3996	167	19	’s	’s	PART
fsr-3996	167	20	terminal	terminal	ADJ
fsr-3996	167	21	value	value	NOUN
fsr-3996	167	22	exceeds	exceed	VERB
fsr-3996	167	23	that	that	PRON
fsr-3996	167	24	of	of	ADP
fsr-3996	167	25	the	the	DET
fsr-3996	167	26	buy	buy	VERB
fsr-3996	167	27	-	-	PUNCT
fsr-3996	167	28	and	and	CCONJ
fsr-3996	167	29	-	-	PUNCT
fsr-3996	167	30	hold	hold	VERB
fsr-3996	167	31	portfolio	portfolio	NOUN
fsr-3996	167	32	.	.	PUNCT
fsr-3996	168	1	figure	figure	NOUN
fsr-3996	168	2	1	1	NUM
fsr-3996	168	3	shows	show	VERB
fsr-3996	168	4	the	the	DET
fsr-3996	168	5	median	median	ADJ
fsr-3996	168	6	percentage	percentage	NOUN
fsr-3996	168	7	increase	increase	NOUN
fsr-3996	168	8	in	in	ADP
fsr-3996	168	9	after	after	ADP
fsr-3996	168	10	-	-	PUNCT
fsr-3996	168	11	tax	tax	NOUN
fsr-3996	168	12	terminal	terminal	ADJ
fsr-3996	168	13	wealth	wealth	NOUN
fsr-3996	168	14	(	(	PUNCT
fsr-3996	168	15	again	again	ADV
fsr-3996	168	16	,	,	PUNCT
fsr-3996	168	17	relative	relative	ADJ
fsr-3996	168	18	to	to	ADP
fsr-3996	168	19	a	a	DET
fsr-3996	168	20	buyand	buyand	NOUN
fsr-3996	168	21	-	-	PUNCT
fsr-3996	168	22	hold	hold	NOUN
fsr-3996	168	23	strategy	strategy	NOUN
fsr-3996	168	24	)	)	PUNCT
fsr-3996	168	25	for	for	ADP
fsr-3996	168	26	different	different	ADJ
fsr-3996	168	27	portfolio	portfolio	NOUN
fsr-3996	168	28	weight	weight	NOUN
fsr-3996	168	29	limits	limit	NOUN
fsr-3996	168	30	that	that	SCONJ
fsr-3996	168	31	an	an	DET
fsr-3996	168	32	investor	investor	NOUN
fsr-3996	168	33	may	may	AUX
fsr-3996	168	34	set	set	VERB
fsr-3996	168	35	.	.	PUNCT
fsr-3996	169	1	for	for	ADP
fsr-3996	169	2	10and	10and	PROPN
fsr-3996	169	3	20year	20year	NUM
fsr-3996	169	4	horizons	horizon	NOUN
fsr-3996	169	5	,	,	PUNCT
fsr-3996	169	6	a	a	DET
fsr-3996	169	7	5	5	NUM
fsr-3996	169	8	%	%	NOUN
fsr-3996	169	9	weight	weight	NOUN
fsr-3996	169	10	limit	limit	NOUN
fsr-3996	169	11	is	be	AUX
fsr-3996	169	12	optimal	optimal	ADJ
fsr-3996	169	13	,	,	PUNCT
fsr-3996	169	14	although	although	SCONJ
fsr-3996	169	15	there	there	PRON
fsr-3996	169	16	is	be	VERB
fsr-3996	169	17	less	less	ADJ
fsr-3996	169	18	variation	variation	NOUN
fsr-3996	169	19	between	between	ADP
fsr-3996	169	20	the	the	DET
fsr-3996	169	21	outcomes	outcome	NOUN
fsr-3996	169	22	of	of	ADP
fsr-3996	169	23	the	the	DET
fsr-3996	169	24	alternative	alternative	ADJ
fsr-3996	169	25	strategies	strategy	NOUN
fsr-3996	169	26	over	over	ADP
fsr-3996	169	27	these	these	DET
fsr-3996	169	28	shorter	short	ADJ
fsr-3996	169	29	time	time	NOUN
fsr-3996	169	30	frames	frame	NOUN
fsr-3996	169	31	.	.	PUNCT
fsr-3996	170	1	for	for	ADP
fsr-3996	170	2	30or	30or	ADJ
fsr-3996	170	3	40	40	NUM
fsr-3996	170	4	-	-	PUNCT
fsr-3996	170	5	year	year	NOUN
fsr-3996	170	6	horizons	horizon	NOUN
fsr-3996	170	7	,	,	PUNCT
fsr-3996	170	8	a	a	DET
fsr-3996	170	9	6	6	NUM
fsr-3996	170	10	%	%	NOUN
fsr-3996	170	11	weight	weight	NOUN
fsr-3996	170	12	limit	limit	NOUN
fsr-3996	170	13	does	do	AUX
fsr-3996	170	14	slightly	slightly	ADV
fsr-3996	170	15	better	well	ADJ
fsr-3996	170	16	.	.	PUNCT
fsr-3996	171	1	over	over	ADP
fsr-3996	171	2	50	50	NUM
fsr-3996	171	3	years	year	NOUN
fsr-3996	171	4	,	,	PUNCT
fsr-3996	171	5	median	median	ADJ
fsr-3996	171	6	terminal	terminal	NOUN
fsr-3996	171	7	wealth	wealth	NOUN
fsr-3996	171	8	is	be	AUX
fsr-3996	171	9	maximized	maximize	VERB
fsr-3996	171	10	by	by	ADP
fsr-3996	171	11	setting	set	VERB
fsr-3996	171	12	a	a	DET
fsr-3996	171	13	7	7	NUM
fsr-3996	171	14	%	%	NOUN
fsr-3996	171	15	weight	weight	NOUN
fsr-3996	171	16	limit	limit	NOUN
fsr-3996	171	17	.	.	PUNCT
fsr-3996	172	1	beyond	beyond	ADP
fsr-3996	172	2	that	that	DET
fsr-3996	172	3	point	point	NOUN
fsr-3996	172	4	,	,	PUNCT
fsr-3996	172	5	terminal	terminal	ADJ
fsr-3996	172	6	wealth	wealth	NOUN
fsr-3996	172	7	steadily	steadily	ADV
fsr-3996	172	8	declines	decline	VERB
fsr-3996	172	9	as	as	ADP
fsr-3996	172	10	the	the	DET
fsr-3996	172	11	portfolio	portfolio	NOUN
fsr-3996	172	12	0	0	NUM
fsr-3996	172	13	%	%	NOUN
fsr-3996	172	14	10	10	NUM
fsr-3996	172	15	%	%	NOUN
fsr-3996	172	16	20	20	NUM
fsr-3996	172	17	%	%	NOUN
fsr-3996	172	18	30	30	NUM
fsr-3996	172	19	%	%	NOUN
fsr-3996	172	20	40	40	NUM
fsr-3996	172	21	%	%	NOUN
fsr-3996	172	22	50	50	NUM
fsr-3996	172	23	%	%	NOUN
fsr-3996	172	24	60	60	NUM
fsr-3996	172	25	%	%	NOUN
fsr-3996	172	26	70	70	NUM
fsr-3996	172	27	%	%	NOUN
fsr-3996	172	28	80	80	NUM
fsr-3996	172	29	%	%	NOUN
fsr-3996	172	30	4	4	NUM
fsr-3996	172	31	%	%	NOUN
fsr-3996	172	32	8	8	NUM
fsr-3996	172	33	%	%	NOUN
fsr-3996	172	34	12	12	NUM
fsr-3996	172	35	%	%	NOUN
fsr-3996	172	36	16	16	NUM
fsr-3996	172	37	%	%	NOUN
fsr-3996	172	38	20	20	NUM
fsr-3996	172	39	%	%	NOUN
fsr-3996	172	40	m	m	NOUN
fsr-3996	172	41	e	e	NOUN
fsr-3996	172	42	d	d	X
fsr-3996	172	43	ia	ia	PROPN
fsr-3996	172	44	n	n	X
fsr-3996	172	45	in	in	ADP
fsr-3996	172	46	cr	cr	X
fsr-3996	172	47	e	e	PROPN
fsr-3996	172	48	as	as	ADP
fsr-3996	172	49	e	e	PROPN
fsr-3996	172	50	in	in	ADP
fsr-3996	172	51	a	a	DET
fsr-3996	172	52	ft	ft	NOUN
fsr-3996	172	53	e	e	NOUN
fsr-3996	172	54	rta	rta	PROPN
fsr-3996	172	55	x	x	PUNCT
fsr-3996	172	56	te	te	PROPN
fsr-3996	172	57	rm	rm	PROPN
fsr-3996	172	58	in	in	ADP
fsr-3996	172	59	al	al	PROPN
fsr-3996	172	60	w	w	PROPN
fsr-3996	172	61	ea	ea	PROPN
fsr-3996	172	62	lt	lt	PRON
fsr-3996	172	63	h	h	PROPN
fsr-3996	173	1	maximum	maximum	PROPN
fsr-3996	173	2	portfolio	portfolio	NOUN
fsr-3996	173	3	weight	weight	NOUN
fsr-3996	173	4	allowed	allow	VERB
fsr-3996	173	5	for	for	ADP
fsr-3996	173	6	any	any	DET
fsr-3996	173	7	one	one	NUM
fsr-3996	173	8	stock	stock	NOUN
fsr-3996	173	9	whitworth	whitworth	PROPN
fsr-3996	173	10	21	21	NUM
fsr-3996	173	11	weight	weight	NOUN
fsr-3996	173	12	limit	limit	NOUN
fsr-3996	173	13	is	be	AUX
fsr-3996	173	14	raised	raise	VERB
fsr-3996	173	15	,	,	PUNCT
fsr-3996	173	16	and	and	CCONJ
fsr-3996	173	17	the	the	DET
fsr-3996	173	18	differences	difference	NOUN
fsr-3996	173	19	in	in	ADP
fsr-3996	173	20	wealth	wealth	NOUN
fsr-3996	173	21	are	be	AUX
fsr-3996	173	22	especially	especially	ADV
fsr-3996	173	23	notable	notable	ADJ
fsr-3996	173	24	over	over	ADP
fsr-3996	173	25	longer	long	ADJ
fsr-3996	173	26	horizons	horizon	NOUN
fsr-3996	173	27	.	.	PUNCT
fsr-3996	174	1	given	give	VERB
fsr-3996	174	2	the	the	DET
fsr-3996	174	3	assumptions	assumption	NOUN
fsr-3996	174	4	of	of	ADP
fsr-3996	174	5	our	our	PRON
fsr-3996	174	6	simulation	simulation	NOUN
fsr-3996	174	7	,	,	PUNCT
fsr-3996	174	8	near	near	ADV
fsr-3996	174	9	-	-	PUNCT
fsr-3996	174	10	complete	complete	ADJ
fsr-3996	174	11	diversification	diversification	NOUN
fsr-3996	174	12	is	be	AUX
fsr-3996	174	13	best	good	ADJ
fsr-3996	174	14	.	.	PUNCT
fsr-3996	175	1	it	it	PRON
fsr-3996	175	2	should	should	AUX
fsr-3996	175	3	be	be	AUX
fsr-3996	175	4	noted	note	VERB
fsr-3996	175	5	here	here	ADV
fsr-3996	175	6	that	that	SCONJ
fsr-3996	175	7	“	"	PUNCT
fsr-3996	175	8	best	good	ADJ
fsr-3996	175	9	”	"	PUNCT
fsr-3996	175	10	refers	refer	VERB
fsr-3996	175	11	only	only	ADV
fsr-3996	175	12	to	to	ADP
fsr-3996	175	13	the	the	DET
fsr-3996	175	14	policy	policy	NOUN
fsr-3996	175	15	that	that	PRON
fsr-3996	175	16	maximizes	maximize	VERB
fsr-3996	175	17	median	median	ADJ
fsr-3996	175	18	terminal	terminal	ADJ
fsr-3996	175	19	wealth	wealth	NOUN
fsr-3996	175	20	.	.	PUNCT
fsr-3996	176	1	in	in	ADP
fsr-3996	176	2	practice	practice	NOUN
fsr-3996	176	3	,	,	PUNCT
fsr-3996	176	4	investors	investor	NOUN
fsr-3996	176	5	may	may	AUX
fsr-3996	176	6	be	be	AUX
fsr-3996	176	7	willing	willing	ADJ
fsr-3996	176	8	to	to	PART
fsr-3996	176	9	sacrifice	sacrifice	VERB
fsr-3996	176	10	some	some	DET
fsr-3996	176	11	wealth	wealth	NOUN
fsr-3996	176	12	in	in	ADP
fsr-3996	176	13	exchange	exchange	NOUN
fsr-3996	176	14	for	for	ADP
fsr-3996	176	15	lower	low	ADJ
fsr-3996	176	16	portfolio	portfolio	NOUN
fsr-3996	176	17	volatility	volatility	NOUN
fsr-3996	176	18	.	.	PUNCT
fsr-3996	177	1	although	although	SCONJ
fsr-3996	177	2	we	we	PRON
fsr-3996	177	3	do	do	AUX
fsr-3996	177	4	not	not	PART
fsr-3996	177	5	attempt	attempt	VERB
fsr-3996	177	6	here	here	ADV
fsr-3996	177	7	to	to	PART
fsr-3996	177	8	explicitly	explicitly	ADV
fsr-3996	177	9	model	model	VERB
fsr-3996	177	10	the	the	DET
fsr-3996	177	11	investor	investor	NOUN
fsr-3996	177	12	’s	’s	PART
fsr-3996	177	13	utility	utility	NOUN
fsr-3996	177	14	as	as	ADP
fsr-3996	177	15	a	a	DET
fsr-3996	177	16	function	function	NOUN
fsr-3996	177	17	of	of	ADP
fsr-3996	177	18	risk	risk	NOUN
fsr-3996	177	19	and	and	CCONJ
fsr-3996	177	20	expected	expect	VERB
fsr-3996	177	21	return	return	NOUN
fsr-3996	177	22	,	,	PUNCT
fsr-3996	177	23	we	we	PRON
fsr-3996	177	24	acknowledge	acknowledge	VERB
fsr-3996	177	25	that	that	SCONJ
fsr-3996	177	26	in	in	ADP
fsr-3996	177	27	many	many	ADJ
fsr-3996	177	28	cases	case	NOUN
fsr-3996	177	29	the	the	DET
fsr-3996	177	30	portfolio	portfolio	NOUN
fsr-3996	177	31	“	"	PUNCT
fsr-3996	177	32	weight	weight	NOUN
fsr-3996	177	33	limit	limit	NOUN
fsr-3996	177	34	”	"	PUNCT
fsr-3996	177	35	that	that	PRON
fsr-3996	177	36	maximizes	maximize	VERB
fsr-3996	177	37	utility	utility	NOUN
fsr-3996	177	38	may	may	AUX
fsr-3996	177	39	be	be	AUX
fsr-3996	177	40	slightly	slightly	ADV
fsr-3996	177	41	lower	low	ADJ
fsr-3996	177	42	than	than	ADP
fsr-3996	177	43	the	the	DET
fsr-3996	177	44	one	one	NOUN
fsr-3996	177	45	that	that	PRON
fsr-3996	177	46	maximizes	maximize	VERB
fsr-3996	177	47	expected	expect	VERB
fsr-3996	177	48	wealth	wealth	NOUN
fsr-3996	177	49	.	.	PUNCT
fsr-3996	178	1	for	for	ADP
fsr-3996	178	2	example	example	NOUN
fsr-3996	178	3	,	,	PUNCT
fsr-3996	178	4	in	in	ADP
fsr-3996	178	5	the	the	DET
fsr-3996	178	6	preceding	precede	VERB
fsr-3996	178	7	example	example	NOUN
fsr-3996	178	8	,	,	PUNCT
fsr-3996	178	9	instead	instead	ADV
fsr-3996	178	10	of	of	ADP
fsr-3996	178	11	setting	set	VERB
fsr-3996	178	12	the	the	DET
fsr-3996	178	13	weight	weight	NOUN
fsr-3996	178	14	limit	limit	NOUN
fsr-3996	178	15	at	at	ADP
fsr-3996	178	16	7	7	NUM
fsr-3996	178	17	%	%	NOUN
fsr-3996	178	18	,	,	PUNCT
fsr-3996	178	19	an	an	DET
fsr-3996	178	20	investor	investor	NOUN
fsr-3996	178	21	with	with	ADP
fsr-3996	178	22	a	a	DET
fsr-3996	178	23	50	50	NUM
fsr-3996	178	24	-	-	PUNCT
fsr-3996	178	25	year	year	NOUN
fsr-3996	178	26	horizon	horizon	NOUN
fsr-3996	178	27	would	would	AUX
fsr-3996	178	28	almost	almost	ADV
fsr-3996	178	29	certainly	certainly	ADV
fsr-3996	178	30	prefer	prefer	VERB
fsr-3996	178	31	to	to	PART
fsr-3996	178	32	set	set	VERB
fsr-3996	178	33	it	it	PRON
fsr-3996	178	34	at	at	ADP
fsr-3996	178	35	6	6	NUM
fsr-3996	178	36	%	%	NOUN
fsr-3996	178	37	or	or	CCONJ
fsr-3996	178	38	even	even	ADV
fsr-3996	178	39	5	5	NUM
fsr-3996	178	40	%	%	NOUN
fsr-3996	178	41	because	because	SCONJ
fsr-3996	178	42	doing	do	VERB
fsr-3996	178	43	so	so	ADV
fsr-3996	178	44	will	will	AUX
fsr-3996	178	45	reduce	reduce	VERB
fsr-3996	178	46	portfolio	portfolio	NOUN
fsr-3996	178	47	risk	risk	NOUN
fsr-3996	178	48	while	while	SCONJ
fsr-3996	178	49	sacrificing	sacrifice	VERB
fsr-3996	178	50	only	only	ADV
fsr-3996	178	51	a	a	DET
fsr-3996	178	52	negligible	negligible	ADJ
fsr-3996	178	53	amount	amount	NOUN
fsr-3996	178	54	of	of	ADP
fsr-3996	178	55	median	median	ADJ
fsr-3996	178	56	terminal	terminal	ADJ
fsr-3996	178	57	wealth	wealth	NOUN
fsr-3996	178	58	.	.	PUNCT
fsr-3996	179	1	(	(	PUNCT
fsr-3996	179	2	it	it	PRON
fsr-3996	179	3	is	be	AUX
fsr-3996	179	4	less	less	ADV
fsr-3996	179	5	clear	clear	ADJ
fsr-3996	179	6	whether	whether	SCONJ
fsr-3996	179	7	they	they	PRON
fsr-3996	179	8	would	would	AUX
fsr-3996	179	9	lower	lower	VERB
fsr-3996	179	10	it	it	PRON
fsr-3996	179	11	further	far	ADV
fsr-3996	179	12	to	to	ADP
fsr-3996	179	13	4	4	NUM
fsr-3996	179	14	%	%	NOUN
fsr-3996	179	15	since	since	SCONJ
fsr-3996	179	16	that	that	PRON
fsr-3996	179	17	would	would	AUX
fsr-3996	179	18	reduce	reduce	VERB
fsr-3996	179	19	median	median	ADJ
fsr-3996	179	20	wealth	wealth	NOUN
fsr-3996	179	21	more	more	ADV
fsr-3996	179	22	discernibly	discernibly	ADV
fsr-3996	179	23	.	.	PUNCT
fsr-3996	179	24	)	)	PUNCT
fsr-3996	180	1	nevertheless	nevertheless	ADV
fsr-3996	180	2	,	,	PUNCT
fsr-3996	180	3	median	median	ADJ
fsr-3996	180	4	terminal	terminal	NOUN
fsr-3996	180	5	wealth	wealth	NOUN
fsr-3996	180	6	is	be	AUX
fsr-3996	180	7	a	a	DET
fsr-3996	180	8	key	key	ADJ
fsr-3996	180	9	measure	measure	NOUN
fsr-3996	180	10	of	of	ADP
fsr-3996	180	11	the	the	DET
fsr-3996	180	12	effectiveness	effectiveness	NOUN
fsr-3996	180	13	of	of	ADP
fsr-3996	180	14	any	any	DET
fsr-3996	180	15	investment	investment	NOUN
fsr-3996	180	16	strategy	strategy	NOUN
fsr-3996	180	17	,	,	PUNCT
fsr-3996	180	18	so	so	CCONJ
fsr-3996	180	19	it	it	PRON
fsr-3996	180	20	is	be	AUX
fsr-3996	180	21	a	a	DET
fsr-3996	180	22	reasonable	reasonable	ADJ
fsr-3996	180	23	starting	starting	NOUN
fsr-3996	180	24	point	point	NOUN
fsr-3996	180	25	for	for	ADP
fsr-3996	180	26	the	the	DET
fsr-3996	180	27	discussion	discussion	NOUN
fsr-3996	180	28	.	.	PUNCT
fsr-3996	181	1	portfolio	portfolio	NOUN
fsr-3996	181	2	risk	risk	NOUN
fsr-3996	181	3	(	(	PUNCT
fsr-3996	181	4	as	as	SCONJ
fsr-3996	181	5	measured	measure	VERB
fsr-3996	181	6	by	by	ADP
fsr-3996	181	7	the	the	DET
fsr-3996	181	8	standard	standard	ADJ
fsr-3996	181	9	deviation	deviation	NOUN
fsr-3996	181	10	of	of	ADP
fsr-3996	181	11	terminal	terminal	ADJ
fsr-3996	181	12	wealth	wealth	NOUN
fsr-3996	181	13	)	)	PUNCT
fsr-3996	181	14	is	be	AUX
fsr-3996	181	15	an	an	DET
fsr-3996	181	16	increasing	increase	VERB
fsr-3996	181	17	function	function	NOUN
fsr-3996	181	18	of	of	ADP
fsr-3996	181	19	the	the	DET
fsr-3996	181	20	weight	weight	NOUN
fsr-3996	181	21	limit	limit	NOUN
fsr-3996	181	22	since	since	SCONJ
fsr-3996	181	23	a	a	DET
fsr-3996	181	24	higher	high	ADJ
fsr-3996	181	25	weight	weight	NOUN
fsr-3996	181	26	limit	limit	NOUN
fsr-3996	181	27	leads	lead	VERB
fsr-3996	181	28	to	to	ADP
fsr-3996	181	29	greater	great	ADJ
fsr-3996	181	30	portfolio	portfolio	NOUN
fsr-3996	181	31	concentration	concentration	NOUN
fsr-3996	181	32	and	and	CCONJ
fsr-3996	181	33	less	less	ADJ
fsr-3996	181	34	diversification	diversification	NOUN
fsr-3996	181	35	over	over	ADP
fsr-3996	181	36	time	time	NOUN
fsr-3996	181	37	.	.	PUNCT
fsr-3996	182	1	however	however	ADV
fsr-3996	182	2	,	,	PUNCT
fsr-3996	182	3	it	it	PRON
fsr-3996	182	4	is	be	AUX
fsr-3996	182	5	not	not	PART
fsr-3996	182	6	immediately	immediately	ADV
fsr-3996	182	7	clear	clear	ADJ
fsr-3996	182	8	whether	whether	SCONJ
fsr-3996	182	9	the	the	DET
fsr-3996	182	10	weight	weight	NOUN
fsr-3996	182	11	limit	limit	NOUN
fsr-3996	182	12	is	be	AUX
fsr-3996	182	13	always	always	ADV
fsr-3996	182	14	positively	positively	ADV
fsr-3996	182	15	related	relate	VERB
fsr-3996	182	16	to	to	ADP
fsr-3996	182	17	shortfall	shortfall	NOUN
fsr-3996	182	18	risk	risk	NOUN
fsr-3996	182	19	(	(	PUNCT
fsr-3996	182	20	i.e.	i.e.	X
fsr-3996	182	21	,	,	PUNCT
fsr-3996	182	22	the	the	DET
fsr-3996	182	23	risk	risk	NOUN
fsr-3996	182	24	of	of	ADP
fsr-3996	182	25	earning	earn	VERB
fsr-3996	182	26	less	less	ADJ
fsr-3996	182	27	than	than	ADP
fsr-3996	182	28	a	a	DET
fsr-3996	182	29	predetermined	predetermine	VERB
fsr-3996	182	30	rate	rate	NOUN
fsr-3996	182	31	of	of	ADP
fsr-3996	182	32	return	return	NOUN
fsr-3996	182	33	)	)	PUNCT
fsr-3996	182	34	.	.	PUNCT
fsr-3996	183	1	figure	figure	NOUN
fsr-3996	183	2	2	2	NUM
fsr-3996	183	3	shows	show	VERB
fsr-3996	183	4	the	the	DET
fsr-3996	183	5	probability	probability	NOUN
fsr-3996	183	6	of	of	ADP
fsr-3996	183	7	ending	end	VERB
fsr-3996	183	8	up	up	ADP
fsr-3996	183	9	with	with	ADP
fsr-3996	183	10	a	a	DET
fsr-3996	183	11	negative	negative	ADJ
fsr-3996	183	12	overall	overall	ADJ
fsr-3996	183	13	return	return	NOUN
fsr-3996	183	14	for	for	ADP
fsr-3996	183	15	different	different	ADJ
fsr-3996	183	16	strategies	strategy	NOUN
fsr-3996	183	17	.	.	PUNCT
fsr-3996	184	1	although	although	SCONJ
fsr-3996	184	2	the	the	DET
fsr-3996	184	3	differences	difference	NOUN
fsr-3996	184	4	are	be	AUX
fsr-3996	184	5	relatively	relatively	ADV
fsr-3996	184	6	modest	modest	ADJ
fsr-3996	184	7	across	across	ADP
fsr-3996	184	8	alternative	alternative	ADJ
fsr-3996	184	9	weight	weight	NOUN
fsr-3996	184	10	limits	limit	NOUN
fsr-3996	184	11	,	,	PUNCT
fsr-3996	184	12	shortfall	shortfall	NOUN
fsr-3996	184	13	risk	risk	NOUN
fsr-3996	184	14	is	be	AUX
fsr-3996	184	15	still	still	ADV
fsr-3996	184	16	a	a	DET
fsr-3996	184	17	monotonically	monotonically	ADV
fsr-3996	184	18	increasing	increase	VERB
fsr-3996	184	19	function	function	NOUN
fsr-3996	184	20	of	of	ADP
fsr-3996	184	21	portfolio	portfolio	NOUN
fsr-3996	184	22	concentration	concentration	NOUN
fsr-3996	184	23	.	.	PUNCT
fsr-3996	185	1	for	for	ADP
fsr-3996	185	2	each	each	DET
fsr-3996	185	3	horizon	horizon	NOUN
fsr-3996	185	4	length	length	NOUN
fsr-3996	185	5	,	,	PUNCT
fsr-3996	185	6	the	the	DET
fsr-3996	185	7	risk	risk	NOUN
fsr-3996	185	8	is	be	AUX
fsr-3996	185	9	lowest	low	ADJ
fsr-3996	185	10	with	with	ADP
fsr-3996	185	11	full	full	ADJ
fsr-3996	185	12	diversification	diversification	NOUN
fsr-3996	185	13	and	and	CCONJ
fsr-3996	185	14	steadily	steadily	ADV
fsr-3996	185	15	increases	increase	VERB
fsr-3996	185	16	as	as	SCONJ
fsr-3996	185	17	higher	high	ADJ
fsr-3996	185	18	portfolio	portfolio	NOUN
fsr-3996	185	19	weights	weight	NOUN
fsr-3996	185	20	are	be	AUX
fsr-3996	185	21	allowed	allow	VERB
fsr-3996	185	22	.	.	PUNCT
fsr-3996	186	1	figure	figure	VERB
fsr-3996	186	2	2	2	NUM
fsr-3996	186	3	.	.	PUNCT
fsr-3996	186	4	risk	risk	NOUN
fsr-3996	186	5	of	of	ADP
fsr-3996	186	6	negative	negative	ADJ
fsr-3996	186	7	overall	overall	ADJ
fsr-3996	186	8	return	return	NOUN
fsr-3996	186	9	for	for	ADP
fsr-3996	186	10	alternative	alternative	ADJ
fsr-3996	186	11	portfolio	portfolio	NOUN
fsr-3996	186	12	weight	weight	NOUN
fsr-3996	186	13	limits	limit	VERB
fsr-3996	186	14	the	the	DET
fsr-3996	186	15	simulation	simulation	NOUN
fsr-3996	186	16	procedure	procedure	NOUN
fsr-3996	186	17	is	be	AUX
fsr-3996	186	18	described	describe	VERB
fsr-3996	186	19	in	in	ADP
fsr-3996	186	20	figure	figure	NOUN
fsr-3996	186	21	1	1	NUM
fsr-3996	186	22	.	.	PUNCT
fsr-3996	187	1	for	for	ADP
fsr-3996	187	2	each	each	DET
fsr-3996	187	3	horizon	horizon	NOUN
fsr-3996	187	4	and	and	CCONJ
fsr-3996	187	5	maximum	maximum	ADJ
fsr-3996	187	6	stock	stock	NOUN
fsr-3996	187	7	weight	weight	NOUN
fsr-3996	187	8	,	,	PUNCT
fsr-3996	187	9	this	this	DET
fsr-3996	187	10	graph	graph	NOUN
fsr-3996	187	11	shows	show	VERB
fsr-3996	187	12	the	the	DET
fsr-3996	187	13	percentage	percentage	NOUN
fsr-3996	187	14	of	of	ADP
fsr-3996	187	15	outcomes	outcome	NOUN
fsr-3996	187	16	for	for	ADP
fsr-3996	187	17	which	which	PRON
fsr-3996	187	18	the	the	DET
fsr-3996	187	19	simulated	simulated	ADJ
fsr-3996	187	20	portfolio	portfolio	NOUN
fsr-3996	187	21	’s	’s	PART
fsr-3996	187	22	terminal	terminal	ADJ
fsr-3996	187	23	value	value	NOUN
fsr-3996	187	24	is	be	AUX
fsr-3996	187	25	less	less	ADJ
fsr-3996	187	26	than	than	ADP
fsr-3996	187	27	the	the	DET
fsr-3996	187	28	initial	initial	ADJ
fsr-3996	187	29	$	$	SYM
fsr-3996	187	30	250,000	250,000	NUM
fsr-3996	187	31	investment	investment	NOUN
fsr-3996	187	32	.	.	PUNCT
fsr-3996	188	1	0	0	NUM
fsr-3996	188	2	%	%	NOUN
fsr-3996	188	3	4	4	NUM
fsr-3996	188	4	%	%	NOUN
fsr-3996	188	5	8	8	NUM
fsr-3996	188	6	%	%	NOUN
fsr-3996	188	7	12	12	NUM
fsr-3996	188	8	%	%	NOUN
fsr-3996	188	9	16	16	NUM
fsr-3996	188	10	%	%	NOUN
fsr-3996	188	11	20	20	NUM
fsr-3996	188	12	%	%	NOUN
fsr-3996	188	13	4	4	NUM
fsr-3996	188	14	%	%	NOUN
fsr-3996	188	15	8	8	NUM
fsr-3996	188	16	%	%	NOUN
fsr-3996	188	17	12	12	NUM
fsr-3996	188	18	%	%	NOUN
fsr-3996	188	19	16	16	NUM
fsr-3996	188	20	%	%	NOUN
fsr-3996	188	21	20	20	NUM
fsr-3996	188	22	%	%	NOUN
fsr-3996	188	23	ze	ze	NOUN
fsr-3996	188	24	ro	ro	X
fsr-3996	188	25	-r	-r	PROPN
fsr-3996	188	26	e	e	PROPN
fsr-3996	188	27	tu	tu	PROPN
fsr-3996	188	28	rn	rn	PROPN
fsr-3996	188	29	s	s	PROPN
fsr-3996	188	30	h	h	NOUN
fsr-3996	189	1	o	o	INTJ
fsr-3996	189	2	rt	rt	INTJ
fsr-3996	189	3	fa	fa	INTJ
fsr-3996	189	4	ll	ll	AUX
fsr-3996	189	5	r	r	NOUN
fsr-3996	189	6	is	be	AUX
fsr-3996	189	7	k	k	PROPN
fsr-3996	189	8	maximum	maximum	PROPN
fsr-3996	189	9	portfolio	portfolio	NOUN
fsr-3996	189	10	weight	weight	NOUN
fsr-3996	189	11	allowed	allow	VERB
fsr-3996	189	12	for	for	ADP
fsr-3996	189	13	any	any	DET
fsr-3996	189	14	one	one	NUM
fsr-3996	189	15	stock	stock	NOUN
fsr-3996	189	16	financial	financial	ADJ
fsr-3996	189	17	services	service	NOUN
fsr-3996	189	18	review	review	PROPN
fsr-3996	189	19	,	,	PUNCT
fsr-3996	189	20	32(4	32(4	NUM
fsr-3996	189	21	)	)	PUNCT
fsr-3996	189	22	22	22	NUM
fsr-3996	189	23	if	if	SCONJ
fsr-3996	189	24	capital	capital	NOUN
fsr-3996	189	25	gains	gain	NOUN
fsr-3996	189	26	are	be	AUX
fsr-3996	189	27	untaxed	untaxe	VERB
fsr-3996	189	28	on	on	ADP
fsr-3996	189	29	the	the	DET
fsr-3996	189	30	terminal	terminal	ADJ
fsr-3996	189	31	date	date	NOUN
fsr-3996	189	32	so	so	ADV
fsr-3996	189	33	far	far	ADV
fsr-3996	189	34	,	,	PUNCT
fsr-3996	189	35	we	we	PRON
fsr-3996	189	36	have	have	AUX
fsr-3996	189	37	assumed	assume	VERB
fsr-3996	189	38	that	that	SCONJ
fsr-3996	189	39	all	all	DET
fsr-3996	189	40	unrealized	unrealized	ADJ
fsr-3996	189	41	capital	capital	NOUN
fsr-3996	189	42	gains	gain	NOUN
fsr-3996	189	43	are	be	AUX
fsr-3996	189	44	finally	finally	ADV
fsr-3996	189	45	taxed	tax	VERB
fsr-3996	189	46	when	when	SCONJ
fsr-3996	189	47	the	the	DET
fsr-3996	189	48	portfolio	portfolio	NOUN
fsr-3996	189	49	is	be	AUX
fsr-3996	189	50	liquidated	liquidate	VERB
fsr-3996	189	51	at	at	ADP
fsr-3996	189	52	the	the	DET
fsr-3996	189	53	end	end	NOUN
fsr-3996	189	54	of	of	ADP
fsr-3996	189	55	the	the	DET
fsr-3996	189	56	investment	investment	NOUN
fsr-3996	189	57	horizon	horizon	NOUN
fsr-3996	189	58	.	.	PUNCT
fsr-3996	190	1	this	this	PRON
fsr-3996	190	2	makes	make	VERB
fsr-3996	190	3	sense	sense	NOUN
fsr-3996	190	4	if	if	SCONJ
fsr-3996	190	5	we	we	PRON
fsr-3996	190	6	interpret	interpret	VERB
fsr-3996	190	7	the	the	DET
fsr-3996	190	8	terminal	terminal	ADJ
fsr-3996	190	9	date	date	NOUN
fsr-3996	190	10	as	as	ADP
fsr-3996	190	11	the	the	DET
fsr-3996	190	12	point	point	NOUN
fsr-3996	190	13	when	when	SCONJ
fsr-3996	190	14	the	the	DET
fsr-3996	190	15	individual	individual	NOUN
fsr-3996	190	16	intends	intend	VERB
fsr-3996	190	17	to	to	PART
fsr-3996	190	18	consume	consume	VERB
fsr-3996	190	19	the	the	DET
fsr-3996	190	20	wealth	wealth	NOUN
fsr-3996	190	21	they	they	PRON
fsr-3996	190	22	have	have	AUX
fsr-3996	190	23	accumulated	accumulate	VERB
fsr-3996	190	24	.	.	PUNCT
fsr-3996	191	1	however	however	ADV
fsr-3996	191	2	,	,	PUNCT
fsr-3996	191	3	other	other	ADJ
fsr-3996	191	4	interpretations	interpretation	NOUN
fsr-3996	191	5	are	be	AUX
fsr-3996	191	6	possible	possible	ADJ
fsr-3996	191	7	.	.	PUNCT
fsr-3996	192	1	for	for	ADP
fsr-3996	192	2	example	example	NOUN
fsr-3996	192	3	,	,	PUNCT
fsr-3996	192	4	if	if	SCONJ
fsr-3996	192	5	the	the	DET
fsr-3996	192	6	individual	individual	NOUN
fsr-3996	192	7	does	do	AUX
fsr-3996	192	8	not	not	PART
fsr-3996	192	9	intend	intend	VERB
fsr-3996	192	10	to	to	PART
fsr-3996	192	11	consume	consume	VERB
fsr-3996	192	12	the	the	DET
fsr-3996	192	13	assets	asset	NOUN
fsr-3996	192	14	in	in	ADP
fsr-3996	192	15	the	the	DET
fsr-3996	192	16	portfolio	portfolio	NOUN
fsr-3996	192	17	but	but	CCONJ
fsr-3996	192	18	instead	instead	ADV
fsr-3996	192	19	plans	plan	VERB
fsr-3996	192	20	to	to	PART
fsr-3996	192	21	pass	pass	VERB
fsr-3996	192	22	them	they	PRON
fsr-3996	192	23	on	on	ADP
fsr-3996	192	24	to	to	ADP
fsr-3996	192	25	heirs	heir	NOUN
fsr-3996	192	26	,	,	PUNCT
fsr-3996	192	27	the	the	DET
fsr-3996	192	28	terminal	terminal	ADJ
fsr-3996	192	29	date	date	NOUN
fsr-3996	192	30	might	might	AUX
fsr-3996	192	31	be	be	AUX
fsr-3996	192	32	interpreted	interpret	VERB
fsr-3996	192	33	as	as	ADP
fsr-3996	192	34	the	the	DET
fsr-3996	192	35	investor	investor	NOUN
fsr-3996	192	36	’s	’s	PART
fsr-3996	192	37	death	death	NOUN
fsr-3996	192	38	,	,	PUNCT
fsr-3996	192	39	at	at	ADP
fsr-3996	192	40	which	which	DET
fsr-3996	192	41	point	point	NOUN
fsr-3996	192	42	the	the	DET
fsr-3996	192	43	portfolio	portfolio	NOUN
fsr-3996	192	44	’s	’s	PART
fsr-3996	192	45	cost	cost	NOUN
fsr-3996	192	46	basis	basis	NOUN
fsr-3996	192	47	will	will	AUX
fsr-3996	192	48	be	be	AUX
fsr-3996	192	49	stepped	step	VERB
fsr-3996	192	50	up	up	ADP
fsr-3996	192	51	to	to	ADP
fsr-3996	192	52	current	current	ADJ
fsr-3996	192	53	market	market	NOUN
fsr-3996	192	54	value	value	NOUN
fsr-3996	192	55	,	,	PUNCT
fsr-3996	192	56	erasing	erase	VERB
fsr-3996	192	57	all	all	DET
fsr-3996	192	58	accrued	accrue	VERB
fsr-3996	192	59	capital	capital	NOUN
fsr-3996	192	60	gains	gain	NOUN
fsr-3996	192	61	tax	tax	NOUN
fsr-3996	192	62	liability	liability	NOUN
fsr-3996	192	63	for	for	ADP
fsr-3996	192	64	the	the	DET
fsr-3996	192	65	inheritors	inheritor	NOUN
fsr-3996	192	66	.	.	PUNCT
fsr-3996	193	1	if	if	SCONJ
fsr-3996	193	2	so	so	ADV
fsr-3996	193	3	,	,	PUNCT
fsr-3996	193	4	then	then	ADV
fsr-3996	193	5	it	it	PRON
fsr-3996	193	6	may	may	AUX
fsr-3996	193	7	make	make	VERB
fsr-3996	193	8	sense	sense	NOUN
fsr-3996	193	9	in	in	ADP
fsr-3996	193	10	some	some	DET
fsr-3996	193	11	situations	situation	NOUN
fsr-3996	193	12	to	to	PART
fsr-3996	193	13	continue	continue	VERB
fsr-3996	193	14	holding	hold	VERB
fsr-3996	193	15	appreciated	appreciated	ADJ
fsr-3996	193	16	stocks	stock	NOUN
fsr-3996	193	17	despite	despite	SCONJ
fsr-3996	193	18	the	the	DET
fsr-3996	193	19	increase	increase	NOUN
fsr-3996	193	20	in	in	ADP
fsr-3996	193	21	portfolio	portfolio	NOUN
fsr-3996	193	22	concentration	concentration	NOUN
fsr-3996	193	23	.	.	PUNCT
fsr-3996	194	1	we	we	PRON
fsr-3996	194	2	would	would	AUX
fsr-3996	194	3	not	not	PART
fsr-3996	194	4	expect	expect	VERB
fsr-3996	194	5	the	the	DET
fsr-3996	194	6	investor	investor	NOUN
fsr-3996	194	7	to	to	PART
fsr-3996	194	8	completely	completely	ADV
fsr-3996	194	9	ignore	ignore	VERB
fsr-3996	194	10	diversification	diversification	NOUN
fsr-3996	194	11	concerns	concern	NOUN
fsr-3996	194	12	,	,	PUNCT
fsr-3996	194	13	of	of	ADP
fsr-3996	194	14	course	course	NOUN
fsr-3996	194	15	,	,	PUNCT
fsr-3996	194	16	but	but	CCONJ
fsr-3996	194	17	the	the	DET
fsr-3996	194	18	anticipation	anticipation	NOUN
fsr-3996	194	19	of	of	ADP
fsr-3996	194	20	a	a	DET
fsr-3996	194	21	step	step	NOUN
fsr-3996	194	22	-	-	PUNCT
fsr-3996	194	23	up	up	NOUN
fsr-3996	194	24	in	in	ADP
fsr-3996	194	25	basis	basis	NOUN
fsr-3996	194	26	may	may	AUX
fsr-3996	194	27	increase	increase	VERB
fsr-3996	194	28	the	the	DET
fsr-3996	194	29	“	"	PUNCT
fsr-3996	194	30	weight	weight	NOUN
fsr-3996	194	31	limit	limit	NOUN
fsr-3996	194	32	”	"	PUNCT
fsr-3996	194	33	they	they	PRON
fsr-3996	194	34	would	would	AUX
fsr-3996	194	35	allow	allow	VERB
fsr-3996	194	36	.	.	PUNCT
fsr-3996	195	1	in	in	ADP
fsr-3996	195	2	figure	figure	NOUN
fsr-3996	195	3	3	3	NUM
fsr-3996	195	4	,	,	PUNCT
fsr-3996	195	5	we	we	PRON
fsr-3996	195	6	see	see	VERB
fsr-3996	195	7	that	that	SCONJ
fsr-3996	195	8	this	this	PRON
fsr-3996	195	9	is	be	AUX
fsr-3996	195	10	indeed	indeed	ADV
fsr-3996	195	11	true	true	ADJ
fsr-3996	195	12	.	.	PUNCT
fsr-3996	196	1	when	when	SCONJ
fsr-3996	196	2	capital	capital	NOUN
fsr-3996	196	3	gains	gain	NOUN
fsr-3996	196	4	are	be	AUX
fsr-3996	196	5	untaxed	untaxe	VERB
fsr-3996	196	6	on	on	ADP
fsr-3996	196	7	the	the	DET
fsr-3996	196	8	terminal	terminal	ADJ
fsr-3996	196	9	date	date	NOUN
fsr-3996	196	10	,	,	PUNCT
fsr-3996	196	11	the	the	DET
fsr-3996	196	12	wealth	wealth	NOUN
fsr-3996	196	13	-	-	PUNCT
fsr-3996	196	14	maximizing	maximize	VERB
fsr-3996	196	15	weight	weight	NOUN
fsr-3996	196	16	limit	limit	NOUN
fsr-3996	196	17	shifts	shift	NOUN
fsr-3996	196	18	slightly	slightly	ADV
fsr-3996	196	19	to	to	ADP
fsr-3996	196	20	the	the	DET
fsr-3996	196	21	right	right	NOUN
fsr-3996	196	22	.	.	PUNCT
fsr-3996	197	1	for	for	ADP
fsr-3996	197	2	all	all	DET
fsr-3996	197	3	horizons	horizon	NOUN
fsr-3996	197	4	,	,	PUNCT
fsr-3996	197	5	median	median	ADJ
fsr-3996	197	6	terminal	terminal	NOUN
fsr-3996	197	7	wealth	wealth	NOUN
fsr-3996	197	8	is	be	AUX
fsr-3996	197	9	maximized	maximize	VERB
fsr-3996	197	10	with	with	ADP
fsr-3996	197	11	a	a	DET
fsr-3996	197	12	7	7	NUM
fsr-3996	197	13	%	%	NOUN
fsr-3996	197	14	or	or	CCONJ
fsr-3996	197	15	8	8	NUM
fsr-3996	197	16	%	%	NOUN
fsr-3996	197	17	weight	weight	NOUN
fsr-3996	197	18	limit	limit	NOUN
fsr-3996	197	19	(	(	PUNCT
fsr-3996	197	20	and	and	CCONJ
fsr-3996	197	21	in	in	ADP
fsr-3996	197	22	all	all	DET
fsr-3996	197	23	cases	case	NOUN
fsr-3996	197	24	,	,	PUNCT
fsr-3996	197	25	the	the	DET
fsr-3996	197	26	wealth	wealth	NOUN
fsr-3996	197	27	difference	difference	NOUN
fsr-3996	197	28	at	at	ADP
fsr-3996	197	29	7	7	NUM
fsr-3996	197	30	%	%	NOUN
fsr-3996	197	31	versus	versus	ADP
fsr-3996	197	32	8	8	NUM
fsr-3996	197	33	%	%	NOUN
fsr-3996	197	34	is	be	AUX
fsr-3996	197	35	so	so	ADV
fsr-3996	197	36	slight	slight	ADJ
fsr-3996	197	37	as	as	SCONJ
fsr-3996	197	38	to	to	PART
fsr-3996	197	39	be	be	AUX
fsr-3996	197	40	almost	almost	ADV
fsr-3996	197	41	indistinguishable	indistinguishable	ADJ
fsr-3996	197	42	)	)	PUNCT
fsr-3996	197	43	.	.	PUNCT
fsr-3996	198	1	in	in	ADP
fsr-3996	198	2	reality	reality	NOUN
fsr-3996	198	3	,	,	PUNCT
fsr-3996	198	4	most	most	ADJ
fsr-3996	198	5	investors	investor	NOUN
fsr-3996	198	6	probably	probably	ADV
fsr-3996	198	7	do	do	AUX
fsr-3996	198	8	not	not	PART
fsr-3996	198	9	have	have	VERB
fsr-3996	198	10	a	a	DET
fsr-3996	198	11	single	single	ADJ
fsr-3996	198	12	“	"	PUNCT
fsr-3996	198	13	terminal	terminal	ADJ
fsr-3996	198	14	date	date	NOUN
fsr-3996	198	15	”	"	PUNCT
fsr-3996	198	16	marking	mark	VERB
fsr-3996	198	17	the	the	DET
fsr-3996	198	18	end	end	NOUN
fsr-3996	198	19	of	of	ADP
fsr-3996	198	20	the	the	DET
fsr-3996	198	21	investment	investment	NOUN
fsr-3996	198	22	horizon	horizon	NOUN
fsr-3996	198	23	but	but	CCONJ
fsr-3996	198	24	will	will	AUX
fsr-3996	198	25	likely	likely	ADV
fsr-3996	198	26	consume	consume	VERB
fsr-3996	198	27	some	some	PRON
fsr-3996	198	28	of	of	ADP
fsr-3996	198	29	their	their	PRON
fsr-3996	198	30	wealth	wealth	NOUN
fsr-3996	198	31	over	over	ADP
fsr-3996	198	32	time	time	NOUN
fsr-3996	198	33	(	(	PUNCT
fsr-3996	198	34	resulting	result	VERB
fsr-3996	198	35	in	in	ADP
fsr-3996	198	36	some	some	DET
fsr-3996	198	37	taxable	taxable	ADJ
fsr-3996	198	38	redemptions	redemption	NOUN
fsr-3996	198	39	)	)	PUNCT
fsr-3996	198	40	before	before	ADP
fsr-3996	198	41	eventually	eventually	ADV
fsr-3996	198	42	passing	pass	VERB
fsr-3996	198	43	the	the	DET
fsr-3996	198	44	remainder	remainder	NOUN
fsr-3996	198	45	on	on	ADP
fsr-3996	198	46	to	to	ADP
fsr-3996	198	47	heirs	heir	NOUN
fsr-3996	198	48	(	(	PUNCT
fsr-3996	198	49	who	who	PRON
fsr-3996	198	50	will	will	AUX
fsr-3996	198	51	enjoy	enjoy	VERB
fsr-3996	198	52	a	a	DET
fsr-3996	198	53	stepped	step	VERB
fsr-3996	198	54	-	-	PUNCT
fsr-3996	198	55	up	up	ADP
fsr-3996	198	56	basis	basis	NOUN
fsr-3996	198	57	on	on	ADP
fsr-3996	198	58	that	that	DET
fsr-3996	198	59	portion	portion	NOUN
fsr-3996	198	60	of	of	ADP
fsr-3996	198	61	the	the	DET
fsr-3996	198	62	portfolio	portfolio	NOUN
fsr-3996	198	63	)	)	PUNCT
fsr-3996	198	64	.	.	PUNCT
fsr-3996	199	1	it	it	PRON
fsr-3996	199	2	is	be	AUX
fsr-3996	199	3	beyond	beyond	ADP
fsr-3996	199	4	the	the	DET
fsr-3996	199	5	scope	scope	NOUN
fsr-3996	199	6	of	of	ADP
fsr-3996	199	7	this	this	DET
fsr-3996	199	8	study	study	NOUN
fsr-3996	199	9	to	to	PART
fsr-3996	199	10	model	model	VERB
fsr-3996	199	11	all	all	PRON
fsr-3996	199	12	of	of	ADP
fsr-3996	199	13	these	these	DET
fsr-3996	199	14	possible	possible	ADJ
fsr-3996	199	15	complexities	complexity	NOUN
fsr-3996	199	16	,	,	PUNCT
fsr-3996	199	17	but	but	CCONJ
fsr-3996	199	18	it	it	PRON
fsr-3996	199	19	is	be	AUX
fsr-3996	199	20	reasonable	reasonable	ADJ
fsr-3996	199	21	to	to	PART
fsr-3996	199	22	believe	believe	VERB
fsr-3996	199	23	that	that	SCONJ
fsr-3996	199	24	in	in	ADP
fsr-3996	199	25	practice	practice	NOUN
fsr-3996	199	26	the	the	DET
fsr-3996	199	27	optimal	optimal	ADJ
fsr-3996	199	28	“	"	PUNCT
fsr-3996	199	29	weight	weight	NOUN
fsr-3996	199	30	limit	limit	NOUN
fsr-3996	199	31	”	"	PUNCT
fsr-3996	199	32	may	may	AUX
fsr-3996	199	33	lie	lie	VERB
fsr-3996	199	34	somewhere	somewhere	ADV
fsr-3996	199	35	between	between	ADP
fsr-3996	199	36	the	the	DET
fsr-3996	199	37	values	value	NOUN
fsr-3996	199	38	derived	derive	VERB
fsr-3996	199	39	from	from	ADP
fsr-3996	199	40	figures	figure	NOUN
fsr-3996	199	41	1	1	NUM
fsr-3996	199	42	and	and	CCONJ
fsr-3996	199	43	3	3	NUM
fsr-3996	199	44	.	.	PUNCT
fsr-3996	200	1	it	it	PRON
fsr-3996	200	2	is	be	AUX
fsr-3996	200	3	also	also	ADV
fsr-3996	200	4	possible	possible	ADJ
fsr-3996	200	5	that	that	SCONJ
fsr-3996	200	6	one	one	PRON
fsr-3996	200	7	might	might	AUX
fsr-3996	200	8	use	use	VERB
fsr-3996	200	9	a	a	DET
fsr-3996	200	10	dynamic	dynamic	ADJ
fsr-3996	200	11	policy	policy	NOUN
fsr-3996	200	12	that	that	PRON
fsr-3996	200	13	changes	change	VERB
fsr-3996	200	14	over	over	ADP
fsr-3996	200	15	time	time	NOUN
fsr-3996	200	16	.	.	PUNCT
fsr-3996	201	1	for	for	ADP
fsr-3996	201	2	example	example	NOUN
fsr-3996	201	3	,	,	PUNCT
fsr-3996	201	4	an	an	DET
fsr-3996	201	5	individual	individual	NOUN
fsr-3996	201	6	who	who	PRON
fsr-3996	201	7	is	be	AUX
fsr-3996	201	8	nearing	near	VERB
fsr-3996	201	9	the	the	DET
fsr-3996	201	10	end	end	NOUN
fsr-3996	201	11	of	of	ADP
fsr-3996	201	12	life	life	NOUN
fsr-3996	201	13	and	and	CCONJ
fsr-3996	201	14	expecting	expect	VERB
fsr-3996	201	15	a	a	DET
fsr-3996	201	16	steppedup	steppedup	ADJ
fsr-3996	201	17	basis	basis	NOUN
fsr-3996	201	18	relatively	relatively	ADV
fsr-3996	201	19	soon	soon	ADV
fsr-3996	201	20	might	might	AUX
fsr-3996	201	21	almost	almost	ADV
fsr-3996	201	22	always	always	ADV
fsr-3996	201	23	defer	defer	VERB
fsr-3996	201	24	gains	gain	NOUN
fsr-3996	201	25	,	,	PUNCT
fsr-3996	201	26	whereas	whereas	SCONJ
fsr-3996	201	27	someone	someone	PRON
fsr-3996	201	28	with	with	ADP
fsr-3996	201	29	many	many	ADJ
fsr-3996	201	30	years	year	NOUN
fsr-3996	201	31	to	to	PART
fsr-3996	201	32	go	go	VERB
fsr-3996	201	33	might	might	AUX
fsr-3996	201	34	realize	realize	VERB
fsr-3996	201	35	more	more	ADJ
fsr-3996	201	36	gains	gain	NOUN
fsr-3996	201	37	to	to	PART
fsr-3996	201	38	keep	keep	VERB
fsr-3996	201	39	the	the	DET
fsr-3996	201	40	portfolio	portfolio	NOUN
fsr-3996	201	41	better	well	ADV
fsr-3996	201	42	diversified	diversify	VERB
fsr-3996	201	43	.	.	PUNCT
fsr-3996	202	1	if	if	SCONJ
fsr-3996	202	2	capital	capital	NOUN
fsr-3996	202	3	gains	gain	NOUN
fsr-3996	202	4	are	be	AUX
fsr-3996	202	5	taxed	tax	VERB
fsr-3996	202	6	at	at	ADP
fsr-3996	202	7	a	a	DET
fsr-3996	202	8	higher	high	ADJ
fsr-3996	202	9	rate	rate	NOUN
fsr-3996	202	10	it	it	PRON
fsr-3996	202	11	is	be	AUX
fsr-3996	202	12	important	important	ADJ
fsr-3996	202	13	to	to	PART
fsr-3996	202	14	note	note	VERB
fsr-3996	202	15	that	that	SCONJ
fsr-3996	202	16	the	the	DET
fsr-3996	202	17	conclusions	conclusion	NOUN
fsr-3996	202	18	we	we	PRON
fsr-3996	202	19	have	have	AUX
fsr-3996	202	20	drawn	draw	VERB
fsr-3996	202	21	so	so	ADV
fsr-3996	202	22	far	far	ADV
fsr-3996	202	23	depend	depend	VERB
fsr-3996	202	24	on	on	ADP
fsr-3996	202	25	the	the	DET
fsr-3996	202	26	particular	particular	ADJ
fsr-3996	202	27	parameters	parameter	NOUN
fsr-3996	202	28	of	of	ADP
fsr-3996	202	29	this	this	DET
fsr-3996	202	30	simulation	simulation	NOUN
fsr-3996	202	31	.	.	PUNCT
fsr-3996	203	1	one	one	NUM
fsr-3996	203	2	important	important	ADJ
fsr-3996	203	3	factor	factor	NOUN
fsr-3996	203	4	that	that	PRON
fsr-3996	203	5	may	may	AUX
fsr-3996	203	6	influence	influence	VERB
fsr-3996	203	7	an	an	DET
fsr-3996	203	8	investor	investor	NOUN
fsr-3996	203	9	’s	’s	PART
fsr-3996	203	10	willingness	willingness	NOUN
fsr-3996	203	11	to	to	PART
fsr-3996	203	12	rebalance	rebalance	VERB
fsr-3996	203	13	the	the	DET
fsr-3996	203	14	portfolio	portfolio	NOUN
fsr-3996	203	15	is	be	AUX
fsr-3996	203	16	the	the	DET
fsr-3996	203	17	rate	rate	NOUN
fsr-3996	203	18	at	at	ADP
fsr-3996	203	19	which	which	PRON
fsr-3996	203	20	any	any	DET
fsr-3996	203	21	realized	realize	VERB
fsr-3996	203	22	gains	gain	NOUN
fsr-3996	203	23	would	would	AUX
fsr-3996	203	24	be	be	AUX
fsr-3996	203	25	taxed	tax	VERB
fsr-3996	203	26	.	.	PUNCT
fsr-3996	204	1	under	under	ADP
fsr-3996	204	2	current	current	ADJ
fsr-3996	204	3	law	law	NOUN
fsr-3996	204	4	,	,	PUNCT
fsr-3996	204	5	long	long	ADJ
fsr-3996	204	6	-	-	PUNCT
fsr-3996	204	7	term	term	NOUN
fsr-3996	204	8	capital	capital	NOUN
fsr-3996	204	9	gains	gain	NOUN
fsr-3996	204	10	are	be	AUX
fsr-3996	204	11	generally	generally	ADV
fsr-3996	204	12	taxed	tax	VERB
fsr-3996	204	13	at	at	ADP
fsr-3996	204	14	substantially	substantially	ADV
fsr-3996	204	15	lower	low	ADJ
fsr-3996	204	16	rates	rate	NOUN
fsr-3996	204	17	than	than	SCONJ
fsr-3996	204	18	ordinary	ordinary	ADJ
fsr-3996	204	19	income	income	NOUN
fsr-3996	204	20	is	be	AUX
fsr-3996	204	21	.	.	PUNCT
fsr-3996	205	1	however	however	ADV
fsr-3996	205	2	,	,	PUNCT
fsr-3996	205	3	it	it	PRON
fsr-3996	205	4	is	be	AUX
fsr-3996	205	5	not	not	PART
fsr-3996	205	6	guaranteed	guarantee	VERB
fsr-3996	205	7	that	that	SCONJ
fsr-3996	205	8	these	these	DET
fsr-3996	205	9	preferentially	preferentially	ADV
fsr-3996	205	10	low	low	ADJ
fsr-3996	205	11	rates	rate	NOUN
fsr-3996	205	12	will	will	AUX
fsr-3996	205	13	always	always	ADV
fsr-3996	205	14	exist	exist	VERB
fsr-3996	205	15	in	in	ADP
fsr-3996	205	16	the	the	DET
fsr-3996	205	17	future	future	NOUN
fsr-3996	205	18	.	.	PUNCT
fsr-3996	206	1	from	from	ADP
fsr-3996	206	2	time	time	NOUN
fsr-3996	206	3	to	to	ADP
fsr-3996	206	4	time	time	NOUN
fsr-3996	206	5	,	,	PUNCT
fsr-3996	206	6	policymakers	policymaker	NOUN
fsr-3996	206	7	have	have	AUX
fsr-3996	206	8	proposed	propose	VERB
fsr-3996	206	9	taxing	tax	VERB
fsr-3996	206	10	long	long	ADJ
fsr-3996	206	11	-	-	PUNCT
fsr-3996	206	12	term	term	NOUN
fsr-3996	206	13	capital	capital	NOUN
fsr-3996	206	14	gains	gain	NOUN
fsr-3996	206	15	at	at	ADP
fsr-3996	206	16	the	the	DET
fsr-3996	206	17	higher	high	ADJ
fsr-3996	206	18	ordinary	ordinary	ADJ
fsr-3996	206	19	income	income	NOUN
fsr-3996	206	20	tax	tax	NOUN
fsr-3996	206	21	rate	rate	NOUN
fsr-3996	206	22	.	.	PUNCT
fsr-3996	207	1	we	we	PRON
fsr-3996	207	2	expect	expect	VERB
fsr-3996	207	3	that	that	SCONJ
fsr-3996	207	4	such	such	DET
fsr-3996	207	5	a	a	DET
fsr-3996	207	6	policy	policy	NOUN
fsr-3996	207	7	(	(	PUNCT
fsr-3996	207	8	or	or	CCONJ
fsr-3996	207	9	more	more	ADV
fsr-3996	207	10	generally	generally	ADV
fsr-3996	207	11	,	,	PUNCT
fsr-3996	207	12	any	any	DET
fsr-3996	207	13	increase	increase	NOUN
fsr-3996	207	14	in	in	ADP
fsr-3996	207	15	the	the	DET
fsr-3996	207	16	capital	capital	NOUN
fsr-3996	207	17	gains	gain	NOUN
fsr-3996	207	18	tax	tax	NOUN
fsr-3996	207	19	rate	rate	NOUN
fsr-3996	207	20	)	)	PUNCT
fsr-3996	207	21	would	would	AUX
fsr-3996	207	22	increase	increase	VERB
fsr-3996	207	23	the	the	DET
fsr-3996	207	24	cost	cost	NOUN
fsr-3996	207	25	of	of	ADP
fsr-3996	207	26	portfolio	portfolio	NOUN
fsr-3996	207	27	rebalancing	rebalancing	NOUN
fsr-3996	207	28	and	and	CCONJ
fsr-3996	207	29	therefore	therefore	ADV
fsr-3996	207	30	increase	increase	VERB
fsr-3996	207	31	the	the	DET
fsr-3996	207	32	degree	degree	NOUN
fsr-3996	207	33	of	of	ADP
fsr-3996	207	34	portfolio	portfolio	NOUN
fsr-3996	207	35	concentration	concentration	NOUN
fsr-3996	207	36	that	that	PRON
fsr-3996	207	37	an	an	DET
fsr-3996	207	38	investor	investor	NOUN
fsr-3996	207	39	would	would	AUX
fsr-3996	207	40	tolerate	tolerate	VERB
fsr-3996	207	41	.	.	PUNCT
fsr-3996	208	1	this	this	PRON
fsr-3996	208	2	would	would	AUX
fsr-3996	208	3	be	be	AUX
fsr-3996	208	4	especially	especially	ADV
fsr-3996	208	5	true	true	ADJ
fsr-3996	208	6	if	if	SCONJ
fsr-3996	208	7	the	the	DET
fsr-3996	208	8	investor	investor	NOUN
fsr-3996	208	9	is	be	AUX
fsr-3996	208	10	expecting	expect	VERB
fsr-3996	208	11	much	much	ADJ
fsr-3996	208	12	or	or	CCONJ
fsr-3996	208	13	all	all	PRON
fsr-3996	208	14	of	of	ADP
fsr-3996	208	15	the	the	DET
fsr-3996	208	16	portfolio	portfolio	NOUN
fsr-3996	208	17	to	to	PART
fsr-3996	208	18	be	be	AUX
fsr-3996	208	19	stepped	step	VERB
fsr-3996	208	20	up	up	ADP
fsr-3996	208	21	in	in	ADP
fsr-3996	208	22	basis	basis	NOUN
fsr-3996	208	23	at	at	ADP
fsr-3996	208	24	the	the	DET
fsr-3996	208	25	end	end	NOUN
fsr-3996	208	26	of	of	ADP
fsr-3996	208	27	the	the	DET
fsr-3996	208	28	investment	investment	NOUN
fsr-3996	208	29	horizon	horizon	NOUN
fsr-3996	208	30	.	.	PUNCT
fsr-3996	209	1	whitworth	whitworth	PROPN
fsr-3996	209	2	23	23	NUM
fsr-3996	209	3	figure	figure	NOUN
fsr-3996	209	4	3	3	NUM
fsr-3996	209	5	.	.	PUNCT
fsr-3996	209	6	median	median	ADJ
fsr-3996	209	7	increase	increase	NOUN
fsr-3996	209	8	in	in	ADP
fsr-3996	209	9	untaxed	untaxed	ADJ
fsr-3996	209	10	terminal	terminal	ADJ
fsr-3996	209	11	wealth	wealth	NOUN
fsr-3996	209	12	vs.	vs.	ADP
fsr-3996	209	13	buy	buy	NOUN
fsr-3996	209	14	-	-	PUNCT
fsr-3996	209	15	and	and	CCONJ
fsr-3996	209	16	-	-	PUNCT
fsr-3996	209	17	hold	hold	VERB
fsr-3996	209	18	for	for	ADP
fsr-3996	209	19	alternative	alternative	ADJ
fsr-3996	209	20	portfolio	portfolio	NOUN
fsr-3996	209	21	weight	weight	NOUN
fsr-3996	209	22	limits	limit	VERB
fsr-3996	209	23	the	the	DET
fsr-3996	209	24	simulation	simulation	NOUN
fsr-3996	209	25	procedure	procedure	NOUN
fsr-3996	209	26	is	be	AUX
fsr-3996	209	27	as	as	SCONJ
fsr-3996	209	28	described	describe	VERB
fsr-3996	209	29	in	in	ADP
fsr-3996	209	30	figure	figure	NOUN
fsr-3996	209	31	1	1	NUM
fsr-3996	209	32	,	,	PUNCT
fsr-3996	209	33	except	except	SCONJ
fsr-3996	209	34	that	that	SCONJ
fsr-3996	209	35	any	any	DET
fsr-3996	209	36	unrealized	unrealized	ADJ
fsr-3996	209	37	capital	capital	NOUN
fsr-3996	209	38	gains	gain	NOUN
fsr-3996	209	39	at	at	ADP
fsr-3996	209	40	the	the	DET
fsr-3996	209	41	end	end	NOUN
fsr-3996	209	42	of	of	ADP
fsr-3996	209	43	the	the	DET
fsr-3996	209	44	investment	investment	NOUN
fsr-3996	209	45	horizon	horizon	NOUN
fsr-3996	209	46	are	be	AUX
fsr-3996	209	47	not	not	PART
fsr-3996	209	48	taxed	tax	VERB
fsr-3996	209	49	.	.	PUNCT
fsr-3996	210	1	after	after	ADP
fsr-3996	210	2	each	each	DET
fsr-3996	210	3	iteration	iteration	NOUN
fsr-3996	210	4	,	,	PUNCT
fsr-3996	210	5	the	the	DET
fsr-3996	210	6	final	final	ADJ
fsr-3996	210	7	wealth	wealth	NOUN
fsr-3996	210	8	is	be	AUX
fsr-3996	210	9	compared	compare	VERB
fsr-3996	210	10	to	to	ADP
fsr-3996	210	11	a	a	DET
fsr-3996	210	12	buy	buy	VERB
fsr-3996	210	13	-	-	PUNCT
fsr-3996	210	14	and	and	CCONJ
fsr-3996	210	15	-	-	PUNCT
fsr-3996	210	16	hold	hold	VERB
fsr-3996	210	17	portfolio	portfolio	NOUN
fsr-3996	210	18	which	which	PRON
fsr-3996	210	19	is	be	AUX
fsr-3996	210	20	also	also	ADV
fsr-3996	210	21	untaxed	untaxe	VERB
fsr-3996	210	22	at	at	ADP
fsr-3996	210	23	the	the	DET
fsr-3996	210	24	end	end	NOUN
fsr-3996	210	25	of	of	ADP
fsr-3996	210	26	the	the	DET
fsr-3996	210	27	horizon	horizon	NOUN
fsr-3996	210	28	.	.	PUNCT
fsr-3996	211	1	for	for	ADP
fsr-3996	211	2	each	each	DET
fsr-3996	211	3	horizon	horizon	NOUN
fsr-3996	211	4	and	and	CCONJ
fsr-3996	211	5	maximum	maximum	ADJ
fsr-3996	211	6	weight	weight	NOUN
fsr-3996	211	7	,	,	PUNCT
fsr-3996	211	8	this	this	DET
fsr-3996	211	9	graph	graph	NOUN
fsr-3996	211	10	shows	show	VERB
fsr-3996	211	11	the	the	DET
fsr-3996	211	12	median	median	ADJ
fsr-3996	211	13	percentage	percentage	NOUN
fsr-3996	211	14	by	by	ADP
fsr-3996	211	15	which	which	PRON
fsr-3996	211	16	the	the	DET
fsr-3996	211	17	simulated	simulated	ADJ
fsr-3996	211	18	portfolio	portfolio	NOUN
fsr-3996	211	19	’s	’s	PART
fsr-3996	211	20	terminal	terminal	ADJ
fsr-3996	211	21	value	value	NOUN
fsr-3996	211	22	exceeds	exceed	VERB
fsr-3996	211	23	that	that	PRON
fsr-3996	211	24	of	of	ADP
fsr-3996	211	25	the	the	DET
fsr-3996	211	26	buy	buy	VERB
fsr-3996	211	27	-	-	PUNCT
fsr-3996	211	28	and	and	CCONJ
fsr-3996	211	29	-	-	PUNCT
fsr-3996	211	30	hold	hold	VERB
fsr-3996	211	31	portfolio	portfolio	NOUN
fsr-3996	211	32	.	.	PUNCT
fsr-3996	212	1	to	to	PART
fsr-3996	212	2	see	see	VERB
fsr-3996	212	3	this	this	PRON
fsr-3996	212	4	,	,	PUNCT
fsr-3996	212	5	we	we	PRON
fsr-3996	212	6	repeat	repeat	VERB
fsr-3996	212	7	the	the	DET
fsr-3996	212	8	previous	previous	ADJ
fsr-3996	212	9	simulation	simulation	NOUN
fsr-3996	212	10	but	but	CCONJ
fsr-3996	212	11	assume	assume	VERB
fsr-3996	212	12	that	that	SCONJ
fsr-3996	212	13	capital	capital	NOUN
fsr-3996	212	14	gains	gain	NOUN
fsr-3996	212	15	and	and	CCONJ
fsr-3996	212	16	ordinary	ordinary	ADJ
fsr-3996	212	17	income	income	NOUN
fsr-3996	212	18	are	be	AUX
fsr-3996	212	19	both	both	PRON
fsr-3996	212	20	taxed	tax	VERB
fsr-3996	212	21	at	at	ADP
fsr-3996	212	22	40	40	NUM
fsr-3996	212	23	%	%	NOUN
fsr-3996	212	24	,	,	PUNCT
fsr-3996	212	25	which	which	PRON
fsr-3996	212	26	is	be	AUX
fsr-3996	212	27	close	close	ADJ
fsr-3996	212	28	to	to	ADP
fsr-3996	212	29	the	the	DET
fsr-3996	212	30	current	current	ADJ
fsr-3996	212	31	top	top	ADJ
fsr-3996	212	32	individual	individual	ADJ
fsr-3996	212	33	income	income	NOUN
fsr-3996	212	34	tax	tax	NOUN
fsr-3996	212	35	rate	rate	NOUN
fsr-3996	212	36	.	.	PUNCT
fsr-3996	213	1	the	the	DET
fsr-3996	213	2	resulting	result	VERB
fsr-3996	213	3	median	median	ADJ
fsr-3996	213	4	increases	increase	NOUN
fsr-3996	213	5	in	in	ADP
fsr-3996	213	6	terminal	terminal	ADJ
fsr-3996	213	7	wealth	wealth	NOUN
fsr-3996	213	8	relative	relative	ADJ
fsr-3996	213	9	to	to	PART
fsr-3996	213	10	buy	buy	VERB
fsr-3996	213	11	-	-	PUNCT
fsr-3996	213	12	and	and	CCONJ
fsr-3996	213	13	-	-	PUNCT
fsr-3996	213	14	hold	hold	NOUN
fsr-3996	213	15	are	be	AUX
fsr-3996	213	16	shown	show	VERB
fsr-3996	213	17	in	in	ADP
fsr-3996	213	18	figure	figure	NOUN
fsr-3996	213	19	4	4	NUM
fsr-3996	213	20	.	.	PUNCT
fsr-3996	213	21	as	as	SCONJ
fsr-3996	213	22	expected	expect	VERB
fsr-3996	213	23	,	,	PUNCT
fsr-3996	213	24	the	the	DET
fsr-3996	213	25	wealth	wealth	NOUN
fsr-3996	213	26	-	-	PUNCT
fsr-3996	213	27	maximizing	maximize	VERB
fsr-3996	213	28	weight	weight	NOUN
fsr-3996	213	29	limit	limit	NOUN
fsr-3996	213	30	is	be	AUX
fsr-3996	213	31	greater	great	ADJ
fsr-3996	213	32	when	when	SCONJ
fsr-3996	213	33	realized	realize	VERB
fsr-3996	213	34	capital	capital	NOUN
fsr-3996	213	35	gains	gain	NOUN
fsr-3996	213	36	are	be	AUX
fsr-3996	213	37	taxed	tax	VERB
fsr-3996	213	38	more	more	ADV
fsr-3996	213	39	heavily	heavily	ADV
fsr-3996	213	40	.	.	PUNCT
fsr-3996	214	1	for	for	ADP
fsr-3996	214	2	the	the	DET
fsr-3996	214	3	10or	10or	ADJ
fsr-3996	214	4	20	20	NUM
fsr-3996	214	5	-	-	PUNCT
fsr-3996	214	6	year	year	NOUN
fsr-3996	214	7	horizons	horizon	NOUN
fsr-3996	214	8	,	,	PUNCT
fsr-3996	214	9	median	median	ADJ
fsr-3996	214	10	wealth	wealth	NOUN
fsr-3996	214	11	is	be	AUX
fsr-3996	214	12	maximized	maximize	VERB
fsr-3996	214	13	when	when	SCONJ
fsr-3996	214	14	the	the	DET
fsr-3996	214	15	investor	investor	NOUN
fsr-3996	214	16	sets	set	VERB
fsr-3996	214	17	a	a	DET
fsr-3996	214	18	weight	weight	NOUN
fsr-3996	214	19	limit	limit	NOUN
fsr-3996	214	20	of	of	ADP
fsr-3996	214	21	9	9	NUM
fsr-3996	214	22	%	%	NOUN
fsr-3996	214	23	or	or	CCONJ
fsr-3996	214	24	11	11	NUM
fsr-3996	214	25	%	%	NOUN
fsr-3996	214	26	,	,	PUNCT
fsr-3996	214	27	respectively	respectively	ADV
fsr-3996	214	28	(	(	PUNCT
fsr-3996	214	29	although	although	SCONJ
fsr-3996	214	30	at	at	ADP
fsr-3996	214	31	these	these	DET
fsr-3996	214	32	horizons	horizon	NOUN
fsr-3996	214	33	,	,	PUNCT
fsr-3996	214	34	the	the	DET
fsr-3996	214	35	wealth	wealth	NOUN
fsr-3996	214	36	differences	difference	NOUN
fsr-3996	214	37	at	at	ADP
fsr-3996	214	38	9	9	NUM
fsr-3996	214	39	%	%	NOUN
fsr-3996	214	40	versus	versus	ADP
fsr-3996	214	41	11	11	NUM
fsr-3996	214	42	%	%	NOUN
fsr-3996	214	43	are	be	AUX
fsr-3996	214	44	virtually	virtually	ADV
fsr-3996	214	45	indistinguishable	indistinguishable	ADJ
fsr-3996	214	46	)	)	PUNCT
fsr-3996	214	47	.	.	PUNCT
fsr-3996	215	1	for	for	ADP
fsr-3996	215	2	horizons	horizon	NOUN
fsr-3996	215	3	of	of	ADP
fsr-3996	215	4	30	30	NUM
fsr-3996	215	5	years	year	NOUN
fsr-3996	215	6	or	or	CCONJ
fsr-3996	215	7	longer	long	ADV
fsr-3996	215	8	,	,	PUNCT
fsr-3996	215	9	the	the	DET
fsr-3996	215	10	wealth	wealth	NOUN
fsr-3996	215	11	-	-	PUNCT
fsr-3996	215	12	maximizing	maximize	VERB
fsr-3996	215	13	weight	weight	NOUN
fsr-3996	215	14	limit	limit	NOUN
fsr-3996	215	15	is	be	AUX
fsr-3996	215	16	12	12	NUM
fsr-3996	215	17	%	%	NOUN
fsr-3996	215	18	.	.	PUNCT
fsr-3996	216	1	from	from	ADP
fsr-3996	216	2	this	this	PRON
fsr-3996	216	3	it	it	PRON
fsr-3996	216	4	is	be	AUX
fsr-3996	216	5	clear	clear	ADJ
fsr-3996	216	6	that	that	SCONJ
fsr-3996	216	7	an	an	DET
fsr-3996	216	8	increase	increase	NOUN
fsr-3996	216	9	in	in	ADP
fsr-3996	216	10	the	the	DET
fsr-3996	216	11	capital	capital	NOUN
fsr-3996	216	12	gains	gain	NOUN
fsr-3996	216	13	tax	tax	NOUN
fsr-3996	216	14	rate	rate	NOUN
fsr-3996	216	15	increases	increase	VERB
fsr-3996	216	16	the	the	DET
fsr-3996	216	17	degree	degree	NOUN
fsr-3996	216	18	of	of	ADP
fsr-3996	216	19	portfolio	portfolio	NOUN
fsr-3996	216	20	concentration	concentration	NOUN
fsr-3996	216	21	an	an	DET
fsr-3996	216	22	investor	investor	NOUN
fsr-3996	216	23	should	should	AUX
fsr-3996	216	24	be	be	AUX
fsr-3996	216	25	willing	willing	ADJ
fsr-3996	216	26	to	to	PART
fsr-3996	216	27	tolerate	tolerate	VERB
fsr-3996	216	28	since	since	SCONJ
fsr-3996	216	29	there	there	PRON
fsr-3996	216	30	is	be	VERB
fsr-3996	216	31	a	a	DET
fsr-3996	216	32	higher	high	ADJ
fsr-3996	216	33	tax	tax	NOUN
fsr-3996	216	34	liability	liability	NOUN
fsr-3996	216	35	created	create	VERB
fsr-3996	216	36	by	by	ADP
fsr-3996	216	37	the	the	DET
fsr-3996	216	38	transactions	transaction	NOUN
fsr-3996	216	39	associated	associate	VERB
fsr-3996	216	40	with	with	ADP
fsr-3996	216	41	rebalancing	rebalancing	NOUN
fsr-3996	216	42	.	.	PUNCT
fsr-3996	217	1	in	in	ADP
fsr-3996	217	2	fact	fact	NOUN
fsr-3996	217	3	,	,	PUNCT
fsr-3996	217	4	it	it	PRON
fsr-3996	217	5	is	be	AUX
fsr-3996	217	6	interesting	interesting	ADJ
fsr-3996	217	7	to	to	PART
fsr-3996	217	8	note	note	VERB
fsr-3996	217	9	that	that	SCONJ
fsr-3996	217	10	under	under	ADP
fsr-3996	217	11	this	this	DET
fsr-3996	217	12	scenario	scenario	NOUN
fsr-3996	217	13	,	,	PUNCT
fsr-3996	217	14	full	full	ADJ
fsr-3996	217	15	annual	annual	ADJ
fsr-3996	217	16	rebalancing	rebalancing	NOUN
fsr-3996	217	17	can	can	AUX
fsr-3996	217	18	sometimes	sometimes	ADV
fsr-3996	217	19	be	be	AUX
fsr-3996	217	20	slightly	slightly	ADV
fsr-3996	217	21	worse	bad	ADJ
fsr-3996	217	22	than	than	SCONJ
fsr-3996	217	23	buy	buy	VERB
fsr-3996	217	24	-	-	PUNCT
fsr-3996	217	25	andhold	andhold	VERB
fsr-3996	217	26	,	,	PUNCT
fsr-3996	217	27	as	as	SCONJ
fsr-3996	217	28	evidenced	evidence	VERB
fsr-3996	217	29	by	by	ADP
fsr-3996	217	30	the	the	DET
fsr-3996	217	31	negative	negative	ADJ
fsr-3996	217	32	wealth	wealth	NOUN
fsr-3996	217	33	increase	increase	NOUN
fsr-3996	217	34	when	when	SCONJ
fsr-3996	217	35	setting	set	VERB
fsr-3996	217	36	a	a	DET
fsr-3996	217	37	4	4	NUM
fsr-3996	217	38	%	%	NOUN
fsr-3996	217	39	weight	weight	NOUN
fsr-3996	217	40	limit	limit	NOUN
fsr-3996	217	41	for	for	ADP
fsr-3996	217	42	some	some	PRON
fsr-3996	217	43	of	of	ADP
fsr-3996	217	44	the	the	DET
fsr-3996	217	45	shorter	short	ADJ
fsr-3996	217	46	time	time	NOUN
fsr-3996	217	47	frames	frame	NOUN
fsr-3996	217	48	.	.	PUNCT
fsr-3996	218	1	this	this	PRON
fsr-3996	218	2	is	be	AUX
fsr-3996	218	3	consistent	consistent	ADJ
fsr-3996	218	4	with	with	ADP
fsr-3996	218	5	the	the	DET
fsr-3996	218	6	increased	increase	VERB
fsr-3996	218	7	tax	tax	NOUN
fsr-3996	218	8	cost	cost	NOUN
fsr-3996	218	9	of	of	ADP
fsr-3996	218	10	rebalancing	rebalancing	NOUN
fsr-3996	218	11	transactions	transaction	NOUN
fsr-3996	218	12	and	and	CCONJ
fsr-3996	218	13	the	the	DET
fsr-3996	218	14	large	large	ADJ
fsr-3996	218	15	number	number	NOUN
fsr-3996	218	16	of	of	ADP
fsr-3996	218	17	such	such	ADJ
fsr-3996	218	18	transactions	transaction	NOUN
fsr-3996	218	19	that	that	PRON
fsr-3996	218	20	would	would	AUX
fsr-3996	218	21	be	be	AUX
fsr-3996	218	22	required	require	VERB
fsr-3996	218	23	to	to	PART
fsr-3996	218	24	keep	keep	VERB
fsr-3996	218	25	the	the	DET
fsr-3996	218	26	portfolio	portfolio	NOUN
fsr-3996	218	27	equally	equally	ADV
fsr-3996	218	28	weighted	weight	VERB
fsr-3996	218	29	over	over	ADP
fsr-3996	218	30	time	time	NOUN
fsr-3996	218	31	.	.	PUNCT
fsr-3996	219	1	however	however	ADV
fsr-3996	219	2	,	,	PUNCT
fsr-3996	219	3	even	even	ADV
fsr-3996	219	4	with	with	ADP
fsr-3996	219	5	the	the	DET
fsr-3996	219	6	0	0	NUM
fsr-3996	219	7	%	%	NOUN
fsr-3996	219	8	10	10	NUM
fsr-3996	219	9	%	%	NOUN
fsr-3996	219	10	20	20	NUM
fsr-3996	219	11	%	%	NOUN
fsr-3996	219	12	30	30	NUM
fsr-3996	219	13	%	%	NOUN
fsr-3996	219	14	40	40	NUM
fsr-3996	219	15	%	%	NOUN
fsr-3996	219	16	50	50	NUM
fsr-3996	219	17	%	%	NOUN
fsr-3996	219	18	60	60	NUM
fsr-3996	219	19	%	%	NOUN
fsr-3996	219	20	70	70	NUM
fsr-3996	219	21	%	%	NOUN
fsr-3996	219	22	80	80	NUM
fsr-3996	219	23	%	%	NOUN
fsr-3996	219	24	4	4	NUM
fsr-3996	219	25	%	%	NOUN
fsr-3996	219	26	8	8	NUM
fsr-3996	219	27	%	%	NOUN
fsr-3996	219	28	12	12	NUM
fsr-3996	219	29	%	%	NOUN
fsr-3996	219	30	16	16	NUM
fsr-3996	219	31	%	%	NOUN
fsr-3996	219	32	20	20	NUM
fsr-3996	219	33	%	%	NOUN
fsr-3996	219	34	m	m	NOUN
fsr-3996	219	35	e	e	NOUN
fsr-3996	219	36	d	d	X
fsr-3996	219	37	ia	ia	PROPN
fsr-3996	219	38	n	n	X
fsr-3996	219	39	in	in	ADP
fsr-3996	219	40	cr	cr	X
fsr-3996	219	41	e	e	PROPN
fsr-3996	219	42	as	as	ADP
fsr-3996	219	43	e	e	PROPN
fsr-3996	219	44	in	in	ADP
fsr-3996	219	45	u	u	PROPN
fsr-3996	219	46	n	n	X
fsr-3996	219	47	ta	ta	X
fsr-3996	219	48	xe	xe	PROPN
fsr-3996	219	49	d	d	PROPN
fsr-3996	219	50	t	t	PROPN
fsr-3996	220	1	er	er	INTJ
fsr-3996	220	2	m	m	VERB
fsr-3996	220	3	in	in	ADP
fsr-3996	220	4	al	al	PROPN
fsr-3996	220	5	w	w	PROPN
fsr-3996	220	6	ea	ea	PROPN
fsr-3996	221	1	lt	lt	PRON
fsr-3996	221	2	h	h	PROPN
fsr-3996	222	1	maximum	maximum	PROPN
fsr-3996	222	2	portfolio	portfolio	NOUN
fsr-3996	222	3	weight	weight	NOUN
fsr-3996	222	4	allowed	allow	VERB
fsr-3996	222	5	for	for	ADP
fsr-3996	222	6	any	any	DET
fsr-3996	222	7	one	one	NUM
fsr-3996	222	8	stock	stock	NOUN
fsr-3996	222	9	10	10	NUM
fsr-3996	222	10	-	-	PUNCT
fsr-3996	222	11	year	year	NOUN
fsr-3996	222	12	horizon	horizon	NOUN
fsr-3996	222	13	financial	financial	PROPN
fsr-3996	222	14	services	services	PROPN
fsr-3996	222	15	review	review	PROPN
fsr-3996	222	16	,	,	PUNCT
fsr-3996	222	17	32(4	32(4	NUM
fsr-3996	222	18	)	)	PUNCT
fsr-3996	222	19	24	24	NUM
fsr-3996	222	20	higher	high	ADJ
fsr-3996	222	21	tax	tax	NOUN
fsr-3996	222	22	cost	cost	NOUN
fsr-3996	222	23	,	,	PUNCT
fsr-3996	222	24	the	the	DET
fsr-3996	222	25	portfolio	portfolio	NOUN
fsr-3996	222	26	still	still	ADV
fsr-3996	222	27	should	should	AUX
fsr-3996	222	28	not	not	PART
fsr-3996	222	29	be	be	AUX
fsr-3996	222	30	allowed	allow	VERB
fsr-3996	222	31	to	to	PART
fsr-3996	222	32	get	get	VERB
fsr-3996	222	33	too	too	ADV
fsr-3996	222	34	far	far	ADV
fsr-3996	222	35	out	out	ADP
fsr-3996	222	36	of	of	ADP
fsr-3996	222	37	balance	balance	NOUN
fsr-3996	222	38	if	if	SCONJ
fsr-3996	222	39	the	the	DET
fsr-3996	222	40	objective	objective	NOUN
fsr-3996	222	41	is	be	AUX
fsr-3996	222	42	to	to	PART
fsr-3996	222	43	maximize	maximize	VERB
fsr-3996	222	44	terminal	terminal	ADJ
fsr-3996	222	45	wealth	wealth	NOUN
fsr-3996	222	46	.	.	PUNCT
fsr-3996	223	1	transaction	transaction	NOUN
fsr-3996	223	2	costs	cost	VERB
fsr-3996	223	3	unfortunately	unfortunately	ADV
fsr-3996	223	4	for	for	ADP
fsr-3996	223	5	investors	investor	NOUN
fsr-3996	223	6	,	,	PUNCT
fsr-3996	223	7	rebalancing	rebalance	VERB
fsr-3996	223	8	one	one	NUM
fsr-3996	223	9	’s	’s	PART
fsr-3996	223	10	portfolio	portfolio	NOUN
fsr-3996	223	11	regularly	regularly	ADV
fsr-3996	223	12	also	also	ADV
fsr-3996	223	13	means	mean	VERB
fsr-3996	223	14	incurring	incur	VERB
fsr-3996	223	15	transaction	transaction	NOUN
fsr-3996	223	16	costs	cost	NOUN
fsr-3996	223	17	regularly	regularly	ADV
fsr-3996	223	18	.	.	PUNCT
fsr-3996	224	1	as	as	SCONJ
fsr-3996	224	2	capital	capital	NOUN
fsr-3996	224	3	gains	gain	NOUN
fsr-3996	224	4	taxes	taxis	NOUN
fsr-3996	224	5	do	do	VERB
fsr-3996	224	6	,	,	PUNCT
fsr-3996	224	7	brokerage	brokerage	NOUN
fsr-3996	224	8	commissions	commission	NOUN
fsr-3996	224	9	and	and	CCONJ
fsr-3996	224	10	bid	bid	NOUN
fsr-3996	224	11	-	-	PUNCT
fsr-3996	224	12	ask	ask	VERB
fsr-3996	224	13	spreads	spread	NOUN
fsr-3996	224	14	add	add	VERB
fsr-3996	224	15	to	to	ADP
fsr-3996	224	16	the	the	DET
fsr-3996	224	17	cost	cost	NOUN
fsr-3996	224	18	of	of	ADP
fsr-3996	224	19	rebalancing	rebalancing	NOUN
fsr-3996	224	20	and	and	CCONJ
fsr-3996	224	21	should	should	AUX
fsr-3996	224	22	serve	serve	VERB
fsr-3996	224	23	to	to	PART
fsr-3996	224	24	increase	increase	VERB
fsr-3996	224	25	the	the	DET
fsr-3996	224	26	portfolio	portfolio	NOUN
fsr-3996	224	27	concentration	concentration	NOUN
fsr-3996	224	28	that	that	PRON
fsr-3996	224	29	an	an	DET
fsr-3996	224	30	investor	investor	NOUN
fsr-3996	224	31	is	be	AUX
fsr-3996	224	32	willing	willing	ADJ
fsr-3996	224	33	to	to	PART
fsr-3996	224	34	tolerate	tolerate	VERB
fsr-3996	224	35	.	.	PUNCT
fsr-3996	225	1	but	but	CCONJ
fsr-3996	225	2	are	be	AUX
fsr-3996	225	3	transaction	transaction	NOUN
fsr-3996	225	4	costs	cost	NOUN
fsr-3996	225	5	large	large	ADJ
fsr-3996	225	6	enough	enough	ADV
fsr-3996	225	7	to	to	PART
fsr-3996	225	8	make	make	VERB
fsr-3996	225	9	a	a	DET
fsr-3996	225	10	substantial	substantial	ADJ
fsr-3996	225	11	difference	difference	NOUN
fsr-3996	225	12	in	in	ADP
fsr-3996	225	13	the	the	DET
fsr-3996	225	14	wealth	wealth	NOUN
fsr-3996	225	15	-	-	PUNCT
fsr-3996	225	16	maximizing	maximize	VERB
fsr-3996	225	17	strategy	strategy	NOUN
fsr-3996	225	18	?	?	PUNCT
fsr-3996	226	1	we	we	PRON
fsr-3996	226	2	investigate	investigate	VERB
fsr-3996	226	3	this	this	DET
fsr-3996	226	4	question	question	NOUN
fsr-3996	226	5	by	by	ADP
fsr-3996	226	6	repeating	repeat	VERB
fsr-3996	226	7	the	the	DET
fsr-3996	226	8	previous	previous	ADJ
fsr-3996	226	9	simulation	simulation	NOUN
fsr-3996	226	10	(	(	PUNCT
fsr-3996	226	11	where	where	SCONJ
fsr-3996	226	12	realized	realize	VERB
fsr-3996	226	13	capital	capital	NOUN
fsr-3996	226	14	gains	gain	NOUN
fsr-3996	226	15	are	be	AUX
fsr-3996	226	16	taxed	tax	VERB
fsr-3996	226	17	at	at	ADP
fsr-3996	226	18	40	40	NUM
fsr-3996	226	19	%	%	NOUN
fsr-3996	226	20	)	)	PUNCT
fsr-3996	226	21	,	,	PUNCT
fsr-3996	226	22	except	except	SCONJ
fsr-3996	226	23	that	that	SCONJ
fsr-3996	226	24	every	every	DET
fsr-3996	226	25	sale	sale	NOUN
fsr-3996	226	26	incurs	incur	VERB
fsr-3996	226	27	a	a	DET
fsr-3996	226	28	cost	cost	NOUN
fsr-3996	226	29	of	of	ADP
fsr-3996	226	30	25	25	NUM
fsr-3996	226	31	basis	basis	NOUN
fsr-3996	226	32	points	point	NOUN
fsr-3996	226	33	(	(	PUNCT
fsr-3996	226	34	i.e.	i.e.	X
fsr-3996	226	35	,	,	PUNCT
fsr-3996	226	36	0.25	0.25	NUM
fsr-3996	226	37	%	%	NOUN
fsr-3996	226	38	of	of	ADP
fsr-3996	226	39	the	the	DET
fsr-3996	226	40	value	value	NOUN
fsr-3996	226	41	of	of	ADP
fsr-3996	226	42	the	the	DET
fsr-3996	226	43	shares	share	NOUN
fsr-3996	226	44	sold	sell	VERB
fsr-3996	226	45	)	)	PUNCT
fsr-3996	226	46	.	.	PUNCT
fsr-3996	227	1	transaction	transaction	NOUN
fsr-3996	227	2	costs	cost	NOUN
fsr-3996	227	3	obviously	obviously	ADV
fsr-3996	227	4	can	can	AUX
fsr-3996	227	5	be	be	AUX
fsr-3996	227	6	higher	high	ADJ
fsr-3996	227	7	or	or	CCONJ
fsr-3996	227	8	lower	low	ADJ
fsr-3996	227	9	depending	depend	VERB
fsr-3996	227	10	on	on	ADP
fsr-3996	227	11	the	the	DET
fsr-3996	227	12	characteristics	characteristic	NOUN
fsr-3996	227	13	of	of	ADP
fsr-3996	227	14	the	the	DET
fsr-3996	227	15	stock	stock	NOUN
fsr-3996	227	16	and/or	and/or	CCONJ
fsr-3996	227	17	the	the	DET
fsr-3996	227	18	trading	trading	NOUN
fsr-3996	227	19	environment	environment	NOUN
fsr-3996	227	20	,	,	PUNCT
fsr-3996	227	21	but	but	CCONJ
fsr-3996	227	22	this	this	PRON
fsr-3996	227	23	is	be	AUX
fsr-3996	227	24	a	a	DET
fsr-3996	227	25	reasonable	reasonable	ADJ
fsr-3996	227	26	approximation	approximation	NOUN
fsr-3996	227	27	of	of	ADP
fsr-3996	227	28	the	the	DET
fsr-3996	227	29	effective	effective	ADJ
fsr-3996	227	30	transaction	transaction	NOUN
fsr-3996	227	31	costs	cost	NOUN
fsr-3996	227	32	actually	actually	ADV
fsr-3996	227	33	observed	observe	VERB
fsr-3996	227	34	in	in	ADP
fsr-3996	227	35	u.s	u.s	PROPN
fsr-3996	227	36	.	.	PROPN
fsr-3996	227	37	stock	stock	NOUN
fsr-3996	227	38	markets	market	NOUN
fsr-3996	227	39	(	(	PUNCT
fsr-3996	227	40	e.g.	e.g.	ADV
fsr-3996	227	41	,	,	PUNCT
fsr-3996	227	42	hasbrouck	hasbrouck	NOUN
fsr-3996	227	43	,	,	PUNCT
fsr-3996	227	44	2009	2009	NUM
fsr-3996	227	45	;	;	PUNCT
fsr-3996	227	46	chen	chen	PROPN
fsr-3996	227	47	and	and	CCONJ
fsr-3996	227	48	velikov	velikov	PROPN
fsr-3996	227	49	,	,	PUNCT
fsr-3996	227	50	2023	2023	NUM
fsr-3996	227	51	)	)	PUNCT
fsr-3996	227	52	.	.	PUNCT
fsr-3996	228	1	in	in	ADP
fsr-3996	228	2	unreported	unreported	ADJ
fsr-3996	228	3	results	result	NOUN
fsr-3996	228	4	,	,	PUNCT
fsr-3996	228	5	we	we	PRON
fsr-3996	228	6	find	find	VERB
fsr-3996	228	7	that	that	SCONJ
fsr-3996	228	8	our	our	PRON
fsr-3996	228	9	simulated	simulated	ADJ
fsr-3996	228	10	terminal	terminal	ADJ
fsr-3996	228	11	wealth	wealth	NOUN
fsr-3996	228	12	values	value	NOUN
fsr-3996	228	13	are	be	AUX
fsr-3996	228	14	almost	almost	ADV
fsr-3996	228	15	identical	identical	ADJ
fsr-3996	228	16	to	to	ADP
fsr-3996	228	17	those	those	PRON
fsr-3996	228	18	reported	report	VERB
fsr-3996	228	19	in	in	ADP
fsr-3996	228	20	figure	figure	NOUN
fsr-3996	228	21	4	4	NUM
fsr-3996	228	22	.	.	PUNCT
fsr-3996	229	1	in	in	ADP
fsr-3996	229	2	other	other	ADJ
fsr-3996	229	3	words	word	NOUN
fsr-3996	229	4	,	,	PUNCT
fsr-3996	229	5	transaction	transaction	NOUN
fsr-3996	229	6	costs	cost	NOUN
fsr-3996	229	7	in	in	ADP
fsr-3996	229	8	the	the	DET
fsr-3996	229	9	major	major	ADJ
fsr-3996	229	10	u.s	u.s	PROPN
fsr-3996	229	11	.	.	PROPN
fsr-3996	229	12	equity	equity	NOUN
fsr-3996	229	13	markets	market	NOUN
fsr-3996	229	14	are	be	AUX
fsr-3996	229	15	low	low	ADJ
fsr-3996	229	16	enough	enough	ADV
fsr-3996	229	17	that	that	SCONJ
fsr-3996	229	18	they	they	PRON
fsr-3996	229	19	do	do	AUX
fsr-3996	229	20	not	not	PART
fsr-3996	229	21	substantially	substantially	ADV
fsr-3996	229	22	influence	influence	VERB
fsr-3996	229	23	the	the	DET
fsr-3996	229	24	investor	investor	NOUN
fsr-3996	229	25	’s	’s	PART
fsr-3996	229	26	decision	decision	NOUN
fsr-3996	229	27	about	about	ADP
fsr-3996	229	28	whether	whether	SCONJ
fsr-3996	229	29	to	to	PART
fsr-3996	229	30	defer	defer	VERB
fsr-3996	229	31	capital	capital	NOUN
fsr-3996	229	32	gains	gain	NOUN
fsr-3996	229	33	or	or	CCONJ
fsr-3996	229	34	recognize	recognize	VERB
fsr-3996	229	35	some	some	DET
fsr-3996	229	36	gains	gain	NOUN
fsr-3996	229	37	to	to	PART
fsr-3996	229	38	rebalance	rebalance	VERB
fsr-3996	229	39	the	the	DET
fsr-3996	229	40	portfolio	portfolio	NOUN
fsr-3996	229	41	.	.	PUNCT
fsr-3996	230	1	figure	figure	VERB
fsr-3996	230	2	4	4	NUM
fsr-3996	230	3	.	.	PUNCT
fsr-3996	231	1	median	median	ADJ
fsr-3996	231	2	increase	increase	NOUN
fsr-3996	231	3	in	in	ADP
fsr-3996	231	4	untaxed	untaxed	ADJ
fsr-3996	231	5	terminal	terminal	ADJ
fsr-3996	231	6	wealth	wealth	NOUN
fsr-3996	231	7	vs.	vs.	ADP
fsr-3996	231	8	buy	buy	NOUN
fsr-3996	231	9	-	-	PUNCT
fsr-3996	231	10	and	and	CCONJ
fsr-3996	231	11	-	-	PUNCT
fsr-3996	231	12	hold	hold	VERB
fsr-3996	231	13	for	for	ADP
fsr-3996	231	14	alternative	alternative	ADJ
fsr-3996	231	15	portfolio	portfolio	NOUN
fsr-3996	231	16	weight	weight	NOUN
fsr-3996	231	17	limits	limit	NOUN
fsr-3996	231	18	(	(	PUNCT
fsr-3996	231	19	tax	tax	NOUN
fsr-3996	231	20	rate	rate	NOUN
fsr-3996	231	21	=	=	SYM
fsr-3996	231	22	40	40	NUM
fsr-3996	231	23	%	%	NOUN
fsr-3996	231	24	)	)	PUNCT
fsr-3996	231	25	the	the	DET
fsr-3996	231	26	simulation	simulation	NOUN
fsr-3996	231	27	procedure	procedure	NOUN
fsr-3996	231	28	is	be	AUX
fsr-3996	231	29	as	as	SCONJ
fsr-3996	231	30	described	describe	VERB
fsr-3996	231	31	in	in	ADP
fsr-3996	231	32	figure	figure	NOUN
fsr-3996	231	33	3	3	NUM
fsr-3996	231	34	,	,	PUNCT
fsr-3996	231	35	except	except	SCONJ
fsr-3996	231	36	that	that	SCONJ
fsr-3996	231	37	ordinary	ordinary	ADJ
fsr-3996	231	38	income	income	NOUN
fsr-3996	231	39	and	and	CCONJ
fsr-3996	231	40	any	any	DET
fsr-3996	231	41	net	net	NOUN
fsr-3996	231	42	realized	realize	VERB
fsr-3996	231	43	capital	capital	NOUN
fsr-3996	231	44	gains	gain	NOUN
fsr-3996	231	45	are	be	AUX
fsr-3996	231	46	taxed	tax	VERB
fsr-3996	231	47	at	at	ADP
fsr-3996	231	48	40	40	NUM
fsr-3996	231	49	%	%	NOUN
fsr-3996	231	50	.	.	PUNCT
fsr-3996	232	1	unrealized	unrealized	ADJ
fsr-3996	232	2	gains	gain	NOUN
fsr-3996	232	3	at	at	ADP
fsr-3996	232	4	the	the	DET
fsr-3996	232	5	end	end	NOUN
fsr-3996	232	6	of	of	ADP
fsr-3996	232	7	the	the	DET
fsr-3996	232	8	investment	investment	NOUN
fsr-3996	232	9	horizon	horizon	NOUN
fsr-3996	232	10	remained	remain	VERB
fsr-3996	232	11	untaxed	untaxed	ADJ
fsr-3996	232	12	.	.	PUNCT
fsr-3996	233	1	for	for	ADP
fsr-3996	233	2	each	each	DET
fsr-3996	233	3	horizon	horizon	NOUN
fsr-3996	233	4	and	and	CCONJ
fsr-3996	233	5	maximum	maximum	ADJ
fsr-3996	233	6	weight	weight	NOUN
fsr-3996	233	7	,	,	PUNCT
fsr-3996	233	8	this	this	DET
fsr-3996	233	9	graph	graph	NOUN
fsr-3996	233	10	shows	show	VERB
fsr-3996	233	11	the	the	DET
fsr-3996	233	12	median	median	ADJ
fsr-3996	233	13	percentage	percentage	NOUN
fsr-3996	233	14	by	by	ADP
fsr-3996	233	15	which	which	PRON
fsr-3996	233	16	the	the	DET
fsr-3996	233	17	simulated	simulated	ADJ
fsr-3996	233	18	portfolio	portfolio	NOUN
fsr-3996	233	19	’s	’s	PART
fsr-3996	233	20	terminal	terminal	ADJ
fsr-3996	233	21	value	value	NOUN
fsr-3996	233	22	exceeds	exceed	VERB
fsr-3996	233	23	that	that	PRON
fsr-3996	233	24	of	of	ADP
fsr-3996	233	25	the	the	DET
fsr-3996	233	26	buy	buy	VERB
fsr-3996	233	27	-	-	PUNCT
fsr-3996	233	28	and	and	CCONJ
fsr-3996	233	29	-	-	PUNCT
fsr-3996	233	30	hold	hold	VERB
fsr-3996	233	31	portfolio	portfolio	NOUN
fsr-3996	233	32	.	.	PUNCT
fsr-3996	234	1	-10	-10	PUNCT
fsr-3996	234	2	%	%	NOUN
fsr-3996	234	3	0	0	NUM
fsr-3996	234	4	%	%	NOUN
fsr-3996	234	5	10	10	NUM
fsr-3996	234	6	%	%	NOUN
fsr-3996	234	7	20	20	NUM
fsr-3996	234	8	%	%	NOUN
fsr-3996	234	9	30	30	NUM
fsr-3996	234	10	%	%	NOUN
fsr-3996	234	11	40	40	NUM
fsr-3996	234	12	%	%	NOUN
fsr-3996	234	13	50	50	NUM
fsr-3996	234	14	%	%	NOUN
fsr-3996	234	15	60	60	NUM
fsr-3996	234	16	%	%	NOUN
fsr-3996	234	17	4	4	NUM
fsr-3996	234	18	%	%	NOUN
fsr-3996	234	19	8	8	NUM
fsr-3996	234	20	%	%	NOUN
fsr-3996	234	21	12	12	NUM
fsr-3996	234	22	%	%	NOUN
fsr-3996	234	23	16	16	NUM
fsr-3996	234	24	%	%	NOUN
fsr-3996	234	25	20	20	NUM
fsr-3996	234	26	%	%	NOUN
fsr-3996	234	27	m	m	NOUN
fsr-3996	234	28	ed	ed	PROPN
fsr-3996	234	29	ia	ia	PROPN
fsr-3996	234	30	n	n	X
fsr-3996	234	31	in	in	ADP
fsr-3996	234	32	cr	cr	X
fsr-3996	234	33	ea	ea	X
fsr-3996	234	34	se	se	PROPN
fsr-3996	234	35	in	in	ADP
fsr-3996	234	36	u	u	PROPN
fsr-3996	234	37	n	n	X
fsr-3996	234	38	ta	ta	X
fsr-3996	234	39	xe	xe	PROPN
fsr-3996	234	40	d	d	PROPN
fsr-3996	234	41	t	t	PROPN
fsr-3996	234	42	e	e	PROPN
fsr-3996	234	43	rm	rm	PROPN
fsr-3996	234	44	in	in	ADP
fsr-3996	234	45	al	al	PROPN
fsr-3996	234	46	w	w	PROPN
fsr-3996	234	47	e	e	PROPN
fsr-3996	234	48	al	al	PROPN
fsr-3996	234	49	th	th	PROPN
fsr-3996	234	50	maximum	maximum	PROPN
fsr-3996	234	51	portfolio	portfolio	NOUN
fsr-3996	234	52	weight	weight	NOUN
fsr-3996	234	53	allowed	allow	VERB
fsr-3996	234	54	for	for	ADP
fsr-3996	234	55	any	any	DET
fsr-3996	234	56	one	one	NUM
fsr-3996	234	57	stock	stock	NOUN
fsr-3996	234	58	50	50	NUM
fsr-3996	234	59	-	-	PUNCT
fsr-3996	234	60	year	year	NOUN
fsr-3996	234	61	horizon	horizon	NOUN
fsr-3996	234	62	40	40	NUM
fsr-3996	234	63	-	-	PUNCT
fsr-3996	234	64	year	year	NOUN
fsr-3996	234	65	horizon	horizon	NOUN
fsr-3996	234	66	30	30	NUM
fsr-3996	234	67	-	-	PUNCT
fsr-3996	234	68	year	year	NOUN
fsr-3996	234	69	horizon	horizon	NOUN
fsr-3996	234	70	20	20	NUM
fsr-3996	234	71	-	-	PUNCT
fsr-3996	234	72	year	year	NOUN
fsr-3996	234	73	horizon	horizon	NOUN
fsr-3996	234	74	10	10	NUM
fsr-3996	234	75	-	-	PUNCT
fsr-3996	234	76	year	year	NOUN
fsr-3996	234	77	horizon	horizon	NOUN
fsr-3996	234	78	whitworth	whitworth	PROPN
fsr-3996	234	79	25	25	NUM
fsr-3996	234	80	other	other	ADJ
fsr-3996	234	81	considerations	consideration	NOUN
fsr-3996	234	82	while	while	SCONJ
fsr-3996	234	83	it	it	PRON
fsr-3996	234	84	is	be	AUX
fsr-3996	234	85	beyond	beyond	ADP
fsr-3996	234	86	the	the	DET
fsr-3996	234	87	scope	scope	NOUN
fsr-3996	234	88	of	of	ADP
fsr-3996	234	89	this	this	DET
fsr-3996	234	90	study	study	NOUN
fsr-3996	234	91	to	to	PART
fsr-3996	234	92	examine	examine	VERB
fsr-3996	234	93	every	every	DET
fsr-3996	234	94	possible	possible	ADJ
fsr-3996	234	95	scenario	scenario	NOUN
fsr-3996	234	96	,	,	PUNCT
fsr-3996	234	97	it	it	PRON
fsr-3996	234	98	is	be	AUX
fsr-3996	234	99	appropriate	appropriate	ADJ
fsr-3996	234	100	to	to	PART
fsr-3996	234	101	acknowledge	acknowledge	VERB
fsr-3996	234	102	how	how	SCONJ
fsr-3996	234	103	the	the	DET
fsr-3996	234	104	study	study	NOUN
fsr-3996	234	105	’s	’s	PART
fsr-3996	234	106	design	design	NOUN
fsr-3996	234	107	and	and	CCONJ
fsr-3996	234	108	some	some	PRON
fsr-3996	234	109	of	of	ADP
fsr-3996	234	110	its	its	PRON
fsr-3996	234	111	specific	specific	ADJ
fsr-3996	234	112	assumptions	assumption	NOUN
fsr-3996	234	113	may	may	AUX
fsr-3996	234	114	impact	impact	VERB
fsr-3996	234	115	the	the	DET
fsr-3996	234	116	results	result	NOUN
fsr-3996	234	117	.	.	PUNCT
fsr-3996	235	1	first	first	ADV
fsr-3996	235	2	,	,	PUNCT
fsr-3996	235	3	our	our	PRON
fsr-3996	235	4	conclusions	conclusion	NOUN
fsr-3996	235	5	are	be	AUX
fsr-3996	235	6	based	base	VERB
fsr-3996	235	7	on	on	ADP
fsr-3996	235	8	a	a	DET
fsr-3996	235	9	set	set	NOUN
fsr-3996	235	10	of	of	ADP
fsr-3996	235	11	simulated	simulate	VERB
fsr-3996	235	12	stock	stock	NOUN
fsr-3996	235	13	returns	return	NOUN
fsr-3996	235	14	generated	generate	VERB
fsr-3996	235	15	using	use	VERB
fsr-3996	235	16	the	the	DET
fsr-3996	235	17	methodology	methodology	NOUN
fsr-3996	235	18	and	and	CCONJ
fsr-3996	235	19	parameters	parameter	NOUN
fsr-3996	235	20	previously	previously	ADV
fsr-3996	235	21	described	describe	VERB
fsr-3996	235	22	.	.	PUNCT
fsr-3996	236	1	while	while	SCONJ
fsr-3996	236	2	this	this	PRON
fsr-3996	236	3	is	be	AUX
fsr-3996	236	4	reasonable	reasonable	ADJ
fsr-3996	236	5	and	and	CCONJ
fsr-3996	236	6	consistent	consistent	ADJ
fsr-3996	236	7	with	with	ADP
fsr-3996	236	8	prior	prior	ADJ
fsr-3996	236	9	literature	literature	NOUN
fsr-3996	236	10	(	(	PUNCT
fsr-3996	236	11	e.g.	e.g.	ADV
fsr-3996	236	12	,	,	PUNCT
fsr-3996	236	13	smith	smith	PROPN
fsr-3996	236	14	and	and	CCONJ
fsr-3996	236	15	smith	smith	PROPN
fsr-3996	236	16	,	,	PUNCT
fsr-3996	236	17	2008	2008	NUM
fsr-3996	236	18	;	;	PUNCT
fsr-3996	236	19	whitworth	whitworth	PROPN
fsr-3996	236	20	,	,	PUNCT
fsr-3996	236	21	2018	2018	NUM
fsr-3996	236	22	)	)	PUNCT
fsr-3996	236	23	,	,	PUNCT
fsr-3996	236	24	other	other	ADJ
fsr-3996	236	25	studies	study	NOUN
fsr-3996	236	26	have	have	AUX
fsr-3996	236	27	employed	employ	VERB
fsr-3996	236	28	a	a	DET
fsr-3996	236	29	historical	historical	ADJ
fsr-3996	236	30	resampling	resample	VERB
fsr-3996	236	31	approach	approach	NOUN
fsr-3996	236	32	when	when	SCONJ
fsr-3996	236	33	investigating	investigate	VERB
fsr-3996	236	34	similar	similar	ADJ
fsr-3996	236	35	questions	question	NOUN
fsr-3996	236	36	,	,	PUNCT
fsr-3996	236	37	and	and	CCONJ
fsr-3996	236	38	it	it	PRON
fsr-3996	236	39	is	be	AUX
fsr-3996	236	40	possible	possible	ADJ
fsr-3996	236	41	that	that	SCONJ
fsr-3996	236	42	one	one	PRON
fsr-3996	236	43	might	might	AUX
fsr-3996	236	44	obtain	obtain	VERB
fsr-3996	236	45	different	different	ADJ
fsr-3996	236	46	results	result	NOUN
fsr-3996	236	47	by	by	ADP
fsr-3996	236	48	using	use	VERB
fsr-3996	236	49	a	a	DET
fsr-3996	236	50	different	different	ADJ
fsr-3996	236	51	methodology	methodology	NOUN
fsr-3996	236	52	.	.	PUNCT
fsr-3996	237	1	regarding	regard	VERB
fsr-3996	237	2	the	the	DET
fsr-3996	237	3	specifics	specific	NOUN
fsr-3996	237	4	of	of	ADP
fsr-3996	237	5	our	our	PRON
fsr-3996	237	6	simulation	simulation	NOUN
fsr-3996	237	7	,	,	PUNCT
fsr-3996	237	8	one	one	NUM
fsr-3996	237	9	simplifying	simplify	VERB
fsr-3996	237	10	assumption	assumption	NOUN
fsr-3996	237	11	made	make	VERB
fsr-3996	237	12	is	be	AUX
fsr-3996	237	13	that	that	SCONJ
fsr-3996	237	14	the	the	DET
fsr-3996	237	15	stocks	stock	NOUN
fsr-3996	237	16	do	do	AUX
fsr-3996	237	17	not	not	PART
fsr-3996	237	18	pay	pay	VERB
fsr-3996	237	19	dividends	dividend	NOUN
fsr-3996	237	20	.	.	PUNCT
fsr-3996	238	1	all	all	DET
fsr-3996	238	2	other	other	ADJ
fsr-3996	238	3	things	thing	NOUN
fsr-3996	238	4	being	be	AUX
fsr-3996	238	5	equal	equal	ADJ
fsr-3996	238	6	,	,	PUNCT
fsr-3996	238	7	taxable	taxable	ADJ
fsr-3996	238	8	individual	individual	ADJ
fsr-3996	238	9	investors	investor	NOUN
fsr-3996	238	10	generally	generally	ADV
fsr-3996	238	11	should	should	AUX
fsr-3996	238	12	avoid	avoid	VERB
fsr-3996	238	13	dividend	dividend	NOUN
fsr-3996	238	14	-	-	PUNCT
fsr-3996	238	15	paying	pay	VERB
fsr-3996	238	16	stocks	stock	NOUN
fsr-3996	238	17	since	since	SCONJ
fsr-3996	238	18	dividends	dividend	NOUN
fsr-3996	238	19	are	be	AUX
fsr-3996	238	20	tax	tax	NOUN
fsr-3996	238	21	-	-	PUNCT
fsr-3996	238	22	inefficient	inefficient	ADJ
fsr-3996	238	23	.	.	PUNCT
fsr-3996	239	1	receiving	receive	VERB
fsr-3996	239	2	dividends	dividend	NOUN
fsr-3996	239	3	essentially	essentially	ADV
fsr-3996	239	4	converts	convert	VERB
fsr-3996	239	5	capital	capital	NOUN
fsr-3996	239	6	gains	gain	NOUN
fsr-3996	239	7	which	which	PRON
fsr-3996	239	8	could	could	AUX
fsr-3996	239	9	be	be	AUX
fsr-3996	239	10	taxed	tax	VERB
fsr-3996	239	11	much	much	ADV
fsr-3996	239	12	later	later	ADV
fsr-3996	239	13	(	(	PUNCT
fsr-3996	239	14	or	or	CCONJ
fsr-3996	239	15	not	not	PART
fsr-3996	239	16	at	at	ADV
fsr-3996	239	17	all	all	ADV
fsr-3996	239	18	,	,	PUNCT
fsr-3996	239	19	if	if	SCONJ
fsr-3996	239	20	the	the	DET
fsr-3996	239	21	investor	investor	NOUN
fsr-3996	239	22	expects	expect	VERB
fsr-3996	239	23	a	a	DET
fsr-3996	239	24	stepup	stepup	PROPN
fsr-3996	239	25	in	in	ADP
fsr-3996	239	26	basis	basis	NOUN
fsr-3996	239	27	)	)	PUNCT
fsr-3996	239	28	into	into	ADP
fsr-3996	239	29	current	current	ADJ
fsr-3996	239	30	income	income	NOUN
fsr-3996	239	31	which	which	PRON
fsr-3996	239	32	is	be	AUX
fsr-3996	239	33	taxed	tax	VERB
fsr-3996	239	34	immediately	immediately	ADV
fsr-3996	239	35	.	.	PUNCT
fsr-3996	240	1	in	in	ADP
fsr-3996	240	2	addition	addition	NOUN
fsr-3996	240	3	,	,	PUNCT
fsr-3996	240	4	the	the	DET
fsr-3996	240	5	entire	entire	ADJ
fsr-3996	240	6	dividend	dividend	NOUN
fsr-3996	240	7	distribution	distribution	NOUN
fsr-3996	240	8	is	be	AUX
fsr-3996	240	9	taxed	tax	VERB
fsr-3996	240	10	as	as	ADP
fsr-3996	240	11	income	income	NOUN
fsr-3996	240	12	,	,	PUNCT
fsr-3996	240	13	unlike	unlike	ADP
fsr-3996	240	14	shares	share	NOUN
fsr-3996	240	15	which	which	PRON
fsr-3996	240	16	are	be	AUX
fsr-3996	240	17	liquidated	liquidate	VERB
fsr-3996	240	18	for	for	ADP
fsr-3996	240	19	rebalancing	rebalancing	NOUN
fsr-3996	240	20	purposes	purpose	NOUN
fsr-3996	240	21	(	(	PUNCT
fsr-3996	240	22	where	where	SCONJ
fsr-3996	240	23	only	only	ADV
fsr-3996	240	24	the	the	DET
fsr-3996	240	25	value	value	NOUN
fsr-3996	240	26	above	above	ADP
fsr-3996	240	27	the	the	DET
fsr-3996	240	28	cost	cost	NOUN
fsr-3996	240	29	basis	basis	NOUN
fsr-3996	240	30	is	be	AUX
fsr-3996	240	31	taxed	tax	VERB
fsr-3996	240	32	)	)	PUNCT
fsr-3996	240	33	.	.	PUNCT
fsr-3996	241	1	nevertheless	nevertheless	ADV
fsr-3996	241	2	,	,	PUNCT
fsr-3996	241	3	while	while	SCONJ
fsr-3996	241	4	some	some	DET
fsr-3996	241	5	investors	investor	NOUN
fsr-3996	241	6	do	do	AUX
fsr-3996	241	7	own	own	VERB
fsr-3996	241	8	dividend	dividend	NOUN
fsr-3996	241	9	-	-	PUNCT
fsr-3996	241	10	paying	pay	VERB
fsr-3996	241	11	stocks	stock	NOUN
fsr-3996	241	12	,	,	PUNCT
fsr-3996	241	13	most	most	ADJ
fsr-3996	241	14	dividends	dividend	NOUN
fsr-3996	241	15	are	be	AUX
fsr-3996	241	16	relatively	relatively	ADV
fsr-3996	241	17	small	small	ADJ
fsr-3996	241	18	and	and	CCONJ
fsr-3996	241	19	unlikely	unlikely	ADJ
fsr-3996	241	20	to	to	PART
fsr-3996	241	21	have	have	VERB
fsr-3996	241	22	a	a	DET
fsr-3996	241	23	significant	significant	ADJ
fsr-3996	241	24	impact	impact	NOUN
fsr-3996	241	25	on	on	ADP
fsr-3996	241	26	the	the	DET
fsr-3996	241	27	investor	investor	NOUN
fsr-3996	241	28	’s	’s	PART
fsr-3996	241	29	terminal	terminal	ADJ
fsr-3996	241	30	wealth	wealth	NOUN
fsr-3996	241	31	.	.	PUNCT
fsr-3996	242	1	another	another	DET
fsr-3996	242	2	simplifying	simplify	VERB
fsr-3996	242	3	assumption	assumption	NOUN
fsr-3996	242	4	of	of	ADP
fsr-3996	242	5	the	the	DET
fsr-3996	242	6	simulation	simulation	NOUN
fsr-3996	242	7	is	be	AUX
fsr-3996	242	8	that	that	SCONJ
fsr-3996	242	9	the	the	DET
fsr-3996	242	10	investor	investor	NOUN
fsr-3996	242	11	makes	make	VERB
fsr-3996	242	12	no	no	DET
fsr-3996	242	13	new	new	ADJ
fsr-3996	242	14	contributions	contribution	NOUN
fsr-3996	242	15	to	to	ADP
fsr-3996	242	16	the	the	DET
fsr-3996	242	17	portfolio	portfolio	NOUN
fsr-3996	242	18	on	on	ADP
fsr-3996	242	19	an	an	DET
fsr-3996	242	20	annual	annual	ADJ
fsr-3996	242	21	basis	basis	NOUN
fsr-3996	242	22	.	.	PUNCT
fsr-3996	243	1	in	in	ADP
fsr-3996	243	2	cases	case	NOUN
fsr-3996	243	3	where	where	SCONJ
fsr-3996	243	4	one	one	PRON
fsr-3996	243	5	does	do	AUX
fsr-3996	243	6	make	make	VERB
fsr-3996	243	7	regular	regular	ADJ
fsr-3996	243	8	additional	additional	ADJ
fsr-3996	243	9	contributions	contribution	NOUN
fsr-3996	243	10	(	(	PUNCT
fsr-3996	243	11	e.g.	e.g.	ADV
fsr-3996	243	12	,	,	PUNCT
fsr-3996	243	13	from	from	ADP
fsr-3996	243	14	wage	wage	NOUN
fsr-3996	243	15	income	income	NOUN
fsr-3996	243	16	)	)	PUNCT
fsr-3996	243	17	,	,	PUNCT
fsr-3996	243	18	the	the	DET
fsr-3996	243	19	newly	newly	ADV
fsr-3996	243	20	invested	invest	VERB
fsr-3996	243	21	funds	fund	NOUN
fsr-3996	243	22	can	can	AUX
fsr-3996	243	23	be	be	AUX
fsr-3996	243	24	allocated	allocate	VERB
fsr-3996	243	25	to	to	ADP
fsr-3996	243	26	the	the	DET
fsr-3996	243	27	leastweighted	leastweighte	VERB
fsr-3996	243	28	stocks	stock	NOUN
fsr-3996	243	29	,	,	PUNCT
fsr-3996	243	30	thereby	thereby	ADV
fsr-3996	243	31	improving	improve	VERB
fsr-3996	243	32	portfolio	portfolio	NOUN
fsr-3996	243	33	diversification	diversification	NOUN
fsr-3996	243	34	and	and	CCONJ
fsr-3996	243	35	reducing	reduce	VERB
fsr-3996	243	36	(	(	PUNCT
fsr-3996	243	37	but	but	CCONJ
fsr-3996	243	38	not	not	PART
fsr-3996	243	39	eliminating	eliminate	VERB
fsr-3996	243	40	)	)	PUNCT
fsr-3996	243	41	the	the	DET
fsr-3996	243	42	need	need	NOUN
fsr-3996	243	43	to	to	PART
fsr-3996	243	44	harvest	harvest	VERB
fsr-3996	243	45	gains	gain	NOUN
fsr-3996	243	46	for	for	ADP
fsr-3996	243	47	the	the	DET
fsr-3996	243	48	purpose	purpose	NOUN
fsr-3996	243	49	of	of	ADP
fsr-3996	243	50	rebalancing	rebalancing	NOUN
fsr-3996	243	51	.	.	PUNCT
fsr-3996	244	1	it	it	PRON
fsr-3996	244	2	may	may	AUX
fsr-3996	244	3	be	be	AUX
fsr-3996	244	4	of	of	ADP
fsr-3996	244	5	interest	interest	NOUN
fsr-3996	244	6	for	for	ADP
fsr-3996	244	7	future	future	ADJ
fsr-3996	244	8	studies	study	NOUN
fsr-3996	244	9	to	to	PART
fsr-3996	244	10	simulate	simulate	VERB
fsr-3996	244	11	the	the	DET
fsr-3996	244	12	outcomes	outcome	NOUN
fsr-3996	244	13	of	of	ADP
fsr-3996	244	14	alternative	alternative	ADJ
fsr-3996	244	15	strategies	strategy	NOUN
fsr-3996	244	16	when	when	SCONJ
fsr-3996	244	17	investments	investment	NOUN
fsr-3996	244	18	are	be	AUX
fsr-3996	244	19	made	make	VERB
fsr-3996	244	20	regularly	regularly	ADV
fsr-3996	244	21	over	over	ADP
fsr-3996	244	22	time	time	NOUN
fsr-3996	244	23	,	,	PUNCT
fsr-3996	244	24	rather	rather	ADV
fsr-3996	244	25	than	than	ADP
fsr-3996	244	26	as	as	ADP
fsr-3996	244	27	a	a	DET
fsr-3996	244	28	lump	lump	NOUN
fsr-3996	244	29	sum	sum	NOUN
fsr-3996	244	30	at	at	ADP
fsr-3996	244	31	the	the	DET
fsr-3996	244	32	beginning	beginning	NOUN
fsr-3996	244	33	.	.	PUNCT
fsr-3996	245	1	conclusion	conclusion	NOUN
fsr-3996	245	2	this	this	DET
fsr-3996	245	3	paper	paper	NOUN
fsr-3996	245	4	has	have	AUX
fsr-3996	245	5	considered	consider	VERB
fsr-3996	245	6	alternative	alternative	ADJ
fsr-3996	245	7	policies	policy	NOUN
fsr-3996	245	8	for	for	ADP
fsr-3996	245	9	when	when	SCONJ
fsr-3996	245	10	individuals	individual	NOUN
fsr-3996	245	11	with	with	ADP
fsr-3996	245	12	taxable	taxable	ADJ
fsr-3996	245	13	portfolios	portfolio	NOUN
fsr-3996	245	14	should	should	AUX
fsr-3996	245	15	realize	realize	VERB
fsr-3996	245	16	capital	capital	NOUN
fsr-3996	245	17	gains	gain	NOUN
fsr-3996	245	18	on	on	ADP
fsr-3996	245	19	their	their	PRON
fsr-3996	245	20	winning	win	VERB
fsr-3996	245	21	stocks	stock	NOUN
fsr-3996	245	22	.	.	PUNCT
fsr-3996	246	1	constantinides	constantinide	VERB
fsr-3996	246	2	(	(	PUNCT
fsr-3996	246	3	1983	1983	NUM
fsr-3996	246	4	)	)	PUNCT
fsr-3996	246	5	advocates	advocate	VERB
fsr-3996	246	6	holding	hold	VERB
fsr-3996	246	7	winners	winner	NOUN
fsr-3996	246	8	as	as	ADV
fsr-3996	246	9	long	long	ADV
fsr-3996	246	10	as	as	ADP
fsr-3996	246	11	possible	possible	ADJ
fsr-3996	246	12	,	,	PUNCT
fsr-3996	246	13	a	a	DET
fsr-3996	246	14	strategy	strategy	NOUN
fsr-3996	246	15	which	which	PRON
fsr-3996	246	16	is	be	AUX
fsr-3996	246	17	taxefficient	taxefficient	ADJ
fsr-3996	246	18	but	but	CCONJ
fsr-3996	246	19	can	can	AUX
fsr-3996	246	20	allow	allow	VERB
fsr-3996	246	21	the	the	DET
fsr-3996	246	22	portfolio	portfolio	NOUN
fsr-3996	246	23	to	to	PART
fsr-3996	246	24	become	become	VERB
fsr-3996	246	25	very	very	ADV
fsr-3996	246	26	unbalanced	unbalanced	ADJ
fsr-3996	246	27	over	over	ADP
fsr-3996	246	28	time	time	NOUN
fsr-3996	246	29	.	.	PUNCT
fsr-3996	247	1	smith	smith	PROPN
fsr-3996	247	2	and	and	CCONJ
fsr-3996	247	3	smith	smith	PROPN
fsr-3996	247	4	(	(	PUNCT
fsr-3996	247	5	2008	2008	NUM
fsr-3996	247	6	)	)	PUNCT
fsr-3996	247	7	propose	propose	VERB
fsr-3996	247	8	a	a	DET
fsr-3996	247	9	limited	limited	ADJ
fsr-3996	247	10	gain	gain	NOUN
fsr-3996	247	11	recognition	recognition	NOUN
fsr-3996	247	12	strategy	strategy	NOUN
fsr-3996	247	13	which	which	PRON
fsr-3996	247	14	does	do	AUX
fsr-3996	247	15	not	not	PART
fsr-3996	247	16	hinder	hinder	VERB
fsr-3996	247	17	tax	tax	NOUN
fsr-3996	247	18	efficiency	efficiency	NOUN
fsr-3996	247	19	but	but	CCONJ
fsr-3996	247	20	does	do	AUX
fsr-3996	247	21	allow	allow	VERB
fsr-3996	247	22	for	for	ADP
fsr-3996	247	23	greater	great	ADJ
fsr-3996	247	24	portfolio	portfolio	NOUN
fsr-3996	247	25	diversification	diversification	NOUN
fsr-3996	247	26	.	.	PUNCT
fsr-3996	248	1	we	we	PRON
fsr-3996	248	2	show	show	VERB
fsr-3996	248	3	that	that	SCONJ
fsr-3996	248	4	this	this	PRON
fsr-3996	248	5	leads	lead	VERB
fsr-3996	248	6	to	to	ADP
fsr-3996	248	7	much	much	ADV
fsr-3996	248	8	higher	high	ADJ
fsr-3996	248	9	terminal	terminal	ADJ
fsr-3996	248	10	wealth	wealth	NOUN
fsr-3996	248	11	,	,	PUNCT
fsr-3996	248	12	and	and	CCONJ
fsr-3996	248	13	that	that	SCONJ
fsr-3996	248	14	almost	almost	ADV
fsr-3996	248	15	all	all	PRON
fsr-3996	248	16	of	of	ADP
fsr-3996	248	17	this	this	PRON
fsr-3996	248	18	is	be	AUX
fsr-3996	248	19	due	due	ADJ
fsr-3996	248	20	to	to	ADP
fsr-3996	248	21	the	the	DET
fsr-3996	248	22	“	"	PUNCT
fsr-3996	248	23	diversification	diversification	NOUN
fsr-3996	248	24	return	return	NOUN
fsr-3996	248	25	.	.	PUNCT
fsr-3996	248	26	”	"	PUNCT
fsr-3996	249	1	we	we	PRON
fsr-3996	249	2	then	then	ADV
fsr-3996	249	3	show	show	VERB
fsr-3996	249	4	that	that	SCONJ
fsr-3996	249	5	the	the	DET
fsr-3996	249	6	investor	investor	NOUN
fsr-3996	249	7	can	can	AUX
fsr-3996	249	8	do	do	VERB
fsr-3996	249	9	better	well	ADV
fsr-3996	249	10	still	still	ADV
fsr-3996	249	11	by	by	ADP
fsr-3996	249	12	rebalancing	rebalance	VERB
fsr-3996	249	13	the	the	DET
fsr-3996	249	14	portfolio	portfolio	NOUN
fsr-3996	249	15	almost	almost	ADV
fsr-3996	249	16	completely	completely	ADV
fsr-3996	249	17	each	each	DET
fsr-3996	249	18	year	year	NOUN
fsr-3996	249	19	.	.	PUNCT
fsr-3996	250	1	even	even	ADV
fsr-3996	250	2	though	though	SCONJ
fsr-3996	250	3	this	this	DET
fsr-3996	250	4	strategy	strategy	NOUN
fsr-3996	250	5	requires	require	VERB
fsr-3996	250	6	paying	pay	VERB
fsr-3996	250	7	some	some	DET
fsr-3996	250	8	capital	capital	NOUN
fsr-3996	250	9	gains	gain	NOUN
fsr-3996	250	10	taxes	taxis	NOUN
fsr-3996	250	11	earlier	early	ADV
fsr-3996	250	12	than	than	SCONJ
fsr-3996	250	13	if	if	SCONJ
fsr-3996	250	14	all	all	DET
fsr-3996	250	15	gains	gain	NOUN
fsr-3996	250	16	were	be	AUX
fsr-3996	250	17	deferred	defer	VERB
fsr-3996	250	18	,	,	PUNCT
fsr-3996	250	19	the	the	DET
fsr-3996	250	20	increased	increase	VERB
fsr-3996	250	21	diversification	diversification	NOUN
fsr-3996	250	22	return	return	NOUN
fsr-3996	250	23	overwhelms	overwhelm	VERB
fsr-3996	250	24	the	the	DET
fsr-3996	250	25	relatively	relatively	ADV
fsr-3996	250	26	small	small	ADJ
fsr-3996	250	27	reduction	reduction	NOUN
fsr-3996	250	28	in	in	ADP
fsr-3996	250	29	tax	tax	NOUN
fsr-3996	250	30	efficiency	efficiency	NOUN
fsr-3996	250	31	.	.	PUNCT
fsr-3996	251	1	this	this	PRON
fsr-3996	251	2	,	,	PUNCT
fsr-3996	251	3	combined	combine	VERB
fsr-3996	251	4	with	with	ADP
fsr-3996	251	5	the	the	DET
fsr-3996	251	6	fact	fact	NOUN
fsr-3996	251	7	that	that	SCONJ
fsr-3996	251	8	lower	low	ADJ
fsr-3996	251	9	risk	risk	NOUN
fsr-3996	251	10	is	be	AUX
fsr-3996	251	11	desirable	desirable	ADJ
fsr-3996	251	12	in	in	ADP
fsr-3996	251	13	itself	itself	PRON
fsr-3996	251	14	,	,	PUNCT
fsr-3996	251	15	suggests	suggest	VERB
fsr-3996	251	16	that	that	SCONJ
fsr-3996	251	17	taxable	taxable	ADJ
fsr-3996	251	18	stock	stock	NOUN
fsr-3996	251	19	investors	investor	NOUN
fsr-3996	251	20	might	might	AUX
fsr-3996	251	21	be	be	AUX
fsr-3996	251	22	better	well	ADJ
fsr-3996	251	23	off	off	ADP
fsr-3996	251	24	foregoing	forego	VERB
fsr-3996	251	25	the	the	DET
fsr-3996	251	26	usual	usual	ADJ
fsr-3996	251	27	advice	advice	NOUN
fsr-3996	251	28	to	to	PART
fsr-3996	251	29	delay	delay	VERB
fsr-3996	251	30	the	the	DET
fsr-3996	251	31	sale	sale	NOUN
fsr-3996	251	32	of	of	ADP
fsr-3996	251	33	appreciated	appreciated	ADJ
fsr-3996	251	34	stocks	stock	NOUN
fsr-3996	251	35	as	as	ADV
fsr-3996	251	36	long	long	ADV
fsr-3996	251	37	as	as	ADP
fsr-3996	251	38	possible	possible	ADJ
fsr-3996	251	39	.	.	PUNCT
fsr-3996	252	1	individuals	individual	NOUN
fsr-3996	252	2	who	who	PRON
fsr-3996	252	3	are	be	AUX
fsr-3996	252	4	taxed	tax	VERB
fsr-3996	252	5	more	more	ADV
fsr-3996	252	6	heavily	heavily	ADV
fsr-3996	252	7	on	on	ADP
fsr-3996	252	8	capital	capital	NOUN
fsr-3996	252	9	gains	gain	NOUN
fsr-3996	252	10	or	or	CCONJ
fsr-3996	252	11	who	who	PRON
fsr-3996	252	12	expect	expect	VERB
fsr-3996	252	13	an	an	DET
fsr-3996	252	14	eventual	eventual	ADJ
fsr-3996	252	15	step	step	NOUN
fsr-3996	252	16	-	-	PUNCT
fsr-3996	252	17	up	up	NOUN
fsr-3996	252	18	in	in	ADP
fsr-3996	252	19	basis	basis	NOUN
fsr-3996	252	20	may	may	AUX
fsr-3996	252	21	wish	wish	VERB
fsr-3996	252	22	to	to	PART
fsr-3996	252	23	defer	defer	VERB
fsr-3996	252	24	more	more	ADJ
fsr-3996	252	25	gains	gain	NOUN
fsr-3996	252	26	than	than	ADP
fsr-3996	252	27	a	a	DET
fsr-3996	252	28	typical	typical	ADJ
fsr-3996	252	29	investor	investor	NOUN
fsr-3996	252	30	would	would	AUX
fsr-3996	252	31	.	.	PUNCT
fsr-3996	253	1	however	however	ADV
fsr-3996	253	2	,	,	PUNCT
fsr-3996	253	3	even	even	ADV
fsr-3996	253	4	in	in	ADP
fsr-3996	253	5	these	these	DET
fsr-3996	253	6	cases	case	NOUN
fsr-3996	253	7	,	,	PUNCT
fsr-3996	253	8	only	only	ADV
fsr-3996	253	9	a	a	DET
fsr-3996	253	10	modest	modest	ADJ
fsr-3996	253	11	increase	increase	NOUN
fsr-3996	253	12	in	in	ADP
fsr-3996	253	13	portfolio	portfolio	NOUN
fsr-3996	253	14	concentration	concentration	NOUN
fsr-3996	253	15	should	should	AUX
fsr-3996	253	16	be	be	AUX
fsr-3996	253	17	considered	consider	VERB
fsr-3996	253	18	since	since	SCONJ
fsr-3996	253	19	diversification	diversification	NOUN
fsr-3996	253	20	has	have	VERB
fsr-3996	253	21	such	such	DET
fsr-3996	253	22	a	a	DET
fsr-3996	253	23	strong	strong	ADJ
fsr-3996	253	24	impact	impact	NOUN
fsr-3996	253	25	on	on	ADP
fsr-3996	253	26	long	long	ADJ
fsr-3996	253	27	-	-	PUNCT
fsr-3996	253	28	term	term	NOUN
fsr-3996	253	29	returns	return	NOUN
fsr-3996	253	30	.	.	PUNCT
fsr-3996	254	1	references	reference	NOUN
fsr-3996	254	2	bessembinder	bessembinder	PROPN
fsr-3996	254	3	,	,	PUNCT
fsr-3996	254	4	h.	h.	PROPN
fsr-3996	254	5	(	(	PUNCT
fsr-3996	254	6	2018	2018	NUM
fsr-3996	254	7	)	)	PUNCT
fsr-3996	254	8	.	.	PUNCT
fsr-3996	255	1	do	do	AUX
fsr-3996	255	2	stocks	stock	NOUN
fsr-3996	255	3	outperform	outperform	VERB
fsr-3996	255	4	treasury	treasury	NOUN
fsr-3996	255	5	bills	bill	NOUN
fsr-3996	255	6	?	?	PUNCT
fsr-3996	256	1	journal	journal	NOUN
fsr-3996	256	2	of	of	ADP
fsr-3996	256	3	financial	financial	ADJ
fsr-3996	256	4	economics	economic	NOUN
fsr-3996	256	5	,	,	PUNCT
fsr-3996	256	6	129(3	129(3	NUM
fsr-3996	256	7	)	)	PUNCT
fsr-3996	256	8	,	,	PUNCT
fsr-3996	256	9	440	440	NUM
fsr-3996	256	10	-	-	SYM
fsr-3996	256	11	457	457	NUM
fsr-3996	256	12	.	.	PUNCT
fsr-3996	257	1	https://doi.org/10.1016/j.jfineco.2018.06	https://doi.org/10.1016/j.jfineco.2018.06	NOUN
fsr-3996	257	2	.004	.004	NUM
fsr-3996	257	3	booth	booth	NOUN
fsr-3996	257	4	,	,	PUNCT
fsr-3996	257	5	d.	d.	PROPN
fsr-3996	257	6	g.	g.	PROPN
fsr-3996	257	7	and	and	CCONJ
fsr-3996	257	8	fama	fama	PROPN
fsr-3996	257	9	,	,	PUNCT
fsr-3996	257	10	e.	e.	PROPN
fsr-3996	257	11	f.	f.	PROPN
fsr-3996	257	12	(	(	PUNCT
fsr-3996	257	13	1992	1992	NUM
fsr-3996	257	14	)	)	PUNCT
fsr-3996	257	15	.	.	PUNCT
fsr-3996	258	1	diversification	diversification	NOUN
fsr-3996	258	2	returns	return	NOUN
fsr-3996	258	3	and	and	CCONJ
fsr-3996	258	4	asset	asset	NOUN
fsr-3996	258	5	contributions	contribution	NOUN
fsr-3996	258	6	.	.	PUNCT
fsr-3996	259	1	financial	financial	ADJ
fsr-3996	259	2	analysts	analyst	NOUN
fsr-3996	259	3	journal	journal	NOUN
fsr-3996	259	4	,	,	PUNCT
fsr-3996	259	5	48(3	48(3	PROPN
fsr-3996	259	6	)	)	PUNCT
fsr-3996	259	7	,	,	PUNCT
fsr-3996	259	8	26	26	NUM
fsr-3996	259	9	-	-	SYM
fsr-3996	259	10	32	32	NUM
fsr-3996	259	11	.	.	PUNCT
fsr-3996	260	1	https://doi.org/10.2469/faj.v48.n3.26	https://doi.org/10.2469/faj.v48.n3.26	ADJ
fsr-3996	260	2	bouchey	bouchey	X
fsr-3996	260	3	,	,	PUNCT
fsr-3996	260	4	p.	p.	NOUN
fsr-3996	260	5	,	,	PUNCT
fsr-3996	260	6	nemtchinov	nemtchinov	NOUN
fsr-3996	260	7	,	,	PUNCT
fsr-3996	260	8	v.	v.	PROPN
fsr-3996	260	9	,	,	PUNCT
fsr-3996	260	10	paulsen	paulsen	PROPN
fsr-3996	260	11	,	,	PUNCT
fsr-3996	260	12	a.	a.	PROPN
fsr-3996	260	13	,	,	PUNCT
fsr-3996	260	14	and	and	CCONJ
fsr-3996	260	15	stein	stein	PROPN
fsr-3996	260	16	,	,	PUNCT
fsr-3996	260	17	d.m	d.m	PROPN
fsr-3996	260	18	.	.	PUNCT
fsr-3996	260	19	(	(	PUNCT
fsr-3996	260	20	2012	2012	NUM
fsr-3996	260	21	)	)	PUNCT
fsr-3996	260	22	.	.	PUNCT
fsr-3996	261	1	volatility	volatility	NOUN
fsr-3996	261	2	harvesting	harvesting	NOUN
fsr-3996	261	3	:	:	PUNCT
fsr-3996	261	4	why	why	SCONJ
fsr-3996	261	5	does	do	AUX
fsr-3996	261	6	diversifying	diversify	VERB
fsr-3996	261	7	and	and	CCONJ
fsr-3996	261	8	rebalancing	rebalancing	NOUN
fsr-3996	261	9	create	create	VERB
fsr-3996	261	10	portfolio	portfolio	NOUN
fsr-3996	261	11	growth	growth	NOUN
fsr-3996	261	12	?	?	PUNCT
fsr-3996	262	1	journal	journal	NOUN
fsr-3996	262	2	of	of	ADP
fsr-3996	262	3	wealth	wealth	NOUN
fsr-3996	262	4	management	management	NOUN
fsr-3996	262	5	,	,	PUNCT
fsr-3996	262	6	15(2	15(2	NUM
fsr-3996	262	7	)	)	PUNCT
fsr-3996	262	8	,	,	PUNCT
fsr-3996	262	9	26	26	NUM
fsr-3996	262	10	-	-	SYM
fsr-3996	262	11	35	35	NUM
fsr-3996	262	12	.	.	PUNCT
fsr-3996	263	1	https://doi.org/10.1016/j.jfineco.2018.06.004	https://doi.org/10.1016/j.jfineco.2018.06.004	PROPN
fsr-3996	263	2	https://doi.org/10.1016/j.jfineco.2018.06.004	https://doi.org/10.1016/j.jfineco.2018.06.004	PROPN
fsr-3996	263	3	https://doi.org/10.2469/faj.v48.n3.26	https://doi.org/10.2469/faj.v48.n3.26	ADJ
fsr-3996	263	4	financial	financial	ADJ
fsr-3996	263	5	services	service	NOUN
fsr-3996	263	6	review	review	NOUN
fsr-3996	263	7	,	,	PUNCT
fsr-3996	263	8	32(4	32(4	NUM
fsr-3996	263	9	)	)	PUNCT
fsr-3996	263	10	26	26	NUM
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fsr-3996	263	12	,	,	PUNCT
fsr-3996	263	13	j.	j.	PROPN
fsr-3996	263	14	y.	y.	PROPN
fsr-3996	263	15	,	,	PUNCT
fsr-3996	263	16	lettau	lettau	PROPN
fsr-3996	263	17	,	,	PUNCT
fsr-3996	263	18	m.	m.	NOUN
fsr-3996	263	19	,	,	PUNCT
fsr-3996	263	20	malkiel	malkiel	PROPN
fsr-3996	263	21	,	,	PUNCT
fsr-3996	263	22	b.	b.	PROPN
fsr-3996	263	23	g.	g.	PROPN
fsr-3996	263	24	,	,	PUNCT
fsr-3996	263	25	and	and	CCONJ
fsr-3996	263	26	xu	xu	INTJ
fsr-3996	263	27	,	,	PUNCT
fsr-3996	263	28	y.	y.	PROPN
fsr-3996	263	29	(	(	PUNCT
fsr-3996	263	30	2001	2001	NUM
fsr-3996	263	31	)	)	PUNCT
fsr-3996	263	32	.	.	PUNCT
fsr-3996	264	1	have	have	VERB
fsr-3996	264	2	individual	individual	ADJ
fsr-3996	264	3	stocks	stock	NOUN
fsr-3996	264	4	become	become	VERB
fsr-3996	264	5	more	more	ADV
fsr-3996	264	6	volatile	volatile	ADJ
fsr-3996	264	7	?	?	PUNCT
fsr-3996	265	1	an	an	DET
fsr-3996	265	2	empirical	empirical	ADJ
fsr-3996	265	3	exploration	exploration	NOUN
fsr-3996	265	4	of	of	ADP
fsr-3996	265	5	idiosyncratic	idiosyncratic	ADJ
fsr-3996	265	6	risk	risk	NOUN
fsr-3996	265	7	.	.	PUNCT
fsr-3996	266	1	journal	journal	NOUN
fsr-3996	266	2	of	of	ADP
fsr-3996	266	3	finance	finance	NOUN
fsr-3996	266	4	,	,	PUNCT
fsr-3996	266	5	56(1	56(1	NUM
fsr-3996	266	6	)	)	PUNCT
fsr-3996	266	7	,	,	PUNCT
fsr-3996	266	8	1	1	NUM
fsr-3996	266	9	-	-	SYM
fsr-3996	266	10	43	43	NUM
fsr-3996	266	11	.	.	PUNCT
fsr-3996	267	1	https://doi.org/10.1111/00221082.00318	https://doi.org/10.1111/00221082.00318	ADV
fsr-3996	267	2	chen	chen	PROPN
fsr-3996	267	3	,	,	PUNCT
fsr-3996	267	4	a.	a.	PROPN
fsr-3996	267	5	y.	y.	PROPN
fsr-3996	267	6	and	and	CCONJ
fsr-3996	267	7	velikov	velikov	PROPN
fsr-3996	267	8	,	,	PUNCT
fsr-3996	267	9	m.	m.	NOUN
fsr-3996	267	10	(	(	PUNCT
fsr-3996	267	11	2023	2023	NUM
fsr-3996	267	12	)	)	PUNCT
fsr-3996	267	13	.	.	PUNCT
fsr-3996	268	1	zeroing	zero	VERB
fsr-3996	268	2	in	in	ADP
fsr-3996	268	3	on	on	ADP
fsr-3996	268	4	the	the	DET
fsr-3996	268	5	expected	expect	VERB
fsr-3996	268	6	returns	return	NOUN
fsr-3996	268	7	of	of	ADP
fsr-3996	268	8	anomalies	anomaly	NOUN
fsr-3996	268	9	.	.	PUNCT
fsr-3996	269	1	journal	journal	NOUN
fsr-3996	269	2	of	of	ADP
fsr-3996	269	3	financial	financial	ADJ
fsr-3996	269	4	and	and	CCONJ
fsr-3996	269	5	quantitative	quantitative	ADJ
fsr-3996	269	6	analysis	analysis	NOUN
fsr-3996	269	7	,	,	PUNCT
fsr-3996	269	8	58(3	58(3	NUM
fsr-3996	269	9	)	)	PUNCT
fsr-3996	269	10	,	,	PUNCT
fsr-3996	269	11	968	968	NUM
fsr-3996	269	12	-	-	SYM
fsr-3996	269	13	1004	1004	NUM
fsr-3996	269	14	.	.	PUNCT
fsr-3996	270	1	https://doi.org/10.1017/s002210902200	https://doi.org/10.1017/s002210902200	PRON
fsr-3996	270	2	0874	0874	NUM
fsr-3996	270	3	constantinides	constantinide	VERB
fsr-3996	270	4	,	,	PUNCT
fsr-3996	270	5	g.	g.	PROPN
fsr-3996	270	6	m.	m.	PROPN
fsr-3996	270	7	(	(	PUNCT
fsr-3996	270	8	1983	1983	NUM
fsr-3996	270	9	)	)	PUNCT
fsr-3996	270	10	.	.	PUNCT
fsr-3996	271	1	capital	capital	NOUN
fsr-3996	271	2	market	market	NOUN
fsr-3996	271	3	equilibrium	equilibrium	NOUN
fsr-3996	271	4	with	with	ADP
fsr-3996	271	5	personal	personal	ADJ
fsr-3996	271	6	tax	tax	NOUN
fsr-3996	271	7	.	.	PUNCT
fsr-3996	272	1	econometrica	econometrica	PROPN
fsr-3996	272	2	,	,	PUNCT
fsr-3996	272	3	51(3	51(3	NUM
fsr-3996	272	4	)	)	PUNCT
fsr-3996	272	5	,	,	PUNCT
fsr-3996	272	6	611	611	NUM
fsr-3996	272	7	-	-	SYM
fsr-3996	272	8	636	636	NUM
fsr-3996	272	9	.	.	PUNCT
fsr-3996	273	1	https://doi.org/10.2307/1912150	https://doi.org/10.2307/1912150	ADP
fsr-3996	273	2	constantinides	constantinides	PROPN
fsr-3996	273	3	,	,	PUNCT
fsr-3996	273	4	g.	g.	PROPN
fsr-3996	273	5	m.	m.	PROPN
fsr-3996	273	6	(	(	PUNCT
fsr-3996	273	7	1984	1984	NUM
fsr-3996	273	8	)	)	PUNCT
fsr-3996	273	9	.	.	PUNCT
fsr-3996	274	1	optimal	optimal	ADJ
fsr-3996	274	2	stock	stock	NOUN
fsr-3996	274	3	trading	trading	NOUN
fsr-3996	274	4	with	with	ADP
fsr-3996	274	5	personal	personal	ADJ
fsr-3996	274	6	taxes	taxis	NOUN
fsr-3996	274	7	:	:	PUNCT
fsr-3996	274	8	implication	implication	NOUN
fsr-3996	274	9	for	for	ADP
fsr-3996	274	10	prices	price	NOUN
fsr-3996	274	11	and	and	CCONJ
fsr-3996	274	12	the	the	DET
fsr-3996	274	13	abnormal	abnormal	ADJ
fsr-3996	274	14	january	january	PROPN
fsr-3996	274	15	return	return	NOUN
fsr-3996	274	16	.	.	PUNCT
fsr-3996	275	1	journal	journal	NOUN
fsr-3996	275	2	of	of	ADP
fsr-3996	275	3	financial	financial	ADJ
fsr-3996	275	4	economics	economic	NOUN
fsr-3996	275	5	,	,	PUNCT
fsr-3996	275	6	13(1	13(1	NUM
fsr-3996	275	7	)	)	PUNCT
fsr-3996	275	8	,	,	PUNCT
fsr-3996	275	9	65	65	NUM
fsr-3996	275	10	-	-	SYM
fsr-3996	275	11	89	89	NUM
fsr-3996	275	12	.	.	PUNCT
fsr-3996	276	1	https://doi.org/10.1016/0304405x(84)90032-1	https://doi.org/10.1016/0304405x(84)90032-1	PROPN
fsr-3996	276	2	cuthbertson	cuthbertson	PROPN
fsr-3996	276	3	,	,	PUNCT
fsr-3996	276	4	k.	k.	PROPN
fsr-3996	276	5	,	,	PUNCT
fsr-3996	276	6	hayley	hayley	PROPN
fsr-3996	276	7	,	,	PUNCT
fsr-3996	276	8	s.	s.	PROPN
fsr-3996	276	9	,	,	PUNCT
fsr-3996	276	10	motson	motson	PROPN
fsr-3996	276	11	,	,	PUNCT
fsr-3996	276	12	n.	n.	NOUN
fsr-3996	276	13	,	,	PUNCT
fsr-3996	276	14	and	and	CCONJ
fsr-3996	276	15	nitzsche	nitzsche	NOUN
fsr-3996	276	16	,	,	PUNCT
fsr-3996	276	17	d.	d.	PROPN
fsr-3996	276	18	(	(	PUNCT
fsr-3996	276	19	2016	2016	NUM
fsr-3996	276	20	)	)	PUNCT
fsr-3996	276	21	.	.	PUNCT
fsr-3996	277	1	what	what	PRON
fsr-3996	277	2	does	do	AUX
fsr-3996	277	3	rebalancing	rebalancing	NOUN
fsr-3996	277	4	really	really	ADV
fsr-3996	277	5	achieve	achieve	VERB
fsr-3996	277	6	?	?	PUNCT
fsr-3996	278	1	international	international	ADJ
fsr-3996	278	2	journal	journal	NOUN
fsr-3996	278	3	of	of	ADP
fsr-3996	278	4	finance	finance	NOUN
fsr-3996	278	5	and	and	CCONJ
fsr-3996	278	6	economics	economic	NOUN
fsr-3996	278	7	,	,	PUNCT
fsr-3996	278	8	21(3	21(3	NUM
fsr-3996	278	9	)	)	PUNCT
fsr-3996	278	10	,	,	PUNCT
fsr-3996	278	11	224	224	NUM
fsr-3996	278	12	-	-	SYM
fsr-3996	278	13	240	240	NUM
fsr-3996	278	14	.	.	PUNCT
fsr-3996	279	1	https://doi.org/10.1002/ijfe.1545	https://doi.org/10.1002/ijfe.1545	ADJ
fsr-3996	279	2	erb	erb	NOUN
fsr-3996	279	3	,	,	PUNCT
fsr-3996	279	4	c.	c.	PROPN
fsr-3996	279	5	b.	b.	PROPN
fsr-3996	279	6	and	and	CCONJ
fsr-3996	279	7	harvey	harvey	PROPN
fsr-3996	279	8	,	,	PUNCT
fsr-3996	279	9	c.	c.	PROPN
fsr-3996	279	10	r.	r.	PROPN
fsr-3996	279	11	(	(	PUNCT
fsr-3996	279	12	2006	2006	NUM
fsr-3996	279	13	)	)	PUNCT
fsr-3996	279	14	.	.	PUNCT
fsr-3996	280	1	the	the	DET
fsr-3996	280	2	strategic	strategic	ADJ
fsr-3996	280	3	and	and	CCONJ
fsr-3996	280	4	tactical	tactical	ADJ
fsr-3996	280	5	value	value	NOUN
fsr-3996	280	6	of	of	ADP
fsr-3996	280	7	commodity	commodity	NOUN
fsr-3996	280	8	futures	future	NOUN
fsr-3996	280	9	.	.	PUNCT
fsr-3996	281	1	financial	financial	ADJ
fsr-3996	281	2	analysts	analyst	NOUN
fsr-3996	281	3	journal	journal	NOUN
fsr-3996	281	4	,	,	PUNCT
fsr-3996	281	5	62(2	62(2	NOUN
fsr-3996	281	6	)	)	PUNCT
fsr-3996	281	7	,	,	PUNCT
fsr-3996	281	8	6997	6997	NUM
fsr-3996	281	9	.	.	PUNCT
fsr-3996	282	1	https://doi.org/10.2469/faj.v62.n2.4084	https://doi.org/10.2469/faj.v62.n2.4084	ADJ
fsr-3996	282	2	fama	fama	PROPN
fsr-3996	282	3	,	,	PUNCT
fsr-3996	282	4	e.	e.	PROPN
fsr-3996	282	5	f.	f.	PROPN
fsr-3996	282	6	(	(	PUNCT
fsr-3996	282	7	1970	1970	NUM
fsr-3996	282	8	)	)	PUNCT
fsr-3996	282	9	.	.	PUNCT
fsr-3996	283	1	efficient	efficient	ADJ
fsr-3996	283	2	capital	capital	NOUN
fsr-3996	283	3	markets	market	NOUN
fsr-3996	283	4	:	:	PUNCT
fsr-3996	283	5	a	a	DET
fsr-3996	283	6	review	review	NOUN
fsr-3996	283	7	of	of	ADP
fsr-3996	283	8	theory	theory	NOUN
fsr-3996	283	9	and	and	CCONJ
fsr-3996	283	10	empirical	empirical	ADJ
fsr-3996	283	11	work	work	NOUN
fsr-3996	283	12	.	.	PUNCT
fsr-3996	284	1	journal	journal	PROPN
fsr-3996	284	2	of	of	ADP
fsr-3996	284	3	finance	finance	NOUN
fsr-3996	284	4	,	,	PUNCT
fsr-3996	284	5	25(2	25(2	NUM
fsr-3996	284	6	)	)	PUNCT
fsr-3996	284	7	,	,	PUNCT
fsr-3996	284	8	383	383	NUM
fsr-3996	284	9	-	-	SYM
fsr-3996	284	10	417	417	NUM
fsr-3996	284	11	.	.	PUNCT
fsr-3996	285	1	https://doi.org/10.1111/j.15406261.1970.tb00518.x	https://doi.org/10.1111/j.15406261.1970.tb00518.x	PROPN
fsr-3996	285	2	fama	fama	PROPN
fsr-3996	285	3	,	,	PUNCT
fsr-3996	285	4	e.	e.	PROPN
fsr-3996	285	5	f.	f.	PROPN
fsr-3996	285	6	(	(	PUNCT
fsr-3996	285	7	1991	1991	NUM
fsr-3996	285	8	)	)	PUNCT
fsr-3996	285	9	.	.	PUNCT
fsr-3996	286	1	efficient	efficient	ADJ
fsr-3996	286	2	capital	capital	NOUN
fsr-3996	286	3	markets	market	NOUN
fsr-3996	286	4	:	:	PUNCT
fsr-3996	286	5	ii	ii	PROPN
fsr-3996	286	6	.	.	PROPN
fsr-3996	286	7	journal	journal	PROPN
fsr-3996	286	8	of	of	ADP
fsr-3996	286	9	finance	finance	NOUN
fsr-3996	286	10	,	,	PUNCT
fsr-3996	286	11	46(5	46(5	PROPN
fsr-3996	286	12	)	)	PUNCT
fsr-3996	286	13	,	,	PUNCT
fsr-3996	286	14	1575	1575	NUM
fsr-3996	286	15	-	-	SYM
fsr-3996	286	16	1617	1617	NUM
fsr-3996	286	17	.	.	PUNCT
fsr-3996	287	1	https://doi.org/10.1111/j.15406261.1991.tb04636.x	https://doi.org/10.1111/j.15406261.1991.tb04636.x	ADJ
fsr-3996	287	2	feld	feld	NOUN
fsr-3996	287	3	,	,	PUNCT
fsr-3996	287	4	a.	a.	NOUN
fsr-3996	287	5	(	(	PUNCT
fsr-3996	287	6	1999	1999	NUM
fsr-3996	287	7	)	)	PUNCT
fsr-3996	287	8	.	.	PUNCT
fsr-3996	288	1	high	high	ADJ
fsr-3996	288	2	exposure	exposure	NOUN
fsr-3996	288	3	to	to	ADP
fsr-3996	288	4	low	low	ADJ
fsr-3996	288	5	-	-	PUNCT
fsr-3996	288	6	basis	basis	NOUN
fsr-3996	288	7	stock	stock	NOUN
fsr-3996	288	8	:	:	PUNCT
fsr-3996	288	9	too	too	ADV
fsr-3996	288	10	much	much	ADJ
fsr-3996	288	11	of	of	ADP
fsr-3996	288	12	a	a	DET
fsr-3996	288	13	good	good	ADJ
fsr-3996	288	14	thing	thing	NOUN
fsr-3996	288	15	?	?	PUNCT
fsr-3996	289	1	cpa	cpa	PROPN
fsr-3996	289	2	journal	journal	PROPN
fsr-3996	289	3	,	,	PUNCT
fsr-3996	289	4	69(11	69(11	NOUN
fsr-3996	289	5	)	)	PUNCT
fsr-3996	289	6	,	,	PUNCT
fsr-3996	289	7	60	60	NUM
fsr-3996	289	8	-	-	SYM
fsr-3996	289	9	65	65	NUM
fsr-3996	289	10	.	.	PUNCT
fsr-3996	290	1	hasbrouck	hasbrouck	PROPN
fsr-3996	290	2	,	,	PUNCT
fsr-3996	290	3	j.	j.	PROPN
fsr-3996	290	4	(	(	PUNCT
fsr-3996	290	5	2009	2009	NUM
fsr-3996	290	6	)	)	PUNCT
fsr-3996	290	7	.	.	PUNCT
fsr-3996	291	1	trading	trading	NOUN
fsr-3996	291	2	costs	cost	NOUN
fsr-3996	291	3	and	and	CCONJ
fsr-3996	291	4	returns	return	NOUN
fsr-3996	291	5	for	for	ADP
fsr-3996	291	6	u.s	u.s	PROPN
fsr-3996	291	7	.	.	PROPN
fsr-3996	291	8	equities	equity	NOUN
fsr-3996	291	9	:	:	PUNCT
fsr-3996	291	10	estimating	estimate	VERB
fsr-3996	291	11	effective	effective	ADJ
fsr-3996	291	12	costs	cost	NOUN
fsr-3996	291	13	from	from	ADP
fsr-3996	291	14	daily	daily	ADJ
fsr-3996	291	15	data	datum	NOUN
fsr-3996	291	16	.	.	PUNCT
fsr-3996	292	1	journal	journal	PROPN
fsr-3996	292	2	of	of	ADP
fsr-3996	292	3	finance	finance	NOUN
fsr-3996	292	4	,	,	PUNCT
fsr-3996	292	5	64(3	64(3	NUM
fsr-3996	292	6	)	)	PUNCT
fsr-3996	292	7	,	,	PUNCT
fsr-3996	292	8	1445	1445	NUM
fsr-3996	292	9	-	-	SYM
fsr-3996	292	10	1477	1477	NUM
fsr-3996	292	11	.	.	PUNCT
fsr-3996	293	1	https://doi.org/10.1111/j.15406261.2009.01469.x	https://doi.org/10.1111/j.15406261.2009.01469.x	X
fsr-3996	293	2	malkiel	malkiel	PROPN
fsr-3996	293	3	,	,	PUNCT
fsr-3996	293	4	b.	b.	PROPN
fsr-3996	293	5	g.	g.	PROPN
fsr-3996	293	6	(	(	PUNCT
fsr-3996	293	7	2003	2003	NUM
fsr-3996	293	8	)	)	PUNCT
fsr-3996	293	9	.	.	PUNCT
fsr-3996	294	1	the	the	DET
fsr-3996	294	2	efficient	efficient	ADJ
fsr-3996	294	3	market	market	NOUN
fsr-3996	294	4	hypothesis	hypothesis	NOUN
fsr-3996	294	5	and	and	CCONJ
fsr-3996	294	6	its	its	PRON
fsr-3996	294	7	critics	critic	NOUN
fsr-3996	294	8	.	.	PUNCT
fsr-3996	295	1	journal	journal	NOUN
fsr-3996	295	2	of	of	ADP
fsr-3996	295	3	economic	economic	ADJ
fsr-3996	295	4	perspectives	perspective	NOUN
fsr-3996	295	5	,	,	PUNCT
fsr-3996	295	6	17(1	17(1	NUM
fsr-3996	295	7	)	)	PUNCT
fsr-3996	295	8	,	,	PUNCT
fsr-3996	295	9	59	59	NUM
fsr-3996	295	10	-	-	SYM
fsr-3996	295	11	82	82	NUM
fsr-3996	295	12	.	.	PUNCT
fsr-3996	296	1	https://doi.org/10.1257/0895330033211	https://doi.org/10.1257/0895330033211	NOUN
fsr-3996	296	2	64958	64958	NUM
fsr-3996	296	3	smith	smith	PROPN
fsr-3996	296	4	,	,	PUNCT
fsr-3996	296	5	m.	m.	PROPN
fsr-3996	296	6	h.	h.	PROPN
fsr-3996	296	7	,	,	PUNCT
fsr-3996	296	8	and	and	CCONJ
fsr-3996	296	9	smith	smith	PROPN
fsr-3996	296	10	,	,	PUNCT
fsr-3996	296	11	g.	g.	PROPN
fsr-3996	296	12	(	(	PUNCT
fsr-3996	296	13	2008	2008	NUM
fsr-3996	296	14	)	)	PUNCT
fsr-3996	296	15	.	.	PUNCT
fsr-3996	297	1	harvesting	harvesting	NOUN
fsr-3996	297	2	capital	capital	NOUN
fsr-3996	297	3	gains	gain	NOUN
fsr-3996	297	4	and	and	CCONJ
fsr-3996	297	5	losses	loss	NOUN
fsr-3996	297	6	.	.	PUNCT
fsr-3996	298	1	financial	financial	ADJ
fsr-3996	298	2	services	service	NOUN
fsr-3996	298	3	review	review	PROPN
fsr-3996	298	4	,	,	PUNCT
fsr-3996	298	5	17(4	17(4	NUM
fsr-3996	298	6	)	)	PUNCT
fsr-3996	298	7	,	,	PUNCT
fsr-3996	298	8	309	309	NUM
fsr-3996	298	9	-	-	SYM
fsr-3996	298	10	321	321	NUM
fsr-3996	298	11	.	.	PUNCT
fsr-3996	299	1	statman	statman	NOUN
fsr-3996	299	2	,	,	PUNCT
fsr-3996	299	3	m.	m.	NOUN
fsr-3996	299	4	(	(	PUNCT
fsr-3996	299	5	1987	1987	NUM
fsr-3996	299	6	)	)	PUNCT
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fsr-3996	300	5	a	a	DET
fsr-3996	300	6	diversified	diversified	ADJ
fsr-3996	300	7	portfolio	portfolio	NOUN
fsr-3996	300	8	?	?	PUNCT
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fsr-3996	301	3	financial	financial	ADJ
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fsr-3996	301	8	22(3	22(3	NUM
fsr-3996	301	9	)	)	PUNCT
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fsr-3996	302	23	)	)	PUNCT
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fsr-3996	303	2	in	in	ADP
fsr-3996	303	3	the	the	DET
fsr-3996	303	4	presence	presence	NOUN
fsr-3996	303	5	of	of	ADP
fsr-3996	303	6	taxes	taxis	NOUN
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fsr-3996	304	1	journal	journal	PROPN
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fsr-3996	304	6	27(1	27(1	NUM
fsr-3996	304	7	)	)	PUNCT
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fsr-3996	305	2	,	,	PUNCT
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fsr-3996	305	6	)	)	PUNCT
fsr-3996	305	7	.	.	PUNCT
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fsr-3996	306	3	-	-	PUNCT
fsr-3996	306	4	term	term	NOUN
fsr-3996	306	5	portfolio	portfolio	NOUN
fsr-3996	306	6	risk	risk	NOUN
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fsr-3996	306	12	stocks	stock	NOUN
fsr-3996	306	13	for	for	ADP
fsr-3996	306	14	charitable	charitable	ADJ
fsr-3996	306	15	donations	donation	NOUN
fsr-3996	306	16	.	.	PUNCT
fsr-3996	307	1	financial	financial	ADJ
fsr-3996	307	2	services	service	NOUN
fsr-3996	307	3	review	review	PROPN
fsr-3996	307	4	,	,	PUNCT
fsr-3996	307	5	27(3	27(3	NUM
fsr-3996	307	6	)	)	PUNCT
fsr-3996	307	7	,	,	PUNCT
fsr-3996	307	8	257	257	NUM
fsr-3996	307	9	-	-	SYM
fsr-3996	307	10	277	277	NUM
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fsr-3996	307	13	,	,	PUNCT
fsr-3996	307	14	s.	s.	PROPN
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fsr-3996	307	16	2011	2011	NUM
fsr-3996	307	17	)	)	PUNCT
fsr-3996	307	18	.	.	PUNCT
fsr-3996	308	1	diversification	diversification	NOUN
fsr-3996	308	2	return	return	NOUN
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fsr-3996	308	4	portfolio	portfolio	NOUN
fsr-3996	308	5	rebalancing	rebalancing	NOUN
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fsr-3996	308	8	the	the	DET
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fsr-3996	308	11	puzzle	puzzle	NOUN
fsr-3996	308	12	.	.	PUNCT
fsr-3996	309	1	financial	financial	ADJ
fsr-3996	309	2	analysts	analyst	NOUN
fsr-3996	309	3	journal	journal	NOUN
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fsr-3996	309	5	67(4	67(4	NUM
fsr-3996	309	6	)	)	PUNCT
fsr-3996	309	7	,	,	PUNCT
fsr-3996	309	8	42	42	NUM
fsr-3996	309	9	-	-	SYM
fsr-3996	309	10	49	49	NUM
fsr-3996	309	11	.	.	PUNCT
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fsr-3996	311	15	https://doi.org/10.1257/089533003321164958	https://doi.org/10.1257/089533003321164958	X
fsr-3996	311	16	https://doi.org/10.2307/2330969	https://doi.org/10.2307/2330969	X
fsr-3996	311	17	https://doi.org/10.2469/faj.v67.n4.1	https://doi.org/10.2469/faj.v67.n4.1	NOUN