[Lavery]

The capital gains / income tax rates have only a minor impact on the weight of growth in valuation models. One way to see this without getting to technical: there are a number of (very large) institutional investors that pay no tax at all (university endowments, charities, etc). If what you're saying is true, untaxed investors would have radically different allocations than similar taxed investors. That's not the case.

[onlyrealcuzzo]

> If what you're saying is true, untaxed investors would have radically different allocations than similar taxed investors. That's not the case.

Except it is the case for endowments and charities. They both have much lower risk tolerance than HNWI (~33% of capital).

The bottom ~50% of capital is in R/E and is mostly about living, and less about taxes.