Few things distract investors more than taxes. For example, would you accept $100 less investment return in order to save $25 in taxes? Believe it or not, some investors would. We wouldn’t, because our after-tax return on that $100 is apt to be much higher than $25. When we sell stocks near all-time high prices, as we have recently, there will likely be capital gains realized. However, we believe that our clients will be better off paying the necessary taxes than they would be by continuing to hold overvalued stocks and not owning more attractively-priced ones. If we didn’t believe this, we wouldn’t sell.