Stop Maximizing Returns. Start Maximizing After-Tax Wealth

Ryan Nauman interviews Shang Chou, co-founder and managing partner at Dishmi Capital, about how portfolio construction is evolving beyond traditional 60/40 and mean-variance optimization toward maximizing after-tax wealth. Shang shares his Wall Street background (PIMCO, J.P. Morgan, Goldman Sachs), work at Simplify Asset Management, and the personal liquidity-event experience that motivated Dishmi’s focus on helping taxable investors with concentrated stock and major life events. He argues advisors leave “structural alpha” untapped by optimizing for pre-tax returns and outlines a three-dimensional framework—time, the full balance sheet (including proactive, tax-aware borrowing), and an expanded solution set—highlighting tools like tax-aware long-short, exchange funds, variable prepaid forwards, collars, SPX box spreads, and Section 351 exchanges. He predicts tax-aware portfolio construction will become table stakes and expects continued growth in the independent advisory channel. Connect with Ryan Nauman: LinkedIn XLearn how Nauman Strategic Partners can help Wealth Managers and Asset Management firms developing compelling market narratives, white papers, and content strategies that position your firm as a trusted voice in the investment landscape. 00:00 Why Tax Alpha Matters 01:10 Meet Shang Chou 02:44 Founding Dishmi Capital 05:17 Planning Before Liquidity 06:28 PIMCO Structural Alpha 08:55 After Tax Mindset Shift 12:27 Three Dimensional Framework 15:33 Borrowing Smarter for Homes 17:41 Institutional Tools for Advisors 20:32 Biggest Untapped Tax Wins 23:13 Which Strategies Go Mainstream 25:56 Life Events Drive Planning 28:28 Future of Tax Aware Advice 31:38 Where to Find Sheng 32:12 Closing and Subscribe