Investment risk may be a complex subject but Howard Marks has come very close to writing the definitive document on this subject. This may not become widely read but it is clearly a timeless resource for any investor who wants to dig deeply into this issue.
link to article
Tax-Efficient Investing: How the Right Strategy Saves You Hundreds of Thousands
Effective compounding and tax minimization are not competing goals. They reinforce each other. The discipline that drives superior long-term compounding uses aggressive risk management to minimize drawdowns and so also
