This is a very credible explanation of how the markets are and have been trading:
https://www.youtube.com/watch?v=sEhlH_YlQlc&feature=youtu.be&a

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

