The Tax Alpha Gap: 260 Basis Points Hiding in Plain Sight | Ray Carroll

The Insight is Capital™ Podcast · Jul 22, 2026 · 42m

What if the biggest drag on your client's wealth isn't the market — it's the tax bill you never talk about?

Most advisors obsess over pre-tax returns, basis points of alpha, and fee negotiations — while silently surrendering 200 to 300 basis points a year to taxes. In this episode of Insight Is Capital, host Pierre Daillie sits down with Ray Carroll, Ph.D., CFA, Managing Director and Chief Investment Officer of the Breton Hill Quantitative Investing team at Neuberger Berman, to make the case that after-tax return is the only number that actually matters.

Carroll built one of the few…