Bridging Academic Research and Real World Investing with Vanguard's Kevin Khang
Excess ReturnsMay 18, 202300:52:32

Bridging Academic Research and Real World Investing with Vanguard's Kevin Khang

In this episode, we speak with Vanguard's Head of Active and Alternatives Research Kevin Khang. Kevin offers a unique perspective due to his experience both as a researcher and a practitioner. We discuss a variety of his research papers, including his work on tax loss harvesting, direct indexing, optimization in factor investing, using home equity in retirement and safe withdrawal rates.

00:00 - Intro
02:11 - Kevin's path to Vanguard
05:42 - How Kevin selects areas for his research
07:19 - What the process of creating research and getting it published looks like
11:47 - Kevin's research on tax loss harvesting
16:32 - The biggest relative alpha drivers in tax loss harvesting
21:55 - Kevin's research on direct indexing
29:29 - Kevin's views on tax alpha and direct indexing
32:33 - Combining gifting with direct indexing
33:26 - Optimization in factor investing
38:57 - The role of home equity in retirement planning
43:15 - Kevin's research on safe withdrawal rates
49:49 - The one lesson Kevin would teach the average investor

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