Securities listed in this table as investable proxies for countries are:

FXI, EWJ, VPL, EWH, EWM , EWP, EWL, EWQ, EFA, EIS, VTI, VT, EWG, VGK, EWT, LIS, EWN, EWU, EWI, THD, INP, EWD, EZA, EEM, EWS, ECH, EWW, EWY, EPP, EWA, EWC, EWZ, IRL, IF, EWK, TR, EWO, and RSX.

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The practical challenge when tax loss harvesting is maintaining a continuous asset class exposure at target levels without time gaps, while avoiding penalties under the IRS Wash Sale Rule (IRC Section 1091).

The problem with time gaps is that significant market moves can occur in the 30-day waiting period of the Wash Sale rule, which would prevent the portfolio from achieving the risk and return expectations on which the portfolio asset allocation was designed.

The solution to the problem is substitution. Immediately upon realizing a loss in one fund, open a position in an alternate fund that is similar to, but not “substantially identical” to, the fund on which the loss was realized.

After the waiting period of 30 days, close the substitute fund position and reopen the original position (assuming …

There are 67 countries between the United States, Canada, EAFE, emerging market and frontier market countries. It may be helpful to you if you visualize the geographic relationship between those countries when you think about making country, region or development stage country investments.

The pie chart shows the relative market cap size of the US, Canada, the 21 EAFE (Europe, Australasia, Far East) countries, and the 25 emerging market countries. The stock market capitalization of the 19 frontier market countries is essentially negligible in comparison to the other market categories.

The map color codes the location of Canada, EAFE countries, and the emerging and frontier market countries. The US in not color coded.

It is interesting to note that the square area of the emerging markets is quite …