Our Thinking

Research at Quent is a continuous dialogue with the world around us, through original analysis, academic collaboration, hundreds of conversations with founders, scientists, executives and investors, and ongoing engagement with new ideas and technologies.

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Podcasts, Blogs, and Research.

What a Drag: The Impact of Taxes on Investment Returns
Blog

What a Drag: The Impact of Taxes on Investment Returns

Taxes are almost always the biggest cost an investor faces. Gregg S. Fisher makes the case with his own 50-year S&P 500 analysis; Andrew Ang's new study of a century of federal tax drag; and Siegel and Montgomery's work on the 1926-1993 period. He then looks at what investors can do about it, including asset location, tax deferral, and active tax management.

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Podcasts

Andrew Ang: How Big Is Uncle Sam’s Bite? A Century of Tax Drag on Stocks
Podcast: The Q Factor

Andrew Ang: How Big Is Uncle Sam’s Bite? A Century of Tax Drag on Stocks

What does a 10% stock-market return look like after Uncle Sam takes his cut? Quent Capital founder Gregg S. Fisher welcomes Andrew Ang back to THE Q FACTOR to discuss his new paper, Uncle Sam’s Cut. Reconstructing a taxable U.S. equity investor’s experience from 1926–2025, Ang finds that over long horizons, federal taxes can absorb roughly a third of equity wealth—before fees, inflation, or state and local taxes.

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Blog

The Great Reimagination, Part 3: Investing in a Fractured Global Economy
Blog

The Great Reimagination, Part 3: Investing in a Fractured Global Economy

In Part I of this series, I described what I call the Great Reimagination of the global order: a move from a rules-based world to a more power-based one, with long-standing alliances and trade patterns being rewritten in real time. In Part 2, I focused on markets: fifteen years of outsized U.S. equity returns powered by a small group of mega-caps, and why I think that pattern, along with the “the market always comes back” mindset, is coming to an end.

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