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(BBY) You Have Six Weeks to Make This Tax-Saving Trade

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In December 1996, I sold a big position in Best Buy (NYSE: BBY) at a loss. I still consider it one of the most boneheaded investment moves I ever made. A year later the stock was up more than fivefold. A few years further on, it was up more than thirty fold. I didn’t dislike the business prospects for Best Buy at the time. I sold it only because I had taken substantial capital gains elsewhere in my portfolio and was cleaning out anything I could find at a loss to offset them. It ended up being a costly mistake. Despite what your tax adviser may tell you, you should never cash out of an investment for tax reasons alone. Nor do you have to. There’s a smarter way to […]

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