Avoiding the Tax Man: Bruce Lavine on how to Diversify Without Getting Burned

Lead-Lag Live

In this episode of Lead-Lag Live, I sit down with Bruce Levine, COO and Head of ETFs at Astoria Portfolio Advisors, to talk about one of the biggest problems facing investors today — how to diversify out of concentrated stock positions without triggering massive tax bills.

We dig into the upcoming launch of the LCOR ETF, built around the innovative 351 exchange structure, and how it can help investors turn overexposed gains into a diversified, actively managed portfolio.
In this episode:

• Why “yesterday’s winners” rarely lead the next decade
• How the 351 exchange works — and who can benefitThe tax advantage that only comes once: October 1 launch date
• Why diversification matters, even for the biggest tech winners
• How LCOR aims to beat the S&P 500 with a large-cap core strategy

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챕터

1. The Tax Trap in Concentrated Positions (00:00:00)

2. The 351 Fund Structure Explained (00:02:24)

3. LCOR ETF Launch and Participation Details (00:05:51)

4. Ideal Investors and Portfolio Examples (00:09:41)

5. Next Steps and Information Resources (00:12:23)