Interesting. Are you able to elaborate for my understanding . Just thinking out loud. If you make a gain you pay tax of let’s say 30% but if you lose you could write it off against gain of another bet of similar type.

Let’s assume it’s 50% tax, so I get your net gain will be 50% when investment gain is 100%. But how would it change your risk tolerance if investment in all you asset classes will be taxed at 50%?