It's that time of year again: the annual tax-loss harvest. It's happening across the brokerage firms right now, and it's happening in size. Advisors are locking in losses to offset the big realized gains from earlier in the year, especially back in April when clients trimmed their winners and booked profits. We know from trading partners across the Street that most of the sell orders for stocks with year-to-date losses are coming in as market orders, which we interpret as tax loss sellers just looking to get out – if only for 31 days as the IRS dictates. Between now and year-end, these heavy flows are likely to continue. Portfolios are being repositioned, stocks are being rotated out for the 31-day wash-sale rule, and you're getting a lot of tax-selling. Some good companies are getting thr

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