NO.PZ2024101802000017
问题如下：
Discuss how the benefits of tax deferral can be overcome by finding mispriced investment opportunities.
选项：
解释：
The benefits of tax deferral can be overwhelmed if investments taxed on an accrual basis offer sufficiently high risk-adjusted returns. That is, purchasing securities sufficiently below their intrinsic value (or short selling securities sufficiently above intrinsic value) can overcome tax drag even if the investment is taxed heavily on an annual basis.
For taxable investments with lower returns, there may not be benefits from delaying taxes
