tmcal6, tax-loss selling. You make a good point. I would guess that the relative amount that individual investors hold in taxable accounts vs tax-free or tax-deferred accounts is decreasing over time. For myself, I have only about 11% of my total stocks in taxable accounts, and only 4 of 13 stocks in that account have losses, so any tax-loss selling I do will be a very small percentage of my total holdings. But I may do some.