Michael Murray: To their own detriment, many investors are often driven to irrational paralysis because of an aversion to capital gains tax

It happens to investors quite often. They view their share portfolio, see some good profits, and sense that market conditions or management might erode capital gains chalked up to date. Then, against their better judgement, they sit tight and hold on to everything, despite seeing some potentially more attractive opportunities for re- investment elsewhere. The reason for the inertia is to avoid the capital gains tax implications of taking the profit and moving ...