NO.PZ2024101802000017
问题如下：
Discuss how the benefits of tax deferral can be overcome by finding mispriced investment opportunities.
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.
high risk adjusted return高風險調整不是應該可以調整高風險投資，使tax deferral更benefit 嗎？我照字面解釋，為什麼tax deferral benefits may diminish if accrual taxed investment provide high risk adjusted return. 另外accrual taxed investment 又是什麼意思？
