Heightened geopolitical risk, a still aggressively postured Fed, and slowly moderating inflation keep investors and markets on edge in the last month of 2023. Meanwhile, Vanguard’s Roger Aliaga-Diaz, global head of portfolio construction, recently told Reuters that its  anticipating a mild recession next year. This can offer noteworthy tax advantages, and the fund’s managers also may engage in tax-loss harvesting opportunities throughout the year on the put options.