<prompt> Human: I recently cashed out my Wealthfront portfolio and moved it over to Vanguard because:1 I wanted more flexibility. If I manage the allocation myself I can put tax-inefficient funds into my 401k and tax efficient funds into my regular account.2 I assumed that the actual impact of tax loss harvesting is quite small and not worth the 0.25 fee per year.However, today a read a new whitepaper on Wealthfronts website that claims that theres an annualized tax-alpha of around 1 for most scenarios. They also compare with manual harvesting and claim that their computerized algorithm does much better.Whats your opinion on that numbers? Is a 1 return for TLH a realistic number? Should I give up my DIY Vanguard approach and move back to Wealthfront? Or is that whole blogpost just plain marketing targeted at people such as me and the actual benefits are much smaller?My Vanguard alternative is a 3-fund lazy portfolio. Basically each 13 of: Vanguard Total Bond Market Index Fund, Vanguard Total Stock Market Index Fund, Vanguard Total International Stock Index Fund.In case I stay with Vanguard: Would it be better for TLH if I buy funds similar to Wealthfront instead of the lazy portfolio? For example, not one single international fund, but splitting it up in developed and emerging markets? It seems that this might be more efficient for TLH as the chance that either developed or emerging markets goes down is higher than the chance that the combination of those funds goes down.  <response>: You can tax-loss harvest in your Vanguard account for free...? Obviously its in Wealthfronts best interests to make claims on Wealthfronts website that they can add 1 to returns from TLH. 