Deferring tax is just as important as short vs long term capital gains.   Balancing them is optimal.

Strategy A wins 20%/year for 15 years.  The pre-tax return is +1,400%.  It deferred tax the entire time by kicking the can on winning shorts and longs.  At the end it pays 20% long term capital gains on half of the win and 40% short term capital gains on the other half.  After tax, it won 980%.

Strategy B wins 20%/year for 15 years.  The pre-tax return is +1,400%.  It realized all of its gains every year as long term capital gains.  After tax it won 826%.

This is simplified, but man, think of the value destruction when you realize gains in Q4 generally.  In terms of after-tax IRR.