Costs, friction, and the certain leak

A “1% fee” takes 28.3% of the gain over thirty years, and takes proportionally more when returns are lower. Costs are the only numbers in this course you can treat as more real than a forecast.

What you will be able to do

After this lesson you can compute what share of a portfolio's gains a stated fee consumes, explain why the same fee costs proportionally more when returns are lower, and separate the tax cost of turnover from its spread cost.

Inside this lesson

The leak you can almost count
One percent of what, exactly?
Two different shapes of cost
Taxes are not a footnote

This lesson is on Scholar

Audit includes orientation and the two-rooms lesson. The rest of the path is paid course access — still education, still not advice.

Included on Scholar · $79/month tuition.