Chapter Six
Taxes Are Costs, Too
-
Don’t Pay Uncle Sam Any More
Than You Should.
WE STILL AREN’T THROUGH with these relentless rules
of humble arithmetic—the logical, inevitable, and unyield-
ing long-term penalties assessed against stock market par-
ticipants by investment expenses and the powerful impact
of inflation—that have slashed the capital accumulated by
mutual fund investors.

Chapter Six Taxes Are Costs, Too - Don’t Pay Uncle Sam Any More Than You Should. WE STILL AREN’T THROUGH with these relentless rules of humble arithmetic—the logical, inevitable, and unyield- ing long-term penalties assessed against stock market par- ticipants by investment expenses and the powerful impact of inflation—that have slashed the capital accumulated by mutual fund investors.

Taxes Are Costs, Too

To Paul A. Samuelson, professor of economics 
at Massachusetts Institute of Technology, 
Nobel Laureate, investment sage.
In 1948 when I was a student at Princeton 
University, his classic textbook introduced me 
to economics. In 1974, his writings reignited my 
interest in market indexing as an investment strategy.
In 1976, his Newsweek column applauded my cre-
ation of the world’s first index mutual fund. In
1993, he wrote the foreword to my first book, and
in 1999 he provided a powerful endorsement for my
second. Now in his ninety-second year, he remains
my mentor, my inspiratio

Arts

Books

To Paul A. Samuelson, professor of economics at Massachusetts Institute of Technology, Nobel Laureate, investment sage. In 1948 when I was a student at Princeton University, his classic textbook introduced me to economics. In 1974, his writings reignited my interest in market indexing as an investment strategy. In 1976, his Newsweek column applauded my cre- ation of the world’s first index mutual fund. In 1993, he wrote the foreword to my first book, and in 1999 he provided a powerful endorsement for my second. Now in his ninety-second year, he remains my mentor, my inspiratio

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Taxes Are Costs, Too

Taxes Are Costs, Too