Subject: Re: Latest from Howard Marks
Calculate using 10% CAGR, 15% tax, over 20 years.
Pay tax each year, $100 grows to $511
Pay tax at end, $100 grows to $672, minus 15% of the $572 gain = $587.

The relevant question is, what is the CAGR drag from completely giving up the ability ever to change investments for 20 years?
For the average dentist, trades would add no value on average and LTBH is likely the best approach. Like most people, I think I can make a few judicious changes from time to time.

Jim
(and some stupid ones of course)