The term "silent
partners" refers to the numerous parties who silently
share in the realized and unrealized gains on an investment.
Fees, expenses, taxes, and inflation are silent partners
that can set an investor back before returns even begin. The investment costs alone of the average active fund can
consume nearly fifty-five percent of its gross wealth
Program Overview
Index funds can be tax-managed as well.
Index funds have natural advantages from a tax standpoint.
Managers of index funds employ tax-managed trading strategies,
while managers of active funds manage money as though taxes
do not matter.
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