Taxes, fund costs can chew up 87% of an investor’s long-term return
The dynamics of the financial markets have changed radically. While in hindsight it now appears obvious that stocks were a screaming "buy" in 1950, our parents, who had suffered through the Great Depression, were not only worried about a recurrence but lacked the wherewithal to invest.
Indeed, after the buildup of our national economy during World War II, many pundits were still expecting a serious recession - or worse. Today, on the other hand, fear is conspicuous only by its absence.
In that earlier atmosphere of caution, the 8.7% dividend yield on stocks was at its historic pe
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