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بازده پیش از کسر مالیات
The leakage from returns to taxes and inflation is obscured by our human tendency to look at the easy measure of pretax returns in nomi- nal dollars rather than the more obscure increment to our spending power.
We use as a proxy representative low cost, low turnover index funds for which history is available.5 The three versions of return shown in the exhibit represent an annualized pretax return of 5.9%, after-tax return of 4.1%, and a real return after tax and hypothetical 2% inflation of 2.1%.
For example, if mutual funds attract assets based on pretax returns, they may be motivated toward high turnover strategies that do eke out some additional pretax return, but at
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