TAXES

Most financial advice addresses 10% of the picture. The other 90% is taxes, income, insurance, and legal structures.

Most people don't have an investment problem. They have a tax problem they don't know about.

Portfolio turnover is the enemy of compounding. Every time you sell, you reset the clock and pay taxes. I prefer not to sell.

Tax efficiency is not tax evasion. It is the difference between a good capital allocator and a mediocre one.