Hi Ant:
Good post. I believe a lot more money can be accumulated by an investor, even if he makes less dollars----
1)if he can avoid losses-
2)if he can avoid creating taxable events that siphon money out of his portfolio and into the government’s pockets.
3)if he can position his portfolio to create growing income, especially if the growing income is in some way tax deferred.
I also believe that the “Drama” times in the market–(2000–2008/9- 20014) are the times when the most money can be made because most people are throwing away their best securities at ridiculously cheap prices.
Many times, many people are their own worst enemies.
b&w