如果你卖掉投资产品，把钱转移到新股票、债券、共有基金或其他投资上，你不仅要付佣金，还要从你的利润中分给税务人员一部分。

That means the amount you have available to reinvest is going to be substantially lower than the amount shown on your balance sheet just before you liquidated the position.

这就意味着清算资产之前你能继续投资的那部分钱，基本上会低于决算表上显示的钱数。

That's why the best investment minds, such as Benjamin Graham, said you should only consider switching out of one investment and into another if you think the new position is far more attractive than your current one.

这就是为什么像本杰明·格雷厄姆这样最好的投资人说你只能在新的投资产品比目前投资产品好太多时才能考虑从一个投资中撤出，转投另外一个。

In other words, it's not enough for it to be a "little" more attractive - it needs to be absolutely evident to you.

也就是说吸引力大“一点点”都不够，对你来说足够有说服力才可以。

To learn more about this topic, read Using Deferred Taxes to Increase Your Investment Returns.

为了了解更多这方面的内容，你可以读一下《Using Deferred Taxes to Increase Your Investment Returns》。

Where and how you hold your investments can exert a significant influence on your ultimate compounding rate.

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