Pay Attention to Taxes and Inflation

关注税收和通货膨胀

To paraphrase famed investor Warren Buffett, when it comes to measuring your investment results over time, the primary thing that matters is how many more hamburgers you can buy at the end of the day. In other words, focus on purchasing power.

根据著名投资人沃伦·巴菲特所言，衡量长期投资收入时最基本要考虑的是最终你能多买几个汉堡，也就是说要关注购买力。

It is amazing how few professional portfolio managers focus on pre-tax returns rather than after-tax returns or who ignore the rate of inflation.

但令人惊讶的是只有极少数专业投资管理人会关注税前收益而不关注税后收益，或者忽视通货膨胀率。

Many trade frequently and although they may earn 9% to 12% for their investors over long periods of time, if those investors are in a high marginal tax bracket, the investors will end up with less wealth than they would have otherwise had if they had hired a more conservative manager who made 10% but who structured the investments with an eye towards April 15th. Why?

许多人交易频繁，虽然长期内能为投资者赚到9%- 12%的收益率，但如果投资者要面临高边际税率的话，最终赚到的钱还不如找一个更保守的投资管理人多，保守的管理人能赚到10%的收益率，但会以4月15日为目标进行投资。为什么会这样？

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