两句话不理解：
The accrual equivalent after-tax return moves closer to the pre-tax return as the time horizon increases because the value of tax deferral increases with time.
The accrual equivalent after-tax return also moves closer to the pre-tax return as more of the portfolio return is deferred because the portfolio earns compound interest tax-free.
who can explain them for me? thank you! | 
发表于 2009-5-6 12:18
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