I have a question:
On page 189 of Volume 2 it says: "The accrual equivalent return approaches the pretax return as the time horizon increases"
I wonder if that is true as a general statement. On page 178 it says that a long investment horizon can increase the tax drag. Shouldnt the statement on page 189 only be valid if there is a high percentage of capital gains that can be deferred into the future?
