differ by 2 percent or even 5 percent. But the math of compounding will shock you. “Assuming a fifty-year horizon, the second portfolio would have lost 63 percent of its potential returns to fees,” Mr. Bogle said. Think about that. A simple 2 percent in fees can cost you over half of your investment returns. Or that 1 percent fee. One percent can’t be that much, right? For the same fifty-year time period, that fee will cost you 39 percent of your returns. I know, I know. Maybe fifty years is too long to think about. Let’s try a thirty five-year outlook. What would a 1 percent fee cost you? Try
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