Fee drag, tax treatment by asset class, lock-ups, and the liquidity premium - what you're actually owed for giving up access to your own money.
What the return looks like after everything is taken out
Lessons
Fee drag: why a small percentage becomes a large number — A recurring fee is not a one-off cost. It is removed every year, and the money removed stops compounding - which is why the damage over a long hold is far larger than the fees themselves. (12 min)
Why two identical returns are taxed differently — Most tax systems care less about how much you made than about what kind of money it was and when you took it. Same return, different asset, different amount kept. (13 min)
Turnover, the taxable event, and the cost of selling — In most systems a gain is taxed when it is realised, not when it happens. That single rule means how often you trade changes your return even when every trade is correct. (11 min)
Lock-ups: what you actually give up when you cannot sell — A lock-up is a promise you make about your own future, and you make it without knowing what your future will need. Here is what is on the other side of that promise. (10 min)