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SEC
The Securities and Exchange Commission, a U.S. regulatory agency responsible for enforcing federal securities laws and regulating the securities industry.
After-tax Returns
The profit realized from an investment after all applicable taxes have been subtracted.
Portfolio Turnover
A measure of how frequently investments are bought and sold within a portfolio during a specified period of time.
Malkiel's Study
An academic research work that analyzes market trends, investor behavior, and the efficiency of financial markets, particularly known for supporting the random walk hypothesis.
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