“Inflation is a third enemy. This factor is beyond the control of the individual investor. We can seek tax-advantaged investments, and we can avoid transaction costs, but inflation is part of the broader economic picture. When prices rise 3-4% each year, our investments are worth that much less. ( The guaranteed loss to inflation is a powerful argument to minimize those costs we can control, such as taxes and transaction fees.)通货膨胀是第三个不利因素。这一因素超过了个体投资者的控制范围。我们或许可以寻找优惠税率的投资领域，并避免交易费用，但通货膨胀是宏观经济情况的一部分。当物价每年上升3-4%，我们的投资收益会大大减少。（相较于税收和交易费用这些我们可以控制的因素，通货膨胀是最为有力的证据）”