61.   Portfolio turnover is expected to be low because of the makeup of the fund, keeping transaction costs low, too.

62.   Second, neither study took transaction costs into account.

63.   Sixty years later, transaction costs have plunged, thanks to the Internet.

64.   So what are the important transaction costs?

65.   So do not even consider following the strategy in a taxable account or with any investment that involves high transaction costs.

66.   That makes it hard to reduce transaction costs, by trading less frequently, and still achieve market-beating returns.

67.   That way, investors can avoid paying the transaction costs and management fees associated with buying bonds through a broker or investing in a mutual fund.

68.   The argument is that frequent sales cause fund managers to shuffle their holdings and raise transaction costs.

69.   The combination of options and stock described by Black-Scholes is riskless, but also theoretical, since it does not account for such things as transaction costs.

70.   The first is that a foreign arbitration clause lessens COGSA liability by increasing the transaction costs of obtaining relief.