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You have a $101,000 portfolio comprising 13 stocks. You trade each stock five times this year and each time you trade, you pay about $25

You have a $101,000 portfolio comprising 13 stocks. You trade each stock five times this year and each time you trade, you pay about $25 in commissions and spread. You have no special knowledge, so you earn only the average market return of 13% on your investments. How much lower will your total return be because of your trades?

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