> No. Combined, it is still de minimis. US equity markets alone trade something like $500B/day of volume or like $125T/year. If that was what you where trying

> No. Combined, it is still de minimis. US equity markets alone trade something like $500B/day of volume or like $125T/year. If that was what you where trying to describe the second sentence is unconnected to the first. > half a penny per share traded That’s far from de minimis. Rebalancing a portfolio now becomes quite expensive over a lifetime. You lose 0.5c selling and 0.5c buying, on say a 10$ stock and that’s 0.1% per transaction, and you don’t rebalance once.