What do you have to say about this:
If I take 5% off the top, I have to take 5% off the bottom to have the same dividend yield.
my answer to that is that most of us are not investing on an annual timescale. We are investing on a monthly timescale, so that equation doesn't necessarily hold.If I take 5% off the top, I have to take 5% off the bottom to have the same dividend yield.
I gave you an example for a 1 month holding period with the 5% fee, and the overall value difference was 1.2%, if the gap didn't close and prices remained stable. If the gap closes (past performance), and you have a limited amount of BTC, then the TAT security will outperform the full AM-PT.