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It is pretty close to zero. Has anyone thought about how much a trade of a broadly traded security will cost them in recent times, or ever thought it would not happen near instantly?

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How frequently do you think most people make such transactions?

I don’t know about individuals, but there are quite a few people exposed to transactions costs via 401k/IRA/taxpayer funded pensions/etc.

I haven't incurred a trade in a 401k in a decade. Sub-milli liquidity is absolutely unnecessary for me.

Even making deposits into the account incurs transactions. Sure, speed doesn't matter here, but overhead does.

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