When investors buy the S&P 500, most think they’re buying “the market.” Broad. Diversified. Safe.

There’s been a flurry of activity to start the year, and a lot of narrative to go with it. We hear a lot about how AI is going to wipe out white collar jobs and you want to own atoms over bits now.

There’s a silent tax that erodes more wealth than inflation, recessions, or even bad investments.