ABSTRACT
Perhaps there are still investors who are only interested in income. If there are, they will shortly be extinct, so we should study them quickly to see what we can learn before they disappear. The equity of an account-original capital plus/minus market activity minus commissions and fees plus dividends is the high-order abstraction that allows us to focus on the valuation of our portfolios. Only accounting hairsplitting-which must come after the fact-separates capital and income conceptually.
