This is a natural evolution of what we have long talked about at Vanguard -- that costs, broadly defined, are important in assessing funds' returns.

The immune system didn't evolve for allergy. Why in a hundred billion years of evolution would we evolve a response for allergy?

You've accelerated your liability,

Distributions are no reason to panic, ... What you're doing if you sell is realizing all of your gains. You're selling your fund and you're creating a taxable event.

You have to take each situation individually, ... Don't make a knee-jerk reaction.

Say we have to sell shares of Cisco to match its standing in a particular index. We sell the shares we have with the highest cost basis.