[piker]

> (except for broker fees which are usually quite small)

Not quite. Commissions are charged on equities. Markups are charged on bonds. Markups are the difference between what the broker paid and how much a retail investor has to pay the broker and are much more opaque. They can be quite hefty. One just doesn't notice.

[jterenzio]

It depends. In my article I pointed out that with Fidelity there are no commissions or markups on treasuries on the secondary market. If there were, it would definitely change the calculus.

[pishpash]

There's always the bid-ask spread.

[jterenzio]

I mentioned it my post that and it's something to consider. With treasuries the spread is fairly tight.