Pondering - So as my non-Roth portfolio morphs over the years, I will be required to pay taxes on any securities sold during each year (even if sold for the purpose of buying other securities). I do not make the assumption that I, above all others, can precisely forcast companies that will be around 40 years hence, so I intuit there will be some trading, but always with the intent of LTBH. So, to the extent that I trade, I will be taxed intermittenly on realized earnings, as I trade to more suitable securities. Gotcha!Post-Ponderance Question - Then, following taxation of realized earnings (for the purpose of reinvesting, of course), does the remaining earnings then become part of my investment basis (i.e. will those reinvested after-tax earnings ever be taxed again, ceteris paribus?)I should mention that I'm not entirely confident about some of the aforementioned terminology (e.g. realization of earnings, investment basis). For the sake of clarity, I intended for realization of earnings to refer to an event whereby earnings become taxable, as when selling a security. Also, investment basis, in my regard, refers to the portion of a security holding not subject to additional taxes, since it's already either taxed income or taxed earnings.I will apologize in advance for my long windedness and possible apparent redundancy, but I am unfallably adverse to being misunderstood...as my fellow Fools shall soon come to know.Thanx, a mil!You inquisitively ask: Zzyxxyzz. Y?My nonchalant response: O, xxyzz.