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    <image:image>
      <image:loc>https://ledgertouch.com/blog/covers/fund-fees-30-year-compounding-cost.jpg</image:loc>
      <image:title>Fund Fees Compounded: 0.2% vs 1% Over 30 Years</image:title>
      <image:caption>A group of coins.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/portfolio-risk/fund-overlap-mega-cap-concentration</loc>
    <lastmod>2026-08-06</lastmod>
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    <image:image>
      <image:loc>https://ledgertouch.com/blog/covers/fund-overlap-mega-cap-concentration.jpg</image:loc>
      <image:title>Fund Overlap: Five Funds, 39% in Ten Companies</image:title>
      <image:caption>A building that has a lot of windows on it.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/planning-and-costs/fx-charges-platform-fees-withholding-tax</loc>
    <lastmod>2026-08-06</lastmod>
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    <priority>0.7</priority>
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      <image:loc>https://ledgertouch.com/blog/covers/fx-charges-platform-fees-withholding-tax.jpg</image:loc>
      <image:title>0.99% FX, 0.35% Custody, 15% Withheld: the Real Toll</image:title>
      <image:caption>10 and one 10 us dollar bill.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/global-ev-sales-china-share</loc>
    <lastmod>2026-07-13</lastmod>
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    <priority>0.7</priority>
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      <image:loc>https://ledgertouch.com/blog/covers/global-ev-sales-china-share.jpg</image:loc>
      <image:title>EV Sales Top 20 Million: China Took 6 in Every 10</image:title>
      <image:caption>Electric vehicle charging cable plugged into car.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/global-public-debt-tail-risk</loc>
    <lastmod>2026-07-13</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/global-public-debt-tail-risk.jpg</image:loc>
      <image:title>Global Debt at 93.9% of GDP: a 117% Tail for 2028</image:title>
      <image:caption>White concrete building during daytime.</image:caption>
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  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/gold-allocation-evidence-45-year-drawdown</loc>
    <lastmod>2026-08-06</lastmod>
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    <priority>0.7</priority>
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      <image:loc>https://ledgertouch.com/blog/covers/gold-allocation-evidence-45-year-drawdown.jpg</image:loc>
      <image:title>How Much Gold? The 5-10% Case and Its 45-Year Problem</image:title>
      <image:caption>Gold and silver round coins.</image:caption>
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  </url>
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    <loc>https://ledgertouch.com/blog/markets/gold-demand-2025-record</loc>
    <lastmod>2026-07-13</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/gold-demand-2025-record.jpg</image:loc>
      <image:title>Gold Demand Hit 5,002t in 2025. Jewellery Fell 18%.</image:title>
      <image:caption>Gold and silver beaded bracelets.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/gold-record-high-entry-timing-strategic-weight</loc>
    <lastmod>2026-08-06</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/gold-record-high-entry-timing-strategic-weight.jpg</image:loc>
      <image:title>Gold at a Record: Entry Timing vs a Strategic Weight</image:title>
      <image:caption>A close up of a yellow substance on a rock.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/technology/google-cloud-operating-margin-capex</loc>
    <lastmod>2026-07-13</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/google-cloud-operating-margin-capex.jpg</image:loc>
      <image:title>Google Cloud Margin Hits 32.9% as Capex Doubles</image:title>
      <image:caption>Server room aisle with metal equipment racks.</image:caption>
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  </url>
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    <loc>https://ledgertouch.com/blog/markets/high-yield-spreads-credit-dispersion</loc>
    <lastmod>2026-07-13</lastmod>
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    <priority>0.7</priority>
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      <image:loc>https://ledgertouch.com/blog/covers/high-yield-spreads-credit-dispersion.jpg</image:loc>
      <image:title>High-Yield Spreads at 2.84% While the CCC Tail Gaps</image:title>
      <image:caption>Areal photography of cityscape.</image:caption>
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  </url>
  <url>
    <loc>https://ledgertouch.com/blog/portfolio-risk/home-bias-international-equity-allocation</loc>
    <lastmod>2026-08-06</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/home-bias-international-equity-allocation.jpg</image:loc>
      <image:title>Home Bias: How Much of Your Equities Are Foreign</image:title>
      <image:caption>Blue, green, and yellow world map.</image:caption>
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  </url>
  <url>
    <loc>https://ledgertouch.com/blog/portfolio-risk/house-portfolio-asset-housing-equity-returns</loc>
    <lastmod>2026-08-06</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/house-portfolio-asset-housing-equity-returns.jpg</image:loc>
      <image:title>Your House as a Portfolio Asset: Housing vs Equities</image:title>
      <image:caption>Top-view photography of houses at daytime.</image:caption>
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    <loc>https://ledgertouch.com/blog/markets/imf-world-bank-growth-gap</loc>
    <lastmod>2026-07-13</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/imf-world-bank-growth-gap.jpg</image:loc>
      <image:title>IMF 3.0%, World Bank 2.5%: Mostly an Arithmetic Gap</image:title>
      <image:caption>Desk globe on table.</image:caption>
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  </url>
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    <loc>https://ledgertouch.com/blog/markets/institutional-crypto-allocation-household-constraints</loc>
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      <image:loc>https://ledgertouch.com/blog/covers/institutional-crypto-allocation-household-constraints.jpg</image:loc>
      <image:title>Harvard&apos;s Crypto Stake: 21% of a 13F, 0.8% of Assets</image:title>
      <image:caption>Old ivy-covered stone building with arched entrance.</image:caption>
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    <loc>https://ledgertouch.com/blog/portfolio-risk/investment-policy-statement-pre-commitment</loc>
    <lastmod>2026-08-06</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/investment-policy-statement-pre-commitment.jpg</image:loc>
      <image:title>Investment Policy Statement: What the Evidence Shows</image:title>
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      <image:title>Jobs Report: Unemployment Fell as 396,000 Left Work</image:title>
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    <loc>https://ledgertouch.com/blog/portfolio-risk/loss-aversion-coefficient-evidence</loc>
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      <image:loc>https://ledgertouch.com/blog/covers/loss-aversion-coefficient-evidence.jpg</image:loc>
      <image:title>Loss Aversion: Where the 2x Figure Comes From</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/loss-recovery-asymmetry-real-drawdowns.jpg</image:loc>
      <image:title>A 50% Loss Needs 100%: The Recovery Arithmetic</image:title>
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      <image:title>Lump Sum vs Cost Averaging: What 46 Years Show</image:title>
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    <loc>https://ledgertouch.com/blog/technology/maia-200-nvidia-pricing-power</loc>
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      <image:loc>https://ledgertouch.com/blog/covers/maia-200-nvidia-pricing-power.jpg</image:loc>
      <image:title>Microsoft Maia 200 and NVIDIA&apos;s Pricing Power</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/nvidia-fy2026-concentration-risk.jpg</image:loc>
      <image:title>NVIDIA FY2026: $215.9B Revenue, 7.58% Index Weight</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/overconfidence-turnover-trading-cost.jpg</image:loc>
      <image:title>Overconfidence and Turnover: The Cost of Trading More</image:title>
      <image:caption>White and black dice on green table.</image:caption>
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      <image:loc>https://ledgertouch.com/blog/covers/performance-chasing-fund-flows-subsequent-returns.jpg</image:loc>
      <image:title>Performance Chasing: What Happens After Money Arrives</image:title>
      <image:caption>A group of men running on a track.</image:caption>
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      <image:loc>https://ledgertouch.com/blog/covers/physical-gold-etcs-miners-three-exposures.jpg</image:loc>
      <image:title>Bullion, ETCs or Miners: Three Different Gold Exposures</image:title>
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      <image:title>Checking Your Portfolio Daily: What It Costs</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/portfolio-drift-60-40-one-year.jpg</image:loc>
      <image:title>Portfolio Drift: How Far a 60/40 Wanders in One Year</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/position-sizing-total-loss-kelly-fraction.jpg</image:loc>
      <image:title>Position Sizing When an Asset Can Go to Zero</image:title>
      <image:caption>Banknotes with the number zero on them.</image:caption>
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    <lastmod>2026-07-13</lastmod>
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      <image:loc>https://ledgertouch.com/blog/covers/real-yields-duration-discount-rates.jpg</image:loc>
      <image:title>Real Yields at 2.41%: Every Basis Point Was Real</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/rebalancing-bonus-size-source-evidence.jpg</image:loc>
      <image:title>The Rebalancing Bonus Is Real, but Smaller Than You Think</image:title>
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      <image:title>Rebalancing Frequency: Annual vs 5% Threshold Bands</image:title>
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      <image:title>Rebalancing in a Crash: Evidence From 2008 and 2020</image:title>
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      <image:title>25x or 30x? The Arithmetic of a Retirement Number</image:title>
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      <image:title>Underspending in Retirement: Dying With Too Much</image:title>
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      <image:title>Risk Tolerance vs Risk Capacity: What Scores Miss</image:title>
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      <image:title>Safe Withdrawal Rates: The 4% Rule in 17 Countries</image:title>
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      <image:title>Salesforce Margins Rose. AI Gross Margins: 52% Projected.</image:title>
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      <image:title>Sequence Risk: Same Returns, Opposite Outcomes</image:title>
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      <image:title>Bitcoin at 1-5% of a 60/40: 0.6 to 3.2 Points a Year</image:title>
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      <image:title>What 20 Years of SPIVA Data Show About Active Funds</image:title>
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      <image:title>Three-Fund Portfolio: A Stress Test, 2008 to 2025</image:title>
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      <image:title>Trending Markets: Why the Calendar Beat the Band</image:title>
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      <image:loc>https://ledgertouch.com/blog/covers/warsh-fed-dot-plot-duration-risk.jpg</image:loc>
      <image:title>Warsh&apos;s Fed and What Ending the Dot Plot Would Cost</image:title>
      <image:caption>White concrete building under cloudy sky during daytime.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/planning-and-costs/withdrawal-guardrails-flexible-spending-rates</loc>
    <lastmod>2026-08-06</lastmod>
    <changefreq>monthly</changefreq>
    <priority>0.7</priority>
    <image:image>
      <image:loc>https://ledgertouch.com/blog/covers/withdrawal-guardrails-flexible-spending-rates.jpg</image:loc>
      <image:title>Withdrawal Guardrails: The Price of a 5.2% Start</image:title>
      <image:caption>Forest road with a guardrail and dappled sunlight.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/yen-intervention-carry-trade</loc>
    <lastmod>2026-07-13</lastmod>
    <changefreq>monthly</changefreq>
    <priority>0.7</priority>
    <image:image>
      <image:loc>https://ledgertouch.com/blog/covers/yen-intervention-carry-trade.jpg</image:loc>
      <image:title>Yen Intervention: 11.7 Trillion Yen, No Lasting Effect</image:title>
      <image:caption>Text.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://ledgertouch.com/blog/markets/yield-curve-bear-flattening</loc>
    <lastmod>2026-08-02</lastmod>
    <changefreq>monthly</changefreq>
    <priority>0.7</priority>
    <image:image>
      <image:loc>https://ledgertouch.com/blog/covers/yield-curve-bear-flattening.jpg</image:loc>
      <image:title>The Yield Curve in 2026: Bear Flattening, Then Steepening</image:title>
      <image:caption>Graphical user interface, application.</image:caption>
    </image:image>
  </url>
</urlset>