A clean quantitative framing is this: slippage is not random bad luck; it is a measurable cost with identifiable drivers. Desk note: Slippage comes from order size relative to available liquidity, timing, venue choice and information leakage. Each driver can be managed. Why investors care: That matters because slippage that looks small on one trade compounds into a significant return drag over hundreds of executions. Translate it into behavior: A market order on a mid-cap stock during low-volume hours can cost 15-30 bps more than a patient limit order during the liquidity window. Where people usually get tripped up: The mistake is accepting slippage as the cost of doing business without analyzing which part is preventable. Keep this nearby on the next review: Before sizing up, identify whether the edge comes from cash flow, volatility, timing or balance-sheet structure. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.