I didn't say it was a dumb conclusion, but just that the particular argument made to support it was dumb. In particular, I qualified with Now there may be reas

I didn't say it was a dumb conclusion, but just that the particular argument made to support it was dumb. In particular, I qualified with Now there may be reasons not to expect similar returns in this century as compared to the last, but this is certainly not one of them. and This is not a discussion about whether we are actually in for similar, higher, or lower returns.