My view is if you look at a chart of interest rates over the last 40 years, you should be able to see that the next 40 years cannot possibly be a repetition. "

My view is if you look at a chart of interest rates over the last 40 years, you should be able to see that the next 40 years cannot possibly be a repetition. "Interest rates go down" is the entire story of investment returns during the lifetimes of most non-retired people. It cannot be the story of the next few decades. Famous saying "if something can't go on forever, it won't".