One thing missing from the analysis is that many index funds pay dividends. So even if your country is having a rough decade, fund holders are getting paid the

One thing missing from the analysis is that many index funds pay dividends. So even if your country is having a rough decade, fund holders are getting paid the whole time. Additionally index funds are tax efficient with low management costs so that has to be considered when comparing to individual stocks as well. More saliently, (1) it’s hard to identify value stocks and (2) the time frames he was looking at are not that long. I feel fairly confident that markets will be way up in 50 years if for no reason other than technological progress