It looks as though you are taking a much more sophisticated approach to investments. In which case, you are current to have higher expectations. I was more re

It looks as though you are taking a much more sophisticated approach to investments. In which case, you are current to have higher expectations. I was more reacting to the general belief among asset managers where they assume they can average 9% by doing little work. We actually don't disagree, as it were. As long as you are systematic in your approach, continuously question your assumptions, & constantly look for "what ifs". I agree with your last statement as well. Regards, TDL