No one is saying the system is nonsense. They are saying returns aren't predictable over decades. Buffett highlighted this a few years back: the returns from 19

No one is saying the system is nonsense. They are saying returns aren't predictable over decades. Buffett highlighted this a few years back: the returns from 1964-81 - zero. From 1981-99 - up about 12x. These periods highlight that the returns don't meet any common sense definition of "predictable". Maybe if everyone was more precise on the definition of predictable it would resolve the discussion, but it doesn't appear that the common sense definition of predictable is met here.