Search found 55 matches

by swguy
Sat Jul 21, 2018 10:22 pm
Forum: Investing - Theory, News & General
Topic: Housing Starts Drop Sharply -- Barrons.com
Replies: 7
Views: 2404

Re: Housing Starts Drop Sharply -- Barrons.com

Houses take longer than a month to build. The number of tradespeople in any give area isnt really elastic. Most of the builders in our area are flat out right now. Others aren't for lack of skilled trades. Measuring month-to-month is sometimes not the best way to track a trend.
by swguy
Sun Jan 28, 2018 6:24 pm
Forum: Investing - Theory, News & General
Topic: WSJ: Wall Street to Vanguard: We’re Not Your Doormat [Fidelity charging some plans to hold Vanguard funds]
Replies: 63
Views: 20598

Re: Wall Street to Vanguard: We’re Not Your Doormat

Its ironic that most of the posts in this thread about Fido working to monetize sales of Vanguard funds are about posters trying to circumvent the WSJ monetizing the article. :)
by swguy
Wed Jan 24, 2018 7:43 pm
Forum: Investing - Theory, News & General
Topic: In what ways could BogleHeads be badly wrong ?
Replies: 244
Views: 33043

Re: In what ways could BogleHeads be badly wrong ?

Trev H wrote: Wed Jan 24, 2018 4:28 pm That low cost index fund investing is the "only" way to go.

One word... oh well three words.

Wellesley Income Fund.

Trev H
Im not aware of anything in the BH philosophy that would argue againat Wellesley. It recommends using index funds "when possible" and encourages low costs. Wellesley is certainly a low cost balanced fund. Have i missed something?
by swguy
Fri Dec 01, 2017 8:36 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Avoid High Ranked Funds
Replies: 9
Views: 2420

Re: Larry Swedroe: Avoid High Ranked Funds

Dead Man Walking wrote: Fri Dec 01, 2017 6:35 pm Several Vanguard index funds currently have 4 star ratings at Morningstar. Should they be avoided?
Seems like you may be missing the point. The point being made is that using Morningstar star ratings as a primary reason for selecting funds may be unwise. It's not saying "avoid buying higher ranked funds in favor of lower ones."
by swguy
Mon Oct 02, 2017 9:30 pm
Forum: Investing - Theory, News & General
Topic: The Future of Active vs Index Investing
Replies: 33
Views: 4198

Re: The Future of Active vs Index Investing

It IS possible for active management to be both low cost and to perform well. Both Wellington and Wellesley have shown this to be true. These may well be outliers, but they remain examples of approaches that have worked long term.
by swguy
Tue Jun 20, 2017 8:55 pm
Forum: Investing - Theory, News & General
Topic: "Waiting for the Market to Crash is a Terrible Strategy"
Replies: 27
Views: 8184

Re: "Waiting for the Market to Crash is a Terrible Strategy"

You can go back to 2009 on the forum and read posts discouraging investing in lump sum, and promoting sitting on the sidelines because of valuations, etc. Hindsight seems to support those who weren't sitting.
by swguy
Sun Jun 18, 2017 8:22 am
Forum: Investing - Theory, News & General
Topic: Do Bonds have a place if basic expenses are covered by income streams?
Replies: 69
Views: 7989

Re: Do Bonds have a place is basic expenses covered by income streams?

The interplay between the analytical investor and those who invest simply because they know they must is one of the interesting aspects of the forum.

For those who don't read studies, don't do research, and actually just follow Bogle's approach they see their success, at whatever their AA as all the information they need. They won't know why they are risk averse. For example, DW has seen values in my accounts increase and knows why that is, yet it doesn't affect her behavior.
by swguy
Sun Jun 18, 2017 7:17 am
Forum: Investing - Theory, News & General
Topic: Do Bonds have a place if basic expenses are covered by income streams?
Replies: 69
Views: 7989

Re: Do Bonds have a place is basic expenses covered by income streams?

I think one's "need" to hold bonds (or equities) is related to how they view the future, and hopefully this view informs their AA.

In the situation you describe I'd be more inclined to be more heavily weighted to equities, with bonds available to take advantage of opportunities. My DW is far more risk averse, so whether we need the money less doesn't change her need to avoid risk.
by swguy
Tue Jun 13, 2017 9:14 pm
Forum: Personal Consumer Issues
Topic: Best windows based laptop
Replies: 24
Views: 3117

Re: Best windows based laptop

I usually hunt for factory reconditioned Lenovo or Dell laptops. Acer's aren't too bad either. Woot often has decent deals.
by swguy
Tue Jun 13, 2017 9:10 pm
Forum: Investing - Theory, News & General
Topic: Favorite Active Funds?
Replies: 22
Views: 5476

Re: Favorite Active Funds?

I like Wellesley (VWIAX) for its low ER and consistent preformance. Ditto Wellington (VWENX) for the same reasons.
by swguy
Wed Jun 07, 2017 10:07 pm
Forum: Investing - Theory, News & General
Topic: Bogle at his simple best
Replies: 12
Views: 2821

Re: Bogle at his simple best

TheTimeLord wrote:So what should you tell friends who have had success investing in individual stocks? I mean someone bought Apple, Amazon and Google and have held them al these years?
I'm not sure there is anything to tell them. Success in investing, however attained, is worthy of praise - but not always worth emulating.
by swguy
Tue Apr 18, 2017 9:42 pm
Forum: Investing - Theory, News & General
Topic: Vanguard and the Department of Labor Fiduciary Rule Modifications
Replies: 7
Views: 1520

Re: Vanguard and the Department of Labor Fiduciary Rule Modifications

Uncle Pennybags wrote:Vanguard says they can't sell if they have to be a fiduciary.

https://personal.vanguard.com/pdf/fwm_c ... letter.pdf
Where is it they say that in the document you linked?
by swguy
Tue Apr 18, 2017 9:27 pm
Forum: Investing - Theory, News & General
Topic: Article-Argument against Buffet and Bogle's International Advice
Replies: 36
Views: 5701

Re: Article-Argument against Buffet and Bogle's International Advice

I think Bogle's advice is to keep it simple and find a low cost fund that satisfies your international preference. That he isn't interested in an allocation to international isn't advice, it's merely his preference.
by swguy
Tue Jan 17, 2017 8:37 pm
Forum: Investing - Theory, News & General
Topic: Deciding on types of bonds is harder than stocks!
Replies: 20
Views: 4349

Re: Deciding on types of bonds is harder than stocks!

dbr wrote: Trying to find better portfolios to replace good enough portfolios is an engrossing pastime but does not always benefit the investor.
+1000

This sort of optimization, while an interesting mental exercise isn't usually rewarded with immensely higher returns.
by swguy
Sun Jan 15, 2017 2:19 pm
Forum: Investing - Theory, News & General
Topic: Retired, expenses covered but still growing portfolio, why?
Replies: 46
Views: 5874

Re: Retired, expenses covered but still growing portfolio, why?

I continue to grow my portfolio because I'm not more likely to be correct in my guess of long term future expenses than I was guessing my expenses today when I was 25. Sure, I think I know more now than I did then but I sure thought I knew a lot then too.
by swguy
Sun Jan 15, 2017 2:14 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 8625

Re: Why not put it all in TIPS?

I think this thread is one of many that confuse the possible (theory) and the practical (practice).

"In theory there is no difference between theory and practice; in practice there is." - Nassim Nicholas Taleb
by swguy
Sat Jan 14, 2017 9:53 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 8625

Re: Why not put it all in TIPS?

Respectfully, what's the difference? That number, unless it's a ridiculous one, is still just a guess. What's going to happen with TIPS over the course of a long retirement is also just a guess. You seem pretty certain that 100% TIPS is a good bet given those circumstances. I don't. Seems pretty simple.
by swguy
Sat Jan 14, 2017 9:39 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 8625

Re: Why not put it all in TIPS?

No. If I had 40x my number I'd take my number off the table and stay invested. Neither you nor I have any idea what will change regarding CPI or other issues regarding TIPS. That said, if you would be comfortable putting 100% of your eggs in that basket, excellent.
by swguy
Sat Jan 14, 2017 9:25 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 8625

Re: Why not put it all in TIPS?

You might outlive your chosen withdrawal rate.
by swguy
Sat Jan 14, 2017 9:17 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 8625

Re: Why not put it all in TIPS?

Dimitri wrote:
hoops777 wrote:SINGLE ASSET CLASS CATASTROPHIC FAILURE....Repeat after index fan.... :D
Very wise words of warning.
OK, so if U.S. Govt. securities aren't a safe investment, what do you recommend?
I think it's been well covered. It's not an issue of safety. It's quite possible that this very safe strategy may pose risks, for example longevity risk. If one is 100% OK with that risk, then by all means. It's all in how one defines safe I guess.
by swguy
Tue Jan 10, 2017 9:02 pm
Forum: Investing - Theory, News & General
Topic: How Bad was 2008, really?
Replies: 407
Views: 64150

Re: How Bad was 2008, really?

I was 50, and 100% in the Russell 2000 in my 401k, putting the max into it trying to catch up on my late start to investing. I had almost 10 years of contributions invested at that point. All of my raises had gone to increase the amount I put in. All at once, half of that was gone, and every month it felt like I was burning another pile of money. As much as I felt like i should just cash out and save what was left, I was too far in to give up. I stopped reading forums, financial trades, and watching news. It was a very trying time.
by swguy
Fri Jan 06, 2017 8:26 pm
Forum: Investing - Theory, News & General
Topic: I am timing the market. Why am I wrong?
Replies: 89
Views: 9362

Re: I am timing the market. Why am I wrong?

I think you need to answer some more fundamental questions - "Why am I investing anyways?" "What's my investment timeline?" For someone in their mid 40s, pulling everything out of the market is an extreme over-reaction if your investment timeline is 25 years until retirement. I can understand someone on the brink of retirement freaking out at the prospect of a major market downturn. But someone who isn't going to be touching those dollars for decades? That doesn't make sense. +1 The OP is wasting time focusing on everything but the objective, using "what if" as an excuse. If you know you can't meet your goals by sitting on the sidelines why do It? There is risk in investing. That's what asset allocation is for.
by swguy
Fri Jan 06, 2017 8:01 pm
Forum: Investing - Theory, News & General
Topic: "The 401k Problem We Refuse to Solve"
Replies: 49
Views: 6275

Re: "The 401k Problem We Refuse to Solve"

I wasn't the ideal candidate for a 401k. Fresh out of 10 years in the military, leaving to help care for a family member, I took an entry level job with a small company. I was 30, married, with two young kids. A few years later they got a 401k plan, and I had earned a raise. My raise went in it. They all did until I maxed out my contribution, which was many years later. It was hard, as our standard of living didn't ever change. Today though I'm 58, FI, and I'm working because I enjoy the company I'm with, and I work from home. Its not because of a 401k we are able to retire when we want, but having one sure helped. Saving was hard, but it's easy to see now it was worth it. Most of the folks I have known were no worse off than we were, they ...
by swguy
Wed Jan 04, 2017 9:15 pm
Forum: Investing - Theory, News & General
Topic: "Ponzi Schemes and Ego"
Replies: 10
Views: 2275

Re: "Ponzi Schemes and Ego"

Excellent article Taylor, thank you!
by swguy
Sun Dec 18, 2016 9:05 pm
Forum: Investing - Theory, News & General
Topic: The Argument for More Stocks in Retirement
Replies: 166
Views: 19297

Re: The Argument for More Stocks in Retirement

Oh look, another maximizing returns thread! It's great that, statistically speaking, a given allocation bests all others. It's too bad it's not possible to get the same statistics using a control group of real investors. Like, say, the ones Taylor relates in his stories.

If you are comfortable setting your investment course based upon faith in a statistically-safe model then good for you. Ill aim the must-have money toward assets that have demonstrated less risk, and leave the rest to grow.
by swguy
Sun Dec 18, 2016 8:40 pm
Forum: Investing - Theory, News & General
Topic: Concept of Bogleheads needing to "Save more"
Replies: 61
Views: 6952

Re: Concept of Bogleheads needing to "Save more"

Because so many posts wind up being discussions about maximizing returns it's easy to infer that's important. I think BH investing, however is more about minimizing costs, maximizing simplicity, and accepting market returns. Because of that, maximizing saving and investment contributions is one of the few things a buy-and-hold investor has control of.
by swguy
Fri Dec 16, 2016 8:35 pm
Forum: Investing - Theory, News & General
Topic: Investing in the current market?
Replies: 26
Views: 4019

Re: Investing in the current market?

Depending on what/who you read it's always a lousy time to invest. Darn good thing I don't have time to read much, as I'd never be able to retire.
by swguy
Fri Dec 16, 2016 8:27 pm
Forum: Investing - Theory, News & General
Topic: Ellis: "Under 40 years old - 100% in Stocks"
Replies: 54
Views: 8510

Re: Ellis: "Under 40 years old - 100% in Stocks"

I dunno, I still think the "bond tent" strategy has a bit more merit. If you are good numbers wise at age 60 and are looking at retiring then or close to then you probably don't need to be 80% equities. I'm 58, looking at retiring in the next year or so, and have dialed back to 50% equities. Between our stash and SS later on we are good, but not if we lose big in a downturn.
by swguy
Thu Dec 15, 2016 8:43 pm
Forum: Investing - Theory, News & General
Topic: Why risk slicing and dicing at all
Replies: 52
Views: 6603

Re: Why risk slicing and dicing at all

investorguy1 wrote:I just don't like this whole you can't know anything argument. If you can't know anything than you also can't prove that you can't know anything.
Exactly. Investing is choosing a process through which, hopefully, savings appreciate. Choices reveal biases we all have. Knowledge, like "use low fee funds" is available to steer us. But it's still all about choices, virtually all without guarantees.
by swguy
Thu Dec 15, 2016 7:55 pm
Forum: Investing - Theory, News & General
Topic: FED Raises Rates - Sky Falls! Bond Prices are UP!
Replies: 34
Views: 8429

Re: FED Raises Rates - Sky Falls! Bond Prices are UP!

So this "pricing in" of the Feds news pushed equities higher, including Financials. Apparently the elation was muted, so gains were less substantial than yesterday's. Bonds tanked, ~.5%. Just another day in the market.
by swguy
Sun Dec 11, 2016 8:48 pm
Forum: Investing - Theory, News & General
Topic: A question for newbie Bogleheads
Replies: 22
Views: 2993

Re: A question for newbie Bogleheads

Finding, lurking, and eventually joining the BH community helped me sort out my reasonably successful but unsustainable investing strategies and simplify them. It also helped us take a pragmatic look at where we were financially and gave us the confidence to follow goals we had set for early retirement.

Now, with IPS in hand and a far simpler portfolio to manage we enjoy life more and worry less.
by swguy
Tue Apr 26, 2016 8:07 pm
Forum: Investing - Theory, News & General
Topic: "For bondholders, rising interest rates can have an upside"
Replies: 25
Views: 4749

Re: "For bondholders, rising interest rates can have an upside"

The FA was very against it ("isnt even up for discussion") Time to remind him who pays who, and whose risk tolerance matters. He said it would be better ... to put it all in index funds for the time being and wait until bonds are better Time to remind him that he's not running a multi billion dollar tactical allocation fund -- like the world's first consistently successful market timer surely would. Even professionals with great pedigrees and resources fail miserably at this stuff. Bottom line, bonds are bad right now. They will do their job of reducing risk, make no mistake about it. Even a bad year or two for bonds (say a 5% decline, historically huge) is nothing compared to the risk of the stocks they are replacing, literally ...
by swguy
Tue Mar 22, 2016 7:44 pm
Forum: Investing - Theory, News & General
Topic: Clarification on trend/crowd following?
Replies: 19
Views: 1870

Re: Clarification on trend/crowd following?

Herd mentality in investing is generally not based upon wisdom but rather on emotion. Following panic sellers or overly-exuberant buyers is what Buffet cautions against.
by swguy
Sun Mar 13, 2016 8:55 pm
Forum: Investing - Theory, News & General
Topic: Late Starters
Replies: 66
Views: 11048

Re: Late Starters

If 31 is a late start I qualify. At 30 I was fresh out of the Air Force after 10 years (enlisted) with two young kids. Lots of debt, no savings. My then DW and I both found jobs, and by 34 we had started saving and by 36 investing in a 401k. There were ups and downs, I got divorced at 48, and started living with a focus on saving and investing intelligently. Today I'm 58, FI, though still working because I found a tiny company I love doing work that I love.

There's no way, when I left the Air Force, that I saw myself where I am today. It was a result of taking advantage of opportunities that had a chance to work out ok. One never knows what tomorrow will bring.
by swguy
Wed Mar 09, 2016 9:29 pm
Forum: Investing - Theory, News & General
Topic: The Best and Worst Funds listed by the Wall Street Journal
Replies: 22
Views: 4226

Re: The Best and Worst Funds listed by the Wall Street Journal

tennisplyr wrote:The criterion for me isnt which performs the best in the short term but rather which is sufficiently diverse over the long haul
Ding Ding Ding!!! Winner-winner Chicken Dinner! If 'best' measured the performance of funds over twenty or so years- funds that have actually delivered over the long haul - the list would look quite different.
by swguy
Thu Mar 03, 2016 7:45 pm
Forum: Investing - Theory, News & General
Topic: Just lost 4.08% on Forever stamps.
Replies: 63
Views: 10234

Re: Just lost 4.08% on Forever stamps.

nisiprius wrote:I probably shouldn't mention that when I mail heavier pieces I just weight them on my diet scale and put on one stamp per ounce, because it's too hard to calculate the accurate amount.
So this isn't your first "losing money via the postal service" rodeo. This is just the sort of reckless behavior Bogle and others warned us about....
by swguy
Tue Jan 26, 2016 7:20 pm
Forum: Investing - Theory, News & General
Topic: At what point would you go from 70/30 to 100(stocks)/0(bonds) if you are in your late twenties
Replies: 48
Views: 10023

Re: At what point would you go from 70/30 to 100(stocks)/0(bonds) if you are in your late twenties

I'd be hard pressed to recommend anyone allocate 100% to stocks. That said, I had 100% of my 401k in a DFA small cap value fund for 20 years, until I left last year. Since I started investing late in life it was the only way to catch up, I believed.

Now, of course I have to protect those assets so I can retire. :)
by swguy
Mon Jan 25, 2016 9:44 pm
Forum: Non-US Investing
Topic: Michael Burry (The Big Short) recommends Canadian bank accounts
Replies: 30
Views: 7885

Re: Michael Burry (The Big Short) recommends Canadian bank accounts

Peculiar_Investor wrote:
Rysto wrote:Note that 3% interest is an unrealistically high interest rate for a Canadian bank to be paying on a savings account, but let's go with that number.
Not to derail the topic, but fact checking -- you can get 3% today from Savings Plus Account Features & Rates | EQ Bank Canada, and they are covered under our federal deposit insurance (CDIC) up to $100,000 CAD.
Still, you must be a Canadian resident with an SIN to apply.
by swguy
Mon Jan 25, 2016 8:09 pm
Forum: US Chapters
Topic: Happy Birthday Taylor!
Replies: 87
Views: 9796

Re: Happy Birthday Taylor!

Happy Birthday, Mr. Larimore!

You continue to be an inspiration and a blessing to me. I hope your birthday is as special as you are!
by swguy
Sat Jan 02, 2016 8:54 am
Forum: Investing - Theory, News & General
Topic: How to Start an HSA?
Replies: 6
Views: 1063

Re: How to Start an HSA?

You can if you meet the criteria established by the IRS. That info is posted here:

https://www.irs.gov/publications/p969/a ... 1000204025

Usually though, if you are enrolled in a high-deductible health plan your employer offers that option.
by swguy
Wed Sep 30, 2015 9:05 pm
Forum: Investing - Theory, News & General
Topic: Goldman Sachs Spin - Active vs. Passive
Replies: 24
Views: 3340

Re: Goldman Sachs Spin - Active vs. Passive

livesoft wrote:I've seen lots of marketing brochures touting the "Active Difference". They are very slick with lots of great numbers. Of course, the brochures must be factual, so it is a wonder that an outfit like Vanguard can even exist, much less be in the top 3 (BlackRock appears to be first, but let's call them passive indexers, too.): https://www.northerntrust.com/documents ... estmgr.pdf
Apparently there are a lot of "passengers" refusing to get off the stinkin train :D
by swguy
Wed Sep 30, 2015 8:48 pm
Forum: Investing - Theory, News & General
Topic: What are you up to for the past 24 months?
Replies: 19
Views: 2393

Re: What are you up to for the past 24 months?

I'm this case, ignorance really is bliss.
by swguy
Wed Sep 30, 2015 8:43 pm
Forum: Investing - Theory, News & General
Topic: You won't get to the Promised Land by investing in stocks
Replies: 139
Views: 17378

Re: You won't get to the Promised Land by investing in stocks

I haven't gone through the exercise of calculating just how much my retirement savings would be were they simply left to grow "un-invested" but I'm certain I wouldn't be looking at early retirement with them. Perhaps I haven't reached the Promised Land but investing has ensured that I reached retirement young enough to enjoy it.
by swguy
Wed Sep 02, 2015 12:51 pm
Forum: Investing - Theory, News & General
Topic: Selling all equities, discuss why I'm wrong. :)
Replies: 374
Views: 76407

Re: Selling all equities, discuss why I'm wrong. :)

Since you are in your 30's... I wasn't able to start investing in any way until I was 40 - that was in 2003. The company started a 401k and I used a raise I got (maybe 2000/yr) to offset into making retirement contributions. I was 100% in equities. I left that company at the beginning of this year with over 800k in my portfolio. There were only a few years, toward the end, where I was making what most here would consider good money - around 100k. Through all the wild swings in the market I just tried to stay busy and ignore it all. It wasn't because I wasn't scared- I was terrified. What I was sure of was this: I wanted a chance to choose what my retired life would be, and I knew that with my late start that wasn't going to happen unless I ...
by swguy
Fri Aug 28, 2015 9:40 pm
Forum: Investing - Theory, News & General
Topic: Can the market go up forever?
Replies: 80
Views: 10104

Re: Can the market go up forever?

This is all very deep for my tiny brain. I'll mention though, that the definition of "stuff" is continually changing. Think about how ridiculous the concept of social media companies as a business model would appear 100 years ago. Every year more things we never knew we needed become staples. As new "stuff" comes along there isn't a corresponding reduction in existing stuff. So, it's going to be awhile before the up stops I think.
by swguy
Thu Aug 27, 2015 4:04 pm
Forum: Investing - Theory, News & General
Topic: Why no diversification benefit for international in this week's crash?
Replies: 90
Views: 12049

Re: Why no diversification benefit for international in this week's crash?

No idea, but I don't hold international for its correlation ratio, I hold it because I want to own thousands of more companies that could have bright futures all over the world. - Tim I'm with Tim on this one. I guess we all get our "expectations" from different places. I assume that when half the stuff I turn upside down has "Made in _____" on it and the place it was made isn't the USA that international companies have some dependence upon our economy. I also assume that a lot of what US companies do supplies economies that aren't here in the US. I may be thinking wrong, but if all that is true, then when "the herd" gets a sniff that a really large economy may be less robust than they thought, it's going to s...
by swguy
Tue Aug 25, 2015 12:55 pm
Forum: Investing - Theory, News & General
Topic: Did anyone jump in and buy 30% cheaper ETFs yesterday?
Replies: 4
Views: 1473

Re: Did anyone jump in and buy 30% cheaper ETFs yesterday?

Anyone that did was mostly on luck. I tried to catch VHT, which was down 31% at one point, at 92.00 and again at 97.00 but between issues with website performance and short-lived volatility it was not to be. I eventually got some at 120.00 which was fine.

It was pretty crazy. The market opened, the program trades went in, and BOOM - things went down in a flash. Most recovered pretty quickly too.
by swguy
Mon Aug 24, 2015 2:13 pm
Forum: Investing - Theory, News & General
Topic: Who's selling now?
Replies: 63
Views: 10320

Re: Who's selling now?

I'm not selling. I'm still fuming because I was too slow getting an order (or three) in and missed VHT when it was down 30+ %
by swguy
Sat Aug 22, 2015 8:14 pm
Forum: Investing - Theory, News & General
Topic: "Stocks for the Long Run? Really?
Replies: 41
Views: 9450

Re: "Stocks for the Long Run? Really?

Rodc wrote:
I don't understand all the hate. He is only showing that sometimes bonds win over fairly long periods of time. Do you disagree?
I'm going to guess they are commenting based upon the summary, and didn't actually read the article.