While I appreciate pointing at an advantageous role of RMW, I think performance studies on a single run from Date One to Date Two are of little practical value. One cannot ask investors to go back in time and enter the market on the Date One. Performance depends on the market entry date and holding period. Hence, an accurate performance analysis should be done for windows of given typical holding period (say one, five, or ten years) rolling daily within a long time period (20 years or more). This allows for hypothesis testing of the differences among various investing strategies.