Hi Jason,

I now realize the direction of your argument and it seems perfectly valid. I think we approached the article from different perspectives but I am now clear of what you essentially want to highlight. I agree with you - there is no concept of ‘risk-free’. And truly, the long term yield is as speculative (or even adventurous) as any other proxy. These questions are important to redefine the way we look at investment valuation as a subject. Again, this was a very good article with deep insight!

Regards,

Jimmy