Peter,

As I was reading through your article I noticed there was a flaw in the Sharpe Ratio calculations that you used for time periods of 1970-Present. In you table titled Annualized Total Return and Standard Deviation (1970-Present) in the section Measuring Historical Success you use a Risk-free rate of 0% when the Risk-free rate over this time period was closer to 5%, which would make these Sharpe Ratios closer to half what you present in your article. Also the difference between the United States and the Diversified portfolio shrinks by 0.02, leading to a Sharpe Ratio difference of 0.01. If you could please explain why you choose to do this it would be greatly appreciated.

Best,

Nick