I agree with the other commentator. For example, consider the following quote from the article: "I want to convince you that performance is not caused by minimizing volatility itself. "

Although obviously volatility is not the only cause of performance, it is one of the determining factors. Booth and Fama in their article "Diversification Returns and Asset Contributions" (published in the FAJ!) demonstrate that you can improve the compounded returns of a portfolio by decreasing its volatility. This seems to directly contradict the author's claim.

One can validly argue the semantics of what to call the difference between arithmetic returns and geometric returns, but we should understand the difference and its underlying causes. Given the appellation "volatility drag" is already in widespread use, I see no reason to discontinue its use, as the arguments against it seem more philosophical than practical.