re: what's supporting the market?

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WTF does the risk-free rate have to do with anything in the context of this discussion?

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What doesn't it? When you said the market was a good long term investment - I assumed by "good" you meant it would beat the risk free rate, no?

You are arguing that the equity premium of the U.S. stock market in the 20th century is not an aberration - that its the normal - I'm saying I don't believe you.

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are you now arguing that treasuries are a better long-term investment than the stock market?

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You appear to be arguing that you know for certain the stock market it better. I'm asking you to show me how you know this - and all you can do is point to the U.S. stock market of the 20th century. Wasn't the U.S. stock market of the 20th century one of the best ever? It would seem like you're selecting your data to come to your preconceived conclusion.