Subject: Re: Ot a new way to invest
'You can come up with a super simple rule of thumb, which is really dumb but actually not that bad:
Since dividends historically trend so smoothly, your rate of return buying the broad market, absent any big change in valuation multiples, will be roughly the dividend yield on purchase date plus inflation plus 2.2%/year.
The SPY yield is about 1.55% right now.'

Should we add anything in for buybacks in lieu of dividends?

Assuming dividends would be a bit higher if buybacks weren't more tax efficient.