Subject: Re: S&P500 valuations
Over the last 100 years the S&P 500 took three long, interesting trips to nowhere,
underperforming risk-free Treasury bills for 53 of those 100 years (1929-1945, 1959-1982, and 1995-2009).


That is an extremely misleading way to state things.
It seems to say that S&P 500 underperformed treasury bills for 53 years. Not at all true.
So many wrong assumptions, I don't want to try and point out all of them here.
Bottom line, one can safely ignore this lie, damn lie, and statistic.