Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
What is your definition of honest posting?
If I were to say that I believe that the retirement study posted at John Greaney’s web site contains an adjustment for the valuation level that applies on the day the retirement begins, that would be dishonest. I believe that the Greaney retirement study LACKS a valuation adjustment. I believed that on the morning of May 13, 2002, and I still believe that today. If anything, my confidence in that belief is stronger today than it was 20 years ago.
Rob
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