Dave, maybe I missed it but where did you post evidence that group A beats group B? My understanding is that Ray's spreadsheets show B beats A. You missed a day or two ago when I pointed out that Ray's sheet is ignoring the costs of the relative volatility, which at 53% (to 0% on the IUL) has a dramatic reducing effect on the S&P results.How in detail does this volatility make the IULs beat the S&P? Some will lose and some will win, but what is the analysis that says that the IUL beats the S&P? What is your metric for "beating"?