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I didn't like this part either:

Without getting into a long, drawn-out philosophical discussion of what risk is, the fact remains that while the expected return on stocks might be 6-10%, there will be many years where the return is much lower. It is not a guaranteed return. Thus, you are comparing the guaranteed return available by paying off your debt to a non-guaranteed return available by investing. That's apples to oranges. You must risk adjust the returns.

This is where you have to get into a long, drawn-out philosophical discussion of what risk is. This guy thinks volatility is risk. A definition I like much better is that risk is the "chance of permanent loss of capital."

Over some reasonably long time frame--like the length of a typical mortgage--the chances of losing money owning a low-cost index fund are pretty close to zero. Over that same period, the chances of making a lot of money are really good. So from a risk/reward standpoint buying an index fund and holding is much better than paying down the mortgage.
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