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If I had to create a one punch Rip Van Winkle 30-year portfolio right now at 5.7% real yields or 1% real yields from 30 Year USTs or 2.5% from hypothetically diversified 30 YR BBBs, I'm putting most of it in stocks. When you slide the Rip Van Winkle out of the hypothetical you're just hoping you can guess that the market will offer something that is even better than what you consider fair before the cost of sitting in cash overwhelms the option value. That's okay to do, I do it myself, but I wouldn't call it market valuation and I damn well wouldn't be even a little certain about it.

That's a pretty perfect crystalline roarkian oblique prose summary of our universal quandary.
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