Historical factor returns — net of changes in valuation levels — are much lower than recent performance suggests. (researchaffiliates.com)
The safe withdrawal rate is not a constant number but VARIES with changes in the valuation level that applies on the day the retirement begins. (arichlife.passionsaving.com)
Start from the premise that the value proposition of stocks varies with changes in valuation levels, and you are led to a conclusion that the riskiness... (arichlife.passionsaving.com)