To say I’m crazy optimistic about market returns, even for this year, much less after that.

Market returns for the ‘20s will be well below those of the teens. Most obvious reason is interest rates. I mean, we’ve endured one of the rare 2 yr periods in all of market history during which returns are flat. Running in place. The Russell 2000 is still significantly down over that period. So, if the message is returns will be much more pedestrian in aggregate (but with the usual volatility, so risk-reward looks relatively bad) this decade, compared with the last one, yeah, that seems likely to me.

All I’m saying is I’m not seeing the ‘70s. Although I might take Dimon’s view over mine!