Benjamin Felix

3%, that's a low number.

If we switch from thinking about the equity risk premium to just real stock returns without adjusting for risk, what does a 3% equity risk premium look like in terms of just a real...

Expected stock return, not a risk premium.

That's a number that I think makes sense.

Is that pretty close to the historical real return on stocks?

That is a good perspective to take.

What do you think are the risks of being pessimistic about future stock returns?

That was a great line.

I love that.

Make yourself the safe asset.

Live modestly so you can invest in stocks.

I love it.

I share the same philosophy, so confirmation bias.

That's why I'm so excited.

Last two questions here.

We've talked about US exceptionalism and how the US has just had this incredible performance.

How do you think investors should think about expected future returns in the context of the US market?

That is a great answer.

I've got four children too, but no children-in-law and no grandchildren yet.

It'll be a while for that still.