I appreciate the reader's interest to our recent paper "S&P 500 returns revisited" , which resulted in the review made by CXO experts. I have no specific comments on the review except mainly qualitative charater of the assessment. The paper is chiefly quantitative, however.
In this sense, no words can justify our statements, only observations. A year ago, we predicted the fall in May 2010. See what will happen next, and lets revisit the CXO assessment in December 2010. If the model is wrong - everybody will see that it is wrong.