Drip Guy:

I'll make a few comments.

1.  None of the above has much to do with income and dividend investing in my view.  It all seems to be about valuations as a tool for determining asset allocation.

2.  JWR believes strongly in the "valuations count" hypothesis, maybe as strongly as Bogle believes in the "costs count" hypothesis.  That is his right.  It is also his right to try to provide that message to others, just as Diehards provide a message about costs and indexing.

3.  The I&D board is made up of a group of folks whose only common denominator is that somewhere at the heart of each persons strategy is a desire for steady or growing income from interest, dividends or realized capital gains.  Some use individual stocks, some use individual bonds, some use open or closed MFs, and some use ETFs.  To my knowledge, that is the only investing consensus here.

best,

Bill