Hi All,

For accumulating investors who don't have access to TREA and Traditional (and/or similar products), I certainly think that some form of passive buy and hold index investing is the best way to go.  . .  if passive accumulators do indeed stay the course over a long period of time, moreover, I think it's probable that they'll have significantly more money in the long term than will a youngish TREA/Traditional timer such as myself . . . on the other hand,  even among Bogleheads there seems to be a near consensus that stocks are likely to return less over the next 50 years than over the last 50, and if that's the case then the opportunity cost of not owning them is obviously reduced . . . that is, I don't think TREA has much of any chance of returning 11% per annum long term, but it's hard to find anyone who thinks the S&P has a chance of doing that again either . . .

All best,

Pete