"Long term equity returns are an exception, not the norm." Over past 30 years, Among 16 major indices, only US market has generated returns higher than US Bonds.

This is skewed lol. How can you compare a dollar denominated risk free rate to real cagr without making that metric real? The dollar itself has given cagr of 3.4% in last 30 years so the RF rate needs to be adjusted for this as well.

Shouldn’t we compare US Bond Market Index with equity market USD returns for each country?