- Why does the uninvested cash earn nothing?
- Because any rate we credited would be an undocumented second assumption that quietly favours spreading. Zero is visible, checkable, and conservative in a stated direction.
- Are these windows independent?
- No. Consecutive ten-year windows share nine years, so a high share reflects a handful of long market regimes, not hundreds of separate experiments.
- Does this tell me what to do?
- No. It tells you how the two approaches have compared historically, including how badly each did at its worst. What you can actually hold through is not something a distribution knows.
