Therein lay the problem with monte carlo and reordered sequences. They're simply unnatural and lack the correlative market return.
It sounds simplistic to say "wow, the SWR dropped by 1% and all I did was swap two out of 128 return sequences.".
Well, no. What happened was extending a downtrend by an additional year past where it naturally went. Since a lot of sequences come close to failing, this simply makes additional artificial failures.
The summary says that the exercise is made more reasonable by saying that unexpected things like 9/11 happen. Well...lots of bad an unexpected things DID happen and we have the results.
If someone wants to make a case for future returns being lower than the past, i'm all ears. Playing with data series and producing different results doesnt mean much to me.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.