I think the article has some great points. That how you withdraw your money from your portfoilo is very important and somewhat ignored here.

I think most folks probably will end up withdrawing less after a down year in the markets because of human nature. This will in fact have a another positive affect on the portfolio overall. The article hints at this by not upping the inflation level after a down year. I have talked to Dory about including some Flexible withdrawal calculations into FireCalc that could take this into consideration.

In other words - A range of withdrawals. More after an up year, less after a down year. This is how we actually spend our money anyway. Trips, Cars and other major purchases usually follow an up year in the market. And most of us pull in our horns after a down year.