Clive,
The results didn't look right to me, and I'm unable to recheck everyone's figures. However, I did look at a dividend adjusted total return graph of the S&P 500, and the 2000s were the worst decade since the great depression, so they may be spot on. As I stated, if you know beforehand that prices are going to plunge, then any method that is less than fully invested in equities, is going to outperform. Really, if that is the case, you should just go all in cash. I don't believe I'd want to model my portfolio strategy going forward, on the S&P 500's performance in the 2000s.
I did well in the 2000s. I'm retired, and taking money out to live on. I have more today than I had before the 2008 meltdown. I have modest diversification, and several different trading systems as well. I generally try to limit cash, and am unlikely to consider any bond investments in today's market.
There is always something better than cash. The trick is finding that something.