The Rising Influence of Rising Affluence

[jbog]

it’s likely that PCL will hold up considerably better than the S&P 500 in the aggregate.

Maybe you should look at the 2008/2009 timeline. Pcl did considerably worse than the SP in that timeframe.

in other words, you were too lazy to do the arithmetic. Including the compounded dividends, PCL has returned 66% during the past four years.

I wasn't too lazy, but I can't predict the tax consequences of any given investor. Anyway it is moot, because by your calculation it still falls short of the SP by around 15%