You've been right for years. Easy money has kept things stable but starting from right now, if you invest in stocks and bonds and hold for 20 years, you should expect pretty low returns. Everything is expensive
They think "you can't loose with stocks long-term", which I believe is largely correct. But they have lost all historical perspective on what "long-term" has occasionally meant. And they underestimate the interim carnage in those instances (1930s, 1970s).