Premise: My article does not say or imply that real earnings growth only reflects retentions and that dividend growth must be zero or that all valuation techniques are out the window for firms that don't pay dividends.

Hypothesis: My article doesn't say or imply that real earnings growth reflects only retentions and that dividend growth must be zero or that valuation techniques are unused for firms which don't pay dividends, it implies that growth is a concrete and calculable statistic.
Relation: neutral