         Sentence 1: 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.         Sentence 2: My article simply implies 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.         