    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 doesr't say orimply that real earnings growth  reflects only retentions and that dividend growth must be zero or that  valuation techniques are unused forfirms which don't pay dividends.