This is a pretty well reasoned piece. I think the constitution should be amended to require a higher percentage of royalties to be deposited into the fund. And then allow only a maximum threshold (like 5%) POMV to be transferred to the general fund and earnings reserve each year. The withdrawal should be the same regardless if the fund were to lose value in a given year or gain 20%. Seems the fund could still be nurtured for long term growth this way.
I'm assuming this is what the author is advocating as it would require constitutional action(a potential sticking point). It is possible I'm wrong on this since Steve didn't mention so. But I agree with his take on it.