"The tree ring data is not temperature (say that out loud). This is why it is called a proxy."

The data in a time series analysis is the data. This tautology is there to make you think. The data is the data! The data is not some model of it. The real, actual data is the real, actual data. There is no secret, hidden “underlying process” that you can tease out with some statistical method, and which will show you the “genuine data”. We already know the data and there it is. We do not smooth it to tell us what it “really is” because we already know what it “really is.”
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The tree ring data is not temperature (say that out loud). This is why it is called a proxy. It is a perfect proxy? Was that last question a rhetorical one? Was that one, too? Because it is a proxy, the uncertainty of its ability to predict temperature must be taken into account in the final results. Did Mann do this? And just what is a rhetorical question?
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What you can not, or should not, do is to first model/smooth the proxy data to produce fictional data and then try to model the fictional data and temperature. This trick will always—simply always—make you too certain of yourself and will lead you astray. Notice how the read fictional data looks a hell of a lot more structured than the real data and you’ll get the idea.

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