I recently posted a Letter to the Editor at John Walter Russell’s site that points out the absurdity that there are people who view it as “controversial” to take into account the reality that valuations affect long-term returns when developing investing strategies. It is entitled Re “A High Stock Allocation for Today.”
Juicy Excerpt: It might be so that there aren’t many things one can do in life that offer a free lunch. But taking valuations into account is surely one of them. This is all upside and zero downside. And yet it is controversial as can be. Yikes!