Then the entire history of investing is wrong. I said it — it must be so!

I’m joking around, Evidence. But your point is an important one. This is a big change.

The right way of saying it (in my view!) is that the entire history of investing analysis disagrees. The historical data supports what I am saying. It’s not the market that says there must be volatility. It is the beliefs of the humans about how markets work that cause volatility. Change those beliefs (by educating people about the realities) and you change those realities.

We are in total agreement that this is a big change, Evidence. There’s no dispute re that one whatsoever. In my mind the big question is — Is it so?

If it is so (and I am personally convinced that it is so), this is the biggest advance in our understanding of how stock investing works in my lifetime. Or possibly ever.

Yowsa!

We live in exciting (and scary) times.

Rob

The entire history of investing disagrees.

The Four Pillars of Investing: Chapter 1. No Guts, No Glory: Risk and return in the capital markets from the ancient world to Yahoo!