My last blog entry set forth the text of an e-mail that I sent to Carl Richards, author of the Behavior Gap blog, when he announced that he was banning honest posting on the flaws of the Buy-and-Hold Model at his blog. Carl has not given me permission to post the entire text of his response, sent on November 13, 2009. So I will quote only a small number of his words below. I will post the full text of my reply in a forthcoming blog entry.
Carl began his reply by suggesting that I “take a big breath and relax.” He said that I was not in fact banned, that he only imposed a temporary ban so that we could talk the issue over in e-mail correspondence (he subsequently made the ban permanent). He then asserted that, on the issue of Buy-and-Hold, “I agree with you! Counter to your insane accusation below, I have read everything I can about Valuation-Informed Indexing, and I agree with you that buy & hold passive investing is extremely problematic, BUT that is not the point of MY blog.” He maintained that the 42 comments that I had put to his blog “are the same argument” and that “it is clear you are looking for a fight.”
Carl added that “I value and respect the passion, hard work and research that you have put into this very important issue, BUT that is what YOUR blog is for. It seems to me that you keep running into the same issue over and over again. My suggestion is that it is not the message, but the way in which you are trying to force it down people’s throats.” He concluded by saying that it was not his intent to ban honest posting but to encourage good discussion “by asking one person to tone it down a bit.”
He also offered the observation that “what you are doing has HUGE value” that is “getting buried by the way in which you are doing it.”