Set forth below is the text of an e-mail that I sent to Mike Piper (author of the Oblivious Investor blog) on November 5, 2009, as a follow-up to the e-mail conversation that was described in earlier blog entries.
Here is a link my blog entry for today:
It announces the posting of an article at my site that I view as being of considerable significance. The article provides links to and Juicy Excerpts from 20 studies showing that valuations affect long-term returns and that Passive Investing can therefore not work for the long-term investor.
Mike responded with the words set forth below.
Thanks for emailing me the link. I’ve got to say that I’m reluctant to link to that post. All the stuff going on in the comments is precisely what I want no part of. All the back and forth name calling (and worse) is something I don’t want to be connected with in any way.
That said, I wouldn’t have anything against mentioning the actual article itself (or the studies linked to). The “agree/disagree” roundup is planned for next week. I’ve been busy with behind-the-scenes work on the blog this week, so I ended up punting and going with my normal roundup style.