I’ve posted Entry #19 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called There’s No Such Thing As An Unemotional Investor.
Juicy Excerpt: It’s not my intent here to pick on Larimore and Bengen. Millions of Buy-and-Holder did what they did. They talked the Buy-and-Hold talk but the first time the theory was tested in a serious way they failed to walk the Buy-and-Hold walk. The human is The Rationalizing Animal. We do it so well that we fool ourselves into not thinking that we are doing it. We do this all the time.