I’ve posted Entry #37 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called Do We Get Taken When We Buy Stocks?
Juicy Excerpt: When it comes to cars, people know to be skeptical of salesman claims. No one takes the word of a car salesman as gospel. If only this were so when it comes to the people who sell us stocks!
John Bogle is the slickest salesman alive today. I don’t mean that as a dig. It’s his job to sell stocks and he does his job exceedingly well. And Bogle has done a lot of good for middle-class investors. We need good salesmen in this world of ours! I am a big-time fan.
My point is that it is horrifying to hear people refer to Bogle as a “saint.” He’s a salesman, not a saint. Bogle is not in a position to offer you balanced and objective and research-backed advice on how to invest. Start thinking of a salesman as a saint and you are asking for trouble.