I’ve posted Entry #79 to my weekly Investing: The New Rules column at the Death By 1,000 Papercuts site. It’s called How Is Stock Investing Like Abortion?
Juicy Excerpt: I attended the Financial Bloggers Conference in Chicago last month. I had a great conversation with a fellow who has a successful blog. We talked for two hours while waiting for the restaurant to open and then while enjoying a Sunday morning breakfast together. We talked about our families and about the conference and about our blogs and about all sorts of things.
Then it happened.
Near the end of breakfast, I put forward my take on stock investing. If you are a regular reader here, you know the story. Buy-and-Hold was an advance but it was discredited by research published by Shiller in 1981. The Stock-Selling Industry had already spent millions promoting Buy-and-Hold and didn’t want to acknowledge the mistake. So most of us pretended for 30 years that Buy-and-Hold might work anyway while a small group of us warned of the economic crisis that would be coming soon if we didn’t knock off the funny business.
The guy’s eyes glazed over. He wasn’t listening anymore. You can tell.
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