I’ve posted Entry #80 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called The Disinformation Age.
Juicy Excerpt: One reason why they are not is that internet boards and blogs offer a comfort for those following failed investing strategies that was not available to them in earlier days. Go to your favorite investing discussion board and ask why Buy-and-Hold is not working as advertised and you will hear from the true believers a litany of rationalizations. You’ll probably be led by the volume of material to believe that there is something to them.
You might lose confidence if you could hear the other side of the story. But it’s a rare investing board that permits honest and informed posting on the dangers of Buy-and-Hold. Most of the big names in the field have their careers invested in Buy-and-Hold. You don’t get links from the bigboys by challenging the failed but still popular investing wisdom. Casual readers of the boards presume that, since there are lots of people still pumping Buy-and-Hold and hardly anyone questioning it, it must be the best choice despite the results it is providing.