I’ve posted Entry #96 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s titled The Year In Which You Are Born Determines Whether You Will Be Able to Retire Or Not.
Juicy Excerpt: That’s how a free market system should work. Wealth disparities are not a bad thing when they are the result of meaningful distinctions. Investors who save more should end up with greater wealth. But it’s arbitrary that some of us are able to retire years sooner solely because we happened to be born so as to come of investing age at a time when stocks were priced low rather than high.
To win the respect of its citizens, our economic system needs to be perceived as fair. Shiller is right. Policymakers need to be devoting more attention to the wealth disparities caused by out-of-control bull markets and to The Stock-Selling Industry’s relentless promotion of investing strategies most likely to bring on such bull markets.