Set forth below is the text of a post that I put forward Wednesday at the Goon Central board:
The entire benefit of free speech is that it lets us become exposed to views that the majority views as foolish, Drip Guy.Any idea supported by the majority does not need free speech protections. Popular ideas will always be heard.
The purpose of free speech is to protect unpopular ideas. Those ideas need protection. Those ideas can lead to great things. But they first must be heard.
The price of free speech is that you have to be exposed to dumb stuff. There is no other way to insure that the good stuff will eventually gain a following.
Shut down the stuff that is perceived by the majority as dumb and you cut yourself off from all growth. A society that permits expression only of majority viewpoints stagnates and eventually dies.
Yes, it hurts the Buy-and-Holders to hear what I have to say about their strategy. I get that loud and clear. I want to see them hurt. That’s how we learn. Suffering a little hurt in the present can help you avoid a great deal of hurt down the road.
I like the Buy-and-Holders and I respect the Buy-and-Holders and I consider the Buy-and-Holders my friends. That’s why I show them the respect of believing that they can take criticism and overcome the hurt that comes with it.
I believe in the Buy-and-Holders. I have confidence in the intelligence and good will of the Buy-and-Holders. I have more belief and confidence in the Buy-and-Holders than you do, Drip Guy.
You say you believe in Buy-and-Hold. Your actions don’t back up the words. I don’t have any confidence in the first draft effort of the Buy-and-Holders. But my actions show huge confidence in the long-term Buy-and-Hold project of using academic research to learn the realities of stock investing.
I am what the Buy-and-Holders were in the 1960s and 1970s. I am hated by many Buy-and-Holders for the same reason that John Bogle was hated by the pre-indexers. Bogle upset the applecart and the people who profited from the applecart didn’t want to see it upset. We are all better off today because of Bogle’s determination and we will all be better off on a day not too far in the future because of my determination.
Buy-and-Hold is today all about Get Rich Quick. But that wasn’t the original idea. The original idea was to be all about research. I am in my soul 10 times the Buy-and-Holder that Mel Lindauer is. I am the guy taking Bogle’s ideas to a better place so that he can achieve his original vision. Bogle didn’t start out pushing GRQ.