Set forth below is the text of a comment that I recently put to the Invest It Wisely blog:
I found him to be…not insane.
Thanks, Kevin. I’m going to use that endorsement on the back cover of my book on investing!
I’m joking around, of course. I think it would be helpful if we all did our part to try to see the lighter side of this never-ending “controversy.” The reality, of course, is that there have been differences of opinion about stock investing going back to the day the first market opened for business, and that the entire idea that there is some sort of “controversy” here rather than just a difference of opinion is 100 percent manufactured. I don’t think Buy-and-Hold can ever work for a single investor in the long term and I can point to academic research showing that to be the case. That’s the “controversy.”
If you have a reasoned rebuttal of his views, I’ll be happy to link out to it as well.
These words are also exceedingly helpful. We need to hear BOTH sides. But of course we only want to hear those willing to construct civil and reasoned presentations of their case. Civil and reasoned criticisms of Valuation-Informed Indexing (the alternative to Buy-and-Hold that I advocate) help us all. I am obviously not God and I obviously am every bit as capable of getting things wrong as any Buy-and-Holder. I need to hear civil and reasoned criticisms of my work as much or perhaps even more than everyone else does.
Um — Thanks for your contribution too, Blogwatcher.