I have been sending e-mails to various people letting them know of how the Buy-and-Hold Mafia silenced Academic Researcher Wade Pfau after he published research showing the superiority of Valuation-Informed Indexing strategies over Buy-and-Hold strategies. Set forth below are reports on five of the responses I received.
1) Alessandro Acquisti, Associate Professor at Carnegie Mellon University, said: “Thanks for the link.”
2) Jay Desai, Assistant Professor at Shri Chimanbhai Patel Institute of Management and Research, said: “I have gone through your article. I also believe that no market in the world is efficient as explained by the Fama-French Model.”
3) Jing Chen,an Assistant Professor at the University of Northern British Columbia who has done important research that attempts to integrate physics, biology, economics, information science and other fields and to provide an entirely new foundation for economic theory, said: “Thanks for your message and your article. It is natural that powerful people will do what they can to protect their interest. It is the norm in the academic world and in the broader world. I am grateful that you write about it.”
4) Joe Fuller, a co-founder of Monitor Group, a multinational consulting firm, said: “I’m afraid this literature is not anything I’m remotely expert in, so I’m afraid I’m not comfortable taking a position.”
5) Steve Jewson, a Vice President for Model Development at Risk Management Systems, said: “I like it. It makes sense to me.”
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