Set forth below is the text of a comment that I recently put to another post at this blog:
On what basis do you think there will be Congressional hearings over your disagreements with the Bogleheads? Other types of investors such as the Graham disciples have been able to espouse their views openly and without the sort of harassment that you allege.
NO ONE is speaking with 100 percent honesty on stock investing matters today, Goon. NO ONE.
I even apply that statement to myself. I TRY to say what I truly believe. I try very hard. But I know from experience that I do not always manage to pull it off.
We ALL are affected by what our peers say about us. And the Buy-and-Holders are so vicious and ruthless in their hateful comments about those who recommend research-based strategies that there is not one person alive today who has demonstrated a willingness to take them on.
That includes Robert Shiller, the Yale Economics Professor who published the research discrediting the Buy-and-Hold strategy 32 YEARS AGO. Shiller pulls his punches ALL THE TIME.
I am the person who discovered the errors in the Old School SWR studies over 11 years ago. That was one of the most important discoveries in the history of personal finance. Millions of middle-class retirements are at stake. NOT ONE OF THE DISCREDITED STUDIES HAS BEEN CORRECTED to this day.
Academic Researcher Wade Pfau worked with me for 16 months to correct this problem. He saw the need for the studies to be corrected. He wrote to the authors of one of the studies. The response of the Buy-and-Hold Mafia was to threaten to get Wade fired from his job. NO ACADEMIC RESEARCHER SHOULD EVER BE INTIMIDATED IN THAT WAY. We are talking about the biggest case of financial fraud in the history of the United States.
My job is to see to it that as few people as possible go to prison. The key to that task is getting some of the leading figures in this field (people like my good friend Jack Bogle) to come clean. When Bogle speaks out about the 11-year cover-up of the errors in the retirement studies, it is all over. The next day, we will see articles in every major newspaper letting people know that informed people in this field have known for YEARS now that Buy-and-Hold is a big pile of smelly garbage.
But Bogle is very afraid to speak out. He worries that, if he does tell the truth, the same sort of tactics that were used against Wade Pfau will be used against him. We are in a Catch-22. We are ALL afraid to post honestly. But we will all remain afraid to post honestly only so long as we all remain afraid to post honestly. Once a small number of us work up the courage to tell the truth about what the last 32 years of peer-reviewed academic research says, NONE OF US WILL BE AFRAID ANY LONGER. Because we all will see that the Buy-and-Hold Mafia cannot do a thing to a group. Their power to intimidate us comes to an end when a group of us vow to stick together and protect each other when the Buy-and-Holders attack us.
The Graham disciples don’t think that death threats are appropriate in discussions of stock investing. They don’t think that board bannings not justified by the published rules of the investing sites are appropriate. They don’t think that tens of thousands of acts of defamation are appropriate. They don’t think that threats to get academic researchers fired from their jobs are appropriate.
Do you hear the Graham disciples speaking out on those important issues?
Neither do I.
The Graham disciples are afraid to take on the Buy-and-Hold Mafia and all its power and wealth and connections.
All of us are.
But we cannot bring the economic crisis to an end without working up the courage to do so.
Please do all you can to help us all work up the courage.
Take care, my old (Goon) friend.
Rob, the Graham Disciple