Set forth below is the text of a comment that I recently put to another blog entry at this site:
we can clearly look at the Internet and see that all those opinions are out there, including yours.
I am not aware of a single case in which the advocates of any other investing strategy behaved in the manner in which I have seen Buy-and-Holders behave for 11 years now. Never have I seen a non-Buy-and-Holder make use of death threats or board bannings or tens of thousands of acts of defamation or threats to get academic researchers fired from their jobs.
These are criminal acts, when employed as part of an 11-year cover-up of errors made in retirement studies. That’s why only Buy-and-Hold advocates will be going to prison following the next price crash and not the advocates of any other investing strategy.
The Buy-and-Holders are in a unique position. The claim that it is not necessary for investors to consider price is of course 100 percent absurd. THere has of course never been even a tiny sliver of support for this absurd claim anywhere in the peer-reviewed academic research. Wade Pfau, who holds a Ph.D. in Economics from Princeton searched the literature and confirmed that this is so. Just to be 100 percent sure, he went to the Bogleheads Forum and asked if anyone there knew of a single study that supported the Buy-and-Hold “strategy.” John Bogle was not able to come up with anything. Neither was Bill Bernstein.Neither was Larry Swedroe. Neither was Rick Ferri.
That’s because there is no such study. The claim that there is is a lie. It is a lie that has put hundreds of billions of dollars in the pockets of the Wall Street Con Men. But it is also a lie that has put millions of middle-class people out of work.
Those who committed felonies in support of that lie will go to prison as a result. What else would you expect?
What makes Buy-and-Hold different is that it is one of only two investing strategies (Valuation-Informed Indexing is the other one) that claim to be rooted in peer-reviewed academic research. Millions of middle-class Americans like the idea of basing their investment decisions on the findings of peer-reviewed academic research. The problem, of course, is that there is zero support in the academic literature for a pure Get Rich Quick approach. To make the claim that there is research supporting a pure Get Rich Quick approach, you HAVE to lie. There is no honest research-based claim that can be made in support of pure Get Rich Quick strategies. This is why Valuation-Informed Indexing is viewed by Buy-and-Holders with such alarm. Valuation-Informed Indexing is the first TRUE research-based strategy.
For Buy-and-Hold to survive, Buy-and-Holders MUST engage in criminal acts. Otherwise, there are going to be thousands of people telling the truth about what the academic research says. But those criminal acts will lead to prison sentences following the next price crash. People do not take kindly to seeing their retirement accounts destroyed by the tactics employed by the sorts of individuals who have posted in “defense” of Mel Linduaer an John Greaney.
For obvious reasons.
Rob,the Fellow Who Believes That the “Experts” in This Field Should Be Telling the Truth About Stock Investing to the Millions of Middle-Class People Who Need to Know It (Or at a Very Bare Minimum Permitting Others to Tell the Truth)