I’ve posted Entry #161 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Only Thing Worse Than Buy-and-Hold Is Doom and Gloom.
Juicy Excerpt: Doom-and-Gloomers are cynical, in my experience. They are much more willing than Buy-and-Holders to acknowledge the problems that follow from excessive stock valuations. I obviously approve of that part of their story. But why the long face, you know? People dislike “bears” for a number of reasons. One is that they are perceived as whiny and negative. The Doom-and-Gloomers play to the stereotype for no good purpose, in my view.