Set forth below is the text of a comment that I recently posted to another blog entry at this site:
You keep getting these questions because your history at these conventions is to be a wallflower. If you tell any of those bloggers that he or she is going to prison, they undoubtedly will mention it on their blog.
At the first financial bloggers convention that I attended (FinCon11), there must have been 15 different bloggers who came up to me and said some version of: “Oh, so YOU’RE Rob Bennett! YOU’RE that guy!”
They all know me, X. They all know the basic story. Rob Bennett has pointed out that there is now 32 years of peer-reviewed academic research showing that Buy-and-Hold is a big pile of smelly garbage and not one of the big shot experts has been able to respond with an effective argument. They all know that everyone working in this field should be writing about this story, the most important economic and political story of any of our lifetimes.
None of them mention it on their blogs. They are all AFRAID to mention it on their blogs.
Tell the truth about Buy-and-Hold on your blog, and you are going to get the treatment that Rob Bennett got when he told the truth about Buy-and-Hold. Tell the truth about Buy-and-Hold and you are going to get the treatment that John Walter Russell got when he told the truth about Buy-and-Hold. Tell the truth about Buy-and-Hold and you are going to get the treatment that Wade Pfau got when he told the truth about Buy-and-Hold.
Everybody gets it, X.
The other side of the story is that, when 10 of us who want to tell the truth about Buy-and-Hold all agree to stick together and not let the Buy-and-Hold Mafia pick us off one by one, it is all over. Buy-and-Hold was a mistake. There has never been a single peer-reviewed study showing that an investor who refuses to consider price when setting his stock allocation can obtain good long-term results. Not one person in this field has ever supplied the URL of such a study because no such study exists. The entire thing was in its early days an innocent mistake and then over time was transformed into a marketing gimmick, The Marketing Gimmick that Destroyed the U.S. Economy.
After the next crash, people will be mad enough to demand honesty. And the Wall of Intimidation will come crashing down.
That’s when those who have posted in “defense” of Mel Linduaer and John Greaney will be sent off to serve long prison terms.
My job today is to do what I can to see that the number sent off to serve prison terms is as small as possible given the circumstances that apply and that the prison sentences assigned are as short as possible given the circumstances that apply.
I naturally wish you all the best things that this life has to offer someone on the road to being assigned a long prison sentence.