Set forth below is the text of a comment that I recently posted to the Goon Central board:
claiming it has ANYTHING to do with some goofball in Purcellville is grounds for instant disqualification, since 99.999999999% of investors, bankers, retirees, professors, etc have never heard of your crazy ass.
Rob Arnott doesn’t hail from Purcellville, Drip Guy.
He told me in his e-mail to me that he has seen all the same intimidation tactics that I have seen. There were two young researchers who wanted to do research on Arnott’s ideas. They were taken aside by friends and told that the Buy-and-Hold Mafia would destroy their careers if they went forward. So they dropped the idea.
Who benefits when something like that happens?
Not you. Not me.
The Wall Street Con Men benefit. The Buy-and-Hold advocates benefit.
There was an economics professor from Columbia University who said he loved my stuff. He said that it all made sense although he couldn’t do research showing this to be so. WHAT THE HECK IS STOPPING HIM? He is AFRAID to do research because he knows what the Buy-and-Hold MAfia will do to him if he does HONEST research.
Why did Wade flip? Partly he was afraid of you Goons. But there are internet Goons all over the internet and there is no other subject area re which people of Wade’s stature take into consideration what Goons like you think. Wade rolls over and begs when you tell him to roll over and beg because Bogle backs you up, Drip Guy. If Bogle condemned you, you would be gone. If Bogle had gone to Vanguard the first time Mel Linduaer threatened violence on a poster who dared to “cross” him by posting honestly on the academic research in this field, there never would have been a second time. Give me a friggin’ break.
The Wall Street Journal ran a column saying that Buy-and-Hold is a big pile of smelly garbage, that the people pushing it “leave out half the story.” That article should have gone viral. Every blogger who has ever mentioned Buy-and-Hold should have been writing about it, letting his or her readers know of the dangers of a strategy that has been pushed relentlessly for decades now. Not one blogger other than myself mentioned the article. They are AFRAID.
Bernsteinzzz said in response to Ataloss’ e-mail that anyone who uses one of the Old School studies to plan a retirement needs his head examined. Yet he said in the same e-mail that the studies are not analytically invalid. Huh? He is AFRAID to tell the truth re this matter.
Scott Burnszzz told me in his first e-mail response to me that I was “right” about safe withdrawal rates. Then he thought better and put up an article saying that “some people” say that the studies got the numbers wrong but not letting his readers know that he, Scott Burnszzz, personally AGREES with those “some people” (whom he left unnamed). Scott is AFRAID to do his job.
People aren’t going to become less afraid by permitting The Great Buy-and-Hold Con to continue.
It is by bringing it to a total and complete stop that we overcome this economic crisis and gain the ability to start feeling good about ourselves again.
I’m afraid of the Buy-and-Hold MAfia too, Drip Guy. The difference with me is that I am MORE afraid of playing a role in causing the Second Great Depression.
I have a right to post honestly. And I worry what the consequences will be to me and to others if I fail to demand recognition of that right.
It ain’t just Rob Bennett who has pointed out that Buy-and-HOld is a big pile of smelly garbage, Drip Guy. Far from it. I think it would be fair to say, that, once your prison sentence is announced, there are going to be hundreds if not thousands of people saying it.
We need to stop punishing people for telling the truth and rewarding people for pushing Get Rich Quick garbage.
That’s how change will be achieved.
My sincere take.