Set forth below is the text of a comment that I recently put to another blog entry at this site:
|Buy and Hold is “get rich slowly”|
|That certainly is how it is promoted, Sensible.And I believe strongly that that is what the people promoting it believe it to be.
And I believe strongly that that is what the people following it believe it to be.
But I do not believe it to be that.
And I don’t say that because of some sort of bias against Buy-and-Hold. I was a Buy-and-Holder myself prior to August 27, 2002. I wanted a Get Rich Slowly approach and Buy-and-Hold seemed to me to fit the bill.
I believe that a mistake was made.
I believe that, if the Buy-and-Holders could see that mistake, they would be horrified at what they have done.
So I don’t believe that I would be doing any kindness for my many Buy-and-Hold friends if I were to pretend that I believed that Buy-and-Hold really is a Get Rich Slowly approach.
Do you believe that it is at least POSSIBLE that the Buy-and-Holders made a mistake, Sensible?
If there is any chance whatsoever that that is what happened, I think it would be fair to say that it is very, very important that the Buy-and-Holders hear out those who believe they made a mistake.
I don’t mean that it is just important for the Valuation-Informed Indexers. I mean that it is important for the BUY-AND-HOLDERS.
It is hard to imagine anything too much worse than devoting your life to the promotion of an investment strategy that you believe is helping people and to then learn late in life that all along you were HURTING people.
If I were in that situation, I would like to think that my friends would try very hard to help me understand how I had gotten on the wrong track.
We all should be working together re this matter, Sensible. Deep in our hearts, we all want the same thing.
I naturally wish you all the best things that this life has to offer a person.