Set forth below is the text of a comment that I recently put to another blog entry at this site:
If that risk goes away because everything is ‘perfectly valued’ as in your utopia
I can bring in my good friend Eugene Fama to argue my case re this one, Laugh.
You suggest that there is something “utopian” about everything being perfectly valued.
Are you familiar with Fama’s work?
His core claim is that things should ALWAYS be perfected valued. He says that the market is “efficient.” That means it processes all information quickly. All that is known about stocks is almost immediately incorporated into the price of stocks. That’s perfect valuation, is it not? There is no better price than the one that incorporates all known information bits.
There is nothing even a tiny bit utopian about a world in which stocks are properly priced.
The reality is that there is only one thing standing in our way.
The thing standing in our way is you Goons.
Wade Pfau wants to tell the truth about stock investing very, very much. He made that clear in his e-mails to me over and over again.
Wade is obviously going to get the Nobel prize for the research that I co-authored with him once he feels free again to post honestly, right?
THOUSANDS of academic researchers are going to follow Wade’s lead once he wins the Noble prize. So we are soon going to have THOUSANDS of academic researchers telling the truth about stock investing.
You don’t think that is going to make a difference?
I think it is going to make a HUGE difference.
They key is getting your prison sentence announced, Laugh.
That will go viral. When every web site is talking about your prison sentence, Bogle is going to feel pressured to give his “I Was Wrong” speech. Once Old Saint Jack gives that speech, no one is ever again going to be afraid of what the Wall Street Con Men and their Internet Goon Squads will do to them if they dare to “cross” them by telling the truth about what the last 32 years of peer-reviewed academic research says about how stock investing works in the real world.
Laugh going to prison is Utopia realized for all of us. No?
It really is. Even for Laugh. Because the sooner you go to prison, the less damage your Campaign of Terror against us will have caused. And the less damage you end up causing, the shorter your prison sentence will end up being.
Does that not make sense, my old friend?