Set forth below is the text of a comment that I recently put to another blog entry at this site:
Let’s call a spade a spade, shall we? Wade Pfau stole your research and put his name on it, throwing you just a tiny crumb acknowledgement to ward off a lawsuit. And once he had the goods, he had the gall to terminate your relationship. He’s profiting handsomely by his theft, leading a charmed life, widely published, widely respected. While Rob Bennett continues to toil in total obscurity, with only the scathingly insulting Goons for company.
A lesser man would find that situation infuriating. It’s so incredibly unfair, I think if it happened to me, it could actually drive me insane.
Wade was a hero for working up the courage to send an e-mail to the authors of the Trinity study asking that they correct the errors in their study. He was the first big name in this field to do that. We all owe him a debt of gratitude for that one.
Wade engaged in an act of financial fraud when he put up a post at his blog saying that he viewed John Greaney as the hero of the 11 years of discussions of the realities of stock investing that have been raging on the internet since my famous post of the morning of May 13, 2002. Wade knew about the death threats. Wade knew about the unjustified board bannings. Wade knew about the tens of thousands of acts of defamation.
He did what he did because he was afraid. He knew that you Goons were capable of following through on your threats because he had seen you do so on numerous earlier occasions. He knew that John Bogle was not going to help and that Scott Burns was not going to help and that Larry Swedroe was not going to help and that Bill Bernstein was not going to help. He had seen all these big names act in a cowardly manner on previous occasions and so he knew what was in store for him when you Goons advanced your threats to destroy his career.
Does Wade go to prison following the next price crash?
I don’t think we know for sure.
He deserves a Nobel prize for his research. I think that much is clear enough.
And he engaged in an act of financial fraud that puts what Bernie Madoff did in the dust. That much is clear enough AS WELL.
Do we not put him in prison but deny him the Noble prize as his penalty for participating in a massive act of financial fraud?
Do we put him in prison and ALSO give me the Nobel prize, making him the first (I am sure without even checking!) Nobel prize winner to have his prize sent to a prison cell?
I don’t know, Bizarro.
The Post Arhives reveal to us all what Wade did.
My job as a reporter is to tell people what happened. The good and the bad both.
The rest is out of my hands.
I LOVE, LOVE, LOVE the Wade Pfau who worked up the courage to stand up to you Goons and to demand corrections in the errors in the Trinity study.
My assessment of the Wade Pfau who agreed under duress to join in on this massive act of financial fraud is that he is behaving in an “insane” way. I TOLD my friend Wade that at the time he was doing it. I feel for him. I have a family to support as well. I know precisely how low the sorts of individuals who have put up posts in “defense” of Mel Lindauer and John Greaney are capable of going. But I don’t think that participating in a massive act of financial fraud can ever be the right answer.
I believe that, if Wade stood up to you Goons, it is you Goons who would go down. He would be a hero to millions if he worked up the courage to return to doing honest work.
If he really is not capable of that, I think he needs to find another line of work. It’s a horrible thing to say. But dealing with you Goons (and the Wall Street Con Men who offer you their implicit support by failing to speak out about your abusive behavior) is part of the job of being a researcher in the investing field today. I don’t like this reality any more than Wade or millions of others like it. But I acknowledge the reality. I certainly am not willing to participate in the massive cover-up myself.
That’s my sincere take re this important matter, in any event, Bizarro.
I wish you great prosperity and the best of health for many years to come.