I’ve posted Entry #171 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Getting In Touch With Your Inner Goon.
Juicy Excerpt: People don’t like it when I talk about “goonishness,” the highly abusive behavior evidenced by many Buy-and-Holders when their investing beliefs are challenged.
Buy-and-Holders like to think of themselves as sophisticated, intelligent, informed, rational, research-based investors. I hurt their feelings when I accuse them of goonishness. That of course means that I hurt my chances of persuading them of the merit of my investing ideas. So why do I do it?
The fact that it is hard to hear about is not a sign that we shouldn’t be talking about it. The fact that it is hard to hear about is a sign that we MUST talk about it, that it is the most important investing topic of all.