Set forth below is the text of a comment that I recently put to another blog entry at this site:
Rob: “Tell the truth of why people with black skin were once not permitted to drink from the same water fountains as people with white skin in 10 words. It cannot be done.”
(Only needed one word to get the job done, so you can have the other nine budgeted words back, since you love to use words so promiscuously)
Then how did the situation change?
If racism was the only reality, we would still have those laws on the books today.
There was more going on that just racism.
So it is in InvestoWorld today.
Get Rich Quick was always a money-maker for the Wall Street Con Men.
So I could just say “the Wall Street Con Men saw an opportunity to make a buck and that’s why we are in an economic crisis today.”
But that’s not the full truth. It was the Wall Street Con Men who served as the Buy-and-Hold pioneers. It was the Buy-and-Holders who came up with the idea of rooting one’s investing strategies in the peer-reviewed academic research. There wouldn’t be any Valuation-Informed Indexing today if it weren’t for the good work done by the Buy-and-Hold pioneers yesterday. VII is Jack Bogle’s dream-come-true every bit as much as it is Rob Bennett’s dream-come-true.
So, no, ten words is not enough.
If I lie about safe withdrawal rates, we all go down. If I make the Buy-and-Hold pioneers out to be all bad, we will see such social unrest following the next price crash that we will all go down.
My job is to pull us together so that we do NOT all down. I will post honestly on safe withdrawal rates. But I will also point out that it was by reading Jack Bogle’s book that I learned about the errors in the Old School studies. So there must be SOME good buried at the bottom of all this smelly Buy-and-Hold garbage. No?
I will take more than 10 words to tell the story because it takes more than 10 words to tell the story honestly.
My best wishes.