Set forth below is the text of a comment that I posted to another blog entry at this site:
Who else is banned from the popular financial boards besides you?
Every single person alive on Planet Earth is banned from posting HONESTLY what the last 32 years of peer-reviewed academic research tells us about how stock investing works, Anonymous.
So long as I don’t post honestly, I am not banned. But once I post honestly — watch out! And it’s precisely the same with everyone else.
Jack Bogle is banned from posting honestly. Jack wrote in his book that Reversion to the Mean is an “Iron Law” of stock investing. It was by reading those words that I learned that the Old School SWR studies are analytically invalid. But Jack would not dare post that the Old School SWR studies are analytically invalid. You Goons would have his head.
Larry Swedroe knows that the Old School studies get the numbers wildly wrong. He has said so in writings that he did not put to the Bogleheads Forum. But he keeps it zipped at the Bogleheads Forum. Why? Because he once tried posting honestly there and Lindauer had him banned. He learned his lesson. He now says only things that Lindauer approves. That way, both Lindauer and Swedroe are “winners.” Swedroe gets to promote his books. Lindauer doesn’t have to acknowledge that his own book is in error. The losers are all the readers of the board, who would benefit from reading honest posts.
William Bernstein knows that anyone using one of the Old School studies to plan a retirement is out of his or her mind. He has said so publicly. But when the question is put to him “Does the fact that the numbers in the Old School studies are wildly off the mark mean that the studies are analytically invalid, he says “oh, no, not at all!!!! The studies are wildly wrong. That’s obvious! But of course they are analytically valid. If I were to pronounce the obvious truth that the studies are analytically valid, John Greaney would threaten to kill my wife and children. I like all the money that flows to me so long as I keep pretending to believe in the fantasy, thank you very much!”
Wade Pfau knows that the ethical thing would be for the people who learned about errors in their retirement studies to correct them. That’s why he wrote to the authors of the Trinity Study asking them to correct their study. But Wade wants to make a living in this field and the Buy-and-Hold Mafia made very clear to him that posting honestly and making a living in this field do not go together so long as the Buy-and-Hold Mafia is in control of what we all say. So now he says: “That [posting honestly] is just not the way things work in this field.”
Wade is right that we do not see personal integrity in this field today.
But I say we will see people of integrity working in this field once we bury Buy-and-Hold 30 feet in the ground, where it can do no further harm to humans and other living things. I intend to see to it.
Does all of that make good sense to you, Anonymous?
We are all banned from posting honestly until the Ban on Honest Posting is lifted. I demand that it be lifted by the close of business today.
I am no more banned than Bogle or Swedroe or Bernstein or Pfau. The difference with me is that I don’t pretend otherwise. I call out you Goons on your acts of financial fraud and I demand that the ban be lifted. That will never change. I will post honestly or I will post not.
My best and warmest wishes to you.