Set forth below is the text of a comment that I recently put to another blog entry at this site:
When can we expect your new You tube video where you say you know more than Shiller?
The reference here is to a podcast I did with the title “I Know More About Stock Investing Than John Bogle — and You Can Too!”
I can envision doing one like that re Shiller, Anonymous. I DID do a podcast with the title “Shiller Pulls His Punches” and I have written a number of columns in which I cast a critical eye at some comments he had made along the lines of those he made in the interview we are discussing here.
There has been a theme in the discussions going back to the first day in which some seem to view it as a horrible thing that I would know more about certain aspects of stock investing than recognized experts in the field. I come at that sort of thing from a 100 percent opposite perspective. I see it as my job to generate the best insights of which I am capable. If I am able to do work of which Bogle and Shiller are not yet capable, I see that as a wonderful, wonderful thing. It’s what I am always TRYING to do. The idea that I should apologize for going past Bogle or Shiller or anyone else is just nuts to me.
And the idea that Bogle or Shiller or anyone else should be troubled by me going past them ALSO seems nuts to me. Bogle is a giant. Shiller is a giant. Are they really so insecure that they are upset to see some guy whose only claim to expertise in this field is that he has figured out how to get stuff posted to the internet has raised some challenges to their ideas? Really?
If what I am saying is right, Bogle and Shiller should be thrilled. They can add my insights to their arsenal and thereby make their stuff that much more powerful.
If what I am saying is wrong, I think it would be fair to say that that is going to be exposed if honest debate is permitted.
So I sure don’t see any problem here.
I believe that I have taken Valuation-Informed Indexing to places that Shiller has never taken it, just as I have taken Buy-and-Hold to places that Bogle has never taken. I am proud of that. I have never given the idea of apologizing for it two seconds of consideration.
I am 100 percent happy to work with Bogle and Shiller. I would be thrilled. I respect both of them, I like both of them and I owe a huge intellectual debt to both of them.
What’s the bad part of all this? I see it as good stuff piled on top of good stuff piled on top if good stuff. If I were in Bogle’s shoes or Shiller’s shows I would be THRILLED if there were some fellow out on the internet keeping me honest and pointing out mistakes when I made them.
Your suggestion is that Bogle and Shiller are not thrilled. Perhaps. There certainly is evidence of that re Bogle and perhaps a tiny bit re Shiller. But I would have to hear direct language coming fro their own mouths to adopt your view of their reaction to my insights. It’s an uncharitable interpretation of their behavior. I need to see very clear evidence that that’s the problem before I am willing to conclude that that really is the case.
There is some sort of funny business going on. Of that I have no doubt whatsoever. And wounded personal pride has indeed been an issue over the 12 years. I hope that that is not the driver with either of my friends Jack or Robert. In any event, I would be letting them down if I didn’t continue to share with them the important stuff I continue to learn on an almost daily basis.
So I certainly intend to continue to share and to do everything that I possibly can do to help them both feel comfortable that nothing that I will ever do will detract from the very, very. very important work that both of them have done. That is already written in the book and cannot be changed at this point.
I hope that helps a bit.