Set forth below is the text of a comment that I posted about another blog entry at this site:
I am curious how you would respond to this article entitled “Forget the 4% Rule” in which Wade is interviewed. He doesn’t seem fearful and is speaking his mind. I realize you probably will delete this as it flies in the face of the elaborately constructed fantasy world in which you live
My hope is that you will see the light and get the mental help you need. I am afraid I must move on . I see no good coming from continuing to follow you.
Best of luck
Here are some things that Wade would be talking about in the article if he were not afraid to speak honestly re these matters:
1) Why did it take 10 years for the Wall Street Journal to write about the errors in the Old School studies? I put up my famous post pointing out the errors on the morning of May 13, 2002.
2) Why did the people who devised the methodology for the Old School studies fail to include a valuations adjustment in the first place? What were they thinking?
3) Why were the errors not discovered long before May 13, 2002? There are lots of smart people who work in this field. No one ever checked?
4) Why did investors respond the way they did when the errors were discovered? Many investors supported Greaney when he refused to correct his study. Why? It was their retirement money at stake, was it not?
5) Why did other big names who discovered the error in the studies not use their discovery to promote themselves? Bill Bernstein wrote about the error in his book “The Four Pillars of Investing.” Why didn’t he go on interviews to talk about the error and thereby give his book the publicity it needed to become a best-seller?
6) Why didn’t reports of the errors in the studies go viral? They affect millions of retirees and aspiring retirees.
7) Why didn’t reports of the 12-year cover-up of the errors in the studies go viral? This is the biggest act of financial fraud in the history of the United States, is it not?
8) Why didn’t hundreds of bloggers pick up on this? Bloggers want to help their readers and become successful, do they not?
9) Why didn’t the big names in this field and the big institutions (Vanguard, Morningstar, Index Universe, etc.) all contribute funds to get the word out once the errors were discovered as a way of showing the millions of middle-class people whose lives were destroyed by the error that the industry wanted to do all it could to help alleviate the human suffering that they caused?
10) Why has no one yet gone to prison over this?
11) How did Wade learn about the error?
12) How long was it from the time that Wade learned about the error until he first went public with a demand that it be corrected?
13) When Wade contacted the authors of the Trinity study demanding a correction, what was their reaction?
14) Does discovery of the failure to include a valuations adjustment in the Old School retirement studies suggest that the Buy-and-Holders might have produced studies in other areas which also do not include valuations adjustments?
15) Have all the studies been corrected as of today?
16) Have all the people who relied on the studies to plan retirements been compensated for their losses?
17) Is there anyone in the field still pretending that the studies are not in error and yet also still pretending to be an “expert” in investing analysis?
18) Did Wade himself ever fall for the claims in the discredited studies?
19) What has the industry done to insure that nothing like this ever happens again.? Has the peer-review process been reformed?
20) Do people who work in this field feel better about themselves now that they have come clean re the errors in the studies?
21) Are there New School studies that include valuations adjustments to which we could point our readers?
22) How different are the New School numbers from the Old School numbers?
23) Can Wade estimate how many millions of people will suffer failed retirements as a result of the 12-year cover-up?
24) Is Wade able to think of any earlier act of financial fraud that comes close to matching this one?
25) Does Wade not find this entire situation exceedingly odd? Does he think this is all the result of corruption or does he think that cognitive dissonance played a role?
26) Is it only Buy-and-Holders who are responsible for what has happened or could it be that even those who have grave doubts about the legitimacy of the Buy-and-Hold strategy have held back from expressing their sincere views for a long time because they realize how much it would upset those who believe in Buy-and-Hold to learn what the peer-reviewed academic research really says?
27) Wade once said that it would have been nice if the research behind the discredited studies had been corrected when the errors were discovered but that “that’s not how things work” in the investing field during the Buy-and-Hold Era. Does he still believe that today or has he come to regret that statement as he has learned about the millions of failed retirements and the prison sentences for those who have covered up the errors for 12 years now?
28) Does Wade see a need for a national debate on whether Fama or Shiller (twoNobel prize winners who say opposite things about how stock investing works) is right?
29) What are Wade’s true feelings about Rob Bennett? He praised him to the skies during the 16 months that he worked with him. Then, when the Greaney Goons (with the implicit support of John Bogle and other Wall Street Con Men) threatened to destroy his career, his public statements changed dramatically overnight. Why?
30) Other academic researchers and investment advisors have expressed a desire to be able to express their honest views on a wide variety of investing topics. Does Wade think this should be permitted or should the Buy-and-Hold Mafia be permitted to continue to corrupt all work done in the field of investing analysis because coming clean would undermine support for the long-discredted Buy-and-Hold strategy that has made all the Big Shots in this field so much money over the 33 years since the error in its foundational belief was discovered?
Wade seems very, very, very, very, very afraid to my eyes, Trebor.
So do you.
My best wishes to both Wade and you and the millions of middle-class people whose lives are in the process of being destroyed. I care about all of you and will continue doing all I can to help ALL of you out (NOT just Wade and you and NOT just the millions of middle-class people whose lives have been destroyed).