Set forth below is the text of a comment that I recently posted to another blog entry at this site:
There really is no value in this site. All you do is sit around telling us about your hate for buy and hold and for those that don’t agree with you (that you describe as goons).
It’s not possible that I sit around talking about my hate for Buy-and-Hold or for my many Buy-and-Hold friends, Anonymous. It’s not possible because I do not FEEL hate for Buy-and-Hold or for my Buy-and-Hold friends.
I am the world’s most severe critic of Buy-and-Hold as it is promoted today. I say that it is a big pile of smelly garbage. I say that the relentless promotion of Buy-and-Hold strategies caused the economic crisis. I say that millions of middle-class people are going to suffer failed retirements because my good friend Jack Bogle has not yet worked up the courage to walk to the front of a room and say the words “I” and “Was” and”Wrong.” All of that is so, and, yes, because all of that is so there is one sense in which I suppose it would be fair to say that I hate Buy-and-Hold.
But hold on.
Is all that ugly stuff what Buy-and-Hold really is?
I say no. I say that Buy-and-Hold is something very different from what you Goons (and, yes, even my good friend Jack Bogle) today claim it to be.
Buy-and-Hold is two things. It is the thing that was put forward in the days before Nobel-Prize-Winning-Economist Robert Shiller put forward his “revolutionary” research showing that valuations affect long-term returns. In those days Buy-and-Hold was all about using the peer-reviewed academic research to guide one’s investing strategies. But today there is a new version of Buy-and-Hold that is something very different. The phrase “Buy-and-Hold” today signifies an investing “strategy” that calls for the investor to possess a burning hatred for discussions of the last 33 years of peer-reviewed research and to employ all forms of trickery and deception and intimidation to keep all investors (including one’s self) from learning how stock investing really works in the real world.
Everyone alive hates one of the two forms of Buy-and-Hold, Anonymous. Those of us who feel a passionate love for what the Buy-and-Hold project was in its early days (a quest to help millions of middle-class investors invest more effectively) naturally hate to see the Buy-and-Holders of today drag the concept through the mud with their deception and intimidation tactics. We want Buy-and-Hold to work. So we naturally want to update the concept to reflect the last 33 years of peer-reviewed academic research. Those who are emotionally addicted to the Get-Rich-Quick version of Buy-and-Hold naturally hate those of us who argue that exploration of the peer-reviewed research should be permitted. There’s no support in the academic research for Get Rich Quick. It makes the Buy-and-Holders who are in the Get Rich Quick camp “look bad” for millions of middle-class people to find out what the research really says.
Which Buy-and-Hold is the real Buy-and-Hold?
That’s the question here. If the ugly form of Buy-and-Hold is the real form of Buy-and-Hold, Jack Bogle is the Frank Underwood of Personal Finance. Jack has caused more human misery than anyone who has ever worked in this field. That’s objective fact. Millions of people have already lost their jobs in the Buy-and-Hold Crisis. Millions more will lose their jobs following the next price crash. When you suggest that the ugly form of Buy-and-Hold is the only legitimate version of Buy-and-Hold, you suggest that Jack Bogle caused this economic crisis by intent You suggest something very, very, very horrible. When you suggest such horrible things, you speak in hate.
I speak in love. I suggest something very different.
I argue that Jack Bogle is a good man who allowed his pride to get too caught up in a highly promising but ultimately flawed idea and who today suffers from a horrible case of cognitive dissonance as a result. I say that, when Old Saint Jack wrote in one of his books that, were he ever to be found to have made a mistake that hurt millions of investors, he would want his friends to point it out to him, he was speaking from the heart. I am Jack’s truest friend. So I have done what my friend asked of me. I will continue to do it until my friend’s heart melts and he works up the courage to do the right thing. I believe that after the next price crash he will do it. We will see. In any event, my actions are rooted in a deep love of the man that I call “friend.”
Your actions are rooted in hate, Anonymous. Every day that the Ban on Honest Posting continues, more lives are ruined. Every day that the Ban on Honest Posting continues, more people cross the lines that lead to prison sentences down the road. Every day that the Ban on Honest Posting continues, the prison sentences that will be imposed on those who crossed those lines years ago grow more lengthy. Bad stuff piled on top of bad stuff piled on top of bad stuff. Hate piled on top of hate piled on top of hate.
That’s the real Buy-and-Hold?
I say otherwise.
I hate the hate. That much is fair to say. But the reason why I hate the hate is because I love the true Buy-and-Hold Project, I love what Buy-and-Hold stood for in earlier days and I love what Buy-and-Hold will stand for again after my good friend Jack works up the courage to walk to the front of a big room and say The Three Magic Words. I love the true Buy-and-Hold, not the b.s. version pushed by the sorts of individuals who have put up posts in “defense” of Mel Lindauer and John Greaney.
This site is of immense value.
There has not been any intellectual support for the phony version of Buy-and-Hold for 33 years now. We are on the one-yard line. The one thing that the millions of good people who today reside in the United States need to bring this economic crisis to an end and to bring on the greatest period of economic growth in our history is the courage to stand up to you Goons and to insist on the recognition of the right we all possess to post anywhere we please on the internet in accord with what the last 33 years of peer-reviewed research tells us about how stock investing works in the real world. We know that there are millions of people who possess a great desire to hear the realities. We need one venture capitalist or one large site owner or one big-name journalist or one economist or one policymaker to work up the courage to take on you Goons and the entire Buy-and-Hold house of cards comes crashing to the ground.
This site gives those people what they need to steel themselves against your Campaign of Terror.
People worry that the Wall Street Con Men will employ their huge financial resources to destroy them through phony lawsuits. It’s pretty hard for the Wall Street Con Men to do that when the materials collected at this site are available for use in any trial. The Wall Street Con Men obviously don’t want the Wade Pfau matter getting public attention. The threat of lawsuits that have held many honest people from speaking up against the Get Rich Quick garbage for 33 years now has been neutralized by the materials collected at this site.
People worry that you Goons will attack their sites and that other site owners will not step in to help them because they feel that the number who want to hear the realities of stock investing is so small. But that number is NOT small. We know that by what the materials at this site tell us. Those people are AFRAID to speak up. But they are not small in number. I wouldn’t have over 200 expressions of intense support at the “People Are Talking” section of the site if the number favoring honest posting was small. Again, the intimidation tactics engaged in by those seeking to “defend” the b.s. version of Buy-and-Hold have been neutralized by the materials collected at this site.
I win, Anonymous.
You Goons lose.
I knew it all the time!