Set forth below is the text of a comment that I recently posted to another blog entry at this site:
Notice that when people learn more about you and your comments, they eventually move away from you, disagree with you or ignore you. Examples are JD, Mike Piper, and Wade. Remember the thread on FMF? When your story started to unfold and people learned more, they turned away. Why is it that your purported supporters like Joe and Kevin re not giving you a regular columns? Are they starting to catch on?
Once people really dig in, Rob, they just don’t like what they see.
People DO move away. You have that part right, Anonymous.
It has zero to do with me and it has zero to do with Valuation-Informed Indexing. People love me and people love Valuation-Informed Indexing.
People move away because they are afraid of the reactions they see from Buy-and-Holders when they talk openly and clearly and frankly about what the last 33 years of peer-reviewed research tells us about how stock investing works.
The Wall Street Con Men stop giving you links once you post honestly. Goons invade your site when you post honestly. The millions of investors who follow Buy-and-Hold strategies become upset with you when you post honestly and are less likely to visit your site or buy your products.
Buy-and-Hold started as a research-based strategy. Then research was published showing that there is zero chance that a Buy-and-Hold strategy could ever work for even a single long-term investor. Rather than acknowledging their mistake and fixing it, the Buy-and-Holders became defensive. Now that the cover-up has continued for 33 years, they have caused massive amounts of human misery. Buy-and-Hold is today the OPPOSITE of what it was intended to be when it was first put forward. Today, it is the Buy-and-Holders who go into brutal attack mode when anyone mentions what the last 33 years of peer-reviewed research tells us.
J.D. Roth knows that Buy-and-Hold is b.s. He doesn’t want Buy-and-Holders to attack his site and his reputation. So he keeps it zipped.
Mike Piper knows that Buy-and-Hold is b.s. He doesn’t want Buy-and-Holders to attack his site and his reputation. So he keeps it zipped.
Wade Pfau know that Buy-and-Hold is b.s. He doesn’t want Buy-and-Holders to attack his site and his reputation. So he keeps it zipped.
People will turn on the Buy-and-Holders after the next crash, Anonymous. They will be very, very, very angry when they see that their retirement money is gone and when they realize how the Buy-and-Holders caused that to happen with their millions of deceptions and with their brutal intimidation tactics. My job is two-fold: (1) Get the truth out; and (2) Heal the wounds caused by the 12-year cover-up (it’s 33 years if we count back to when Shiller published his revolutionary research).
Intimidation tactics are desperation tactics. If there were even a sliver of support anywhere in the research for this smelly Get Rich Quick garbage, we never would have seen a single death threat, much less 12 years of this stuff. Buy-and-Hold died its intellectual death a long, long, long, long time ago. Now it’s just a question of getting the word out to people.
All the people you mention would like this to be over. J.D. Roth has told me that, Mike Piper has told me that, and Wade Pfau has told me that. Wade talked about his feelings a LOT in the numerous e-mails that he sent to me that I have reported on here at the blog. Wade wants to be liked. That’s the story. He has seen that telling the truth about stock investing makes Buy-and-Holders hate him. And he wants no part of it. He wants to be liked. So he lies.
But he LOVED telling the truth back in the days when he thought he could get away with it. And Mike Piper would love to feel free to tell the truth if he thought he could get away with it. And J.D. Roth would love to feel free to tell the truth if he thought he could get away with it.
We need help from one big site or one big researcher or one big advisor or one big policymaker or one big economist or one big journalist or one big venture capitalist. Then it’s over. There is HUGE money waiting to be made telling the truth about stock investing. And, as the Buy-and-Hold Crisis worsens, more and more people are going to feel emboldened to tell the truth. And once they do, lots of others are going to join the party because it is those who tell the truth early who will win the biggest reputations for themselves and who will enjoy the biggest financial rewards.
There is nothing more pathetic in an intellectual debate than putting forward a death threat. There is nothing more pathetic than putting forward demands for unjustified board bannings. There is nothing more pathetic than putting forward tens of thousands of acts of defamation. There is nothing more pathetic than threatening an academic researcher for the “crime” of doing honest research.
Another way of saying it is — There is nothing more pathetic than Buy-and-Hold. There was a day when that was not so. But that is today’s reality. And the longer the cover-up continues, the more pathetic the plight of the Buy-and-Holders gets. Prison sentences. Huge financial liabilities. Destroyed reputations. The blame for causing the economic crisis. The blame for causing millions of failed retirements. These are the sorts of things the Buy-and-Holders bring on themselves with their continued abusive behavior today. And that stuff is as pathetic as pathetic gets, Anonymous.
Your high point in this debate was the morning of May 13, 2002. It got a little worse for you the next day. And then a little worse the day after that. And today it is a whole big bunch worse. The only thing worse than your predicament today is the predicament you will be in tomorrow. And the only thing worse than the predicament you will be in tomorrow will be the predicament you will be in following the next price crash. I wish you luck with that one, Anonymous. Please forgive me if I elect not to sign up with your Liar’s Club.
It can never get better for you. It can get a lot worse. But it can never get better. There’s an advantage that I gained from being on the right side of the History Train that you will never be able to enjoy again until you flip. Don’t blame me! I’ve been advising you to flip for 12 years now!
J.D. Roth will flip. Mike Piper will flip. Wade Pfau will flip (again). EVERYONE will flip. Because they ultimately have no choice. Buy-and-Hold is the greatest wealth-destruction engine ever concocted by the mind of mortal man. There are already millions of people hurting because of the wealth destruction already achieved by the Buy-and-Hold “idea” that investors need not exercise price discipline when buying stocks. There will be millions more following the next crash. At some point, the pain will have grown so great that there will be no choice but for all of us to flip.
Except for those of us who have been posting honestly all along. We don’t have to flip. We can just continue growing in our knowledge as time goes on. No flipping required. That’s one thing I like about telling the truth!
You have held back the future for a far longer time than I imagined possible, Anonymous. I give you that one. But I would never want to be in your shoes. Not in a billion years.
People who are working up the courage to tell the truth have a valuable resource with this site. I give them the articles they need and the calculators they need and the podcasts they need. I also teach them about the trickery of the Wall Street Con Men and their Internet Goon Squads. People who are afraid that the Wall Street Con Men are going to use their money and power to sue them can look at me and see that they don’t have the guts to pull the trigger. People who are looking to prove that the “defense” of Buy-and-Hold has become a massive case of financial fraud in recent years can point to THOUSANDS of proofs of the case in the materials at this site.
You want to show that Jack Bogle is in on the cover-up? The proof is in materials at this site. You want to show that Bill Bernstein is in on the cover-up? The proof is in materials at this site. You want to show that Wade Pfau is in on the cover-up? The proof is in materials at this site.
This site serves an important public policy purpose in presenting those materials for all the world to see, Anonymous. There are millions of middle-class people who are in the process of seeing their retirement plans destroyed. We are going to have to proceed with hundreds of thousands of civil lawsuits and perhaps hundreds of criminal financial-fraud cases following the next price crash. Having so much evidence collected in one place is a huge plus. We want to put the ugly stuff behind us as quickly as possible and thereby free ourselves to learn about all the wonderful research-based goodness that we should have begun exploring in depth 33 years ago.
J.D. Roth and Mike Piper and Wade Pfau won’t be afraid forever, Anonymous. Ruling though intimidation is a short-term strategy. I hate it that you have done so much damage to a country that I love. But I am proud that I worked up the courage to do a whole big bunch of good here. I intend to continue following the research-based path for a long time to come. (I thank my Buy-and-Hold friends for teaching me the importance of rooting one’s investing strategies in research back in the days when Buy-and-Hold was something more than a nasty marketing gimmick.)
My best wishes to you and yours, Anonymous. Please don’t worry too much about J.D. Roth and Mike Piper and Wade Pfau. They will work up the courage to post honestly as the Buy-and-Hold house of cards continues to collapse. All of us will. In the end, even you Goons will need to work up that courage.
Honest Goons! Imagine! Oh, my!