Set forth below is the text of a comment that I recently put to another blog entry at this site:
Just to be clear, this [my claim that the 12-year cover-up of the errors in the Old School safe-withdrawal-rate studies is the greatest act of financial fraud in the history of the United States] is your belief, and you could be wrong. It’s also something no one else in the world believes.
Every word that I put forward is my belief and could be wrong.
But given that this belief of mine is a sincerely held belief, do you think that it would be right for me to keep it to myself? Do you not think that I should try to help out my friends before events take place that make it too late to help them?
And I don’t think that it is so clear that no one else in the world believes what I say re this point.
No one else publicly says what I say re this point. I give you that one.
But we do not know what people believe in their hearts. There is too much intimidation going on for people to feel safe saying openly what they truly believe.
My guess is that there are others who feel concerns along the lines of those I have expressed. My further guess is that the others do not feel as strongly as I do. My experience is that humans have a hard time coming to hold views that are not socially acceptable. So the people who hold somewhat similar views probably hold them only in watered-down form. I have come to hold them more strongly because I have held these views for some time and because I think about them a lot and because I write about them here at the blog. Those experiences cause me to hold the views more strongly as time passes. So my guess is that no one else holds these views as strongly as I do today. But I believe that some may hold similar concerns while being afraid to give public voice to them.
One big issue here is that investor views CHANGE with changes in portfolio values. Say that no one else holds these views today. But say that a large percentage of the population comes to hold them following a future price crash. What then? We all need to keep in mind that the views that people hold today are not necessarily the views that they will hold tomorrow. Investing is an emotional endeavor. We forget that at out peril.
How did we let things reach this point, Anonymous?
That’s the question that we all should be reflecting on.
Why place ourselves in circumstances in which such things even need to be discussed?
We don’t want to be where we are today.
If you are expressing in your posts today a hint of a desire to take things to a better place, I am 100 percent on board.
I don’t want to see anyone hurt in any way, shape or form. That’s not what I am about.