I’ve posted Entry #198 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Appeal of the Valuation-Informed Indexing Story to an Enterprising Journalist.
Juicy Excerpt: This is a bigger story than Watergate. If Shiller is right and Fama is wrong, it was the heavy promotion of Buy-and-Hold that caused the economic crisis. Plus, there are millions of middle-class investors who are going to suffer failed retirements in days to come and the government is going to need somehow to find money to bail them out (it wasn’t their fault if they followed the conventional advice, which was known to be in error for three decades but was promoted heavily all the same). That’s news.