Set forth below is the text of a comment that I recently posted to another blog entry at this site:
You give no real consideration to anything that doesn’t fit your script.
That’s not an accident.
My script is the last 33 years of peer-reviewed research in this field, Anonymous.
I believe that it is better to follow the research than to follow your emotions. I see the benefit of following research as being that research is objective while emotions are subjective.
I don’t say that the Buy-and-Holders do not believe subjectively in what they say. My take is that they do believe. That is, they lie to themselves before they lie to others.
I don’t want to lie to myself OR others. So, yes, I follow the script of the peer-reviewed research in this field.
That’s the source of all the conflict. The Buy-and-Holders SAY that they follow research. But the claim is a lie.
There was once research that seemed to support Buy-and-Hold. But that research was discredited by subsequent research 33 years ago.
My work is rooted in TODAY’S research, not the research that was available to us 33 years ago.
The Buy-and-Holders want to continue to claim that their strategies are rooted in research. But they do not want the people who hear their message to know what the last 33 years of peer-reviewed research says.
I call b.s.
I call deception.
I call financial fraud.
I want no part of it. I intend to continuing following “the script.”
It is not a script set by me. It is a script set by the academic researchers in this field.
Show me the URL for a study showing that price discipline is not necessary and I will write a column about it.
You cannot do it. There is no such study. It doesn’t exist.
Buy-and-Hold is a lie, the biggest lie ever told in the history of personal finance.
It was not a lie in the beginning. It was a mistake. That’s something different.
But I think it is fair to refer to a mistake that has been covered up for 33 years as a lie.
I don’t tell lies about the numbers that people use to plan their retirements.
Please try to find someone else.
I can’t go for that.
No can do.
It’s not my particular cup of coffee.
I’ll stick with the script until I see some peer-reviewed research backing up the smelly Buy-and-Hold garbage.
The full truth is that I don’t at this point expect ever to see it.
My best wishes to you and yours.