Set forth below are the texts of several comments that I recently posted to another blog entry at this site:
Only a complete troll sits around trying to point out other people’s mistakes all day.
We couldn’t possibly disagree more, Anonymous.
Getting the mistakes of the Buy-and-Holders fixed is huge. There’s a lot of good stuff in the Buy-and-Hold Model. When we get the mistakes fixed, it works in the real world.
I love working to get those mistakes fixed. I only wish we could do get things done faster!
Hang in there, man.
I should add that someone who is not man enough to correct his mistakes when they are pointed out to him does not possess the minimal level of integrity needed to work in the investing advice field.
That goes for John Greaney. That goes for Mel Linduaer. That goes for my good friend Jack Bogle. That goes for all of the individuals who have put up posts in “defense” of these three over the past 12 years.
Personal integrity has to come first. Intelligence without integrity doesn’t get the job done. Power without integrity doesn’t get the job done. Money without integrity doesn’t get the job done. Experience without integrity doesn’t get the job done.
Yes, even in the investing advice field.
That’s my sincere take re this terribly important matter, in any event.
My experience has been that I have often learned a lot from identifying my mistakes and acknowledging them and correcting them. I try to feel grateful to the people who help me out by pointing out my mistakes. That’s a good test of true friendship. People who don’t really care about you on a deep level aren’t going to go to the trouble to point out your mistakes, they are more inclined to flatter you. Your true and lasting friends hate to see you do harm to yourself. So they are more inclined to stick their necks out.
That’s another way of telling the same basic story set forth in the above two comments, just coming at it from a different angle.
Don’t let the bad guys get you down, Anonymous.
Please remember that we wouldn’t have the amazing Bennett/Pfau research paper (peer reviewed!) showing millions of middle-class investors how to reduce the risk of stock investing by 70 percent if I hadn’t worked up the courage to point out Greaney’s mistake back in May 2002.
I was scared then like everybody else is today. But I think it would be fair to say that that one act of courage by a somewhat frightened fellow has led us all to some amazing places in the 12 years since.
I have a question for you, Anonymous.
Say that you were me. Say that you loved the core Buy-and-Hold concept (focusing on the long term and rooting your strategies in the peer-reviewed research) but that you became convinced that your Buy-and-Hold friends had made a terrible mistake that caused an economic crisis, wiping out years of the accumulated savings of millions of middle-class investors.
Would you keep it zipped, knowing that you would be able to make a lot more money in the short term by aiding the cover-up?
Or would you try to persuade your Buy-and-Hold friends to correct the error so that they could feel good about themselves again and so that we could bring the economic crisis to an end and bring on the greatest period of economic growth in U.S. history?
You know what I feel bound in conscience to do.
I would be grateful if you would ponder the question a bit and tell us what you sincerely believe you would do if you were placed in the circumstances in which I find myself.