Set forth below is the text of a comment that I recently posted to another blog entry at this site:
You being a lawyer, and me not being a lawyer, could you please article the actual crimes you believe Wade to be guilty of?
And if he is, then why do you not press charges?
If you believe in your heart of hearts that this “financial fraud” is so heinous and destructive, being a lawyer, why not instigate a class action lawsuit on behalf of all investors over the last 33 years against the financial industry and government?
As you demonstrate through various postings, there are people and firms in the financial industry which have and do utilize VII et al, even though they may not call it as such. So the information is definitely out there, the public does have access to it, the professionals are conducting business with it. Let it grow…
Besides that, perhaps you are not the singular person to “discover” VII. As your blogged financial industry professionals have stated, they too have utilize “VII” for years. So who’s to say that many people haven’t figured this out already, they just haven’t felt the need to publish and press as you have; they just got on with it.
The future will be interesting…
The crime is financial fraud, Canuck.
I have a law degree. But I did not work for my law degree for the purpose of practicing law. I worked for it to enhance my skills as a journalist. I have zero interest in bringing any class action suits.
I can imagine class-action suits being brought by others following the next price crash. I guess that’s part of our system, so I guess that’s fine. But I sure don’t see how it helps anyone for the damages to be greater than they would be if we all just came clean today. That makes more sense for about 5,000 different reasons. I mean, come on.
There are other people who understand that Buy-and-Hold can never work in the real world. I would say that that’s about 10 percent of the population. I of course want to see it grow. Is there some reason I shouldn’t get involved in HELPING it to grow? I sure am not able to imagine any.
I agree with you only in part when you say that the information is out there. There is good information available to people who search hard enough for it. But the good information reaches only a tiny percentage of the population. I was a Buy-and-Holder on the morning of May 13, 2002. So was John Walter Russell. So was Wade Pfau. We all became confirmed Valuation-Informed Indexers once we were exposed to the peer-reviewed research of the past 33 years. Why do you think we didn’t know about this far superior strategy long, long before we became aware of it? Wade had a freakin’ Ph.D. in Economics from Princeton and he didn’t know about it!
There’s some sort of funny business going on, Canuck. I can just tell.
There are some who know who keep it zipped because they know that the Buy-and-Hold Mafia will destroy their careers if they tell. I don’t want the Buy-and-Hold Mafia destroying people’s careers because they tell us all about a better way to invest. I want THOUSANDS AND THOUSANDS of people sharing all they know! Why the heck wouldn’t I? It’s a win/win/win/win/win.
I’ll let you in on a little secret, Canuck.
My good friend Jack Bogle would LOVE it if we could open the entire internet to honest posting. That would let him off the hook. He would see his ideas helping millions of people (Valuation-Informed Indexing is obviously rooted in Bogle’s ideas except for the one that has been found to be in error). Why the heck wouldn’t he want that?
And of course the same if so for my good friend Bill Bernstein.
And for my good friend Wade Pfau.
And for my good friend Scott Burns.
And on and on and on and on.
None of these people dares to speak up in plain and simple and firm and frank and bold language because they know that their careers will be destroyed if they do.
But what if a number of the Goons were sent to prison and news of that went viral on the internet (as it obviously would)?
That would bring an end to all the nasty stuff, no?
And bring on the greatest period of economic growth ever seen in U.S. history.
And insure the shortest possible prison sentences for those who have posted in “defense” of Mel Lindauer and John Greaney.
Are you able to imagine any possible downside?
I sure am not.
Yes, I believe that the future will be interesting. I only hope that we all work together to insure that it is the good kind of interesting that we have coming up ahead rather than the bad kind of interesting.
Can we all agree on at least that much, my new kinda sorta ethically compromised friend?