Set forth below is the text of a comment that I recently posted to another blog entry at this site:
What has enabled you to remain impervious to the all powerful Buy and Hold Mafia something not a single other person on this planet has been capable of?
This is a super question.
First of all, it is of course not the case that I am the only one who has not been influenced by the intimidation tactics of the Buy-and-Holders. There are lots of people who have made brave statements. I think it would be fair to say that I have made more of an effort to overcome the feelings of wanting to hold back that all humans feel when faced with this sort of social pressure. But lots of people have made some effort.
A big part of it is what you suggest, that the Buy-and-Holders cannot intimidate me because I have no status in this field and thus have nothing to lose. I obviously want my internet business to succeed. You Goons have made a point of doing everything in your power to see that it does not and then of celebrating whatever financial setback you have caused and reminding me of it over and over again. But it’s not like you can call my employer with a word from Jack and get me fired from my job because I made him “look bad” re some topic or another.
I am in unusual circumstances. If I break through and gain recognition of my right to post honestly, I go from being a nobody in this field to being the biggest name in it. So I stand to make tons of money on the other side of the line and am not able to make any at all until the Goon matter is successfully resolved. That’s obviously an odd set of circumstances.
It’s the product of the creation of this powerful new communications medium. Many people do not respect the work product of internet discussion boards and blogs. So they don’t worry about censorship in the new medium to the extent they would be concerned about censorship in newspapers or books or whatever. That is indeed one of the reason why this bad situation has been permitted to drag on so long.
I do not share these views even a tiny bit. I believe that the new communications medium is a VERY powerful and important one. I believe that people should be talking about the interactions on our boards on a daily basis in all of the other communication mediums. The new medium does a better of showing how people put investing strategies to use and specifically how emotion influences them. Investor emotion is the great unexplored issue in this field. So we should be seeing newspaper articles and speeches and research papers about the ins and outs of our 12-year saga showing up at new places on an almost daily basis.
We haven’t seen that. One gets the feeling that the results of such explorations would be so fruitful that people are afraid to be the first to go there. Everyone is holding back to see someone else (other than me) try things out and show whether this new ways of doing things can bring in a payoff or not. Most would conclude that it has not thus far brought off a payoff for me. On the day when I get that $500 million paycheck, I think it would be fair to say we are going to see an explosion of new efforts along the lines that I have been engaging in for years.
That reality makes it all the more urgent both that I stick to what I have been doing and that you Goons stick to what you have been doing. We have fallen into an all-or-nothing sort of battle here. Either I am totally crushed and end up with nothing and you Goons get off with no prison sentences or I become one of the richest men in the United States and it is you Goons who end up ruined.
That reality makes it pretty darn hard to work out a compromise, eh?
I don’t know how to change that reality, Anonymous. If I could think of something, I would put it forward. It’s pretty darn hard to come up with anything truly promising.
The one thing that I can say (and that I do say over and over again) is that we all are in the same boat. I believe that this started out as a mistake and that there are many big-name figures in the field who would like to bring an end to the cover-up. I believe that the cognitive dissonance argument can go a long way to helping address their concerns re what would happen to their reputations when that happens. And I believe that the rewards that would be experienced by the millions of middle-class investors would be so great that they would be in a forgiving mood if the transition was achieved prior to the onset of the next crash.
I don’t say that that addresses every concern on your end. It does not. There’s just nothing more than I can do than that.
I am of course 100 percent happy to address every concern that I can possibly address. Re that, there is no issue here. And I think it would be fair to say that I can be pretty darn creative and effective when I put my mind to placing things in a positive light. I am happy to do it because I believe that that is a life-affirming way of going about things. And of course I feel genuine respect and affection for all of my many Buy-and-Hold friends.
But I am not Superman, you know?
The circumstances that apply to me are different than the circumstances that apply to anyone else. That’s the short answer to your question.
I hope that that helps a bit.