I have posted Entry #222 to my weekly Valuation-Informed Indexing at the Value Walk site. It’s titled The Gruber Rule — You Must Deceive the Public for Its Own Good — Applies in the Investing Advice Field Too.
Juicy Excerpt: Jonathan Gruber believed that he was helping people when he crafted Obamacare provisions in such a way so that they could not understand what was really going on. The fellow who got me banned from the Bogleheads Forum believed that he was helping the members of that forum when he “protected” them from the calculator that shows them how much sooner they can achieve financial independence if they take price into consideration when buying stocks.
No one knows everything. Gruber doesn’t. I don’t. The fellow who wrote a book on Buy-and-Hold doesn’t.
It’s a mistake for any of us to become too convinced of the ultimate merit of our own beliefs. When we do, we cut off discussions that need to be held for both the promoters of ideas and the people hearing those promotions to develop a deep confidence in them.