Set forth below is the text of a comment that I recently posted to another blog entry at this site:
The crisis has come. The Wall Street Con Men ™ have of course, rumaged their lapels, and pooled together to provide 1 BILLION untraceable, untaxable U.S. dollars to you, to ensure a quick settlement. It is already in your bank account. The sun rises over 160 N Hatcher. You roll over, wipe the sleep from your eyes, and the day begins. Rob, please describe for us the typical day of a Valuation Informed Billionaire. I’m dying to hear what it is that you intend to do with yourself!
I’m going to use the $500 million number, not the $1 billion number.
I intend to use 5 percent ($25 million) to finance a number of blogs that will further develop the Valuation-Informed Indexing concept. My guess is that it might work to give $100,000 to each of 250 bloggers.
I intend to use another 5 percent to promote this blog all over the internet. That will solve that nasty problem that you refer to from time to time of there not being enough comments at the blog entries at this site.
I intend to take over control of the Bogleheads Forum and set it up here as a sub-domain. That will also help with the comments.
I would like to work out an arrangement with Motley Fool where I would write a newsletter on Valuation-Informed Indexing that they would publish and promote. I would like to have a weekly column there that would appear on the front page of the site and bring more traffic here.
I of course will publish the book — Investing for Humans: How to Get What Works on Paper to Work in Real Life.
After publishing the investing book, I will look for a big-name publisher for my saving book, Passion Saving: The Path to Plentiful Free Time and Soul-Satisfying Work.
I view those two books as part of a trilogy. When I am caught up with work on the saving and investing side, I will get to work on a book on career growth, The Self-Directed Life. I haven’t finalized a sub-title for that one yet.
I intend to do a lot of speeches. I love interacting with people. I intend to do a weekly podcast. I could see becoming active in FinCon. I believe that the internet changes the world of personal finance in a big and positive way. I want to be part of efforts to develop blogs that make a difference.
I expect to work for the passage of legislation that will protect internet posters from Goons and that will hold accountable site owners who know about Goon activity at their sites and fail to take action to deal with it.
I also expect to set up a system whereby internet communities concerned with personal finance issues help the public to identify the good guys, a Good Housekeeping Seal of Approval sort of thing. I believe that lots of people in this field want to do good work but feel pressured to engage in unethical activities because others are doing it and it gives them a marketing edge. People should be able to promote themselves as honest and as holistic in their approach. They need a respected authority site to identify them as such for their claims to be meaningful to everyday people.
My expectation is that I will continue doing this work until I die. I would like my two boys to get involved in the business as I get older.
I want to explore the Goon issue in more depth with both my Valuation-Informed Indexing friends and my Buy-and-Hold friends. The Goon issue really is the key to everything. People don’t like to talk about it because they view it as yucky. It IS yucky in its way. But it is also the key to long-term investing success. We ALL have a Get Rich Quick urge within us. It is that GRQ urge that makes stock investing risky. We are on the verge of discovering that reality. Once we do, 80 percent of the investing project will be helping people to develop tools to overcome the GRQ urge within, to avoid goonishness at all costs. Behavioral Finance is the future in this field, both on the investing side and on the saving side. I am pretty darn sure of that one.
People like Bogle and Bernstein and Burns and so on should be looking at my interactions with you Goons and writing about what they tell us about the pitfalls of stock investing. They are afraid to do so. They created a monster with their promotion of Buy-and-Hold. But this is where the action is. People don’t need to study annual reports in the days of indexing. People need to worry about becoming so emotional that they overlook the need to adjust their stock allocation and thereby keep their risk profile roughly constant. With the internet, we now can identify the rationalizations that people use to fool themselves Everyone in this field should be writing and talking about that aspect of the story on a daily basis.
I think that pretty much covers it. My sense is that the agenda outlined above will keep me more than busy for the remaining days of my time here on Planet Earth.
My best wishes to you and yours, my long-time Goon friend.