I’ve posted Entry #254 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called We Need to Be Reminded of the Effect of Valuations on a Daily Basis.
Juicy Excerpt: Why hasn’t there been a national debate about the implications of these findings? Why have we remained in this Twilight Zone where Buy-and-Hold has been discredited but remains popular for over three decades now?
Discussion of these issues has been discouraged but not entirely prohibited.
I am banned at 20 different investing sites. I have of course never engaged in behavior that would justify a ban. So those of us who aim to get the much-needed national debate launched pay a price for our efforts.
But the full reality is that, even at sites that support Buy-and-Hold strongly, you will occasionally see discussion of Shiller’s findings. It is fair to say that discussion of the implications of Shiller’s findings is censored. But it is a soft censorship. Engaging in in-depth discussion of Shiller’s ideas will get you banned. But surface discussions of his ideas are considered acceptable pretty much everywhere.