Set forth below is the text of a comment that I recently posted to the discussion thread for one of my columns at the Value Walk site:
I guess asking for a track record is a bit too much.
The mistake that the Buy-and-Holders make is that they fail to adjust for valuations, Sammy.
If you adjust for valuations, you find that I am ahead of the Buy-and-Holders. Surprise, Surprise!
If you fail to adjust for valuations, you find that I am behind the Buy-and-Holders. Again — Surprise, Surprise!
Who’d a thunk it?