Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
The non sequitur answer you give when you have no answer.
Try to stay on point, Rob. What gain is to be had by spending your time on political sites, Twitter, etc?
The investing advice field has become completely corrupt in the Buy-and-Hold Era, Anonymous. Lots of people know about Shiller’s research findings. Lots of people know that he was awarded the Nobel prize for this “revolutionary” (his word) advance. And lots of people in this field want to do honest work and to thereby help other people (they are just people after all — people in every field of human endeavor possess a natural desire to do honest work and to thereby help other people).
But they feel that their careers will be destroyed if they dare to “cross” the Buy-and-Holders by reporting honestly on the implications of the last 35 years of peer-reviewed research. Wade Pfau is the obvious and most clearly demonstrated example of the phenomenon. But there are of course many, many others. Rob Arnott told me about academic researchers he knows who tried to do honest research and who were taken aside and warned that their careers would be destroyed if they did so. Jack Bogle himself includes lots of honest stuff in his speeches all the time and then undermines his own message by suggesting in the last paragraph that Buy-and-Hold is just fine.
The Buy-and-Hold Crisis does not affect only people who work in the investing field. It affects all of us. It is a political issue. We have millions of people unemployed today because of the crisis. We have millions on the way to suffering failed retirements. We have people on both the left and the right losing confidence in our political process. This is serious stuff. We are going to have to find some way to get honest investing advice out to people. We are going to need to get prison sentences announced for you Goons and then to reward those doing honest and accurate work in this field with various economic benefits.
People respond to incentives. We need to provide positive incentives to people of integrity who want to work in this field and call the Buy-and-Holders out on their b.s. We can’t find people in the investing field to do it because people trying to make a living in this field are too compromised. Wade has two small children to support. That’s why he felt that he could not stand up to Bogle and his various Internet Goon Squads. We are going to need to create communities of people outside the investing realm who are willing to help out those of us trying to expose the corruption and to open up the possibility of people of integrity obtaining work in the investing field.
I haven’t finalized my plans in this area. I am still outlining an agenda. My guess is that I will get to work on this new phase early next year. I have been thinking more and more about it over the past few months.
I am debating not even going to FinCon16 in September because I may want to devote my time and energies in this new direction. I have not made a decision but I expect to do so within the next few weeks. Regardless of which way I go with the FinCon decision, I more and more expect to be moving toward directing more of my efforts at political sites and at social media sites.
Once we generate pressure from outside the investing realm for honest work to be permitted in the investing realm, I believe that we will see things begin to happen quickly in the investing field. There’s is already a great deal of pent-up desire both to provide honest investing advice and to hear honest investing advice. We have been seeing that going back to May of 2002. We need help from outside the investing field to help deal with the pervasive corruption within the field. I have tentatively concluded that that’s where I should be placing most of my efforts in days to come.
Those are my scattered and tentative thoughts re this matter at this time, in any event.
I hope that helps a bit.
Hang in there, my old friend.