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:
No, it is YOU that has the disagreement. Bogle and Shiller have said not to time the market. YOU created the story. The words don’t line up, so then you say they are lying, it it is still all part of your story. You keep trying to blame everyone else, experts, goons (also made up by you), media, etc. Why? Because you need to find someone to blame for your failed retirement plan and to avoid the public embarrassment that has gone along with it.
Let’s see how it all plays out following the next price crash, Sammy.
It’s one thing to know that there is 35 years of peer-reviewed research showing that there is zero chance that a Buy-and-Hold strategy could ever work for even a single long-term investor. It’s something else to look into the eyes of the millions of people whose lives you have destroyed with your relentless promotion of the purest and most dangerous Get Rich Quick scheme ever concocted by the human mind and not feel humbled by the experience.
Jack Bogle is a good man. He is going to come around. Robert Shiller is a good man. He is going to come around. The other Wall Street Con Men are good men. They are going to come around. God help me for saying so, but I believe that there is good buried somewhere deep even in you Goons. You are going to come around.
When we are all working together, we are going to be grateful that there were some among us who were not willing to go along with the con and who instead directed their energies to exploring and developing the new research-based ideas re how stock investing works in the real world. I know that I started feeling a whole big bunch better about myself when I got off the Buy-and-Hold train and embraced the idea of doing honest work in this field.
That shouldn’t be such a controversial choice. In other fields of human endeavor, it is common for people to do honest work and it is common for others not only to tolerate that but actually to encourage it. I believe we are going to see the rules that govern human behavior in every field of human endeavor apply to the stock investing field as well following the next price crash and the worsening of the economic crisis that may well come with it.
We’ll see, you know? I certainly will be rooting for all good things to happen for you regardless of how this stuff works out. I believe that as a nation we are working through a process. I believe that the good news here is 50 times more good than the ugly stuff that we have seen for 14 years now is ugly. We all just need to hang in there and have faith in our fellow humans and let all the good stuff play out before us.
That’s my sincere take re these terribly important matters in any event, old friend.