I’ve posted Entry #322 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Money That Disappears in a Stock Crash Never Existed in Any Real Sense in the First Place.
Juicy Excerpt: The problem, of course is the Buy-and-Holders. Their reputations are riding on their ability to persuade those of us who appreciate the far-reaching implications of Shiller’s findings to keep it zipped and to persuade millions of investors that they knew all there is to know about how stock investing works long before Shiller arrived on the scene. Grrrr.