Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
Hey Rob. Here is your chance. According to this link on Bogleheads, Jack Bogle looks at the letters that are sent to him. Perhaps you can write him a letter and send it to him. You can then post the letter and response here:
Bogle is working a con, Anonymous. Con men rarely turn themselves in.
I wrote to Bogle years ago. As you know. And a good number of others at the Bogleheads Forum wrote to him at that time. When he says that he responds to letters, he is telling a lie. He responds to letters that do not expose his con. He ignores those that ask him why he lies about what the last 35 years of peer-reviewed research tell us about how valuations affect long-term returns.
I don’t believe that Bogle started out as a con man. I believe that he was sincere in believing that the market is efficient in his early days. Perhaps you are cynical enough to believe that he was a con man going back to the first day. Your tone suggests that. I don’t believe that. I believe that he made a mistake and that he fell victim to cognitive dissonance when his mistake was discovered by the publication of Robert Shiller’s “revolutionary” (Shiller’s word) research findings in 1981. Then, as the number of people whose lives have been destroyed by the relentless promotion of the Buy-and-Hold lies grew larger and larger, Bogle felt that he had no choice but to engage in a cover-up to keep people from discussing openly how things really work in the stock market. At some point, he became desperate enough to associate with the sorts of individuals who have put up posts in “defense” of Mel Linduaer and John Greaney. And here we are.
I love the man. I am grateful for the hundreds of powerful insights that he developed that have helped us all to develop a stronger understanding of how stock investing works. There would be no Valuation-Informed Indexing today were it not for the fine work that Bogle put forward a good number of years back. In fact, it was by reading Bogle’s book that I learned about the errors in the Buy-and-Hold retirements studies that I posted about in my famous post of the morning of May 13, 2002.
I will continue posting honestly on safe withdrawal rates and on scores of other critically important investment-related topics. I will continue to praise my friend Jack Bogle to the skies re every subject except where it would constitute financial fraud to pretend not to know about the mistake he made and has covered up for so long that has put millions of middle-class Americans at grave risk of suffering failed retirements. I am 100 percent confident that things will work out for the best following the next price crash. This is exciting stuff. The good news here is 50 times more good than the bad news here is bad.
I naturally wish you all the best that this life has to offer a person, my good friend.