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:
You have to make up numbers to get your story to work Rob. Facts are based on results. The real world does not run on make believe like you and your friend Bernie.
If you were successful and didn’t have to rely on lies, we would not be seeing your poor behavior like we have seen over the last 14 years.
Your plan failed, while everyone else around you has succeeded and now you spend your days make up stories and lies that have no factual basis because you have been humiliated and embarrassed.
Is the P/E10 level that applies at the time you look at your portfolio statement part of your “result,” Sammy?
Do you think that a $100,000 portfolio that exists at a time when the P/E10 level is 8 (1982) has the same value as a $100,000 portfolio at a time when the P/E10 level is 44 (2000)?
I say that the first portfolio is more than five times more valuable. There is now 35 years of peer-reviewed research (based on 145 years of historical return data) showing that this is so. I say that anyone who thinks those two portfolios are equal in value is living in a fantasy world.
And I further say (based on 14 years of writing on the internet about these matters) that lots of Buy-and-Holders freak out when these realities are spoken of publicly.
I wonder why.