Set forth below is the text of a comment posted at this blog by one of the Buy-and-Hold Goons in response to my suggestion that Jack Bogle contact Robert Shiller to seek clarification of Shiller’s beliefs re whether investors need to exercise price discipline when buying stocks:
We need to get Shiller to address these matters. You cannot do the subject complete justice and I cannot do the subject complete justice. We need Shiller to address the subject head-on in a clear and complete and firm statement. If you really believe that Shiller thinks that long-term timing does not work, you should feel comfortable encouraging him to address the matter.
You Goons have contact with Mel Linduaer and Mel Lindauer has contact with John Bogle. If you asked nicely, Lindauer would be willing to ask Bogle nicely to ask Shiller nicely whether he believes that long-term timing works or not. And Shiller is a nice man. Shiller would agree to the request if Bogle put it to him in a nice manner. So we have the means by working together to get a FINAL answer to this perplexing question.
The key is that you need to be open to hearing what Shiller really thinks. He may issue a statement agreeing with me rather than with you and Bogle. So you are taking a risk going ahead with this suggestion to contact Lindauer. I encourage you to do it. If Shiller says “this Rob Bennett fellow is a fool, I do not AT ALL believe in long-term timing, I think thus guy is dangerous,” I will write a column here reporting on what he said and putting that statement in the headline.
Working together, we could learn something important. Working together, we could advance the ball in an important way for lots of people. If you are game, I am certainly game.
Bogle and Shiller have made their positions clear. There is nothing more that needs to be said.