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:
So, you agree with me that it has been a disaster.
Beyond that, the rest of your post is a fantasy.
Again, why have you refused to get a job that provides you an income?
I agree that in personal financial terms it has been a disaster. That just tells us how important an advance this is. If this were some small thing, there would be no opposition and the money would have been rolling in all along. The Buy-and-Holders fight this HARD. That shows us how worried they are that Valuation-Informed Indexing will catch on if people are permitted to hear about it in non-abusive back-and-forth discussions. We have a tiger by the tale here, Sammy.
The Washington Post was a small newspaper in the days before Watergate. I think that today it would be fair to describe it as the second or third most influential newspaper in the United States (behind the New York Times and possible the Wall Street Journal). Breaking the Watergate story obviously made a huge difference in that paper’s fortunes. But how much money do you think their pursuit of the Watergate story brought in to the paper in the early months of the reporters’ investigations?
In the early days, not one other newspaper was willing to commit the resources to investigate that earth-shaking story. The New York Times had one reporter on it, the Post had two, and that was it. Everyone else said it was a waste of time, that it would never amount to anything, that if anything it might bring the papers that followed it down because it made everything they said look suspect and there might be lawsuits brought against them.
Why did Katherine Graham stick at it? She understood what the journalism profession is all about. It’s not about retyping press releases. It is about telling readers things they need to know. Telling them what they already know does not advance the ball. Telling them what they want to know when it isn’t true sets them back. The public wanted to hear that Nixon was telling the truth. And every paper other than the Washington Post saw that the money was in going along with that story. But Graham saw hat the public needed the truth even if it didn’t bing in money in the short term and she could tell by the way that Nixon was reacting to questions that challenged his version of events that there was a cover-up going on. So she backed up those two reporters and in the long run she built a media empire by doing it.
I haven’t made a penny. That much is so. But the reason why I have not made a penny is not that there is nothing here. I know that because thousands have told me how much they want to be able to hear the truth about stock investing and because I know that those thousands that I have met on a few internet discussion boards represent millions out in the real world. Going 15 years without making a penny and then making $500 million in a settlement is not such a bad deal financially, Sammy. I can live with it, you know? I never in a million years would have chosen this path. But I am willing to play the cards that I was dealt re a matter of such great importance.
There’s plenty of money in this. We are going to need to rewrite all the economics textbooks once this gets written up on the front page of the New York Times. That’s going to bring about a huge economic advance. There are going to be thousands of people making fortunes from this once we get the ball rolling forward in a big way. All we need to do that is to get about 10 people to stand up to you Goons. Then it just happens. The internet already exists for us to use to make this go viral times 5,000.
It’s a process, Sammy. We both know how this is going to end up. If you didn’t know deep in your heart how things are going to play out following the next crash, you wouldn’t behave the way you do. You are in desperate circumstances. I can afford to be patient and just let things turn by themselves. I can afford to reach out the hand of kindness to you and offer to help you out in any way possible. Sadly, you do not feel that you can afford to accept the offer given what had already gone down over the first 15 years.
So be it, you know? If I don’t pick up that $500 million sitting there on the sidewalk in front of me, someone else will. It makes no sense to me to walk away without first picking it up. The Buy-and-Holders would say that there isn’t $500 million sitting on the sidewalk because it is isn’t rational that there would be, that if there really were $500 million sitting on the sidewalk someone would have picked it up by now. I agree that that would be the rational thing to do and it is indeed perplexing to me why there are not lots of others trying to pick up that money ahead of me. But I know from lots of experience in life that the humans just ain’t rational creatures and any belief system rooted in an insistence that they are is just going to let me down. It’s crazy that that money is still sitting there 15 years later but that’s just the reality crazy or not.
You are not rational, Sammy. You prove it with every post you advance. I’m not either. It works both ways. But at least I am acknowledging my irrationality and trying to do something about it by engaging in friendly back-and-forth discussions with those who disagree with me re how stock investing works. You do not possess the ability to do that. That tells me (rightly or wrongly) that I am one step ahead of you, that I am at least capable of acknowledging my irrationality and thereby of taking steps to cope with it and protect myself financially. I believe that millions need to do that and I know from the thousands who have already told me so that there are millions who want to get about the process of learning how to do that. I expect that those millions are going to make me a very, very wealthy man not too many days in the future now.
But we are just going to have to wait and see how it plays out in the real world. I could be wrong. It has been known to happen. If I were wrong again re this matter, I would probably be deep in self-denial and would be the last person on Planet Earth to see it. It is possible that that is what is happening. I don’t think so. I very much do not think so. But we are just going to have to wait and see how it all plays out following the next price crash (presuming that there really is another one coming).
I know with 100 percent certainty that I don’t want to be one of those who didn’t have the courage to speak up BEFORE the crash hurt. If another one is coming (and I sincerely believe that that is the case), then I at least want to be able to say that I did everything I could at a time when those efforts could do some real good.
I hope that helps a bit.