Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
What rewards? What amazing places?
The entire site tells the story, Anonymous. Close your eyes and pick a page at random. Then just follow the links from there. If your mind is open to learning things about stock investing that we did not know at the close of 1980, you will be stunned and amazed. We’re talking “revolutionary” (Shiller’s word) stuff.
Or you could proceed chronologically. The Great Debate began on the morning of May 13, 2002, with a post that I put to the Motley Fool’s Retire Early board pointing out that the peer-reviewed research shows that stock investing risk is variable and not random and that thus the safe withdrawal rate cannot possibly be 4 percent at all times. A year later John Walter Russell posted his research showing that the reality is that the safe withdrawal rate has risen to as high as 9 percent at times of low valuations and dropped to as low as 1.6 percent at times of high valuations (2000). The implications of that finding to retirement planning are far-reaching indeed.
The last 36 years of peer-reviewed research is the most important 36 years of peer-reviewed research ever seen in the history of investing analysis.Buy-and-Hold is the past. Valuation-Informed Indexing is the future.
My sincere take.