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:
It is really sad to see you spending so much time making up stories and living in a fantasy, all to avoid working a job. You would think that reality would finally hit home after your financial plan turned out to be a disaster. After 15 years of unemployment, don’t you think it is time to get a job?
I think it is important that every single person who talks about stock investing in any capacity feel 100 percent free to state his or her sincere views exactly as he or she feels them, Sammy. I think that when we get to the point where everyone is doing that, we are going to see a huge advance in our collective understanding of how stock investing works in a very short amount of time. We have 36 years of peer-reviewed research to talk about that we have been holding back from exploring in an in-depth way out of deference to the hurt feelings of our Buy-and-Hold friends. When we get over that, we are going to make amazing strides.
And please don’t think that our Buy-and-Hold friends will not be every bit as excited about the advances as will be those of us who have come to feel grave doubts re the Buy-and-Hold project. Our Buy-and-Hold friends started out trying to do good and they in fact have done a great deal of good. When they are exposed on a regular basis to clear and firm and bold descriptions of the other side of the story, a lot of them are going to flip. Once they flip, they are going to be grateful for the learning experience that informed them. I flipped, so I know how it feels. I wouldn’t go back today to a belief in Buy-and-Hold for all the money in the world (unless it was the result of being PERSUADED that there is merit to Buy-and-Hold, not just the result of never having heard about a superior strategy).
I see this as a win/win/win/win/win. I am not even able to imagine any possible downside. You don’t see it that way today. I get it. 100 percent. But I am also 100 percent confident that you will get it when you make it to the other side. And that will happen only as the result of a learning experience that you very much want to avoid today. I think of myself as your friend, Sammy. You don’t think of me as a friend. But it is my sincere belief that we are friends and that we should be doing what we can to help each other out and that I should be acting on that core reality to the best of my ability.
Anyway, we will see how it all plays out following the crash. If I am proven wrong, then I am proven wrong. I think we have a tiger by the tale here. I think there was good reason why Shiller was awarded a Nobel prize. I know that there are tens of thousands of smart and good people who have important things to say re these matters who have thus far held back from saying them for fear of offending the Buy-and-Holders and I want to hear what they have to say. I believe strongly that on some level of consciousness you do too, you are just too afraid to open that door at this moment in time.
I wish you the best. Despite your nastiness, you have helped me to learn on many occasions. I am grateful. Anyone who helps me to learn is my friend for life. My entire life story tells me that I am right to feel that way. So I am going to go with that.