I’ve posted Entry #339 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Buy-and-Holders Base Their Investing Decisions on Flawed Forecasts, Just Like All Other Investors.
Juicy Excerpt: Why do Buy-and-Holders not identify the return being paid on stocks before buying them? Because they really do make forecasts but they are fantasy forecasts that they do not want to acknowledge even to themselves because they understand that these forecasts would sound silly if spoken aloud. Buy-and-Holders “forecast” that stocks will provide long-term returns at least somewhat close to the average long-term return of 6.5 percent real at all times.