I’ve posted Entry #86 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called You’re Not as Rich as You Think.
Juicy Excerpt: Say that you were the umpire at a baseball game and that you were making a sincere effort to call the plays properly. Say that you were keeping track of the score of the game and that you knew it to be six to two in favor of the Phillies based on your calls. But you look up at the scoreboard and see that the fans were being told that the score was five to three in favor of the Cardinals. Would you be annoyed?
We all should be annoyed that the neutrality of our free market has been taken away from us. The stock market should price our portfolios at fair value. For it to do that, we need to inform investors of the realities of stock investing that the Buy-and-Holders don’t want getting out.
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