I recently wrote a Guest Blog Entry for the Save Buy Live blog entitled Talk Back to the Investing Experts.
Juicy Excerpt: If you messed up in your job, you would expect to be held accountable. Should we not hold the investing experts accountable when they mess up and cause us to lose big bunches of money? I sure think we should.
R O F L says
Anyone who has an expectation of accountability for financial advisers and economists is delusional.
I bet they believe whatever the weatherman says also.
Rob says
I think it would be fair to say that the weatherman’s record is a whole big bunch better than the record of the Passive Investing advocates, ROFL.
I think we are going to need as a society to make some changes so that investing “experts” do begin to put more stress on putting forward accurate and realistic and practical and prudent investing advice. We have put the burden for investing for retirement on middle-class workers. When we fail to provide them reasonable advice, we cause the sort of economic crisis we are living through today. That’s not good for anyone.
I can’t say that I find anything amusing about the situation.
Lots of people make lots of money giving investing advice. When you take money from a society, you incur obligations to that society to go about the business in which you are engaged to earn the money in a reasonable way.
That’s my sincere take, in any event.
Rob
R O F L says
Actually, passive investing has a very long historical record to look at – and it seems to have done just fine.
I am sure you will give your ridiculous line about the ‘millions of middle class busted retirements’ (lol, what a funny made-up number) but I think if you look into those busted retirements will see that they were NOT managed passively and in fact most of them were managed ‘idiotically’ – e.g. having most of their money in Krispy Kreme or AOL.
In any case, neither of us knows that for sure but if you can just pull stuff out of your rear then so can I! The stuff you can’t make up is how ‘horribly’ passive investing performed. The historical record is quite clear.
Actually Rob, you, and most other weak-minded fools, would be much better off (investing wise) if someone put you in a coma until you retired and then paid for your old folks home.
Rob says
I think if you look into those busted retirements will see that they were NOT managed passively and in fact most of them were managed ‘idiotically’ – e.g. having most of their money in Krispy Kreme or AOL.
Oh, great. Blame Krispy Kreme.
It’s all Krispy Kreme’s fault.
The historians will be calling this The Krispy Kreme Depression.
I’m so totally sure!
Rob
John Walter Russell says
Actually, passive investing has a very long historical record to look at – and it seems to have done just fine.
Wow! This guy is in denial big time.
Have fun.
John Walter Russell