Buy-and-Hold Goon to Rob: “Your Peers Have Found You Guilty and Have Banned You From the Boards.”

Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:

Bernie Madoff was found guilty by his peers. Your peers have found you guilty and have banned you from the boards. If anyone is going to prison, it would be you.

Putting the guy who pointed out an error in a retirement study in prison while not putting the guy who failed to correct the error for 17 years in prison would be 100 percent upside-down, Anonymous. But that’s Get Rich Quick logic, you know? It’s all emotion. We all WANT those numbers on our portfolio statements to be real when stocks are priced at two times their fair value.

Madoff was the toast of the town in the days before his investors saw their life savings disappear. That’s when the emotion turned. We are going to have to wait to see how millions of investors react when they see more than half of their life savings disappear. I believe that people are going to be pissed. But I can’t prove it, you know? We are going to have to wait to see how things play out.

I know that I am not going to switch to the other side. That’s ASKING for a prison sentence! Not this boy, you know?

I wish you the best of luck with it. If there is ever anything that I can do to help you out, I will be there in three seconds and you won’t have to ask a second time. But there obviously are limits. If you think that I am going to say that I believe that Greaney’s retirement study contains a valuation adjustment after all, you just have not been paying attention. Not this boy. No freakin’ way, no freakin’ how.

I hope that helps at least a tiny bit.

Right-Side-Up (I Think) Rob