“The Current Situation — Where Shiller Fails to Engage on These Questions Because He Fears What the Buy-and-Holders Will Do to Him If He Does So — Is Not Healthy. It Leaves These Questions Up in the Air. And the Questions Are Too Important for Us As a Society Not to Be Exploring Them.”

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

“Shiller should be an advocate of his ideas.”

But that doesn’t mean he has to be an advocate of your interpretation of his work.

He should address questions relating to the implications of his ideas. He could say: “Given my finding that valuations affect long-term returns, there is precisely zero chance that the safe withdrawal rate is the same number at all times.” Or he could say: “Despite my finding that valuations affect long-term returns, I still think that it is possible that the safe withdrawal rate could be the same number at all times and here’s why.”

One of those statements is in accord my my views and one is not. Both of them enhance our understanding. The current situation — where Shiller fails to engage on these questions because he fears what the Buy-and-Holders will do to him if he does so — is not healthy. It leaves these questions up in the air. And the questions are too important for us as a society not to be exploring them.

That’s my sincere take, Anonymous.

My best wishes to you.

Implication-Exploring Rob