Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
You’re broke, your wife divorced you, people won’t talk to you. Gee, I wonder what might be going on here?
Someone is living in an alternate universe and I wonder who that might be………hmmmmmmmm.
There’s only one difference between Buy-and-Hold and Valuation-Informed Indeixng, But that one difference is a doozy. The difference is whether irrational exuberance should be celebrated or attacked. These are indeed alternate universes. That’s why as a nation of people we have had a hard time making the transition. Which just makes it that much more important that I do my part,
Rob
“ There’s only one difference between Buy-and-Hold and Valuation-Informed Indeixng, But that one difference is a doozy.”
I have around $7 million and you are broke. Yes, there is a difference and it is a doozy. We have a score card to tell who is right. That score card is your bank statements.
I don’t agree, Anonymous. Irrational exuberance gains are pretend gains. They have no real and lasting value. When an investor counts them as gains that can be used to finance a retirement, he or she engages in a miscount. I believe that we should be permitting honest posting re the last 42 years of peer-reviewed research at every site so that we can get the word out and prevent future miscounts. Treating irrational exuberance as eqivalent to real economic-based gains has been causing stock investors a great deal of misery ever since the first stock market opened for business. I believe that we all should be grateful that Shiller supplied the huge missing piece to the stock investing puzzle that permits us all to live fuller and better and richer and freer lives than it was possible for us to live in the Buy-and-Hold days.
That’s my sincere take re this terribly important matter, in any event.
My best wishes to you and yours.
Rob
You can disagree all you want. Your predictions have failed for the last 2 decades. You are broke. I am not. I prefer to have money to pay the bills.
Okay, Anonymous.
I do wish you the best of luck with whatever investment strategy you elect to follow, in any event.
Rob