Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
“adjusting for irrational exuberance”
Adjusting for irrational exuberance doesn’t pay the bills. You can spend all day, every day, “adjusting for irrational exuberance” and that won’t put food on the table or make a mortgage or rent payment.
I think we all should be adjusting for irrational exuberance. When we fail to do so, we come to believe that the irrational exuberance portion of our portfolio is real money, the same as gains that are rooted in economic growth rather than just investor emotion gone haywire. The next thing you know, there are people putting out safe withdrawal rate studies that lack a valuation adjustment. Not good.
Where I’m coming from.
Rob
Your continued comments suggest that you think board owners have some obligation to do what you want. You are free to have any opinion on any topic and drive any discussion you want here on your own website. To the opposite, you have no right to choose topics or have your opinions forced on others with respect to websites that you do not own.
I believe that every site should permit honest posting re the peer-reviewed research in this field, without a single exception.
Rob