“If Irrational Exuberance Is a Real Thing, the Safe Withdrawal Rate Cannot Possibly Be the Same Number at All Times. It’s Got To Be a Lot Lower at Times When Irrational Exuberance Is Out of Control Than It Is When Irrational Exuberance Is at Reasonable Levels.”

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

So you only read titles, but not the content of the books.  Got it.

The title tells the story, Anonymous.

I’m in favor of going far beyond that. I’m in favor of opening every site to honest posting re the peer-reviewed research. Once we do that, we will be creating a mountain of powerful investment advice insights every day.It’ll be like having a new book every day. I’m all for it.

But the title tells the story in a clear, concise way. If irrational exuberance is a real thing, the safe withdrawal rate cannot possibly be the same number at all times. It’s got to be a lot lower at times when irrational exuberance is out of control than it is when irrational exuberance is at reasonable levels. I think it’s a real thing.

Rob