Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
“There is no rational case that can be made for failing to exercise price discipline when buying stocks.”
I exercise price discipline every time I buy stocks. I have never paid a cent over the market price.
You are rejecting the concept of irrational exuberance. If irrational exuberance is a thing, then the market sometimes sets the price at an improper place and you need to make an adjustment to know the rel value of the thing you are buying.
Rob
I am now 62 and entering retirement. With buy and hold, I was able to buy my dream retirement home, nice cars, nice vacations and make some donations. I am exuberant, but not irrational. I just followed what works.
How are things working out for you now that you are in your 60’s? Do you have that dream home? Are you taking nice vacations?
I am able to sleep at night because I did not sell out my fellow community members due to intimidation tactics practiced by a gang of internet Goons.
I sincerely believe that the Greaney retirement study lacks a valuation adjustment. I am ashamed that it took me three years to work up the courage to say so publicly but I am proud that I did eventually get there.
Rob