“It Would Be One Thing if the Buy-and-Holders Just Got the Thing About Valuation-Based Market Timing Wrong. People Make Mistakes. It Happens. It Is Something Else Altogether to Insist That, Because You Got Something Important Wildly Wrong, No One Else Can Ever Get It Right. That’s Sick, Dangerous Stuff.”

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

Your wife divorcing you was cause by irrational exuberance?  How so?

Because it set off all this insane emotionalism that produced the CAPE value that applies today. In ordinary circumstances, people would view it as a good thing to point out an error in a retirement study. For about 10 percent of Buy-and-Holders, it is the end of the world. And most of the remaining 90 percent tolerate the abusiveness of the 10 percent.

It would be one thing of the Buy-and-Holders just got the thing about valuation-based market timing wrong. People make mistakes. It happens. It is something else altogether to insist that, because you got something important wildly wrong, no one else can ever get it right. That’s sick, dangerous stuff. If the Greaney study had truly contained a valuation adjustment, we never would have seen a single abusive post, much less any of the criminal stuff.

Where I’m coming from.

Rob