I’ve posted Podcast #121 to the “RobCasts” section of the site. It’s called Integrity Matters.

Valuations matter. Overvaluation and undervaluation wouldn’t be possible if stocks weren’t owned by people and if people did not possess emotions. So another way of saying the same thing is to say that emotions matter. Challenges to our integrity inspire emotional reactions in most of us. Criticisms of the Passive Investing model are often viewed by Passive Investing advocates as challenges to their integrity. The defensiveness that results makes discussions of the flaws of Passive Investing highly emotional. Integrity matters.