It is certainly true that the vast majority follows some sort of Passive Investing. If that were not so, we obviously would not be at the price levels that apply today.

Passive investing is essentially a Get Rich Quick scheme.

There is no question but that my attendance at the Vanguard Diehards meeting would have brought the Campaign of Terror to an immediate end.

I will ask [John Bogle] why he has not done more to publicize what we have learned about the errors made in the Old School SWR studies (Bogle endorsed Bernstein's book, which reports accurarately that the SWR was at the time 2 percent, not 4 percent). I will also ask him why he urges investors to stick with the same stock allocation when valuation changes cause the risk profile of stocks to change dramatically. If he cites P/E1 (as he did when asked a question along these lines at this year's meeting), I will ask why he uses P/E1 despite its known flaws.

I have a future in the community. He [intercst] doesn't.

The right to post honestly is a basic right.

So long as Mel [Lindauer] remains a diehard anti-Diehard, he will continue to get the back of my hand.

We need reasonable laws governing internet discussion boards too.

My guess is that the Goon population is about 20 percent of the population of the internet and about 10 percent of the population of the investing public in general.