buyandhold
ValueWalk
ValueWalk
ValueWalk
ValueWalk
ValueWalk
ValueWalk
Todd Tressider is the owner of the Financial Mentor blog. I had an amazing conversation with him at one of the financial bloggers conferences. His blog is highly successful and Todd is a highly respected member of the financial bloggers community. He was a speaker at several of the events that I attended. He is in tight with a number of the big shots in this field. He could have helped me out in a big way. So I tried very hard to become friends with him. He told me that he had seen my work relating to safe withdrawal rates and that it prompted him to do his own research into the question. He t...
ValueWalk
Do the Buy-and-Holders believe in Buy-and-Hold? Yes and no. I believe that they follow the strategy themselves. This would be a pure scam if it were a situation where the Buy-and-Holders were discouraging others from engaging in market timing but happily protecting their own retirement accounts all the while. I don’t believe that that’s the case. My sense is that the Buy-and-Holders occasionally make exceptions to the dogmas for themselves without telling others that they are doing so but as a general rule refrain from market timing themselves. I do not possess perfect confidence on this point...
ValueWalk
The Buy-and-Holders made a mistake when they came out with the idea that market timing/price discipline is not required when purchasing stocks. It’s a weird one. Price discipline is of course absolutely critical in every other market that exists. It’s price discipline that supplies the magic that permits the market to get the price of the thing being sold right, which is the core purpose of a market. So it seems more than a little bit out there to suggest (or to insist!) that it doesn’t work that way at all in the stock market. But I am extremely reluctant to conclude that the whole thing was ...
ValueWalk
The safe withdrawal rate is not always the same number. The 4 percent rule makes no sense. Those of us who follow the peer-reviewed research have known this for 42 years. Once Shiller published his research showing that valuations affect long-term returns, it was clear to everyone that the safe withdrawal rate is a number that changes with changes in valuations. It’s clear enough. But it’s also controversial. It’s clear in the way that it’s clear that smoking causes cancer and that driving drunk is dangerous and that one should pay attention to red flags before getting romantically involved wi...
ValueWalk
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