April 14th, 2009 at 7:50 pm
Many early studies avoided the issue of va luations because the researchers considered the issue to be too controversial.
That turned out to be an easy way to get a wrong answer.
Have fun.
John Walter Russell
April 14th, 2009 at 7:55 pm
It seems strange that Benjamin Graham defined investment academia in his time. He taught a course at Columbia part time. Later, Warren Buffett?s ideas were ignored. So were David Dreman and others. Now, Professor Shiller has built upon Benjamin Graham?s ideas. Part of academia listens to him.
If you haven?t taught a course in investing, academia hasn?t paid attention.
Have fun.
John Walter Russell
April 14th, 2009 at 8:09 pm
Adding to your hypothesis that most people do not get a 6.5% real return: mutual fund managers cannot afford to invest sensibly. If they did, they would have low allocations when the market rises to higher and higher levels, irrationally so. They would lose their jobs before enjoying the benefit of their good sense.
Have fun.
John Walter Russell
April 14th, 2009 at 8:30 pm
Great podcast. Keep it up.
Have fun.
John Walter Russell
INSANE AND COMPLETELY INVENTED NONSENSE:
"...early studies avoided the issue of va luations because the researchers considered the issue to be too controversial..."
USUAL CRANK DENIGRATION OF "EXPERTS":
"...If you haven?t taught a course in investing, academia hasn?t paid attention..."
ILLOGICAL AND UNSUPPORTED MENTAL MASTURBATION:
"...mutual fund managers cannot afford to invest sensibly. If they did, they would have low allocations when the market rises to higher and higher levels, irrationally so. They would lose their jobs before enjoying the benefit of their good sense."
ENCOURAGING OTHER CRANKS:
"Great podcast. Keep it up."