Knuckleheads PP thread resurrected

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Tortoise
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Knuckleheads PP thread resurrected

Post by Tortoise » Sat Apr 11, 2020 5:56 pm

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vnatale
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Re: Knuckleheads PP thread resurrected

Post by vnatale » Sat Apr 11, 2020 6:10 pm

Tortoise wrote:
Sat Apr 11, 2020 5:56 pm
Figured it would happen soon:

https://www.bogleheads.org/forum/viewto ... &start=700
I see that as of right now William "Bill" Bernstein is the last person to leave a comment.

Vinny
"I only regret that I have but one lap to give to my cats."
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Re: Knuckleheads PP thread resurrected

Post by Dieter » Sat Apr 11, 2020 6:47 pm

vnatale wrote:
Sat Apr 11, 2020 6:10 pm
Tortoise wrote:
Sat Apr 11, 2020 5:56 pm
Figured it would happen soon:

https://www.bogleheads.org/forum/viewto ... &start=700
I see that as of right now William "Bill" Bernstein is the last person to leave a comment.

Vinny

"
Mind you, I have nothing against a little gold; in small amounts, maybe even the 25% of the HBPP, it might improve portfolio behavior.

But it's kind of like bourbon at bedtime; a shot here and there is fine. But you don't want to drink a fifth each night.
"

Lol!
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Re: Knuckleheads PP thread resurrected

Post by stuper1 » Sat Apr 11, 2020 8:05 pm

Wow, clearly we are in a crisis, when somebody on Knuckleheads would say that 25% gold might be considered a small amount.

It was interesting to see Smith1776 as one of the commenters on that last page in 2018, although it looks like his comment got removed somehow.
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Re: Knuckleheads PP thread resurrected

Post by vnatale » Sat Apr 11, 2020 8:07 pm

stuper1 wrote:
Sat Apr 11, 2020 8:05 pm
Wow, clearly we are in a crisis, when somebody on Knuckleheads would say that 25% gold might be considered a small amount.

It was interesting to see Smith1776 as one of the commenters on that last page in 2018, although it looks like his comment got removed somehow.
He'll have to tell us if he had made an attempt to recruit people to come here? Although I did see someone today making reference to this forum.

Vinny
"I only regret that I have but one lap to give to my cats."
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Re: Knuckleheads PP thread resurrected

Post by Smith1776 » Sun Apr 12, 2020 10:41 am

Archetypical performance chasing. The prudent folks on this forum have been into the PP well before the SHTF. That's what it truly means to be a long-term investor and stay the course.

vnatale wrote:
Sat Apr 11, 2020 8:07 pm
stuper1 wrote:
Sat Apr 11, 2020 8:05 pm
Wow, clearly we are in a crisis, when somebody on Knuckleheads would say that 25% gold might be considered a small amount.

It was interesting to see Smith1776 as one of the commenters on that last page in 2018, although it looks like his comment got removed somehow.
He'll have to tell us if he had made an attempt to recruit people to come here? Although I did see someone today making reference to this forum.

Vinny

I will have no part in recruiting the riffraff of the Knuckleheads forum into our elite club. ;D That's like putting regular gasoline into a sports car.

If any of them see reason and join of their own volition, that's a different story though. O0
PP + VP + Bank Cash + Physical Bullion
Knucklehead (noun): Someone who knows the expense ratio of everything but the value of nothing.
The true measurement of a person's worth isn't what they say they believe in, but what they do in defense of those beliefs. If you're not acting on your beliefs, then they probably aren't real. - Edward Snowden
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Re: Knuckleheads PP thread resurrected

Post by Smith1776 » Sun Apr 12, 2020 11:16 am

I really like this MediumTex post from that 'other' forum.


To compare the subtlety and completeness of Harry Browne's worldview to a current "flavor of the week" market commentator, consider Nassim Taleb.

Taleb's major insight is that market lightning strikes more often than people think and in places people wouldn't have thought lightning would be a danger. This is Taleb's claim to fame. Harry Browne, OTOH, takes Taleb's basic point as an obvious assumption in constructing the PP, and you might say that every PP package comes with a complimentary lightning rod.

From a messaging perspective, Taleb is basically an entertainer who tells scary and interesting stories (he is typical in this regard, though some of his pundit colleagues tell happy stories of all-you-can-eat rainbow stew buffets--it's all just entertainment). Harry Browne, OTOH, was more of a philosopher who offered the distilled results of his study of markets and human nature, along with practical strategies.

I think that one needs to understand how Harry Browne differed from most market chatterboxes in order to appreciate why the PP is so different from most approaches to investing.

I notice that it is often the market card readers, diviners and chicken bone jockeys who find the PP the most offensive. It's like they have been told that their Rube Goldberg investing device has been made obsolete and the assumptions on which their whole existence was premised have been invalidated. It is a predictably upsetting experience to a "Master of the Universe" type personality. That's not meant as a knock against market commentators; rather, it is meant as a tool to assist the amateur investor in understanding why there is so much resistance to the PP concept in some areas of the investment community.

To use a different analogy, I think that the average Wall Street receiver isn't tuned to pick up the PP frequency.
PP + VP + Bank Cash + Physical Bullion
Knucklehead (noun): Someone who knows the expense ratio of everything but the value of nothing.
The true measurement of a person's worth isn't what they say they believe in, but what they do in defense of those beliefs. If you're not acting on your beliefs, then they probably aren't real. - Edward Snowden
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Re: Knuckleheads PP thread resurrected

Post by Kevin K. » Sun Apr 12, 2020 12:42 pm

Love the Medium Tex quote - he's a fountain of immortal and irreverent wit and wisdom.

So I posted a link to Tyler's latest summary of portfolio performance during the market's most recent horrific month in hopes of getting a few more Bogleheads to broaden their horizons.

It was indeed great fun to read the witty William Bernstein quote! If only the rest of the crew on that forum had a fraction of Bernstein's brilliance and sincere appreciation of risk parity portfolios like the PP. His book "Deep Risk" is essentially a dialogue with Craig's writing on the PP and Browne's work itself and for me anyway helped me appreciate the PP more and, especially, made me realize how brilliant the Golden Butterfly iteration of the PP is.

Speaking of Bernstein, here's a really good very recent interview with him that touches on market history and the life cycles of the investor being every bit as much worth taking into account as backtested results and dangerous risk tolerance questionnaires. He really is one of the towering minds of investing and his humility and humor are delightful.

https://awealthofcommonsense.com/2020/0 ... bernstein/
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Re: Knuckleheads PP thread resurrected

Post by mathjak107 » Sun Apr 12, 2020 1:53 pm

I think out of all the thinkers my least favorite has always been Bernstein
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Re: Knuckleheads PP thread resurrected

Post by dualstow » Sun Apr 12, 2020 3:00 pm

Smith1776 wrote:
Sun Apr 12, 2020 10:41 am
null
I’m lovin’ your null posts.

I would love to meet a Zen master on a forum, just so I could quote him.
Zhaozhou Congshen wrote: Null
Herman Cain says the virus is under control and there’s nothing to be concerned about
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Re: Knuckleheads PP thread resurrected

Post by vnatale » Sun Apr 12, 2020 5:07 pm

Kevin K. wrote:
Sun Apr 12, 2020 12:42 pm
Love the Medium Tex quote - he's a fountain of immortal and irreverent wit and wisdom.

So I posted a link to Tyler's latest summary of portfolio performance during the market's most recent horrific month in hopes of getting a few more Bogleheads to broaden their horizons.

It was indeed great fun to read the witty William Bernstein quote! If only the rest of the crew on that forum had a fraction of Bernstein's brilliance and sincere appreciation of risk parity portfolios like the PP. His book "Deep Risk" is essentially a dialogue with Craig's writing on the PP and Browne's work itself and for me anyway helped me appreciate the PP more and, especially, made me realize how brilliant the Golden Butterfly iteration of the PP is.

Speaking of Bernstein, here's a really good very recent interview with him that touches on market history and the life cycles of the investor being every bit as much worth taking into account as backtested results and dangerous risk tolerance questionnaires. He really is one of the towering minds of investing and his humility and humor are delightful.

https://awealthofcommonsense.com/2020/0 ... bernstein/
Bernstein is definitely in my top 3 and had a huge influence on my investing choices.

Vinny
"I only regret that I have but one lap to give to my cats."
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Re: Knuckleheads PP thread resurrected

Post by tomfoolery » Sun Apr 12, 2020 6:20 pm

The only gold I like is my wife’s jewelry. It’s a shiny rock that doesn’t do anything. It doesn’t issue bonds to buy back its own shares, make poor risky business decisions and then lobby Congress for bailouts during recessions. It doesn’t take cash from your bank reserves to pay employees to stay home and not work. Feh! what good is it?
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