There is an absolutely hilarious round of letters and investment challenges going around, started by a challege from Roger Schreiner of Schreiner Capital Management to John Bogle. It’s been 193 days and John Bogle has yet to accept.
David Loeper from Wealthcare Capital Management responded in a Letter to the Editor and the accusations are flying. (There’s a link to the original challenge and Loeper’s response in the article.)
Everyone has an ax to grind and the challenges are somewhat tilted, but it’s been a great excuse for Mr. Schreiner to skewer passive investing.
Our investment strategy is to own stocks when the market is strong and sell them when the market is weak. By comparison, the investment process (if you can call it that) of the passive investor is embarrassingly simple: hope.
I’m sure this will not end the active versus passive debate, but it has been good for some entertainment.
