Subject: Re: Latest from Howard Marks
Sticking with the Bogle style is a perfectly rational choice and I don't mock anyone in that camp. But they should have their eyes wide open: the result is highly dependent on the starting point.

I apologize, I have not been thinking about this along lines that are relevant to your point: that the S&P500 and others of its kind are a poor choice as long-term holdings at recent valuations. I could not agree more. I have never owned it or anything like it except in the expectation of selling it based on a mechanical signal.

My interest in LTBH investing in growing, however, and frankly I'm beginning to think that the problem is not that I'm worried about valuation, but that I'm just not all that used to taking taxes into account in making investment decisions. That is probably where I should be focusing my planning efforts. I don't mind paying taxes, but I don't want to feel like a fool for doing it.

Always a pleasure to read your posts.

Baltassar