At least that’s the opinion of John Rekenthaler in this blog post at Morningstar. As long as I continue to see articles like this, I know that the buy-and-holders are still out in force. His argument seems to be that if you were lucky enough to miss the decline, you couldn’t possibly get back into the market when it began to rise again. So he counsels throwing up your hands and just holding on for dear life. When I read this, it seemed to me like a good argument for having an unemotional, systematic process for tactical allocation rather than a good argument for buy and hold.
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