I’ve posted Podcast #186 to the “RobCasts” section of the site. It’s called The Biggest Mistake Ever Made in the History of Personal Finance.
The people who developed the Buy-and-Hold model did something important and valuable. But they made one fundamental mistake — they made an assumption that market efficiency kicks in immediately while the evidence revealed over the past 30 years is that it is achieved only gradually over time. That mistake is the primary cause of today’s economic crisis.