I’ve posted Entry #6 in my Investing: The New Rules column at the Death By 1,000 Papercuts site. It’s entitled John Bogle’s Evil Twin.
Juicy Excerpt: My claim can be reduced to five words — Valuations Affect Long-Term Returns. Is it true? Or is it not true? You decide. But, if you decide that it’s true, please don’t then say that you think Buy-and-Hold still makes sense. Buy-and-Hold is the strategy that says you do not need to change your stock allocation in response to changes in valuations. What’s being described at this place is the strategy that says you must do so. Buy-and-Hold is the opposite of what is being described here.