I’ve posted Entry #73 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called Why It’s So Hard to Repeal Buy-and-Hold.
Juicy Excerpt: There was a day when Buy-and-Hold was a genuine advance and when the academic research really supported this approach to investing. Then Shiller published his research showing that it never can work.
And the people who had written books making the case for Buy-and-Hold ignored it.
And the people who has developed calculators rooted in Buy-and-Hold principles ignored it.
And the investing experts who had made names for themselves promoting Buy-and-Hold ignored it.
For so long as nobody mentions that the emperor is wearing no clothes, it’s just as if he really were looking fine, no?
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