I’ve posted Entry #63 to my weekly Beyond Buy-and-Hold column at the Out of Your Rut site. It’s called Buy-and-Holders Must Sell Their Stocks Before the Economy Can Recover.
Juicy Excerpt: There’s a reason why the market can turn up again only after capitulation has been achieved. The thing that sends prices wildly up in bull markets is investor emotion. The purpose of a bear market is to wash the emotion out of the market. So long as there are still people claiming that Buy-and-Hold can work, capitulation has not been achieved. For our economy to recover, losses must first get bad enough to persuade the last Buy-and-Holder to give up the ghost.