I’ve posted Entry #91 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called It’s Not a Buy-and-Hold Conspiracy, It’s Cognitive Dissonance.
Juicy Excerpt: The number who believe that the case for Buy-and-Hold is rock solid is just about zero. If there were Buy-and-Hold advocates who were confident in what they say, they would be engaging in spirited debates with people like me, trying to help people come to an ever deeper understanding of the case. It’s a rare event to come across a Buy-and-Holder willing to engage in a civil discussion of what the academic research says. I think it would be fair to say that not one Buy-and-Holder in ten possesses a strong confidence in the strategies he advocates.
It doesn’t follow that most Buy-and-Holders do not believe at all. I have studied this matter in great depth and my strong sense is that the vast majority of Buy-and-Holders believe to the extent necessary to invest their own money pursuant to the tenets of Buy-and-Hold.