I’ve posted Entry #97 to my Valuation-Informed Indexing column at the Value Walk site. It’s called There’s No Middle Ground Between Buy-and-Hold and Valuation-Informed Indexing.
Juicy Excerpt: If Buy-and-Hold works, the idea of changing your stock allocation in response to big price swings is dangerous nonsense. If Valuation-Informed Indexing works, the idea of not changing your stock allocation in response to big price swings is dangerous nonsense. This is an on/off switch. If the market is efficient, Buy-and-Hold is the ideal strategy. If valuations affect long-term returns, Buy-and-Hold is the purest and most dangerous Get RIch Quick scheme ever concocted by the human mind (although not intended to be such, to be sure.)