I’ve posted Entry #130 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Buy-and-Hold Can Give Good Results for 30 Years and Still Not Work As An Investing Strategy.
Juicy Excerpt: The entire benefit of using academic research to guide our strategies is to help us to go beyond subjective impressions, which are heavily influenced by recent price trends. Research gives us something objective to look at. We should make an effort to rise above our knowledge of how things have played out in recent decades, look at the entire record of 140 years, and use the data to answer the more fundamental question — How does this business of investing in stocks really work in the long run?