I’ve posted Entry #403 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Irrational Exuberance Is a Pervasive Phenomenon.
Juicy Excerpt: For Buy-and-Hold to work, both short-term timing and long-term timing would need to be futile endeavors. And there is simply no research showing that. The idea that there is such research is an illusion, an illusion that did not just by coincidence become very popular during the most out-of-control bull market in our nation’s history. We need to believe that there is research supporting Buy-and-Hold to maintain our belief that the prices generated by our irrational exuberance are real and so we do.
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