Valuation-Informed Indexing #597: The Absurdity of Buy-and-Hold

I’ve posted Entry #597 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called The Absurdity of Buy-and-Hold.

Juicy Excerpt: Market timing is essentially the pressure valve for the stock market system. When a little irrational exuberance accumulates in the pipes, the proper thing to do is to apply a little market timing to deal with the issue before the problem gets out of hand. When large numbers of investors have come to believe that market timing is not required, the irrational exuberance and the pressure both grow and grow until – very bad things happen.