“Buy-and-Hold Is Not Based on Research. Wade Pfau Devoted 16 Months of His Life to the Project of Trying to Find One Iota of Research Showing That Valuation-Based Market Timing (Price Discipline!) Is Not Always 100 Percent Required for Every Investor. He of Course Came Up Empty-Handed. There of Course Is No Such Research. It Is a Logical Impossibility That There Could Ever Be Any. It’s Like Looking for a Perpetual Motion Machine.”

Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:

Buy and hold is based on research.  Market timing is all speculation as there has never been one successful outcome.  Why go on speculation when we all know what works and what has failed.

Buy-and-Hold is not based on research. Wade Pfau devoted 16 months of his life to the project of trying to find one iota of research showing that valuation-based market timing (price discipline!) is not always 100 percent required for every investor. He of course came up empty-handed. There of course is no such research. It is a logical impossibility that there could ever be any. It’s like looking for a perpetual motion machine.

Rob