“There’s a Reason Why Those Who Promote Buy-and-Hold Don’t Want to See the Last 44 Years of Peer-Reviewed Research Discussed on the Internet.”

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

To have a secure retirement, you would need to know the answer to that.  Otherwise, you would have to stick to what has always worked (which is buy and hold).

In a world in which valuations affect long-term returns, it is a logical impossibility that a strategy that discourages valuation-based market timing could ever produce good results in the long run.

The U.S. economy has performed well for a long time. So the stock market has performed well for a long time. But an investor will always hurt himself by refusing to practice price discipline. Valuation-based market timing always adds, it can never subtract. Practicing price discipline is Stating the Course in a meaningful way.

There’s a reason why those who promote Buy-and-Hold don’t want to see the last 44 years of peer-reviewed research discussed on the internet.

Rob