Buy and Hold

"Buy and Hold is far from the sure thing it's made out to be. It works in bull markets. It works if you invest in dribs and drabs, catching the ups and downs along the way. It works in mild bear markets, when declines are quickly reveres. It may work if you've got 20 years to wait for stock to recover from a half-off sale. Otherwise, it's risky. It's risky when you're holding stocks you bought at extravagant prices. It's extremely risky when your retirement depends on a positive result and you're planning to take up golf in a decade or less."

John Rothchild