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Three Phony Criticisms of Buy-and-Hold

I’m a critic of Buy-and-Hold. I believe that investors MUST change their stock allocations in response to big valuation shifts to have any hope whatsoever of keeping their risk profile roughly constant. I don’t believe that is is possible that a Buy-and-Hold...

Is Buy-and-Hold a Liberal or a Conservative Idea?

Most people will react to the question I pose in the headline with puzzlement. Buy-and-Hold is an investing strategy. It has nothing to do with politics. It’s not liberal OR conservative. I don’t think that’s right. Buy-and-Hold is not, as is popularly believed, the...

Six Investing Truths That Are Difficult to Believe

1) Long-Term Stock Returns Are Highly Predictable. All the historical return data shows this. It’s been true for 140 years. But people have the hardest time believing it. No one can predict where stock prices will be next year. How the devil can it be possible to know...

Stocks Are Not Risky Anymore

Stocks are risky. Everybody knows that. Except me. I don’t believe it is so. Not anymore. My aim with this post is to explain why and see if I can persuade you that maybe I am on to something. When you buy an index fund, you are buying a share of  the productivity of...