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> "Of course indexing beats trying to time the market. But that
> wouldn't make for a very good interview."
Indexing (or buy & hold) beats the socks off timing -- in a raging
bull market. Guess what? History shows that the market isn't
*always* in a supercharged antigravity bull phase.
Between Feb 1964 and July 1982, buy & hold would have gotten you
ZERO. Timing was the ONLY way to make money for EIGHTEEN YEARS. By
1982 "common wisdom" said that buy & hold didn't work, and timing was
the only way to beat the market. Of course, by the time that became
"common wisdom," the megabull started, and timing didn't work very
well any more.
Now buy & hold has reigned supreme for eighteen years, and it's
"common wisdom" that only buy & hold works. Hmmm.
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