Mr. Econ 101, "buy and hold" is merely a theory, and a rather poor one if measured against the last 16 years. I have no particular quarrel with "buy and hold" investors, but the Treasury bonds over the same period have delivered similar performance with less volatility and risk. Of course you will argue over a longer time horizon that is not the case. Perhaps, but that may be an evaluation in an extremely distorted market. There is another theory that is based on asset valuation and cash flow. That theory has over 90% predictability on future market performance. That is not a criticism, just a fact.