ABSTRACT
One of those old maps of abstractions-“good” stocks or “safe” bonds bought and held (put them in the safety deposit box and forget them)—is one of the most insidious of investment philosophies. Buyand-hold without regard to market action is as irresponsible to the facts as outright gambling. In fact, it’s a passive form of gambling. If the vicissitudes of the market don’t devalue the portfolio, inflation will. Bond salesmen (for example, the U.S. government) will not be overly punctilious in explaining the risk of inactivity to you.
