Abstract
A buy-and-hold strategy over a 44-year investment period turns out to perform as well as a strategy of investing in a broad market index. At the end of 44 years, the buy-and-hold portfolio tracks the S&P 500 index much the same as portfolios of most active managers. Although it is concentrated, its fundamental characteristics are attractive. This strategy will be more tax-efficient than indexing.
TOPICS: Equity portfolio management, mutual funds/passive investing/indexing, long-term/retirement investing
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In this issue
A Very Long-Term Buy-and-Hold Portfolio
