Buy-hold is an incomplete idea. You've suspected it all along.
But now you have the knowledge to back up that hunch. Now you're armed with the information you need to stand firm in the face of buy-hold advice. You can debunk the myths with facts. You understand the importance of a properly designed and executed exit strategy. You have an action plan. You can feel more comfortable investing, knowing that you can buy, hold, and sell.
And now you can prepare, not only for your retirement, but for the inevitable bear market(s) that will occur. You can have a sell strategy. Like the Boy Scouts, you can “be prepared;” be ready for whatever might hurt you. You can make tough decisions dispassionately, because you have an exit plan in place.
Preparation can give you peace of mind. Think of a fire drill. It's designed to give you all of the information you need to survive. It then walks you through a scenario, so that if an emergency occurs, you can proceed to an exit without panic. A sell strategy does much the same thing to protect you from a “financial fire”—a bear market.
Source: Randy Glasbergen.
I hope that in this book, I've made you aware that you will probably face several bear markets during your retirement. I hope that you decide to prepare for them, that you say, “This time I won't be fooled by the buy-hold myths. This time I will act. I'm going ...
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