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Preface > Today's Times Call for More Conservative Strategies

Today's Times Call for More Conservative Strategies

In the 1980s and 1990s, the buy-and-hold investing strategy superseded all others. You didn't have to be a brilliant stock- or fund-picker; all you had to do was buy-and-hold stocks, and you could have earned 18 to 19 percent a year.

The market is unlikely to achieve gains of this magnitude again in my lifetime, and possibly yours. That's because secular bull markets, the long-lived megatrends that last 5 to 20 years, usually occur only when there are dynamic new, giant growth industries such as computers, information technology, the Internet, and in earlier eras, canals, railroads, electricity and automobiles. They provide the basic foundation. All these advances had myriad applications over a broad range of industries. I don't see anything comparable on the horizon. Technological advances since the computer and the Internet became mainstream have been more evolutionary than revolutionary. The new social media are evolutionary, even though they have produced several b....


  

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