Boggles the mind how much $ has been left on the table.

Well, just for the record, I've never not managed to buy back again lower after lightening up. My return from Berkshire over the last 24 years is far more than buy and hold, even without counting any benefit from leverage from calls. So I'm taking money from the table, not leaving it.

I'm not saying my approach is suitable for everyone, as temperament and time-and-attention and tax considerations matter a lot in the real world. For me, holding a fully sized position with no logically expected return in the next year or two isn't a thing that makes a lot of sense. A lot of people hear that investment involves "buy low, sell high", but forget the second half. And besides, there are other fish in the sea.*

I certainly agree that "buy and hold" makes an enormous amount of sense a lot of the time for a lot of people, but not so much that one would mock those who do otherwise and make more money thereby.

Jim

* I doubt many folks have noticed that despite Berkshire's pop, Hershey's stock has still done better this month. Dollar General too. To every thing there is a season.