Subject: OT Holding is hard
Holding is the hardest part because it combines all the feelings and potential regrets that can arise from both buying and selling. Howard Marks once wrote, “It’s not the things you buy and sell that make you money; it’s the things you hold.”

Buying is the easy part of buy-and-hold. Anyone can buy-and-hope. It’s the hold part that’s hard.

Here’s what we know when it comes to investing in stocks:

We know that stocks are the best asset class for generating long-term returns that exceed inflation.
We know that stocks occasionally exhibit bone-crushing volatility.
We know that, on average, stocks fall by 5% roughly two to three times per year.
We know that, on average, stocks fall by 10% roughly once every year or two.
We know that, on average, stocks fall by 20% or more roughly once every 4 to 5 years.

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