Opportunity Investing: The Myth of Buy and Hold

Sep 16, 2005

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Opportunity Investing: How To Profit When Stocks Advance, Stocks Decline, Inflation Runs Rampant, Prices Fall, Oil Prices Hit the Roof, ... and Every Time in Between

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The Moral of the Story—Be a Flexible, Opportunistic Investor

Please forgive me if I have been belaboring the point, but so much of the "general wisdom" advises investors not to worry, to "stay the course," to trust in stocks.

I believe that the stock market offers fine opportunity. So does the bond market. So do commodities markets. So do markets overseas, coins, stamps, watches, antiques, art, and real estate. Opportunities for favorable investment occur frequently in some investor areas, less frequently in others. The best opportunities usually develop when the majority of investors are the most cautious or indifferent. They occur less frequently when the universal majority is the most optimistic.

The moral is simple enough. You do not have to be an expert in every area of potential opportunity. Or even in most. Probably not even in many. But you should be sufficiently familiar with at least a sufficient number of investment markets to be able to maintain diversified, flexible portfolios in a variety of investment sectors. In the process, you should be familiar enough with the behavior of the various markets in which you invest to be able to create and maintain exit strategies for when the time comes to cash in your chips.

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