The Lemon Fool

I came across this recent article by Todd Wenning, who used to run TMF UK "Dividend Income" education subscription service. I learned a lot from him and came to respect his views. Interesting thoughts.
https://intrinsicinvesting.com

Mike

I read and listened. He seemed to be saying: 'if you choose individual shares for some rational reason, then after a few years you need to re-evaluate your appraisal of that company's activities/'culture' to see if it still makes sense to you; thus there's no 'buy and hold'.
I don't think we'd say that's earth shattering advice, unless the 'culture' part is something we hadn't thought of before. But re-assuring yourself that the 'culture' hasn't changed, or getting out if it has changed undesirably, is surely only one of hundreds or thousands of other consideration that go into deciding how suitable a company is an investment. Satisfying yourself about 'culture' does nothing to deal with new competitors, CEO succession planning risks etc.
But, if you buy a global stock tracker you can 'buy and hold', and all but forget about it. He doesn't let that get in the way of a good headline.

Cornytiv34 wrote:I came across this recent article by Todd Wenning, who used to run TMF UK "Dividend Income" education subscription service. I learned a lot from him and came to respect his views. Interesting thoughts.
https://intrinsicinvesting.com

Mike

Heavy on theory but light on actual evidence. The tiny research bit was very unclear as to what had actually been looked at.

I've seen other studies, for example of the original Dow components, that suggest buy and hold works very well. And that was over around 100 years.

BoE