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Three Takes on the So-Called Death of Buy and Hold

Jack Bogle, Chris Davis, and Dodge & Cox's Diana Strandberg offer their take on the supposed demise of a buy-and-hold investment philosophy.

Jack Bogle (Founder and Former Chairman, The Vanguard Group): Buy and hold is eternal. There is no way around it. ... But I do think a very important point is what do you mean when you say buy and hold? I am a buy and holder, but that doesn't mean I buy and hold the stock market.

I buy and hold the stock market and the bond market in whatever proportions appeal to me. And for me, I don't change my allocation very much, but for me, holding roughly by age the percentage in bonds that my age is, which is getting a little bit on the old side, means I am very conservative, buying and holding approximately 80% of my assets in bonds and buying and holding approximately 80% in stocks.