TY - JOUR T1 - A Very Long-Term Buy-and-Hold Portfolio JF - The Journal of Portfolio Management SP - 65 LP - 73 DO - 10.3905/jpm.2006.628407 VL - 32 IS - 3 AU - Sudhir Nanda AU - Donald J. Peters Y1 - 2006/04/30 UR - https://pm-research.com/content/32/3/65.abstract N2 - A buy-and-hold strategy over a 44-year investment period turns out to perform as well as a strategy of investing in a broad market index. At the end of 44 years, the buy-and-hold portfolio tracks the S&P 500 index much the same as portfolios of most active managers. Although it is concentrated, its fundamental characteristics are attractive. This strategy will be more tax-efficient than indexing.TOPICS: Equity portfolio management, mutual funds/passive investing/indexing, long-term/retirement investing ER -