%0 Journal Article %A Sudhir Nanda %A Donald J. Peters %T A Very Long-Term Buy-and-Hold Portfolio %D 2006 %R 10.3905/jpm.2006.628407 %J The Journal of Portfolio Management %P 65-73 %V 32 %N 3 %X 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 %U https://jpm.pm-research.com/content/iijpormgmt/32/3/65.full.pdf