“Buy and hold”的意思、由来-开放百科全书

where an investor buys stocks and holds them for a long time, with the goal that stocks will gradually increase in value over a long period of time.^[1]

This is based on the view that in the long run financial markets give a good rate of return even while taking into account a degree of volatility. Buy-and-hold says that investors will never see such returns if they bail out after a decline. This viewpoint holds that market timing (i.e. the concept that one can enter the market on the lows and sell on the highs), does not work; attempting such timing gives negative results, at least for small or unsophisticated investors, so it is better for them to simply buy and hold.

The antithesis of buy-and-hold is the concept of day trading, in which money can be made in the short term if an individual tries to short on the peaks, and buy on the lows with greater money coming with greater volatility.

One argument for the strategy is the efficient-market hypothesis (EMH): If every security is fairly valued at all times, then there is really no point to trade. Some take the buy-and-hold strategy to an extreme, advocating that you should never sell a security unless you need the money.^[4]

Others have advocated buy-and-hold on purely cost-based grounds, without resort to the EMH. Costs such as brokerage and bid/offer spread are incurred on all transactions, and buy-and-hold involves the fewest transactions for a given amount invested in the market, all other things being equal. Taxation law also has some effect; tax for long-term capital gains may be lower, and tax may be due only when the asset is sold (or never if the person dies). Warren Buffett is an example of a buy-and-hold advocate who has rejected the EMH in his writings, and has built his fortune by investing in companies at times when they were undervalued.

Analytical application

BHAR_i(t,T) - the buy-and-hold abnormal return for rm i in the period between months t and T

In order to test the statistical significance of the results (1) the average BHAR (ABHAR) needs to be calculated and (2) t-test needs to be applied. The formulations are as follows^[6]:

Real estate investment

A buy and hold strategy can also apply to real estate. According to this concept, a person will buy a property, such as a house, and not sell it. This is typically done with borrowed money, although part of the plan is that the loan will eventually be paid off, and it is then not a leveraged investment. It contrasts with a trading strategy.

See also

References

1. ^{{cite web|url=http://www.investopedia.com/terms/b/buyandhold.asp|title=Buy And Hold|first=Investopedia|last=Staff|date=25 November 2003|publisher=}}
2. ^¹Burton G. Malkiel, A Random Walk Down Wall Street, W. W. Norton, 1996, {{ISBN|0-393-03888-2}}
3. ^William F. Sharpe, Indexed Investing: A Prosaic Way to Beat the Average Investor. May 1, 2002. Retrieved May 20, 2010.
4. ^{{cite web|url=http://www.efficientmarket.ca/article/Buy-And-Hold|title=Never Sell: Buy and Hold Forever - EfficientMarket.ca - RRSP News and Information|website=www.efficientmarket.ca}}
5. ^{{cite web|url=https://www.wsj.com/articles/SB124096109870565775|title=Advisers Ditch 'Buy and Hold' For New Tactics|first1=Anne|last1=Tergesen|first2=Jane J.|last2=Kim|date=29 April 2009|publisher=|via=www.wsj.com}}
6. ^¹{{Cite book|url=https://books.google.pl/books/about/Innovation_and_Market_Value_The_Case_of.html?id=cqJoDgAAQBAJ&printsec=frontcover&source=kp_read_button&redir_esc=y#v=onepage&q&f=false|title=Innovation and Market Value. The Case of Tourism Enterprises|last=Szutowski|first=Dawid|date=2016|publisher=Difin|year=|isbn=9788380852471|location=|pages=158-159|language=en}}

Analytical application

Real estate investment

See also

References

External links