Ceresna Comments: The mainstream wealth management firms and the advisors that represent them firmly stand by the “Buy and Hold” mantra. This stance is firmly entrenched in modern portfolio theory. The idea that risk can be diversified away by owning a basket of uncorrelated assets. These models are anchored in the world of academia. This is the same world where negative interest rates and efficient markets make sense. The problem with models is that they must make assumptions to be able to be able to be computed. The problem is that these assumptions are unknowable and dynamically changing. The truth is that the markets adhere far more to behaviour finance than fundamental rigor. Investors are risk adverse and losses hurt. When investors endure losses, they lose the appetite to stay the course and often seek change or to stem further loss.