Yields came down, prices went up, a simple “buy and hold” strategy could often provide decent returns.

获利率下降[注1]，价格上升，简单的“买入持有”策略通常可以产生足够的回报。

youdao

But then there is no strategy that does, most particularly a buy and hold strategy.

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In fact, in secular bear markets a buy and hold strategy is about the worst possible strategy.

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So, you can count on obtaining the appropriate level of risk in each market by exercising a disciplined buy and hold strategy.

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