Jeffrey R. Kosnett recommends that we tune the buy-and-hold strategy to trade favorite stocks by long-term range in anticipation of several years of cloudy ecnomic prospect ahead.
It is not a black-an-white strategy: the author is just saying our performance in some core holdings should benefit if we are willing to sell some stakes when prices are hitting high and absorb more shares when prices are depressed.
Personally, I feel it is a good way to try. Actually, considering the pattern of OCA, my largest holding for some time, if I had traded by range, my performance will be much more improved.
In other words, we should not treat our holdings as religions -- our objective is to make profit in a risk-adjusted manner. We might leave some money on the table by using this strategy, but we might also get more opportunities and flexibility adopting this kind of thinking.