Thats a valid strategy for your money and risk tolerance....

Thats a valid strategy for your money and risk tolerance. However like I said, for someone who is looking at 5 or 10 year horizons does it matter as much to them if the market swings up and down during that period? Ultimately their thesis is that by holding and riding out the market turbulences that they will be in a better position in the long run. Who is to say that strategy is less optimal?

I can only speak from my own personal experience. When I first started investing over a decade and a half ago I was very impatient and would itch to actively move my pieces around the board in order to capitalise on what I perceived as better opportunities. I learned over time that investing in that manner was much less profitable for me and a lot more stressful for my style. So i stopped and became more patient and started playing the longer game. Yes that means i'm often entering a position much too early and undoubtedly leaving money on the table by doing so but i found its much more profitable and enjoyable for me. CXU is a fairly recent example of this if you want to check. I was in maybe 12-18 months too early and my money sat there doing nothing and even losing some value. But if you believe in your thesis and ignore the short term noise many times it just needs time to play out. That's not to say you don't re-evaluate along the way as more information becomes available. Which is why I believe the share price performance of AGY is not a compete indictment of management but rather more a product of a cyclical turnover which will correct itself in time.

Im sure there are more profitable and active trading styles but they come with their own tradeoffs. So in the end whatever works for you, i'm not here to judge or discourage your investment approach.