sp is holding up well., page-49

"Up to now, that's true Bruce.
However one of the biggest mistakes buy and hold investors can make is to switch from a strongly depressed sector to a hot sector late in the game"

The biggest mistake is not cutting their losses early. ABU & SLR posters are prime examples of this situation.
Not recognizing the trend change which happened in both of these stocks in sept/oct 2012, which really alludes to not having an enter or exit strategy.

many now asking what they should do because they did not recognize the trend change, held held held and now find that they are sitting on massive losses.

They wont sell because of their emotions, FEAR that it may go back up and they may miss out.

Buy and Hold is great whilst things are going in your favour. It is when it is not in your favour that you are tested.

The market is always right!!

Cheers