The myth persists that buy-and-hold strategies are worthless. We live in a new era, we’re told. The old rules of finance are gone. Ours is new age of active management for all portfolios at all times. But the reality is that not much has changed. Markets are still volatile, predicting return is still hard, and trading costs and taxes still take a heavy toll on gross returns over time. There are, however, new insights that inspire modifying the old advice. But that still falls short of throwing out the baby with the bathwater.