[pavlov]

Buying wisely is difficult enough. Another challenge in picking stocks is selling wisely.

It can be difficult to hold onto the winners and not sell them too early even as they suddenly seem expensive, you’re already up 3x or whatever, and besides there’s this shiny new IPO/turnaround/whatever where you could put the money instead...

Sticking with the index saves you from these bad decisions.

(I had some Apple stock in 2002 that I sold a year later; some Tesla in 2013 that I sold in 2016; some AMD and Nvidia that I sold in 2017; and some Shopify that I sold last year.)

[reducesuffering]

Buy and hold is the better strategy. Even when you think a stock may be overpriced, you incur capital gains to sell and switch somewhere else. Usually better to just hold and defer the gains indefinitely.