[steveklabnik]

I believe you're slightly mis-remembering; the quote that I'm aware of is "Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years."

It's a statement about strategy, not about suggesting regulation.

[bluGill]

He has said that type of thing a lot more often. I seem to recall the suggestion the market shutdown except for once a year as well. As I recall he admitted that it wasn't workable.

Or maybe I remember wrong.