But for buy-and-hold investors who have the luxury of time, the answer isn't so clear.
If you're a buy-and-hold investor, you cannot just toss out January's results.
The biggest winners of the century may have been buy-and-hold investors.
So how much foreign exposure should a buy-and-hold investor have?
But you'll probably make more money than those supposed buy-and-hold investors who lose faith at the bottom of the next bear market.
Put it all together, and spiders don't seem to pay for buy-and-hold investors.
By contrast, a buy-and-hold investor would have gained 313 percent.
For buy-and-hold investors, the consequences depend on a number of factors.
With rates still at 9.65 percent, buy-and-hold investors could benefit regardless.
A good chunk of the remaining shares are held by buy-and-hold investors.