May

13

 The more the performance of a system lags behind buy and hold, the greater the initiation period that is necessary or that evolves like the initiation into cults like those in Florida or other "societies" to teach you not to divest, and to hold through the good and bad. In many "societies" the initiation periods costs you money, which is shared by those at the higher level, but to the credit of many funds, the only thing you lose by the initiation period is time, and opportunity cost of buying the Spyder or some such which outperforms in the real life once the academic papers behind them can waft out of boot hill.


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