Agree Brian, we'll have to agree to disagree, but with great respect. I believe you are correct, buy-and-hold speaks to the sell timeline, defining an investment belief (right or wrong) that gains are maximized with a buy at current(time of funds available) and SPECIFICALLY that waiting to apply those funds will result in a reduced return. Cost dollar averaging assumes that buying in stages will provide for a lower cost basis as the buy price will drop relative to the current time of funds available OR in exchange of less return, will provide a lower risk due to the odds of a price drop local to the time of funds available. One philosophy addresses specifically and presumes greater return by applying local (time of purchase) price variation (and additionally, if followed to the sell, must also apply itself to the sell process). The two are not compatible in my view and should be at best applied to different sets of monies as a headgear against each other. Buy and hold means, buy when funds are available presuming a cost average buy will result in reduced return over time (right or wrong, it's a diametrically opposite approach the actually applies to the sell side in equal measure). But I salute our agreement to disagree with full respect !! It certainly may really be a semantic argument couched in applying different methods at different times and really may be a testament to my brain's inability to apply both to the same monies at different times of investment!
