Reply #31: In all likelihood it's impossible to determine when "always" applies and when it doesn't

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So that's why that point doesn't make sense; either buy and hold works or it doesn't. http://network.nationalpost.com/np/blogs/wealthyboomer/archive/2007/12/06/chasing-performance-hurts-load-mutual-fund-investors-study-finds.aspx">Studies show that buy and hold works. Go ahead and put a portion of your funds aside for speculation if you want, but that should be for fun, not for long term capital appreciation.

I think advisers are generally not that useful. Most of them are in it to earn commissions on fund sales instead of worrying about a client's long term prospects. There are some fee-only advisers that are decent but you probably have to hunt for those. You definitely won't find them when you walk into a branch of one of those big firms you see with the warm and fuzzy ads on TV.