I think Buffet said something to the effect of "be fearful when others are greedy, but be greedy when others are fearful". Having lots of dry powder in a downt

I think Buffet said something to the effect of "be fearful when others are greedy, but be greedy when others are fearful". Having lots of dry powder in a downturn is a very good place to be for a professional investor. That said, most folks are not professional investors, so buy and hold is relatively simple strategy that performs fairly well for non-professionals.