It only makes sense if you have complete information about every market participant, their plans, liabilities, obligation, etc. If I had VW stock that I had to

It only makes sense if you have complete information about every market participant, their plans, liabilities, obligation, etc. If I had VW stock that I had to sell in between to pay my down payment, i most definitely have lost, regardless of it going up later. If I used my VW stock as collateral for something else, I would have had much less collateral to pledge. Assuming a “buy and hold” universal is not a reasonable assumption. Assuming anyone might need to liquidate at any minute is not necessarily more reasonable, but it is more consistent with reality