> I would have said that the tax issues DO change because you've held an asset for Y years: if Y >= 1 year then you are taxed at one rate and if Y < 1 year then

> I would have said that the tax issues DO change because you've held an asset for Y years: if Y >= 1 year then you are taxed at one rate and if Y < 1 year then you are taxed at a different rate. Fair enough, but my point is that you aren't taxed at all until you sell the asset. People who haven't invested much don't get that, and it's an argument in favor of buy & hold.