The Atlantic ran a great article about the myth of long term investing.
Basically, when everyone is doing something, it is the wrong time to be doing what they are doing. When an asset is out of favor, it is usually the best time for performance.
In an fantastic interview that shows the difference between academic types and speculators, Hugh Hendry (of Electica Capital Management) goes after Jeffrey Sachs (IMF goofball), states that he would "recommend you panic", that the banking sector is insolvent, and that Jeffrey should stop going on vacation and get a real job in the private sector. Hilarious exchange. Listen to Sach's condescending comments at around 3:30 and Hendry's body language, and then Hendry open's up at goes after Sachs at around 4:50.
[video:url=http://www.youtube.com/watch?v=nuysYXlJ43I]
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