Hot Potato

Like sitting on pins and needles
Things fall apart
It's scientific
--Talking Heads

While it is well known that today's investor has a shorter time horizon, the below graph (source here) provides perspective on just how much average time horizon has changed.

Fifty years ago, average holding period of stocks was 5+ years. Average holding period has been declining since the late 1970s. Now, stocks are held less than a year on average.

Note that during the 1920s, average stock holding period was also low.

What might the 1920s and the last 20+ yrs have in common?

position in SPX