Scarecrow: I haven't got a brain ... only straw.The depth of the market and economic slump in the past 12 months has undressed many money managers who, similar to the Wizard of Oz, have hidden behind the curtain of a buy-and-hold strategy as they have failed to recognize the swift impact on many of the company franchises they admired. In many cases, their analysis was wrong, circumstances changed too quickly for them to react, or they were paralyzed by inertia -- and they paid the price in large unrealized losses. A buy-and-hold strategy may not be dead, but a thoughtful balance between long-term investing and gaming short- to intermediate-term trades is likely the recipe for investment success in the years ahead. Investors, we are not in Kansas anymore. TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon purchases by customers directed there from TheStreet.com. Doug Kass writes daily for RealMoney Silver , a premium bundle service from TheStreet.com. For a free trial to RealMoney Silver and exclusive access to Mr. Kass's daily trading diary, please click here.
Dorothy: How can you talk if you haven't got a brain?
Scarecrow: I don't know. But some people without brains do an awful lot of talking, don't they?
Dorothy: Yes, I guess you're right. -- The Wizard of Oz
Know What You Own: Doug Kass mentions a few bank stocks; JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) are other industry names. For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.