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I don't think that means you have to necessarily day trade. . .but I don't like the idea of "buying and forgeddabout it".
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I agree.
To be clear though, that's not the same as "buying and holding". Even passive investors should know what it is they are putting their hard-earned money into.
As you have cited, there are times when even these target retirement fund's asset allocation can become skewed with too much risk exposure, and some prospective retirees have taken on too much loss as a result.
However, that doesn't mean the strategy of buying-and-holding is over or passe. Rather, it means that companies who have devised these retirement funds have set an inappropriate asset allocation. They made a grave error and ultimately failed us. And hopefully, they have it fixed by now.
But again, "buying and holding" is not the same thing as "buying and forgeddabout it". Those who have caught that and have adjusted their asset allocations to reflect their true risk tolerance should have experienced a limited impact through the winter of 2008.