The flaw with the long term buy and hold strategy is that you must successfully select stocks that you can truely hold long term. If they mature or fall on hard times in mid career while your tax rates are high, you face tough decisions: sell and pay capital gains or hold on and pray.Many do this sucessfully, but it can be tricky.Your 403b gives you far more flexibility to respond to changes in the market without paying taxes. So its not quite as risky from my point of view--thoough taxes will be higher.So I would be inclined to do some of both. Long term buy and hold as much as you dare and especially when you spot good stock opportunities and 403b for security.
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