"It is a symbol of Irish art. The cracked lookingglass of a servant." -- James Joyce
I confess I didn't read North's article, but using the same method by which he (and you) rule out buying and holding S&P, could that prove that nothing would be an example of buy-and-hold? Or are you saying, e.g., someone could buy an assortment of bonds and think they'll definitely go up if you wait long enough?