Rather, this is the perfect time to devise a strategy to hold on to the bull market's gains and profit further if the bull market continues. Why buy and hold doesn't work over the long run. The market can easily move sideways or down for periods of 10 years. Market timers can do very well during sideways periods. Bear markets are too painful to ride out with significant amounts of capital.
Most people give up and sell out very near the bottom.
That's what emotions will do for you. It's very easy to say you'll ride out a bear market while the market is soaring, but almost impossible when the market is crashing and all you hear from the media is how the market is going down to zero. There is a very big problem with the Buy and Hold Strategy that just isn't discussed much anymore, Drawdowns. You won't know where the losses will end. Everyone will be so negative on the future of stocks that the temptation to sell everything will be irresistible.