Abnormal Returns has a good roundup of links on buy-and-hold.

I often hear the argument that buy-and-hold doesn’t work because the market does in fact occasionally down. Yes, that’s true, but the case for buy-and-hold isn’t for a perpetual rally. Instead, it claims that being in stocks all the time is more efficient than a person’s ability to time the market consistently.

Very often, we focus on the fundamentals of the companies to call out the price directions. For now, put aside these asides.

Embraer (ERJ) is a Brazilian company which is 'dollar' dependent in many ways. So where goes the dollar, so should Embraer. The dollar factors and near/long-term impacts are:

Stating that the ethanol business is a challenge is an understatement! But could it be that a cross-over operating point is at hand at Pacific Ethanol (PEIX)?

3Q Operating profile:

From May 9 Worldwide Agricultural Estimates,in reference to corn 2008/2009 stocks, I quote:

Higher year-to-year beginning stock reflect this month's 100-million-bushel reduction in 2007/08 corn use for ethanol....

Yesterday's Advanced Micro Devices (AMD) updates -- they are reducing headcount by 10% and have sold in 1Q $1.5B worth of chips - approximately $100M less than forecast -- require perspective about manufacturing challenges. A perspective that I will keep drilling since Wall Street has been so preoccupied with 'financial engineering' instead of 'constructive engineering'.

For the past two years, Embraer-Empresa Brasileira De Aeronutica S.A. (ERJ) has established itself as a leader in the mid-size airplane under 120 seats market segment. The stock- selling at $39-40 or 9x-10x 2008 earnings - has room to run to the target level of $52-54 area. How will it get there?

First a few operating facts:

Yesterday's USDA estimates reflect a couple of "wise" decisions made by the U.S farmers in their planned allocations of land for grain commodities.

As is well known, soy acres have increased tremendously this year.

Pacific Ethanol (PEIX) has released preliminary 4Q07 earnings (loss of $14M), and so far a lot of reviews of their 8K has been negative.

Another perspective.