By 

Nathan Reiff

Full Bio

Nathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016.

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Updated August 20, 2025

Reviewed by Julius Mansa

Fact checked by 

Suzanne Kvilhaug

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A long-term investment strategy entails holding investments for more than 12 months. This strategy includes holding assets like bonds, stocks, exchange-traded funds (ETFs), mutual funds, and more. It requires discipline and patience to take a long-term approach. That’s because investors must be able to take on a certain amount of risk while they wait for higher rewards down the road.

Investing in stocks and holding them is one of the best ways to grow wealth over the long term. For example, the S&P 500 experienced annual losses in only 13 years between 1974 and 2024, demonstrating that the stock market generates returns much more often than it doesn’t.1

Key Takeaways

• Long-term stock investments tend to outperform short-term trades when timing the market.
• Emotional trading tends to hamper investor returns.
• The S&P 500 posted positive returns for investors over most 20-year periods.
• Riding out temporary market downswings is often considered a sign of a good investor.
• Long-term investing cuts costs and allows you to compound earnings from dividends.

Better Long-Term Returns

The term asset class refers to a specific category of investments. They share the same characteristics and qualities, such as fixed-income assets (bonds) or equities, which are commonly called stocks. The asset class that’s best for you depends on several factors, including your age, risk profile and tolerance, investment goals, and the amount of capital you have. But which asset classes are best for long-term investors?

If we look at several decades of asset class returns, we find that stocks have generally outperformed almost all other asset classes. The S&P 500 returned a geometric average of 9.80% per year between 1928 and 2023. This compares favorably to the 3.30% return for three-month Treasury bills (T-bills), the 4.86% return of 10-year Treasury notes, and the 6.55% return for gold, to name a few.2

Emerging markets have some of the highest return potentials in the equity markets, but also carry the highest degree of risk. Short-term fluctuations do impact performance, given the volatility of emerging markets, however. Small and large caps generally also deliver above-average returns but also come with higher levels of volatility.

Important

Riskier equity classes have historically delivered higher returns than their more conservative counterparts.

You Ride Out Highs and Lows

Stocks are considered long-term investments. This is, in part, because it’s not unusual for stocks to drop 10% to 20% or more in value over a shorter period of time. Investors have the opportunity to ride out some of these highs and lows over a period of many years or even decades to generate a better long-term return.

Looking back at stock market returns since the 1920s, individuals have rarely lost money investing in the S&P 500 for a 20-year time period.3 Even considering setbacks, such as the Great Depression, Black Monday, the tech bubble, and the financial crisis, investors would have experienced gains had they made an investment in the S&P 500 and held it uninterrupted for 20 years.

While past results are no guarantee of future returns, it does suggest that long-term investing in stocks generally yields positive results if given enough time.

Decisions May Be Less Emotional, More Lucrative

Let’s face it, we’re not as calm and rational as we claim to be. In fact, one of the inherent flaws in investor behavior is the tendency to be emotional. Many individuals claim to be long-term investors until the stock market begins falling, which is when they tend to withdraw their money to avoid additional losses.

Many investors fail to remain invested in stocks when a rebound occurs. In fact, they tend to jump back in only when most of the gains have already been achieved. This type of buy high, sell low behavior tends to cripple investor returns.

According to Dalbar’s Quantitative Analysis of Investor Behavior study, the S&P 500 had an average annualized return of 9.65% during the 30-year period ending Dec. 31, 2022. During the same time frame, the average equity fund investor experienced an average annual return of about 6.81%.4

There are a few reasons why this happens. Here are just a couple of them:

• Investors have a fear of regret. People often fail to trust their judgment and follow the hype instead, especially when markets drop. People tend to fall into the trap that they’ll regret holding onto stocks and lose a lot more money because the stocks drop in value, so they end up selling their holdings to assuage that fear.
• A sense of pessimism when things change. Optimism prevails during market rallies, but the opposite is true when things turn sour. The market may experience fluctuations because of short-term surprise shocks, such as those related to the economy. But it’s important to remember that these upsets are often short-lived, and things will very likely turn around.

Investors who pay too much attention to the stock market tend to handicap their chances of success by trying to time the market too frequently. A simple long-term buy-and-hold strategy would have yielded far better results.

Lower Capital Gains Tax Rate

Profits that result from the sale of any capital assets end up in a capital gain. This includes any personal assets, such as furniture, or investments like stocks, bonds, and real estate.

An investor who sells a financial security after holding it for less than a year is taxed on any gains at a rate that’s the same as ordinary income. These are referred to as short-term capital gains. Depending on the individual’s adjusted gross income (AGI), this tax rate could be as high as 37%.5

Any securities that are sold after being held for more than a year result in long-term capital gains. The gains are taxed at a maximum rate of just 20%. Investors in lower tax brackets may even qualify for a 0% long-term capital gains tax rate.6

More Cost-Effective

One of the main benefits of a long-term investment approach is money. Keeping your stocks in your portfolio longer is more cost-effective than regular buying and selling because the longer you hold your investments, the fewer fees you have to pay. But how much does this all cost?

As we discussed in the last section, you save on taxes. Any gains from stock sales must be reported to the Internal Revenue Service (IRS). That ends up increasing your tax liability, which means more money out of your pocket. Remember, short-term capital gains can cost you more than if you hold your stocks for a longer period of time.6

Then there are trading or transaction fees. How much you pay depends on the type of account you have and the investment firm that handles your portfolio. For instance, you may be charged a commission or markup, where the former is deducted when you buy and sell through a broker, while markups are charged when the sale is directed through their own inventory. These costs are charged to your account whenever you trade stocks. This means your portfolio balance will drop with every sale you make.

Now, many active investors make trades through online brokerages that provide fee-free transactions. In these cases, you may not incur costs to complete some or all of your trades. However, it’s still important for investors to weigh out the value of the time they spend on trades in comparison with the difference in performance between an active and a longer-term, buy-and-hold type of strategy.

Fast Fact

Firms often charge ongoing fees, such as account maintenance charges, that can also put a dent in your account balance. So if you’re a regular trader with a short-term goal, your fees will add up even more when you factor in transaction fees.

Benefit From Compounding With Dividend Stocks

Dividends are corporate profits distributed by companies with a track record of success. These tend to be blue chips or defensive stocks. Defensive stocks are companies that do well regardless of how the economy performs or when the stock market drops.

These companies pay regular dividends—usually every quarter—to eligible shareholders, which means that you get to share in their success. While it may be tempting to cash them out, there’s a very good reason why you should reinvest the dividends into the companies that pay them.

If you own any bonds or mutual funds, you’ll know about how compound interest affects your investments. Compound interest is any interest calculated on the principal balance of your stock portfolio and any earlier interest you earned. This means that any interest (or dividends) that your stock portfolio accumulates compounds over time, thereby increasing the amount in your account in the long run.

Best Types of Stocks to Hold for the Long-Term

There are several things to consider when you want to purchase stocks. Consider your age, risk tolerance, and investment goals, among other things. Having a handle on all of this can help you figure out the kind of equity portfolio you can create in order to meet your goals. Here’s a general guide you can follow as a starting point that you can tailor to your own situation:

• Choose index funds. These are ETFs that track specific indexes, such as the S&P 500 or the Russell 1000, and trade just like stocks. But unlike stocks, these funds come with a lower cost, and you won’t have to pick and choose specific companies in which to invest. Index funds give you similar returns to the indexes they track.
• Consider dividend-paying stocks. These types of stocks can help add value to your portfolio, especially when dividends are reinvested.
• Companies with high growth can boost your portfolio. Growth stocks tend to be associated with companies that are able to generate significantly higher revenue and at a faster rate than others. They are also better equipped to deliver strong earnings reports. Keep in mind, though, that this degree of growth comes with a higher level of risk, so you’ll have to be a little savvier than novice investors if you want to go this route.

As always, it’s a good idea to consult with a financial professional, especially if you’re new to the investment world.

Tip

If you’re a millennial with your eyes on retirement, there are more resources here to help support your financial future.

What Are the Tax Benefits of Holding a Stock Long Term?

The IRS taxes capital gains based on short-term and long-term holdings. Short-term capital gains are taxed on assets sold within a single year of ownership, while long-term gains are taxed on the sale of assets held for more than 12 months.

Short-term capital gains are treated as ordinary income, which means you could be taxed as high as 37% based on your tax bracket. Long-term gains, on the other hand, are only subject to a tax of  0%, 15%, or 20%. The rate depends on your adjusted gross income and filing status.67

How Long Do You Have to Hold a Stock for It to Be Considered Long Term?

As with any asset, you must hold a stock for a minimum of 12 months in order for it to be considered a long-term investment. Anything under that is deemed a short-term holding.6

Can You Sell a Stock Right After Buying It?

How long you can wait until you sell the stock after buying it depends on the broker. Some firms require that you wait a certain amount of time (at least until the settlement date) to sell your stock. Others allow a certain number of same-day transactions within your account. People who make more than the allotted number of trades within the same day are considered day or pattern traders and are generally required to keep a minimum balance in their accounts.

The Bottom Line

People who invest in stocks can benefit from many different trading strategies. Investors who have more experience and a higher amount of capital at their disposal may be able to ride the market waves and make money using short-term trading techniques. But that may not work for those who are just starting out or aren’t able to tolerate too much risk. Holding stocks for the long term can help you ride the highs and lows of the market and benefit from lower tax rates, and it tends to be less costly.

长期持有股票的好处

经过 

内森·雷夫更新于2025年8月20日

经审核 尤利乌斯·曼萨

经核实 

苏珊娜·克维尔豪格

十大最伟大企业家关闭

长期投资策略是指持有投资超过12个月。——-这个时间不是绝对的，我认为只要是按照价值来投资的就是价值投资。这种策略包括持有债券、股票、交易所交易基金（ETF）、共同基金等资产。采取长期投资策略需要自律和耐心。这是因为投资者必须能够承担一定的风险，同时等待未来更高的回报。

投资股票并长期持有是长期积累财富的最佳途径之一。例如，  从1974年到2024年， 标普500指数仅有13年出现年度亏损，这表明股市 盈利的概率远高于亏损的概率。1

要点总结

• 长期股票投资在把握市场时机方面往往优于短期交易。
• 情绪化交易往往会损害投资者的收益。
• 在过去的20年中，标普500指数大多为投资者带来了正回报。
• 能够挺过暂时的市场低迷期，通常被认为是优秀投资者的标志。
• 长期投资可以降低成本，并让你的股息收益实现复利增长。

更好的长期回报

资产类别指的是特定类型的投资。它们具有相同的特征和品质，例如固定收益资产（债券）或股票（通常称为权益）。最适合您的资产类别取决于多种因素，包括您的年龄、风险承受能力、投资目标以及您的资金规模。但哪些资产类别最适合长期投资者呢？

如果我们考察过去几十年各类资产的回报率，就会发现股票的表现总体上优于几乎所有其他资产类别。1928年至2023年间，标普500指数的年均几何回报率为9.80%。相比之下，三个月期国库券的回报率为3.30% ，十年期国债的回报率为4.86%，黄金的回报率为6.55%等等。2

新兴市场股票市场拥有最高的潜在回报，但同时也伴随着最高的风险。鉴于新兴市场的波动性，短期波动确实会对业绩产生影响。小盘股和大盘股通常也能带来高于平均水平的回报，但波动性也更高。

重要的

从历史数据来看，风险较高的股票类别往往比风险较低的同类股票带来更高的回报。

你经历高峰和低谷

股票被视为长期投资。部分原因是，股票价格在短期内下跌10%到20%甚至更多并不罕见。投资者有机会在数年甚至数十年的时间里承受这些价格的波动，从而获得更好的长期回报。

回顾 20 世纪 20 年代以来的股市回报，个人投资标普 500 指数 20 年内很少会亏损。3即使考虑到大萧条、黑色星期一、科技泡沫和金融危机等挫折，如果投资者投资标普 500 指数并持续持有 20 年，他们仍然会获得收益。——-当网络上铺天盖地的负面消息出来的时候，不好意思，我完全没有看到，啊哈哈

虽然过去的业绩并不能保证未来的收益，但这确实表明，如果给予足够的时间，长期投资股票通常会带来积极的回报。

决策可能更少受情绪影响，更有利可图

说实话，我们并不像自己声称的那样冷静理性。事实上，投资者行为中固有的缺陷之一就是容易受情绪影响。许多人声称自己是长期投资者，但一旦股市开始下跌，他们往往会为了避免进一步损失而撤资。

许多投资者在股市反弹时未能继续持有。事实上，他们往往只有在大部分涨幅已被实现后才重新入场。这种高买低卖的行为往往会严重损害投资者的收益。

根据达尔巴(Dalbar)的《投资者行为定量分析》研究，截至2022年12月31日的30年间，标普500指数的年化平均回报率为9.65%。同期，普通股票基金投资者的年化平均回报率约为6.81%。4

造成这种情况的原因有很多，以下仅列举其中几个：

• 投资者害怕后悔。人们常常不相信自己的判断，反而盲目跟风，尤其是在市场下跌时。人们往往会陷入这样的陷阱：持有股票会让他们后悔，因为股价下跌会导致更大的损失，所以他们最终会抛售股票以消除这种恐惧。
• 当情况发生变化时，人们往往会感到悲观。市场上涨时乐观情绪盛行，但市场下跌时则恰恰相反。市场可能会因短期意外冲击（例如与经济相关的冲击）而出现波动。但重要的是要记住，这些波动通常是短暂的，情况很可能会好转。

过度关注股市的投资者往往会因为频繁尝试择时而降低成功的几率。简单的长期买入并持有策略会带来更好的结果。

较低的资本利得税率

出售任何资本资产所获得的利润最终都会变成资本利得。这包括任何个人资产，例如家具，或投资，例如股票、债券和房地产。

投资者持有金融证券不足一年后出售，其收益将按普通收入税率征税。这被称为短期资本利得。根据个人调整后总收入（AGI）的不同，该税率最高可达37%。5

持有超过一年后出售的任何证券都会产生长期资本利得。这些收益的最高税率仅为20%。低税率的投资者甚至可能符合0%的长期资本利得税率条件。6

更具成本效益

长期投资策略的主要优势之一在于资金。与频繁买卖相比，长期持有股票更具成本效益，因为持有时间越长，需要支付的费用就越少。但这一切究竟需要多少成本呢？

正如我们在上一节讨论的那样，这样做可以节省税款。股票出售所得的任何收益都必须向美国国税局 (IRS)申报。这最终会增加您的纳税义务，意味着您需要支付更多税款。请记住，短期资本利得税的成本可能比长期持有股票更高。6

此外，还有交易手续费。具体费用取决于您的账户类型以及管理您投资组合的投资公司。例如，您可能需要支付佣金或加价。佣金在您通过经纪人买卖股票时扣除，而加价则在您通过投资公司自有库存进行交易时收取。每次交易股票时，这些费用都会计入您的账户。这意味着每次交易都会导致您的投资组合余额减少。

如今，许多活跃投资者通过提供免手续费交易的在线券商进行交易。在这种情况下，您可能无需支付任何费用即可完成部分或全部交易。然而，投资者仍然需要权衡交易所花费的时间价值，并将其与积极交易策略和长期买入并持有策略之间的收益差异进行比较。

速览

公司通常会收取持续性费用，例如账户维护费，这些费用也会减少您的账户余额。因此，如果您是目标短期的定期交易者，加上交易费，您的总费用会更高。

利用股息股票的复利效应获益

股息是业绩良好的公司分配的企业利润。这些公司通常是蓝筹股或防御型股票。防御型股票是指无论经济形势如何或股市何时下跌，都能保持良好业绩的公司。

这些公司会定期（通常每季度）向符合条件的股东派发股息，这意味着您可以分享公司成功的果实。虽然将股息兑现可能很诱人，但您应该将股息再投资于派息公司，这其中有非常充分的理由。

如果您持有债券或共同基金，您就会了解复利如何影响您的投资。复利是指以您的股票投资组合本金加上之前获得的利息为基础计算的利息。这意味着您的股票投资组合累积的任何利息（或股息）都会随着时间的推移而复利增长，从而从长远来看增加您账户中的金额。

最适合长期持有的股票类型

购买股票时需要考虑诸多因素，例如年龄、风险承受能力和投资目标等等。掌握这些因素有助于您构建符合自身目标的股票投资组合。以下是一份通用指南，您可以作为起点，并根据自身情况进行调整：

• 选择指数基金。这些是追踪特定指数（例如标普500指数或罗素1000指数）的ETF，交易方式与股票类似。但与股票不同的是，这些基金成本更低，而且您无需自行选择投资的具体公司。指数基金的收益与它们追踪的指数收益相似。
• 考虑投资派息股票。这类股票有助于提升投资组合价值，尤其是在股息再投资的情况下。
• 高增长型公司可以提升您的投资组合。成长股通常指的是那些能够比其他公司更快、更高效地创造更高收入的公司。它们也更有能力发布强劲的盈利报告。但请记住，这种高增长伴随着更高的风险，因此如果您想选择这条投资路线，您需要比新手投资者更有经验和技巧。

和往常一样，最好咨询一下金融专业人士，特别是如果你是投资新手的话。

提示

如果你是正在为退休做准备的千禧一代，这里有更多资源可以帮助你规划未来的财务生活。

长期持有股票有哪些税收优惠？

美国国税局根据短期和长期持有情况对资本利得征税。短期资本利得是指持有一年内出售的资产所获得的收益，而长期资本利得是指持有超过12个月的资产所获得的收益。

短期资本利得按普通收入处理，这意味着根据您的税级，您可能需要缴纳高达 37% 的税款。而长期资本利得则只需缴纳 0%、15% 或 20% 的税款。具体税率取决于您的调整后总收入和申报身份。6

美国国税局。“第409号主题：资本利得和损失。”

7

买入股票后可以立即卖出吗？

买入股票后多久可以卖出取决于券商的规定。有些券商要求您必须等待一段时间（至少到结算日）才能卖出股票。而有些券商则允许您的账户在同一天内进行一定次数的交易。如果交易次数超过规定，则会被视为日内交易者或模式交易者，通常需要保持账户最低余额。

底线

股票投资者可以从多种不同的交易策略中获益。经验丰富且资金雄厚的投资者或许能够利用短期交易技巧，把握市场波动，从中获利。但这对于新手或风险承受能力较低的投资者来说可能并不适用。长期持有股票可以帮助您应对市场的起伏波动，享受较低的税率，而且通常成本也更低。