Many value investors adhere to the old buy-and-hold forever theory. The past year, though, has been a brutal time to be a buy-and-hold investor. According to Morningstar, 95% of all mutual fund managers lost more than 27% last year. Holy cow! The S&P 500 Index (before dividends) dropped 21.85% for the 10 years ended December 31, 2008. The buy and hold strategy that many value investing gurus recommend has clearly not worked well during the past 10 years. Jeff Macke on CNBC’s Fast Money went so far as to proclaim “2008 will go down as the year buy-and-hold came to die.” Oh no, what do we value investors do now?