When the coronavirus outbreak exploded last year, it quickly became clear that mitigation measures like social distancing just weren’t going to cut it. After all, in the absence of completely locking down nations across the world, there was just no way to contain COVID-19 to the point where it could fizzle out. Rather, health experts made it pretty clear that we’d need vaccines to dig out of the pandemic. And now, one year later, there are a number of viable candidates on the market, and shots have been going into people’s arms at a steady clip since the start of 2021.
At several points later year, I was tempted to get a piece of the vaccine stock action by buying shares of Pfizer (NYSE: PFE) or Moderna (NASDAQ: MRNA). But here’s why I didn’t.
Some people aim to buy stocks they think they can make a quick buck on. But that’s never been my approach to investing. Instead, I like to follow a strategy called buy and hold — scoop up quality stocks with solid growth potential and hold them for many years with the hope that in time, they’ll gain value.