I was recently asked by an individual, “How and when should you rebalance a buy and hold portfolio of individual stocks.” My first response was “Why. “To which the individual replied, “Well, because some of the positions have gotten much bigger than the others." Right off the bat, rebalancing on a calendar basis makes absolutely no sense. Secondly, the conventional wisdom is that you sell the ones that have been going up because they might not continue to go up and you buy the ones in been go...