Henry Blodget on Clusterstock notes that the average holding period for New York Stock Exchange stocks has declined to six months. Blodget’s take is that this doesn’t constitute investing.

In any event, can we please stop pretending that what most fund managers are doing every day is “investing”? Holding stocks for six months isn’t investing. It’s trading. And because trading is a negative-sum game–one largely focused on trying to figure out what everyone else is doing–it is really speculating.