> Long term investing is de rigeur on Wall Street

On what do you base that? My immediate reaction is that you are being naive.

To my knowledge, there's plenty of funds who place investors money for the long-term into low to moderate risk assets. Pension funds, municipalities, businesses with cash surpluss or individual people who invest for their retirement aren't into the thrills of short-term speculation.

Hardly "de rigeur"

The above-mentioned investors represent the bulk of the money in the market