Yup agreed. Most people equate "buy and hold" investing with value investing because it is practiced by Warren Buffett. But, most people miss the first rule in "buy and hold" which is to buy when the stock is undervalued so that you can hold it in the long run.

If you study people like Graham and Buffett carefully, most of their early days gains is from a form of investment called "special situations". This type of investment is generally on shorter term to profit from price differences on stocks. Buffett only switch to buy and hold when his capital base become too big that make it very inconvenient to move in and out of a stock.