cgaros:

If my buy-and-hold fund makes good investments and doesn't pay regular CG distributions, my per-share NAV will rise with any unrealized gains.  I can realize these gains ANY DAY THAT I WANT TO          

Not being privy to what you consider a buy-and-hold fund, I'll simply use VTSMX as a proxy for the ultimate buy-and-hold fund which doesn't pay regular CG distributions.  Of course you can sell shares and generate CG's whenever you wish.  Looks like the NAV of the fund today is right around where it was in 1999.   http://tinyurl.com/yr5nll