When you hear the term "Buy and Hold", it is generally accepted that the trader is not a trader at all, but an investor of a company. Investors will buy a company's stock based on the overall strength of the company, the growth potential of its revenue, and the present and future income of that company - not by the volatility of its stock price movement.
Who doesn't have a story of someone that bought Microsoft or IBM when they were just starting out as companies for a fraction of what they are worth today? Their long-term investments of these stocks have increased dramatically over the years - 1,000's of percent! But typically, the average investor won't realize those kinds of returns (ROI).
In defense of the this method, many seasoned investors think that by getting away from the tried and true reasons to be a value-based investor in the first place has led to the reasons why the the stock market is tarnished with volatility and scandal at this point.
Buy and hold is considered "stodgy" and "old school" by many of the younger traders and investors. From their point of view, the problem with trading on that timeframe is that because the stock market has changed so much over the decades - corporate takeovers, stock splits, and deminishing dividends paid out, as well as the increased volatility in the market in general, those points make holding onto a stock long-term riskier than it was in decades past.
The buy and hold strategy is still considered a logical method of investing, typically, by older, more mature investors. If you are at a stage of your investment career where you have reached many of your financial goals, then it may make sense to own a company's stock for many years, if not decades - the steady growth and income that is produced, along with the reduced tax liabilities, unlike that of day traders who are penalized for frequent trading, make long-term investing a solid investment choice.