Okay, here is my new defition:
Permafrog: One who invests on a premise (macro, micro, sector, company, currency, etc.) for specific timeframe or until the conclusion of specific events. When those conditions are met, they will 'leap' to the next most compelling premise.
For example: I am a permafrog on gold. I have stated this many times, that I will not hold gold forever. There are also specific criteria that I will be looking for when gold has served as the protection / insurance I was looking for and other assets become more attractive. I have outlined my thoughts on gold here: binve's Gold Foil Hat Zone: More Thoughts on Gold's Massive Bull Market - http://caps.fool.com/Blogs/binves-gold-foil-hat-zone/403421 and here: Why I hold Gold: Why I am a Long Term Optimist and consider holding gold and Optimistic Endeavor, and Why I think the Stagflationary Scenario is more likely Macroeconomically in the Intermediate term (next several years) - http://caps.fool.com/Blogs/why-i-hold-gold-why-i-am-a/402614.
I am also a permafrog on equities as a general asset class. While I am bearish (and short) now, I will not be so forever. I do not think the stock market goes to 'zero'. I am also not a uber-bear who thinks a triple digit Dow is believeable. Yet, I believe we have not completed this debt deleveraging cycle and I believe we are still in a balance sheet recession. This is not a permanent state. So there are signs that I am looking for that will change my premise regarding the value of equities. For example, when I see the dividend yield of the S&P 500 approach TTM P/E, I know we are close enough to a bottom that I will 'hop' to the long side.
This is also true of investors of individual companies. Do you hold a company that does from a P/E of 10 and a Debt/Equity of 0.1 to a P/E of 1000 and a Debt/Equity of 10, and not seriously question why you are holding the company? Does anybody ever truly 'buy something and forget it' ?
That was outoffocus's point: Lazy Investing is dead, Permabears and Permabulls on life support. There is no investment in the world that will give you guaranteed gains forever, where you never have to check on the fundamentals and status of the investment.
As such, we are all permafrogs. The only question is how much time elapses between hops.