You Don’t Have to Get It Right Twice for Market Timing to Succeed
I am a big believer in market timing. My view is that it is through market timing that investors practice price discipline when buying stocks. Which is absolutely critical. Price discipline is what makes markets work. In the event that valuations affect long-term returns (as Shiller has shown is the case), investors must practice market timing to have any hope of keeping their risk profile constant over time. Market timing is a good thing, no matter what the Buy-and-Holders say.Q3 2020 hedge fund letters, conferences and moreStock Market TimingBut the Buy-and-Holders have been successful in cr...