Market Timing Is an Exciting Idea That Was Rejected in Haste

I wrote last week about Wade Pfau’s recent comments that earlier in his career (this is when he was working with me on our research showing the benefits of long-term market timing) he believed in market timing but that he now believes that it stopped working in 1996. I don’t believe that. Wade is correct that stock prices have remained at super high prices for a longer time since 1996 than ever before in the history of the U.S. market.Q2 2020 hedge fund letters, conferences and moreExplaning The The Strange Price HistoryMy problem with the idea that how the market works changed in 1996 is that…

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HEDGE accordingly