One week ago, CNBC was trotting out one negative money manager after another with a negative viewpoint. The market was waffling around 9800 and seemed destined for lower levels. Today we are trading over the 10,300 level
This is the EXACT reason that we believe market timing defeats the purpose of a long term investor. Big moves either to the sideline and cash or to a 100%+ equity position with margin serve more frequently to hurt an investor rather than help him or her.
The market is destined to frustrate the maximum number of investors -for this reason remain cool under fire and never become too convinced you are right.
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Best laid plans of mice and men
Wednesday, February 17th, 2010
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