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Market-timing can work, but it mucks things up

The greater the potential reward from picking market shifts, the greater the risk.

MORE EFFICIENT MARKET Managers and investors who ignore the bulls and bears and just focus on fundamentals might miss out on some market-timing opportunities, but they're making the market work better.

I AM writing this a little bit late - maybe seven years too late. It was after the financial crisis that "tactical asset allocation" came into vogue. The buzzword, and the idea itself, are still very popular.

Tactical asset allocation is a fancy way of saying market-timing. When you think