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Wall Street has plagued everyone with this virus that spread rapidly amongst market participants that you too can be a macro trading, market wizard while holding high levels of cash ALL THE TIME! The reality is that it’s bullshit and there simply isn’t a substitute for being adequately invested, pretty much all the time. It’s really just asset allocation, and position sizing you need to focus on. Across the board you can see how many of the macro trading market timers are just total….liars. Maybe not Madoffs but numbers really don’t lie. Like the old Yahoo message boards or Seeking Alpha topic comments, no you didn’t short the market here then cover at the bottom and go long and then sell the top and short more…nope. Nor did you sit on 50%+ cash and make 15-20%….unless you’re secretly generating triple digit returns on tiny positions which also begs for a cough, bullshit. Reminds me of my friend who is genuinely a smart guy. Engineer. Great with math. Used to go to the Trop in our 20s and no joke he d win almost every time. When you asked his secret he said, if you keep playing you always end up winning. I really couldn’t believe he believed this because the math just tells the truth. What he believed was actually the exact opposite of the truth. Nevertheless one day his stories of his winning adventures just stopped. And that was the end of his gambling. It amazes me how many smart and capable people completely miss and get wrong the fundamental pillars of investing. Even a comment earlier I forget where, about being 4 days into the year….I laughed, because it’s true…is anyone really making any investment decisions based on what’s happened 4 days into the year? LOL if you are, you’re in trouble. Most of the big boys don’t even get back from vacation for another week or two and regardless, if 4 days are what you’re investing for, you ain’t investing.