I’ve posted Podcast #184 to the “RobCasts” section of the site. It’s called Market Timing Is the Mechanism by Which Market Efficiency Is Attained.
The conventional investing wisdom is that the market is efficient, that the price set by the market is the proper price. But investors are often urged by those in The Stock-Selling Industry not to consider price when buying stocks. Huh? Market efficiency does not happen by magic. It is only by considering price and making appropriate adjustments to their stock allocations that investors can help the market attain efficiency. We cannot have Buy-and-Hold Investing and market efficiency too. We have to choose one or the other (I vote for market efficiency!)