Valuation-Informed Indexing #612: Investors Have Not Thought Through What “No Market Timing” Really Means

I’ve posted Entry #612 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Investors Have Not Thought Through What “No Market Timing” Really Means.

Juicy Excerpt: The genius of any market is that it adjusts to change. The market for oil makes adjustments when new oil is discovered or when other energy courses become cheaper or more dear or when geopolitical realities change to make the supply of oil more steady or less so. That’s what the “no market timing” edict destroys for the stock market. The stock market should be adjusting to changing circumstances too. But how can it when so many investors have vowed to buy the same amount of stocks regardless of the price charged? The “no market timing” injunction transforms the stock market into something less than a true market.