The Relationship Between Market Timing and Return Predictability

There's this stigma about market timing that you just can't time the market and everyone should actually be just a buy and hold investor. In fact, in the last 20 years we've had this explosion of data and this explosion of ways to analyze that data. And so when this academic article that we wrote, we go through the academic literature which has changed in that whole time too. At one time people said you couldn't do it and now the literature has really turned in favor of return predictability.

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