This is not accurate. All but a few of the people you mentioned at one time or another either 1) Raised cash/bonds because of market conditions or 2) Rotated out of certain sectors because they were "overvalued".


Let me say this...."market timing" is the only way you are going to outperform the market without getting lucky. Of course you run the risk of lagging an index fund...that's why it's called risk. "Buying quality companies when they are out of favor" is market timing. What do you have in your portfolio when there is nothing of "value?" Cash/bonds/real estate....hence you are market timing. People are ridiculous who rail against market timing but don't even realize they are doing it.


If you are using screening techniques that every other value investor uses to choose your portfolio you might as well buy a bundle of index funds. You will end up in the same place in 20 years and have less volatility. Unless you are using some technique the big players in the financial world don't know about you can forget about expecting a positive spread vs. the market.