Mar 2012
…those who aspire to earn typical stock market returns over the long term simply can’t afford not to be invested during sharp market recoveries. Put differently, if you want to invest only when the economic and political outlooks seem good, and if you want to sell when there are obvious clouds on the horizon, you might as well stick with Treasury bills and bank deposits—and watch your $1 grow to only about $4.40 over 50 years— because buying in good times and selling in bad times won’t do you much better.