Waiting, from Kim Zussman
Should junior buy (and try to hold) at new lows or new highs?
Checking SP500 monthly closes 1955-present, there were 9 closes which were 5-year lows. 5-year highs occurred 173 times.
Holding each buy to the present (SP at 1807), the average return of each buy (not including dividends) was:
5YLo (9): 1152.0% 5YHi (173): 1152.8%
Evidently waiting for rare 5Y lows meant missing out on numerous entries when the market was up but destined to go up further