A dangerous game

"Time is the friend of the wonderful business, the enemy of the mediocre." If we replace business with an investor in what Warren Buffet said there, it would be of greater relevance to us today. As the stock market swings between dramatic highs and lows, many investors are feeling that familiar itch - the urge to time the market. It's not every day that we have the thrill of thousands of points of movement within weeks (sometimes days). At this time, it's tempting to think we can outsmart the market by buying at the bottom and selling at the peak. This age-old temptation becomes particularly acute when we see the market making sharp moves like the recent surge after the Maharashtra election results. But here's the sobering reality: market timing is just as dangerous today as it has always been, perhaps even more so given the complex factors driving current market movements. While the Sensex's sharp recoveries might make timing appealing, they highlight why it's such a risky strategy. Consider the recent market behaviour. Investors who panicked during the dips in October and N