The futility of market timing

This is said to have been an old Wall Street joke. The newcomer asks a grizzled veteran, "How do I make money on the stock market?" The old master replies, "Why, that's the simplest thing. Buy low, sell high." So, the young man asks, "Yes, but how do I do that?" The reply comes, "That's very difficult. It takes a lifetime to learn." Not a great joke, but rings true. It seems almost self-evident that the most obvious interpretation of 'buy low, sell high' is to buy when the markets have fallen, as they have over the last one month. Investors and advisors are universally of the opinion that a 'correction' (a foolish euphemism) is the right time to buy. As proof, one can look back and do all kind