Hi Chin, et al:

 Three points to add:

Gee, the Pyramid Up technique has excellent results in bear markets, since almost no buying, by rule.

In the olden days, if funds got to 10% cash, or more, I generally exited or removed them from further purchase considerations.  Chin is right in the double jeopardy aspect of a fund in cash, and the investor moving to cash.  I wanted a fund to be all in, or perhaps 1 to 2 % leveraged, when I bought...even late in or after bear markets.

 Index funds, and especially DFA if one believes what Swedroe/others report, can "wait" during bear markets for more favorable buyins.  DFA openly states they can and do momentum twist their future purchases, which at times gave their index funds a slight performance advantage over the corresponding index.And I'm not so sure even Vanguard does a little market timing in waiting with next buyins for index funds.

R48