It seems, Chin, that some active invesotrs see value in certian mkts and react to those conditions to preserve their portfolio value. One can buy stocks that offer good value rather than 'staying the course' with their funds through thick and thin. The MM, and individual stocks offer me opportunites in mkt down turns that the passive investors either doesn't understand or wishes not to understand.

 Jerry refuses to even acknowledge the basic math of..... >" if one sold some shares of a fund and then rebought even more shares(with the sale prceeds) at a later date when the fund's shares had fallen 15%?<

Jerry>"Yes, I would Tim since one would be taking a gamble that share price would indeed fall. Hence the difference between speculating (market timing) and investing."<

The information that is available on every fund or stock and mkt conditions are what I employ when making investment decissions..............the passive investor, it seems, couldn't care less about mkt conditions or what M*, or any other information offered has to say about the future economy.

My equity holdings at this time are not far from where they were prior to making some moves; bonds funds were replaced by the MM, reduced funds were replace by preferrds, and individual stocks. To this point it appears to have been a good move of preserving the value of my portfolio over the last year or so. I think, fredP indicated the same.

Being 190 degrees out on opinions, Chin, doesn't mean either of us will miss making it to some city in Ireland, and just maybe I'll be further North. Your approach, as well as Jerry's seems to be to be fully invested and making no portfolio changes regardless of the economy. As I view all the VG index offerings I can't see were you or Jerry could be in positive territory YTD.  So why all the concern with fredP, me or any of the others that have a different approach and are preserving their portfolios in retirement?

Take care

Tim