RT Journal Article SR Electronic T1 A Market Timing Myth JF The Journal of Investing FD Institutional Investor Journals SP 55 OP 59 DO 10.3905/joi.2000.319439 VO 9 IS 4 A1 John D. Stowe YR 2000 UL https://pm-research.com/content/9/4/55.abstract AB Several securities and plannig firms publish a demonstration of the dramatically reduced returms that an investor would see if the investor were out of the market for the 10, 20, 30, or 40 best days over a time period such as 5 to 10 years. They claim this is a demonstration of the pitfalls of market timing. As a counterexample, this article shows the dramatically enhanced returns if the investor is in cash for a similar number of the worst days. The probabilities of picking the best or worst days out of a larger number of days are shown to be minuscule. In fact, the probability of winning a lottery, or even several lotteries in a row, is better than the probability of replicating the investment results these firms are discussing.