The most useful part of this for me: "my definition of success for a bear market call.. It is simply that sooner or later there will come a time when an invest

The most useful part of this for me: "my definition of success for a bear market call.. It is simply that sooner or later there will come a time when an investor is pleased to have been out of the market.. requiring that you get the timing right is overreach. If the hurdle for calling a bubble is set too high, so that you must call the top precisely, you will never try. And that condemns you to ride over the cliff every cycle, along with the great majority of investors and managers."