> By definition the price at which an asset trades is the fair value. No it isn't. It's the market value.[1] > The entire world economy is a fiction You are

> By definition the price at which an asset trades is the fair value. No it isn't. It's the market value.[1] > The entire world economy is a fiction You are delusional. > It is market timing,[...] No it isn't, but people overwhelmingly believe it is.[2] > This has nothing to do with studies. The US Dollar is designed to lose value relative to other assets over time. You have to allocate your dollars into other assets to mitigate this effect. What are you talking about? This is a non-sequitur. My assertion is there aren't well covered, multiple independent academic studies to answer questions like, "If you invested consistently into US equities during periods of overvaluation versus holding bonds, cash, or cash equivalents would your performance over time have surpassed a 100% equity portfolio with no rebalancing?" Instead you ramble on about the US dollar. Yes, it's common knowledge inflation targets exist; that's not my point. You don't even seem to have remedial knowledge of what I'm talking about. For example, it's common knowledge that 60/40 portfolios are subject to less volatility than 100% equity portfolios, but within 100% equity portfolios are there instances in which you want to wait for mechanical limits to come down?[3] I believe there are. [1]: https://www.investopedia.com/terms/f/fairvalue.asp#mntl-sc-block_1-0-28#mntl-sc-block_1-0-28 https://www.investopedia.com/terms/f/fairvalue.asp#mntl-sc-b... [2]: https://www.thebalance.com/what-is-market-timing-357213#mntl-sc-block_1-0-30 https://www.thebalance.com/what-is-market-timing-357213#mntl... [3]: Security Analysis, 6th ed, Chapter 39, p. 497