There has been a bit of discussion lately on some other threads where some people seem to be suggesting that to get ahead one simply buys/in market during bull markets and sell/sit on the sideline during bear markets. The data simply does not support this view. Consider Dow Jones Index in the 40 years from 1968 to today. The index return over this period was 8% pa. What would be your forward 12 month % return on investment if you only bought when the previous 4 months movement was between 0 and +20% (bull market?)? Answer: 7%pa. What would be your forward 12 month % return on investment if you only bought when the previous 4 month movement was between -28% and -14%? (bear market?) Answer: 19% What was it that someone posted a few weeks back... "If you think you are in a bear market, why are you still invested in the market? Happy to entertain different definitions/triggers for bear and bull markets but haven't got much time for hand waiving and assertions without data to support them.