Market timing is back in demand

'Hold for long-term growth' is the standard advice now being given to investors in technology funds. How sound is that advice? In my opinion, it is about as sound as similar advice to hold on to Japan funds after 1990 or commodity funds after 1980. Supporting this view is an underlying assumption that the stock market always rises in the long term, that unexpected setbacks are merely temporary interruptions and that it will just take a little longer to make the forecast profits. In truth, it just ain't so. So deeply ingrained is this mind-set that it has taken over the very language of ...