How many of the best stock market up-days would you have had to miss in the last 10 financial years to completely eradicate all of your return?
On average missing just 39 days (an average of 4 days per year) would have wiped out all of the stock market return of a decade.
The issue of market timing is extremely sensitive and misjudging even single up-days can have a dramatic effect on long-term return. Successful market timing may not be impossible but is much more sensitive to very short time periods than is commonly appreciated.
Australian Eagle tends to eschew market timing in favour of focussing on the benefits of stock selection within a disciplined process.