@jamit05 I’m all for Risk Management. If someone is worried about a correction, they should buy Protective Puts, not sit on the sidelines until a ‘crash’ happens. I understand that higher P/E levels are followed by below-normal returns, but nobody can predict what the P/E level will be, say, a month from now.
All I’m trying to say is, it really doesn’t make that much of a difference in passive investments. Because the whole idea of passive investments is that you buy all the time, regardless of P/Es, because very long term average returns always converge to the mean.
Finally, both the quotes you mentioned refer to ‘Market Timing’ specifically. I fail to understand how the quotes are about intraday trading.