Ben Carlson does a good job of making the distinction between those who focus on market timing versus those who focus on risk management. I like the simple distinction; however, the world may not be that simple. You can be a market timer who employs risk management. You manage the risk because even if you feel you have an edge with market timing, yet that edge is uncertain. You timing ability is not a point estimate but is usually a probability. You play the odds not just call a direction.
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