The Morningstar study is incredibly damning in terms of the market timing abilities of individual investors.

晨星公司这一研究结果,谴责了个体投资者的市场时机选择能力

耶鲁公开课 - 金融市场课程节选

We'll look at things--sectors say they're cheap or expensive and exploit the opportunity; but at least in terms of how I define market timing, it wouldn't be included in that definition.

关注研究资产和行业的细节,看它们是便宜了还是贵了,来发掘投资的机会,但至少在我所定义的市场时机选择方面,并不包括这些

耶鲁公开课 - 金融市场课程节选