There’s a key principle of investing that says success is about “time in the market, not timing the market”. It’s certainly vital to take a long-term view — centred around asset allocation — and ensuring a disciplined investment plan.
What about sustainability of markets this century? There were many times through the second decade of the 21st century that we heard about how “fragile” the recovery was — how “benign” growth is — or even “sell now as a sharp correction is around the corner”. Yet in reality, the opportunity cost of having held cash over an allocation to risk-based assets in line with your risk profile was costly during the 2010s.