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Charlie,

Both parties to this argument can make a valid point.

plus

Others have no choice --or choose to make no choice-- but to put money to work in bonds no matter where prices are.

Comes back to what we both have argued for years personality combined with experience is often more important than any pure system or methodology. That is not to say any method works only that we are often best adapted to succeed using one method over another.

One investor can make 30 moves in a quarter and with all cost accounted for make X% while another can make 2 moves in a quarter and make X%. The odds are that we cannot drop each investor into the others' system and expect them to maintain equal returns over the long haul.

There are old stories running around the California gyms of Arnold Schwartzenegger legendary ability to grind. He would do the same work out routine for months, eat the same things for months and was one of the most successful body builders of all time. Other highly successful body builders changed their workouts every couple of weeks if not more often.

jack
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