Timing the market is like going to the beach

A couple of years ago I found myself writing an article about Howard Mark’s (Oaktree Capital) Memo “What does the market know?”. In that article, (now lost) I explored the differences between the intrinsic value of companies and the extrinsic pricing of the stock. The idea, better explained by Mark, is that the market’s IQ is only the average of IQs of …