I agree, which is why I said what I did was market timing, but there's also a slippery slope calling everything market timing. If I'm getting older and want to make my allocation less risky, I'll time the market and switch some stocks into bonds, because I feel that bonds will be less risky in the future and help preserve my capital. In a way anyone who isn't invested in global market cap weights is market timing by this logic, though, so I don't know where to draw the line. I personally wanted more risk in my AA, which is the only reason I even considered adding more EM. Maybe the valuations were just an easy way to convince myself that right now was the right time to do it, or maybe they actually had an impact on my ability to go through with the decision. Either way, I made a change to my AA.inbox788 wrote: ↑Thu Oct 12, 2017 3:52 pmSlippery slope switching asset classes. If you time your AA between US vs non-US and Developed vs Emerging, why not Growth vs Value? Consumer Staples vs Discretionary? Healthcare vs Biotech? Financials vs Technology? Small-cap vs Value vs Small-cap Value? Whether you call it timing or tilt, it all sounds similar to me. Maybe the difference is how long you switch back and forth vs permanent strategy. The active management types call this Tactical Asset Allocation.
There's probably an interesting semantics debate to be had on what "market timing" actually means, but unfortunately I'm not good at those types of things. Maybe it's like porn: you know it when you see it.