"If you are an investor who cannot tolerate the idea of the market advancing without your participation, it may be best to bind yourself to a passive investment stance, and stick to it, provided that you can also tolerate whatever losses the market endures without abandoning your position. Many people can easily endure losses, provided those losses are experienced in the company of others, yet canâ€™t bear to miss out, or endure losses, when the crowd is making money. If that describes you, then honestly, donâ€™t read my stuff, because itâ€™s not appropriate for your temperament. Frankly, I donâ€™t believe that what passive investors are doing here actually represents â€œinvestmentâ€ in any valid sense of the word (i.e. purchasing a stream of future expected cash flows at a price that implies a satisfactory risk-adjusted return), but it does address the psychological desire to experience the same fluctuations that others do."
--John Hussman, Weekly Commentary 3/20/2017