Looking at SPY since inception, it doesn't seem to matter. If you wait long enough, the SPY rose above all prior highs. But let's look at the numbers:
The above table looked at the average continuously compounded rolling return for every day SPY was open since inception. And then I took the average gain or loss starting from day 1's close to the 1 month close, the 3 month, the 1 Year, etc. etc..
In THIS market, for THIS period buying at the high or low does NOT MATTER! Just buy and hold. This is the secret to Bogle's "Stay the Course".The actual data and calcs are available upon request.
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