Kevin Greenard: Timing the market is a form of speculation

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Short-term emotional thinking can cloud long-term investment decisions.

Whenever the stock market takes a sharp downward correction, the natural response from investors is to try to anticipate the decline and sell off before it happens.

The total annual average rate of return is the sum of both of these parts — the income and capital gains. The total average annual rate of return over the last five years has been approximately 10.0 per cent annually. As a result of the difference in taxation between interest income and dividend income, the impact on income would be far greater. For purposes of this article, we have assumed that both interest income and dividend income are equal. In addition to the differential in the income lost, Mr. James would not have potential for capital gains while out of the market.

The potential tax liability, superficial loss rules and loss of income are the easy components to quantify for Mr. James. It is the change in the capital side or growth that is the tough part to compute to determine whether Mr. James made the right decision to liquidate. Mr. James should also factor in the timing in which he feels his predictions for the market will unfold. Making two correct short-term timing decisions against a stock market that has a long-term upward bias is not as easy as it may seem. The markets can rebound incredibly fast.

• Investor B missed the 20 best days. The returns would be $412,100, and value of Investor B’s account on Sept. 30, 2024, would be approximately $1,412,100.

 

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