As value investors, we are frequently being asked about market timing. Our standard answer is the famous quote from Benjamin Graham : “In the short term markets are a voting machine, in the long term a weighing machine”. As long-term investors, we do not see our value added in forecasting the market short term as we believe pretty much anything can happen. This does not mean that we simply lean back and wait till our investments reach our fair value. On the contrary, we follow our businesses closely in order to detect early on any change in the fundamentals of the business that could impair its earning power and ultimately our investment case. What we are NOT doing is trying to time different asset classes, use cash in the portfolio as a tactical weapon to absorb short term market drops or time our allocation to different investment styles, like momentum, low volatility or value, depending on where we think stock markets will go in the short run.