If you had bought CBA at its 2007 peak in Oct 2007 at $61.17,...

If you had bought CBA at its 2007 peak in Oct 2007 at $61.17, you would not have seen that price again until Dec 2012, slightly over 5 years later.

And if you had bought CBA at its 2015 peak in March 2015 at $92.90, you would not have seen that price again until May 2021, slightly over 6 years later.

During that 5-6 years, while your investment in CBA stagnated, you could have generated better returns elsewhere.

Yes, while it is true that hindsight is 20/20, how would one know when it has peaked for the cycle?

There's no guarantees, but this is why we have to understand and listen to MACRO and VALUATION.

Those who have already invested could take profits or choose to remain invested, but new entrants would need to be particularly careful to know when it is appropriate to enter, despite common mantra suggesting that anytime is a good time as long as you have time. Simply because not many have spare cash to invest to be dead in the water, they may need the money 1 year later and have to sell into the lows.

None of this is financial advice, but just sharing insights on the nuances, so not to be blinded by common myths and assumptions.