Who's pretending nothing is happening? The business is busy...

Who's pretending nothing is happening? The business is busy sorting out agreements.

Good luck timing a re-entry mate. It's a whole other domain of "risk" on its own. The previous example I used of a trader friend of mine trading around a great company I simply sat and held on that basis rocketed up. They missed the boat. As many great trades they did through an even reasonably predictable swing trade pattern, they didn't get close to a simple hold strategy. Keynes thought he could time and predict when to act on purchasing everything from currencies to stocks. The investment to return was poor. Until he switched to a long term hold strategy buying stocks with a good long-term potential. When we see our paper gains reduce we are psychologically compelled to act, as you even said, in terms of "preserving capital".

As mentioned in another post this is where female stock investors tend to outpace males, as a part of a general personality differences, where that aforementioned necessity to act (where benefits are perceived higher elsewhere (cash, other investment, etc)). This stock stretched out over the long term, as its nature of its lifecycle if it delivers (as you say you are a believer) will have these draw-downs to the benefit of the long term hold having stronger returns.

No one can time the market, finger in the air price picking is just as pointless.