#s-and-p-500

Does Market Timing Work? What Schwab's Five-Investor Study Actually Shows

Jun 29, 2026 · Shingo Nakamura · Finance

A widely-cited Schwab study followed five investors with very different timing strategies over 20 years. The punchline isn't that timing loses — it's that even perfect timing barely wins, while waiting on the sidelines loses badly. The numbers, and the caveats the headline skips.