There are 4 kinds of people who "invest" in the equities markets:

1. Complete idiots - get a stock tip from Bob or watch Kramer.

2. Common idiots who think they can join the pumping and dumping, technical investors, day traders, etc.

3. People who just know the financials of the companies they pick or play Buffet, etc. or market timers like the writer here, but are generally ignorant of the companies they invest in.

4. Those who can sleep well at night with most of their money in the market during good and bad times: they understand the businesses of the equities they invest in and where these businesses are in their respective markets, product cycles and competitors and what exactly would makes them valuable and when.