[z2]

This is a guess based on anecdotes on recent volatile periods, the general scenario could be this:

1. Market falls sharply.

2. General public panic and sell, while market timers double down.

3. Market falls further, market timers panic and sell.

4. Markets rebound sharply, with the above-mentioned people missing those good days.

The key assumption is that at least some really good days usually follow really bad days.

[Lionga]

50% of the time it works all the time