Graham on timing

“Yet we cannot avoid the conclusion that the most generally
accepted principle of timing—viz., that purchases should be made only
after an upswing has definitely announced itself—is basically opposed to
the essential nature of investment. Traditionally the investor has been the
man with patience and the courage of his convictions who would buy
when the harried or disheartened speculator was selling. If the investor
is now to hold back until the market itself encourages him, how will he
distinguish himself from the speculator, and wherein will he deserve any
better than the ordinary speculator’s fate?”

                     — Benjamin Graham, Security Analysis