Value Based Asset Allocation
Wade D. Pfau
Fisher and Statman (2006), Smithers and Wright (2000), and Stein and DeMuth (2003) have all written about the merits of using valuation-based market-timing strategies. All of the authors above have demonstrated that using valuations (long-term valuations) to time the markets has historically yielded superior investment performance versus a buy and hold approach.
Sorenson, Clint, "Value Based Asset Allocation" (2015). In the News. 379.