I also hold significant "broad market exposure" index funds I'm usually in. However, I have no fear of trying to time the market. I don't stay fully exposed so I can take advantage of big pullbacks. I started as an options desk trader for Morgan Stanley Dean Whitter over 20 years ago (but I've been out of that industry for a long time).

I HAVE been hurt by mistiming the market but staying in when you strongly believe the risk is greater than the reward seems strange to me. I've also been rewarded.

I totally get people not wanting to spend time, thought, or worry over their investments and just wanting to buy and hold but I believe with significant effort you can outperform the market.