Mark's ideas about cycles are a somewhat vague and his analysis is subjective. He most likely uses discretionary process.

And over the years, the performance of the retail funds that he has overseen have underperformed a buy and hold of the S&P 500:
https://tinyurl.com/y3bdv6xy
https://tinyurl.com/y3jxyvjo
https://tinyurl.com/y3srzbes

For the average retail investor, the rarified world of the AUM business needs to be avoided, and low fee index equity index products should be considered versus the "sophisticated" sounding products.