This would be interesting to run with a couple of changes (I’m going to play with these when I have a little more time later today...). Assume the cash is in T-bills which would give it a couple percent interest for at least a portion of this window (You could use BSV and SPY for simplicity). I think people are, on average, terrible at market timing and get swept up in all kinds of theories about what’s around the corner. I’d like to see this based on a more traditional rebalance scheme such as annually or with a percentage trigger. I hypothesis that this would look a lot less favorable in those circumstances even with some additional cash income.