Is Market Timing Just A Crapshoot?

It is interesting to note that Jeremy J. Siegel's new book, Stocks For The Long Run, was reviewed in the same issue of BUSINESS WEEK as your article entitled "Time for market timers to get some respect?" (Finance, Aug. 22). Market timers, while enjoying recent success, don't have to be wrong often to lose much of the benefit of investing.

If, as some studies have shown, it is true that a significant portion of investment gains occur during a relatively few days, then picking the right days becomes more like a lottery than a prudent investment program.

William M. Francavilla

Resident Vice-President

Legg Mason Wood Walker Inc.

Williamsburg, Va.

Before it's here, it's on the Bloomberg Terminal.