market is not necessarily a bad thing. It could be a reflection that he is not want to buy high and sell higher, but rather buy low and sell high. For great examples look at 1999 and Q12000 when the smartest values guys in the country were getting their butts handed to them and several closed up shop. At the end of 2000 we saw in hindsight that earnings, assets and valuations really do matter when the tide goes out (we see who was swimming naked). I don't know your advisor but I wouldn't judge him on this small, atypical sampling.