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 Almost guaranteed to underperform over time. Some of best days come immediately after the worst days - which the guy would likely miss if he got out to avoid a drawdown.  
 Yes, no free lunch with strategies like these. When I was running advisor best advice panels, I'd get plenty of new strategies pitched that I'd turn down. They always sounded great, but all of them did considerably worse over a full market cycle than just holding the plain assets. Half really crashed and burned.  
 So true 😄 I think 80% of a financial advisor's job is to get clients to do the opposite of what the clients' instincts tell them to do. 
 Part of my job was explaining to the advisors why I'd turned down the new shiny things that some wanted to put their clients in 😄