Read the last 3 times BofA called the Fed “dovish” and said sell risk. So I backtested it.

BofA's Michael Hartnett is out today calling the Fed "nakedly dovish" and telling clients to rotate away from risk assets. I was curious if that call has actually worked, so I went back and pulled his Flow Show notes from FactSet / BofA archives. Last 3 times Hartnett used almost identical language: 1. Dec 2023: "Fed is dovish, time to sell risk into strength" - S&P +22% in next 12 months 2. July 2020: "Fed nakedly dovish, bubble coming, fade risk" - S&P +28% in next 12 months 3. Jan 2019: "Dovish pivot is a trap, sell the rip" - S&P +26% in next 12 months I'm not saying he's wrong forever. His liquidity framework is solid. But his timing on "sell risk" has consistently been 6-12 months early, and being early is the same as being wrong if you're sitting in cash. My take: A "nakedly dovish" Fed without a recession has historically been good for quality equities, bad for cash. The real risk isn't staying in, it's getting shaken out and missing the multiple expansion. What am I missing here? Is there a reason this time is actually different vs just valuation anxiety? Not financial advice, just tired of headline-driven market timing.