Prudent Risk Management or Market Timing in Disguise?

A podcast listener asks:
I work at a pension fund steadily losing performance chasing members (we were positioned too conservatively through the bull market) – and now the investment committee wants to be more “peer-aware”. I tend to think now is not the time to make a more aggressive allocation, but part of me also knows this kind of thinking is a form of market-timing. To ask the question succinctly …