Toews' primary objective is to participate in market gains, but to avoid significant losses. Their research shows that virtually all market declines of significance are preceded by periods of negative, more moderate price decreases. Toews' strategy attempts to exit markets during the preliminary phase of the decline, before large losses are realized. When markets are rising, assets are fully invested and attempt to track the market indices. During significant long-term declines, Toews attempts to mimic the return of money market or fixed income instruments and avoid the majority of losses.